营收稳中有增。公司前三季度实现营业收入789.29 亿元，同比增长0.43%；单三季度实现营业收入243.02 亿元，同比增长1.17%。Description of the event
The company achieved operating income of 78.929 billion yuan in the first three quarters, up 0.43% year on year; attributable net profit of 1.455 billion yuan, up 3.08% year on year; net profit not attributable after deduction of 1.521 billion yuan, up 10.55% year on year; realized operating income of 24.302 billion yuan, up 1.17% year on year; net income of 0.5 billion yuan, down 3.47% year on year; net profit not attributable after deduction of 0.487 billion yuan, same A decrease of 6.04% compared to that.
Incident comments
Revenue has been growing steadily. The company achieved revenue of 78.929 billion yuan in the first three quarters, up 0.43% year on year; in the third quarter, revenue of 24.302 billion yuan, up 1.17% year on year.
The profit quality declined slightly, and the cost rate increased slightly. The company's comprehensive gross profit margin for the first three quarters was 10.20%, down 0.03pct year on year. Looking at the third quarter, the company's comprehensive gross profit margin was 11.05%, down 0.54 pct year on year; in terms of cost ratio, the company's expense ratio for the first three quarters was 6.77%, up 0.13 pct year on year. Among them, sales, management, R&D and finance cost rates changed by -0.01, -0.23, 0.45, and -0.08pct to 0.03%, 2.02%, 2.67%, and 2.04% year-on-year, respectively. There was an increase of 0.35 pct. Among them, sales, management, R&D, and financial expense ratios changed by -0.01, -0.14, 0.43, and 0.07 pct year-on-year to 0.04%, 2.08%, 3.99%, and 1.95%, respectively. Taken together, the company's net attributable interest rate for the first three quarters was 1.84%, up 0.05 pct year on year, and the net interest rate after deduction was 1.93%, up 0.18 pct year on year; net interest rate attributable for the third quarter was 2.06%, down 0.10pct year on year, and the net interest rate after deduction was 2.00%, down 0.15 pct year on year.
Cash flow outflows narrowed year over year, and debt ratios declined slightly. The company's net cash flow from operating activities in the first three quarters was 13.662 billion yuan, with a year-on-year decrease of 2.278 billion yuan, a year-on-year increase of 0.46pct; in the third quarter, the net cash flow from operating activities was 0.761 billion yuan, a year-on-year decrease of 2.092 billion yuan, a year-on-year decrease of 84.92%, a year-on-year decrease of 6.80 pcts; at the same time, the company's asset ratio decreased by 1.02 pct to 81.20% year on year, and the number of accounts receivable turnover days increased year on year 5.53 to 150.60 days.
Nuclear construction has entered a boom zone, and the bottom of housing construction impairment is now: On August 19, 2024, the National Assembly approved 11 units, with a total investment of over 200 billion yuan. This approval will bring nearly 40 billion to the nuclear power construction market, and China's nuclear construction will benefit deeply. Considering that the nuclear power construction cycle is about 5 years, the gradual upward number of approved units will establish the foundation for the company's strong performance growth in 2024-2027. On the other hand, thanks to previous thorough calculations, the company's asset+credit impairment in the first half of the year was only 0.3 billion, a year-on-year decrease of about 0.2 billion, which may indicate that the company's current asset quality has bottomed out. Considering the long-term prosperity of nuclear power in the future, we believe that high-quality nuclear construction business with high gross profit and low impairment will strongly drive the company's high performance growth. The company is expected to achieve performance of 2.423 and 2.85 billion yuan in 2024 and 2025, corresponding to the current closing price PE of 11.3 and 9.6 times, respectively, maintaining a “buy” rating.
Risk warning
1. The number of approved nuclear power units falls short of expectations; 2. Nuclear power going overseas falls short of expectations; 3. Safety risks of nuclear power projects; 4. Risk of credit impairment.
