China State Construction Engineering (601668) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was RMB 481.9 billion, down 13.6% YoY; YTD revenue was RMB 1.63 trillion, down 2.7% YoY.

• Net profit attributable to shareholders for Q3 was RMB 10.25 billion, down 30.2% YoY; YTD net profit was RMB 39.7 billion, down 9.1% YoY.

• Value of newly signed contracts rose 4.7% YoY to RMB 3.25 trillion, with strong growth in infrastructure and overseas segments.

Financial highlights

• Total profit for Q3 was RMB 15.2 billion, down 27.8% YoY; YTD total profit was RMB 65.0 billion, down 8.1% YoY.

• Basic EPS for Q3 was RMB 0.25, down 28.6% YoY; YTD basic EPS was RMB 0.96, down 8.6% YoY.

• Weighted average ROE for Q3 was 2.32%, down 1.32 ppt YoY; YTD was 9.04%, down 1.74 ppt YoY.

• Net cash flows from operating activities for Q3 were RMB 31.8 billion; YTD was negative RMB 77.0 billion.

• Total assets at quarter-end were RMB 3.27 trillion, up 12.8% from year-end 2023.

Outlook and guidance

• Management will focus on high-quality development, risk mitigation, and meeting annual operational targets.

• Plans to further increase shareholder holdings, reflecting confidence in long-term prospects.