Tianfeng Securities research reports indicate that China Communications Construction (601800.SH), as the world's largest dredging company, is expected to fully benefit from the acceleration of canal construction. In the first half of 2024, investment in fixed assets for coastal and inland waterway construction increased by 9.5% year-on-year, with inland waterway construction maintaining a high level of prosperity. The recent construction commencement of the Dechong Funan Canal in Cambodia marks Cambodia's first inland dredging project, with a total investment of approximately 12.1 billion yuan, the majority of which comes from Cambodia. Part of the investment is made by China Communications Construction's subsidiary, China Road and Bridge, showcasing the company's technical strength in the dredging field and the diversified development of its overseas investment business. Investment-type projects will accumulate substantial operational asset volume, with considerable demand for canal construction and high prosperity in water conservancy investment. The company's mid- to long-term development is optimistic, with projected net income attributable to the parent company of 25.2, 27.8, and 31.1 billion for 2024-2026. The company is assigned a 7x PE ratio for 2024, corresponding to a target price of 10.81 yuan, maintaining a 'buy' rating.