Gelonghui, August 2 | Guangfa Securities Research Report pointed out that China Communications Construction Q2 new signings have increased steadily, and new overseas signings have maintained a high boom; focus on state-owned enterprise reform and plans to increase the frequency of dividends. Q2 signed a new contract amount of 453.6 billion yuan, +6% year-on-year, including 348.7/104.8 billion yuan domestic/overseas respectively, -6%/+82% year-on-year, including major projects such as the fifth phase operation and maintenance project of the Yala Streetcar in Melbourne, Australia (12 billion yuan). The company's 2024 semi-annual report preparation and mobilization meeting emphasized ensuring the full achievement of the annual targets (the target is a growth rate of at least 13.2% for new signings and a revenue growth rate of ≥ 8.2%). Domestically, the company lays out an effective market for water conservancy investment, optimizes operating assets, and reduces the scale of investment. Overseas, the boom in new signings continues to be high, strengthening exchanges in the Middle East, Africa, and Southeast Asia. The company's net profit for 2024-2026 is estimated to be 25.7/27.7/29.9 billion yuan, respectively. The judgment that A shares have a reasonable value of 10.27 yuan/share and H shares have a reasonable value of HK$5.48 per share remains unchanged, and the “buy” rating remains unchanged.