occurrences
The company released its 24-year report, achieving revenue of 20.895 billion yuan, +1.7% YoY, net profit of 1.399 billion yuan, +2.3% YoY; of these, 2Q24 achieved revenue of 10.607 billion yuan in a single quarter, +0.7% YoY, and net profit of 0.763 billion yuan to mother, +1.6% YoY.
reviews
By business sector, the company's engineering technology services/production and operation services/high-end equipment manufacturing revenue in the first half of the year was 12.1/5.67/2.92 billion yuan, +4.8%/+22.2%/-23.1%; revenue share was 60.7%/26.3%/13.3%, gross margin was 15.5%/21.9%/23.3%, respectively, +0.6/+3.2/-0.5pct; the decline in the equipment sector was mainly affected by insufficient effective demand in the domestic cement industry; in terms of the operating sector, by the end of the first half of the year, implementation was ongoing There are 348 mine operation and maintenance service projects, including 6 overseas projects; 0.306 billion tons of mineral supply were completed in the first half of the year, an increase of 9% over the previous year, further increasing the share of the cement mining supply market; 62 cement operation and maintenance service production lines were implemented, providing an annual production capacity of more than 0.1 billion tons.
Looking at the new order situation, the overall number of new orders signed in the first half of the year was 37.09 billion yuan, or -9%; by region, domestic/overseas new orders were 13.63/23.46 billion yuan YoY -28%/+9%, by business sector, 2024H1 engineering/equipment/operation and maintenance new signing was 24.15/3.34/8.9 billion yuan, -18%/-15%/+41% YoY, accounting for 65%/9%/24% of the total number and share of operation and maintenance orders. growth. 2024H1 signed a new contract of 5.53/2.32 billion yuan for mine operation/overseas operation and maintenance, +47%/+37% compared with the same period last year.
Exchange rate fluctuations affected the cost rate, and the cash flow improved significantly: in the first half of the year, the company's sales/management/R&D/finance expenses ratio was -0.07pct/+0.59pct/-0.33pct/+0.73pct year-on-year, and the expense ratio increased. Mainly due to small currency exchange rate fluctuations in the first half of the year, an exchange loss of 0.217 billion yuan was confirmed. Net cash flow from operating activities in the first half of the year was 0.886 billion yuan compared to -0.94 billion yuan in the same period last year.
Profit forecast: We expect the company's 24-25 revenue to be 47.9 billion and 51.7 billion, respectively, +4.63% and 7.98% year-on-year. Net profit for 24-25 is 3.273 billion and 3.5 billion, respectively, +12.24% and 6.94% YoY; corresponding PE for 24-25 is 7.7X and 7.2X, respectively.
Risk warning:
The decline in the domestic cement industry exceeded expectations, overseas cement competition intensified, and exchange rate fluctuations affected it.