新签订单表现靓丽，份额逆势提升明显：上半年公司建筑装饰业务新增订单约128.84 亿元，同比+14.22%，其中幕墙及光伏建筑业务新增订单约为82.6 亿元，同比+8.9%；室内装饰及设计业务新增订单约46.24 亿元，同比+25.14%，截止上半年，公司在手订单充裕约356亿元。在宏观需求承压背景下，公司仍然取得较好订单增长，我们认为主要来自于公司综合优势带来的份额提升。occurrences
The company released its 24-year report. In the first half of the year, the company achieved revenue of 9.92 billion yuan, +12.1% year-on-year, net profit of 0.322 billion yuan, net profit of 0.275 billion yuan, and +5.93% year-on-year. Of these, 24Q2 achieved revenue of 5.83 billion yuan, +7.45% year-on-year, net profit to mother of 0.141 billion yuan, +9.12% year-on-year, net profit of 0.099 billion yuan. YoY -14.13%. Furthermore, in the first half of the year, the company plans to pay a cash dividend of 0.17 billion (tax included) with a cash dividend ratio of 53%.
reviews
The performance of new orders was impressive, and the share bucked the trend: in the first half of the year, the company added about 12.884 billion yuan of new orders, +14.22%, of which new orders for the curtain wall and photovoltaic construction business were about 8.26 billion yuan, +8.9%; the interior decoration and design business added about 4.624 billion yuan, +25.14%. As of the first half of the year, the company had abundant orders of about 35.6 billion yuan. Against the backdrop of macroeconomic demand pressure, the company still achieved good order growth, which we think is mainly due to the increase in share brought about by the company's comprehensive advantages.
Overseas overseas returns to the Middle East, and the domestic market sinks: The company further strengthened its “going overseas” and “sinking” strategy. On the one hand, the company's overseas business division returned to Middle Eastern countries such as Saudi Arabia and Dubai, further expanded Asian market countries such as Japan, South Korea, and Indonesia, and selectively undertook high-quality projects; on the other hand, the company sank into part of the domestic market and appropriately selected advantages.
Cash flow improved significantly, and the overall cost ratio was stable: 24H1's gross profit margin was 15.6%, +0.65pct year on year. In terms of cost ratio, sales, management, R&D, and finance expenses for the first half of the year were 1.35%/5.23%/2.66%/0.73%, respectively, +0.15, +0.02, -0.12, and -0.18pct.
In terms of cash flow, the company's net operating cash flow in Q2 was 0.52 billion yuan, with a net outflow of 0.2 billion yuan in the same period last year, and achieved sales repayment of 10.38 billion yuan in the first half of the year, with a revenue ratio of 104.6%, an increase of 9.9 pcts over the same period. The company obtained a good operating net cash flow. The company's customer base is mainly leading enterprises in various industries. The customers are of high quality and the credit situation is good.
Profit forecast: We expect the company's 24-25 revenue to be 23 billion and 24.9 billion, respectively, +9.6% and +8.4%, respectively. Net profit for 24-25 is 0.74 billion and 0.83 billion, respectively, +10.7% and +11.8% year-on-year; corresponding PE for 24-25 is 7.2X and 6.4X, respectively.
Risk warning:
The decline in downstream demand exceeded expectations, and the PV curtain wall fell short of expectations.
