新兴业务新签合同增速快，“一带一路”硕果累累。2024H1，公司新签合同9,608.67亿元，同比增长8.37%。其中，基建建设、基建设计、疏凌和其他业务新合同分别为8.633.78亿元、326.56亿元、596.83亿元和51.50亿元，分别同比+9.39%/+21.91%/-4.11%/-38.71%。公司在境外地区新签合同 1，960.65亿元（约折合278.21亿美元），同比增长38.88%，约占公司新签合同额的20%。报告期，公司“大城市”业务领域新签合同3.855亿元，同比增长18.43%。公司在新兴业务领域新签合同2.952亿元，同比增长51%。报告期，公司在“一带一路”共建国家新签合同207.29亿美元。自共建“一带一路”倡议提出以来，公司累计新签合同2,554.87亿美元。Event: The company released its 2024 semi-annual report. In the first half of 2024, the company achieved revenue of 357.448 billion yuan, a year-on-year decrease of 2.52%; net profit to mother was 11.399 billion yuan, a year-on-year decrease of 0.59%.
Results were in line with expectations, and revenue from dredging and other businesses grew rapidly. With 2024H1, the company achieved revenue of 357.448 billion yuan, a year-on-year decrease of 2.52%; among them, the recipients of infrastructure construction/infrastructure design/dredging/other businesses were 318.089 billion yuan, 17.339 billion yuan, 26.886 billion yuan, and 11.161 billion yuan, respectively, -2.74%/-10.29%/3.27%/12.59%, respectively. The company achieved net profit of 11.399 billion yuan, a year-on-year decrease of 0.59%; deducted non-net profit of 10.623 billion yuan, a decrease of 3.02%. The company achieved a net cash flow of 74.161 billion yuan from operating activities, an increase of 24.783 billion yuan over the same period last year, mainly due to increased operating expenses.
Profitability has improved. 2024H1's gross margin was 11.65%, up 0.89pct year on year; net margin was 4.06%, up 0.1 pct year on year. The cost rate for the period was 5.7%, an increase of 0.78 pct over the previous year. The sales expense ratio was 0.39%, up 0.13ct year over year. The management fee rate was 2.38%, an increase of 0.07pct over the previous year. The financial expense ratio was 0.17%, an increase of 0.4 pct over the previous year. The R&D cost rate was 2.76%, an increase of 0.19pct over the previous year. The company's balance ratio was 74.81%, a year-on-year decrease of 0.1 pct.
The number of new contracts signed by emerging businesses is growing rapidly, and the “Belt and Road” initiative has borne fruit. 2024H1, the company signed a new contract of 960.867 billion yuan, an increase of 8.37% over the previous year. Among them, infrastructure construction, infrastructure design, and other new business contracts were 8.63.378 billion yuan, 32.656 billion yuan, 59.683 billion yuan, and 5.150 billion yuan, respectively, +9.39%/+21.91%/-4.11%/-38.71%, respectively. The company signed a new contract of 1,96.065 billion yuan (about 27.821 billion US dollars) in overseas regions, an increase of 38.88% over the previous year, accounting for about 20% of the company's new contract amount. During the reporting period, the company signed a new contract of 0.3855 billion yuan in the “big city” business area, an increase of 18.43% over the previous year. The company signed a new contract of 0.2952 billion yuan in emerging business areas, an increase of 51% over the previous year. During the reporting period, the company signed a new contract of US$20.729 billion for the “Belt and Road” joint construction country. Since the joint “Belt and Road” initiative was introduced, the company has signed a total of 255.487 billion US dollars in new contracts.
Investment advice: The company's net profit for 2024-2026 is estimated to be 24.56, 26.316, and 28.565 billion yuan, respectively, +3.14%/+7.15%/+8.55%, respectively. The corresponding P/E is 5.57/5.20/4.79x, respectively, maintaining the “recommended” rating.
Risk warning: risk of falling fixed asset investment; risk of new orders falling short of expectations; risk of accounts receivable recovery falling short of expectations.
