在手合同饱满，新兴业务和资源利用新签合同增速快。2024H1，公司实现新签合同额10，785.0亿元，同比下降15.3%，主要受城镇化程度提升及其进程放缓、地方债务化解压力较大等因素影响。其中境内业务实现新签合同额 9，961.2亿元，同比下降16.2%；境外业务实现新签合同额823.8亿元，同比下降2.3%。分行业看，公司新签工程建造、新兴业务、设计咨询、装备制造、金融物贸、特色地产、资产经营、资源利用分别为 7802.2/1663.3/144.2/294.5/364.9/132.5/245.1/138.3亿元，分别同比 16%/32.1%/-7.1%/-17.8%/-11.9%/-63.3%/-68.6%/17.4%。截至报告期未，公司未完合同额为62,228.7亿元，较2023年末增长5.9%。Event: The company released its 2024 semi-annual report.
Overseas revenue is growing rapidly, and resource utilization performance is good. 2024H1, the company achieved revenue of 544.522 billion yuan, down 7.83% year on year; among them, infrastructure business revenue was 473.05 billion yuan, -6.76% year on year; design consulting revenue was 8.965 billion yuan, -4.11%; equipment manufacturing revenue was 12.024 billion yuan, -9.68% year on year; real estate development revenue was 14.48 billion yuan, -30.78% year on year; other business revenue revenue was 36.005 billion yuan, same year on year Compared to -9.68%, of which resource utilization revenue was 4.048 billion yuan, +7.19%; the company achieved net profit of 14.278 billion yuan, a year-on-year decrease of 12.08%; deducted non-net profit of 13.095 billion yuan, a decrease of 14.02%. The company achieved net cash flow from operating activities of 69.332 billion yuan, an increase of 39.365 billion yuan over the same period last year. The company achieved revenue of 5,10.398/34.124 billion yuan domestic/overseas, respectively, -8.63%/+6.11% year-on-year.
The cost rate increased slightly during the period. 2024H1's gross margin was 8.84%, down 0.01pct year on year; net margin was 2.88%, down 0.22pct year on year. The cost rate for the period was 4.81%, an increase of 0.15 pct over the previous year. The sales expense ratio was 0.53%, up 0.01pct year over year. The management fee rate was 2.22%, an increase of 0.13pct over the previous year. The financial expense ratio was 0.35%, an increase of 0.05pct over the previous year. The R&D cost rate was 1.69%, a year-on-year decrease of 0.05 pct. The company's balance ratio was 76.48%, an increase of 1.79pct over the previous year.
Ongoing contracts are plentiful, and the use of emerging businesses and resources to sign new contracts is growing rapidly. With 2024H1, the company signed a new contract amount of 10,78.5 billion yuan, a year-on-year decrease of 15.3%. It was mainly affected by factors such as the increase in the degree of urbanization, the slowing down of the process, and the pressure to resolve local debt. Among them, the domestic business achieved a new contract amount of 9,96.12 billion yuan, a year-on-year decrease of 16.2%; the overseas business achieved a new contract amount of 82.38 billion yuan, a year-on-year decrease of 2.3%. By industry, the company's newly signed engineering construction, emerging business, design consulting, equipment manufacturing, finance and product trade, characteristic real estate, asset management and resource utilization were 7802.2/1663.3/144.2/294.5/364.9/13.25/24.51/13.83 billion yuan, respectively, 16%/32.1%/-7.1%/-17.8%/-11.9%/-63.3%/-68.6%/17.4%, respectively. As of the reporting period, the company's outstanding contracts amounted to $6222.87 billion, an increase of 5.9% over the end of 2023.
Investment advice: The company's net profit for 2024-2026 is expected to be 33.593, 35.658, and 38.861 billion yuan, respectively, +0.33%/+6.15%/+8.98%, respectively. The corresponding P/E is 4.24/4.00/3.67x, 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.
