CAMCE(SZ:002051) Zhong Guo Zheng Quan Bao·2025-09-19 20:18Core Viewpoint - The company is facing challenges in the engineering industry due to complex external environments and imbalanced domestic supply and demand, but it sees opportunities in technological innovation and industrial upgrades [1] Financial Performance - In the first half of the year, the company achieved revenue of 4.788 billion yuan, a year-on-year decline of 12.95%, and a net profit attributable to shareholders of 177 million yuan, down 34.86% year-on-year [1] - Excluding investment income, the company's total profit remained stable compared to the previous year, with a gross profit margin of 18.6% and a debt-to-asset ratio of 52.55%, both better than the industry average [2] - The company signed new contracts worth a total of 2.139 billion USD in the first half of the year, a year-on-year increase of 33%, with a backlog of contracts amounting to 9.545 billion USD [2] Business Strategy - The company is focusing on building a stable revenue-generating investment and operation segment, concentrating on environmental engineering, cableway engineering, and clean energy [1] - The company is transitioning towards a technology-driven specialized engineering firm, emphasizing technological innovation as the core engine for high-quality development [3] - The company has established a technology innovation management system and is actively pursuing diversified financing methods to adapt to changing market conditions [3][4] Project Development - The company has signed six hospital projects in regions such as Central America, the Middle East, South Asia, and Africa, totaling over 400 million USD [3] - Significant projects include the second phase of a soda ash plant in Kazakhstan and the third phase of a storage facility in Turkey, contributing to local industrial upgrades [3] - The company has successfully launched two waste-to-energy projects in Uzbekistan, with a total investment of approximately 475 million USD and an expected post-tax return rate exceeding 8% [4] Market Positioning - The company has maintained its traditional market advantages while developing new markets, which have become stabilizers for its overseas business [5] - The company has achieved significant milestones in the oil and gas engineering sector, including the successful execution of the Iraq Nine Oil and Gas Central Processing Facility project, which set a record for the shortest construction period in similar projects [6] Value Management - The company has implemented a market value management system as a long-term strategic management behavior to enhance investor rights [6] - In 2024, the company distributed cash dividends of 155 million yuan to shareholders, accounting for 42.8% of the annual net profit attributable to shareholders, sharing the benefits of high-quality development with investors [6]