HOLSIN(SH:603909) SINOLINK SECURITIES·2024-07-10 02:02Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 35.39 million yuan in the first half of 2024, representing a year-on-year increase of 72.52% [3]. - The significant growth in profit is attributed to a rapid expansion in new signed contracts in construction, which reached 11.31 billion yuan, a year-on-year increase of 518.0% [3]. - The successful progress of several landmark projects demonstrates the company's strength in engineering construction, which is expected to facilitate future project expansions [3]. - The real estate segment reported a total sales amount of 66.1 billion yuan in the first half of 2024, a decrease of 30.7% year-on-year, but still outperforming the industry average decline of 41.8% [3]. - The company acquired 14 plots of land with a total equity land acquisition amount of 27.9 billion yuan, ranking first in the industry [3]. Financial Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 81.71 million yuan, 99 million yuan, and 118.64 million yuan, respectively, with year-on-year growth rates of 24%, 21%, and 20% [3]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 25.6x, 21.1x, and 17.6x, respectively [3]. - The company's revenue is expected to grow significantly, with projected revenues of 671.1 million yuan in 2024, 994.4 million yuan in 2025, and 1.2729 billion yuan in 2026, reflecting growth rates of 70.1%, 48.2%, and 28.0% [7].