HOLSIN(SH:603909) SINOLINK SECURITIES·2024-07-10 02:30Investment Rating - The report maintains a "Buy" rating for the company [1][20]. 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 for construction, which reached 11.31 billion yuan, a year-on-year increase of 518% [4]. - The company has successfully completed several key engineering projects, showcasing its strength in construction and project management, which will aid in future project expansion [4]. - The real estate segment has shown resilience, with total sales of 66.1 billion yuan in the first half of 2024, a decline of 30.7% year-on-year, but outperforming the industry average decline of 41.8% [4]. - The company acquired 14 plots of land with a total equity land acquisition amount of 27.9 billion yuan, ranking first in the industry [4]. Financial Projections - The company forecasts net profits attributable to shareholders of 81.71 million yuan, 99 million yuan, and 118.64 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24%, 21%, and 20% [20]. - The projected revenue for 2024 is 671.1 million yuan, with a growth rate of 70.1% [22]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 25.6x, 21.1x, and 17.6x, respectively [20].