GOLDEN SUN SECURITIES·2024-08-07 02:31Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (601800.SH) [3] Core Views - The controlling shareholder, China Communications Group, proposed a mid-term dividend for 2024 to enhance shareholder returns and investment value, with a current dividend yield of approximately 3.7% [1] - The company is actively exploring market value management strategies, which are expected to enhance valuation levels in response to the State-owned Assets Supervision and Administration Commission's emphasis on including market value management in performance assessments [1] - The company reported a robust growth in new contracts, with a total of 960.9 billion yuan signed in H1 2024, reflecting an 8.4% year-on-year increase, driven by strong performance in both domestic and overseas markets [2] Financial Performance Summary - Revenue for 2022 was 721.9 billion yuan, with a growth rate of 5.3%, and is projected to reach 821.8 billion yuan in 2024, reflecting an 8.3% growth [6] - The net profit attributable to the parent company was 19.3 billion yuan in 2022, with a year-on-year growth of 7.0%, expected to increase to 25.6 billion yuan in 2024, representing a growth of 7.6% [6] - The earnings per share (EPS) for 2024 is projected to be 1.57 yuan, with a price-to-earnings (P/E) ratio of 5.4 times [6] Business Segment Performance - In H1 2024, the infrastructure construction segment signed contracts worth 863.4 billion yuan, a 9.4% increase year-on-year, with urban construction and overseas projects showing significant growth of 22% and 44%, respectively [2] - The company secured 7.6 billion yuan in domestic contracts and 1.96 billion yuan in overseas contracts, with overseas orders accelerating in Q2, showing an 82% year-on-year increase [2]