COOEC(600583) 申万宏源·2024-08-20 02:43Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company achieved a revenue of 13.43 billion yuan in H1 2024, a year-on-year decrease of 7.01%, while the net profit attributable to shareholders increased by 21.69% to 1.20 billion yuan [6]. - The second quarter saw a significant revenue increase of 36.78% compared to the first quarter, with a net profit of 722 million yuan, although it represented a 51.89% decline from the previous quarter [6]. - The company’s gross margin improved to 11.49% in Q2 2024, up by 1.58 percentage points from the previous quarter, aided by government subsidies of 248 million yuan [6]. - The company completed a record high workload in H1 2024, with significant progress in both domestic and international projects [6]. - New contract signings decreased by 30% year-on-year, but the backlog of orders remains strong at approximately 38.8 billion yuan, supporting future revenue growth [6][7]. Financial Summary - For H1 2024, the company reported total revenue of 13.43 billion yuan, with a projected revenue of 36.76 billion yuan for 2024, reflecting a year-on-year growth rate of 19.5% [8]. - The net profit for 2024 is forecasted to be 2.02 billion yuan, with a year-on-year growth rate of 24.4% [8]. - The company’s earnings per share (EPS) is expected to increase from 0.37 yuan in 2023 to 0.46 yuan in 2024 [8]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 12, 10, and 8, respectively [7].