郑中设计：收入结构持续优化，回款助力业绩好转

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue structure continues to optimize, with improved cash collection aiding performance recovery [1] - In H1 2024, the company achieved revenue of 516 million, a year-on-year decrease of 1.75%, while net profit attributable to shareholders increased by 660.61% to 65 million [2] - The company plans a cash dividend of 0.20 yuan per share, corresponding to a dividend yield of 2.8% based on the closing price on August 19 [2] - The operational structure is being continuously optimized, with a reduction in losses from decoration projects [2] - The company signed new orders worth 700 million, a year-on-year increase of 9.4%, with design and soft decoration businesses growing by 25.2% and 7.6% respectively [2] Financial Performance - The company's gross profit margin for H1 2024 was 33.84%, an increase of 6.62 percentage points year-on-year [3] - The net profit margin attributable to shareholders reached 12.50%, up 10.89 percentage points year-on-year [3] - The company expects to achieve revenues of 1.122 billion, 1.216 billion, and 1.344 billion for 2024, 2025, and 2026 respectively, with net profits of 76 million, 108 million, and 146 million [3][4] - The price-to-earnings ratio (PE) based on the closing price on August 19 is projected to be 25.62 for 2024, 17.98 for 2025, and 13.34 for 2026 [3][4] Business Segments - Revenue from design, soft decoration, and engineering businesses in H1 2024 was 326 million, 99 million, and 84 million respectively, with year-on-year changes of 7.87%, -11.30%, and -23.94% [2] - The gross profit margins for these segments were 44.71%, 37.29%, and -13.52%, with year-on-year changes of -7.07 percentage points, 0.22 percentage points, and 36.17 percentage points respectively [2] Cash Flow and Assets - As of the end of June, the company had cash and other liquid assets totaling 984 million, providing a solid foundation for future dividends and transformation upgrades [3] - The cash collection ratio was 125.51%, a decrease of 4.1 percentage points year-on-year, while the cash payment ratio increased by 1.29 percentage points to 91.23% [3]