CCCCDC(600720) 长江证券·2024-08-22 11:42Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Viewpoints - The company has completed its spin-off listing, becoming the largest design consulting company by market value in A-shares. It is expected to further integrate resources and acquire quality design targets domestically and internationally [3][4]. - The company is positioned as a leading enterprise in the comprehensive design sector, with a focus on emerging fields and overseas expansion, which opens up growth opportunities [3][4]. Summary by Relevant Sections Company Overview - The company completed its spin-off listing on December 1, 2023, and achieved a revenue of 13.511 billion yuan in 2023, a year-on-year increase of 2.16%, with a net profit of 1.766 billion yuan, up 4.18% year-on-year [3][4]. Major Transportation Sector - Infrastructure investment (excluding electricity) is expected to grow by 5.4% year-on-year in the first half of 2024, with transportation, warehousing, and postal investment increasing by 6.6% [3][4]. - The company, as a ministry-level design institute, can overcome regional limitations in the surveying and design industry, achieving a nationwide layout and becoming an industry leader [3][4]. Emerging Fields - The company is actively developing low-altitude economy and vehicle-road-cloud integration businesses. The low-altitude economy is highlighted as a new growth engine in the 2024 government work report [4]. - The vehicle-road-cloud integration sector has seen continuous policy and project catalysts, with significant contracts awarded for smart public transport infrastructure [4]. Urban Infrastructure - Municipal investment has shown steady growth, with the company’s three municipal institutes maintaining strong reputations. In 2022, fixed asset investment in urban municipal facilities reached 2.23 trillion yuan, with a slight decline of 4.54% year-on-year [4][5]. - The company’s subsidiaries, Southwest Institute and Northeast Institute, are among the top eight municipal institutes in the country, known for their strong industry reputation [4][5]. Overseas Expansion - The company has extensive overseas experience and is expected to accelerate its international business through acquisitions. In 2023, the parent company, China Communications Construction Company, achieved an overseas business share of 15.3% [4][5]. - The company has undertaken projects in multiple countries and is familiar with various international standards and regulations, enhancing its competitive edge in overseas markets [4][5].