北方国际：Q2业绩略微下滑，仍看好投建营一体化成长前景

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next six months [4][11]. Core Views - The company experienced a slight decline in Q2 performance, with a year-on-year decrease in net profit of 10.68% to 275 million yuan. However, the overall revenue for the first half of 2024 showed a modest increase of 0.12% year-on-year, reaching 10.415 billion yuan [1][2]. - The company is expected to benefit from the completion of the Bangladesh coal-fired power plant project in the second half of 2024, which will contribute to operational revenue in 2025. The integrated investment and operation model is viewed positively for future growth [1][2]. Financial Performance Summary - For the first half of 2024, the company reported revenues of 10.415 billion yuan, with a net profit of 539 million yuan, reflecting a year-on-year increase of 7.38%. The adjusted net profit was 528 million yuan, up 5.19% year-on-year [1][2]. - The revenue breakdown for H1 2024 includes international engineering contracting at 3.55 billion yuan (up 10.1%), domestic construction at 150 million yuan (up 124.2%), and goods trading at 5.42 billion yuan (down 6.2%) [2]. - The overall gross margin improved to 10.09%, a year-on-year increase of 0.8 percentage points, with Q2 gross margin at 10.52%, up 4.27 percentage points year-on-year [2]. Future Projections - The company forecasts net profits of 1.03 billion yuan, 1.19 billion yuan, and 1.39 billion yuan for the years 2024, 2025, and 2026, respectively [1][2]. - The projected revenue growth rates for the upcoming years are 14.29% for 2024, 15.70% for 2025, and 16.60% for 2026 [5][7]. Market Position and Strategy - The company is actively expanding its presence in the Central and Eastern European power market, with plans to establish a wholly-owned subsidiary in Hungary and acquire an 80% stake in Aurora Solar d.o.o. [2][5]. - The investment in the Komany Mountain 125MWp photovoltaic project in Bosnia is expected to yield an internal rate of return of 9.68% over its operational period [2].