中国建筑国际：北部都会区高景气，派息提升彰显红利属性

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of HKD 61.755 billion in the first half of 2024, representing a year-on-year growth of 12.06%, with a net profit attributable to shareholders of HKD 5.465 billion, up 12.71% year-on-year [4][5]. - The company is expanding its revenue scale through deepening its presence in quality domestic regions and accelerating large-scale infrastructure projects overseas, particularly benefiting from the development of the Northern Metropolis in Hong Kong [4][5]. - The financial cost ratio has decreased to 2.6%, down 0.15 percentage points year-on-year, due to lower financing costs in mainland China [4]. - The company secured new contracts worth HKD 125.13 billion in the first half of 2024, a year-on-year increase of 29.2%, with significant contributions from both Hong Kong and mainland China [4][5]. - The company has increased its dividend payout ratio to 30.42%, the highest since 2016, indicating a strong dividend attribute and potential for future increases [5]. Summary by Sections Revenue and Profit - The company reported a revenue of HKD 61.755 billion for the first half of 2024, a 12.06% increase year-on-year, and a net profit of HKD 5.465 billion, reflecting a 12.71% growth [4]. Domestic and International Operations - Domestic revenue reached HKD 35.12 billion, growing by 9.6%, while international revenue, driven by the Northern Metropolis project, amounted to HKD 23.59 billion, up 18.3% [4]. Financial Performance - The financial cost ratio improved to 2.6%, a decrease of 0.15 percentage points year-on-year, with substantial cash reserves of HKD 32.15 billion, accounting for 12.1% of total assets [4]. New Contracts - The company achieved new contracts totaling HKD 125.13 billion, a 29.2% increase year-on-year, with Hong Kong contributing HKD 57.64 billion (up 54%) and mainland China contributing HKD 56.92 billion (up 17%) [4][5]. Dividend Policy - The dividend payout ratio increased to 30.42%, the highest since 2016, suggesting a strong dividend policy and potential for future increases based on projected net profit [5].