中材国际：营收、利润稳步增长，运维业务表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.9 CNY, based on a 12x PE for the year 2024 [1][6]. Core Insights - The company achieved a revenue of 20.89 billion CNY in the first half of 2024, representing a year-on-year increase of 1.68%. The net profit attributable to the parent company was 1.399 billion CNY, up 2.28% year-on-year [1]. - The operational performance of the maintenance business was highlighted, with significant growth in revenue from mining and cement operations [2]. - The company is actively expanding its overseas operations, with a notable increase in the proportion of foreign revenue [3]. Revenue and Profitability - In the first half of 2024, the company reported a revenue of 20.89 billion CNY, with a net profit of 1.399 billion CNY, and a non-recurring net profit of 1.402 billion CNY, reflecting increases of 2.28% and 5.97% year-on-year, respectively [1]. - The second quarter alone saw a revenue of 10.607 billion CNY, with a net profit of 763 million CNY, indicating a year-on-year growth of 1.61% [1]. - The overall gross margin improved year-on-year, although the increase in expense ratios slightly affected profit growth [1]. Business Segments Performance - The engineering technology services, high-end equipment manufacturing, and production operation services generated revenues of 12.099 billion CNY, 2.916 billion CNY, and 5.673 billion CNY, respectively, with year-on-year growth rates of 4.82%, -23.07%, and 22.22% [2]. - The maintenance business, particularly in mining and cement operations, showed strong revenue growth of 27.88% and 13.54%, respectively [2]. Order Book and Future Outlook - The company signed new orders worth 37.09 billion CNY in the first half of 2024, with a year-on-year decrease of 9%. However, overseas new orders increased by 9% to 23.462 billion CNY [3]. - The backlog of effective contracts stood at 59.244 billion CNY, reflecting a 6.89% increase from the previous period [3]. Financial Metrics - The comprehensive gross margin for the first half of 2024 was reported at 19.4%, an increase of 1.04 percentage points year-on-year [4]. - The net profit margin for the first half was 7.11%, with a slight decrease of 0.05 percentage points year-on-year [4]. - The company’s cash flow from operations turned positive at 885 million CNY, showing a significant improvement compared to the previous year [4].