中国电建：Q2业绩阶段性承压，能源电力高景气下成长性明确

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a relative return of over 20% within the next six months [2][10]. Core Views - The company is expected to experience steady growth in its overall performance despite facing some pressure in Q2 2024, with projected net profits of 14.8 billion, 16.9 billion, and 19.6 billion for 2024, 2025, and 2026 respectively [2][3]. - The company benefits from being a leading player in hydropower construction, poised to gain from infrastructure and energy projects [2][3]. - The company has signed new contracts worth 648.9 billion, with a significant portion in the energy sector, indicating a robust demand environment [5]. Financial Data and Valuation - Revenue for 2023 is projected at 609.41 billion, with a growth rate of 6.43% compared to 2022 [9]. - The EBITDA for 2023 is estimated at 78.34 billion, with a net profit attributable to the parent company of 12.99 billion, reflecting a growth rate of 13.58% [9]. - The company's P/E ratio is projected to decrease from 7.22 in 2022 to 6.35 in 2023, indicating improved valuation metrics [9]. Business Segmentation - In H1 2024, the company reported revenues of 2595.3 billion from engineering contracting and design, 121.8 billion from power investment and operation, and 122.6 billion from other businesses, with the engineering segment showing a growth of 1.8% [3][4]. - The domestic revenue was 2427.2 billion, up 2%, while international revenue decreased by 2.1% due to a slight decline in overseas power generation [3]. Profitability Metrics - The overall gross margin improved to 12.27% in H1 2024, up by 0.26 percentage points year-on-year [4]. - The net profit margin for H1 2024 was reported at 2.95%, a slight decrease from the previous year [4]. Market Outlook - The energy and power sector remains robust, with new contracts in energy power generation showing significant growth, particularly in thermal and wind power [5]. - The company is expected to continue benefiting from high demand in the energy sector, with a notable increase in new contracts signed [5].