China XD(601179) 东吴证券·2024-09-02 05:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for H1 2024 increased by 7% year-on-year, with net profit attributable to shareholders rising by 5% [3] - The management is optimizing operations, leading to a steady improvement in profitability, with gross margins reaching 18.9% in H1 [3] - The company is expected to accelerate the bidding and delivery pace for its main network and ultra-high voltage projects in H2 2024, which will release profit elasticity [4] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 11.1 billion, 18.4 billion, and 22.8 billion respectively, reflecting a year-on-year growth of 25%, 65%, and 24% [4] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 21,051 in 2023 to 32,878 in 2026, with a CAGR of 16.28% [2] - Net profit attributable to shareholders (in million yuan) is expected to increase from 1,111 in 2024 to 2,282 in 2026, with a CAGR of 24.16% [2] - The latest diluted EPS is forecasted to rise from 0.22 in 2024 to 0.45 in 2026 [2] Market Data - The closing price of the stock is 6.91 yuan, with a market capitalization of approximately 35.42 billion yuan [5] - The price-to-earnings ratio (P/E) is projected to decrease from 40.01 in 2023 to 15.52 in 2026 [9] Basic Data - The company's net asset per share is 4.29 yuan, with a debt-to-asset ratio of 43.99% [6] - The total share capital is approximately 5,125.88 million shares [6]