CSCEC(SH:601668)2024-09-02 05:07Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 11,446.19 billion yuan for H1 2024, representing a year-on-year growth of 2.81%. The construction revenue was 7,493 billion yuan, up 1.7%, while infrastructure revenue grew by 11.7% to 2,695 billion yuan. However, real estate revenue decreased by 8.7% to 1,164 billion yuan [1]. - The company achieved a net profit attributable to shareholders of 294.5 billion yuan, a year-on-year increase of 1.65%, and a net profit excluding non-recurring items of 269.5 billion yuan, up 1.9% [1]. - The company signed new contracts worth 2.48 trillion yuan in H1 2024, a 10.0% increase year-on-year, with significant growth in infrastructure energy contracts, which surged by 230.4% [1]. Financial Performance Summary - For H1 2024, the gross profit margin was 9.44%, a decrease of 0.14 percentage points year-on-year, while the net profit margin was 3.51%, down 0.08 percentage points [1]. - The company’s total liabilities to assets ratio increased to 76.28%, up 0.8 percentage points year-on-year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 568.26 billion yuan, 606.65 billion yuan, and 678.43 billion yuan, respectively, with corresponding P/E ratios of 3.94, 3.69, and 3.30 [2][3].