POWERCHINA Ltd(SH:601669)2024-09-02 05:07Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company reported a revenue of 285.38 billion yuan for H1 2024, a year-on-year increase of 1.29%, with engineering contracting and surveying design contributing 259.53 billion yuan, up 1.79% year-on-year [1] - The net profit attributable to shareholders was 6.34 billion yuan, down 6.49% year-on-year, while the net profit after deducting non-recurring gains and losses was 6.23 billion yuan, down 5.55% year-on-year [1] - The company signed new contracts worth 648.87 billion yuan in H1 2024, a year-on-year increase of 7.50%, with energy and electricity contracts growing by 20.76% [1] Financial Performance Summary - Revenue for 2024 is projected to be 646.08 billion yuan, with a growth rate of 6.02% [6] - The net profit for 2024 is expected to be 14.24 billion yuan, reflecting a growth of 9.63% [6] - The company's gross margin is forecasted to be 12.42% in 2024, down from 13.23% in 2023 [6] Business Segment Performance - The energy and electricity segment saw a significant increase in new contracts, with a total of 384.23 billion yuan, marking a 20.76% increase year-on-year [1] - The company’s domestic and international revenue for H1 2024 was 242.72 billion yuan and 41.25 billion yuan respectively, showing a year-on-year increase of 1.95% and a decrease of 2.14% [1] - The clean energy capacity reached 87.1% of the total installed capacity, with wind power capacity increasing by 14% and solar power capacity increasing by 184.6% year-on-year [1]