2024-09-02 05:09Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 516.137 billion yuan for the first half of 2024, a year-on-year decrease of 4.61%. The net profit attributable to shareholders was 11.902 billion yuan, down 12.8% year-on-year [1]. - The real estate development business showed significant growth, with revenue increasing by 47.34% to 31.548 billion yuan, while other segments experienced declines [1]. - The company has a robust backlog of contracts, with new contracts signed totaling 1,100.6217 billion yuan, a decrease of 19.02% year-on-year, but with notable growth in mining and water conservancy contracts [1]. Financial Performance Summary - For the first half of 2024, the gross margin was 9.12%, an increase of 0.21 percentage points year-on-year, while the net margin decreased to 2.9% [1]. - The company’s debt-to-asset ratio increased to 76.28%, up 0.6 percentage points year-on-year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 26.501 billion, 29.277 billion, and 32.079 billion yuan, respectively, with corresponding P/E ratios of 4.36, 3.94, and 3.60 [2][3].