东兴证券：东兴晨报-20240902

Core Insights - The company achieved a revenue of 9.96 billion yuan in the first half of 2024, representing a year-on-year growth of 39.6% driven primarily by the construction business [1] - The company's toll revenue was 4.53 billion yuan, showing a slight increase of 0.2% year-on-year, while the net profit attributable to the parent company was 2.6 billion yuan, up 10.8% year-on-year [1] - The gross margin for the toll road business decreased by 3.8 percentage points to 60.7% due to a 10.9% increase in costs [1] - Investment income significantly increased to 1.05 billion yuan, up from 610 million yuan in the same period last year, largely due to earlier dividends from Jiangsu Bank [1] - Financial expenses decreased by 11% to 475 million yuan, benefiting from effective financing measures and a favorable interest rate environment [1] Revenue and Profitability - The company’s revenue growth was primarily attributed to the overseas market expansion, with overseas revenue reaching 1.75 billion yuan, a 96.5% increase year-on-year [7] - The overall gross margin for the company was 52.5%, slightly lower than the previous year's 56.82% [7] - The company maintained a stable sales net profit margin of 34.93%, slightly higher than the previous year's 34.5% [7] Future Outlook - The company is expected to benefit from stable growth in the commercial vehicle market and the expansion of new products, with projected net profits for 2024-2026 at 2.1 billion, 2.39 billion, and 2.72 billion yuan respectively [7] - The company is positioned well in the core area of the Yangtze River Delta, leveraging its geographical advantages [2] - The company maintains a "recommended" rating due to its strong operational capabilities and focus on its main business [2]