中钢国际：24Q2归母净利润同比+52%，毛利率表现亮眼

Investment Rating - The report maintains an "Add" rating for the company [2][3][4] Core Views - The company reported a revenue of 9.073 billion yuan in the first half of 2024, a year-on-year decrease of 15.15%, while the net profit attributable to shareholders increased by 22.43% to 420 million yuan [3][4] - The company signed new contracts worth 9.699 billion yuan in the first half of 2024, a year-on-year increase of 3.47%, with domestic contracts decreasing significantly due to falling steel prices, while international contracts grew due to competitive advantages in low-carbon metallurgy technology [3][5] - The company's overseas revenue accounted for 51.66% of total revenue in the first half of 2024, indicating a successful expansion in international markets [3][6] Financial Summary - The company expects total revenue for 2024 to be 26.950 billion yuan, with a year-on-year growth of 2.2%, and net profit attributable to shareholders projected at 887 million yuan, a growth of 16.5% [2][10] - The gross margin for the first half of 2024 was 11.46%, an increase of 2.75 percentage points year-on-year, driven by improved project cost management [6][9] - The company’s operating cash flow per share was -1.08 yuan, indicating a cash outflow primarily due to decreased revenue and extended payment cycles for domestic projects [8][9] Future Outlook - The company is expected to benefit from the ongoing low-carbon transformation in the steel industry, leveraging its low-carbon metallurgy technology [9] - The international engineering demand is strong, with the company having established a significant presence in over 50 countries, particularly along the Belt and Road Initiative [9] - The integration into China Baowu Steel Group is anticipated to enhance resource allocation and access to high-quality orders [9]