KAIYUAN SECURITIES·2024-09-02 07:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company has achieved steady growth in revenue and profit, with a significant increase in new orders. The exploration of the renewable energy sector presents substantial potential for investment and operation [7] - The company is expected to maintain its profit forecasts, with projected net profits for 2024-2026 being 90.5 billion, 106.0 billion, and 123.3 billion respectively, corresponding to EPS of 0.22, 0.25, and 0.30. The current stock price reflects a PE ratio of 9.8, 8.4, and 7.2 for the respective years [7] Financial Performance Summary - For the first half of 2024, the company reported operating revenue of 1962.41 billion, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 27.81 billion, up 4.67% year-on-year. The basic earnings per share were 0.063, reflecting a 5.0% increase [7] - The sales gross margin was 12.19%, with a net profit margin of 2.34%, showing a gross margin increase of 1.26 percentage points and a slight decrease in net margin [7] - Revenue from various business segments includes: surveying and design consulting at 78.12 billion (up 22.65%), engineering construction at 1649.83 billion (up 2.90%), industrial manufacturing at 146.43 billion (down 5.33%), and investment operations at 131.40 billion (down 11.19%) [7] Order Growth and Business Development - The company signed new contracts worth 7386.01 billion in the first half of 2024, a year-on-year increase of 14.35%. Domestic contracts accounted for 5632.20 billion (up 15.81%), while overseas contracts reached 1753.81 billion (up 9.90%). Notably, contracts in "Belt and Road" countries grew by 44.25% [8] - The engineering construction and surveying design consulting segments saw new order amounts of 6564.3 billion and 114.5 billion, reflecting growth of 6.8% and a decline of 4.1% respectively [8] Renewable Energy Capacity - As of June 2024, the company had a cumulative installed capacity of 1163.7 million kilowatts in renewable energy, including wind power at 286.9 million kilowatts, solar power at 788.7 million kilowatts, biomass power at 22.4 million kilowatts, and new energy storage at 65.9 million kilowatts [9] - The company leverages its full industry chain advantages in power construction, with traditional energy business holding an installed capacity of 208.7 million kilowatts, comprising 130.4 million kilowatts of thermal power and 78.3 million kilowatts of hydropower [9]