CCCCDC(600720)2024-09-02 08:10Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company reported a significant increase in net profit attributable to shareholders, achieving a net profit of 627 million yuan in H1 2024, a year-on-year increase of 34.71% [2]. - Revenue for H1 2024 was 4.949 billion yuan, a decrease of 10.16% year-on-year, primarily due to a decline in lower-margin engineering contracting revenue [2]. - The gross profit margin improved to 28.05%, up 6.02 percentage points year-on-year, with the design business gross margin rising to 32.92% [2]. - The company is expected to benefit from the low-altitude economy and old housing inspections, with the Ministry of Industry and Information Technology projecting a trillion-level market for low-altitude economy by 2030 [2]. Financial Performance Summary - For H1 2024, the company achieved revenue of 4.949 billion yuan, with design revenue at 3.777 billion yuan (up 4.54% year-on-year) and engineering contracting revenue at 734 million yuan (down 34.37% year-on-year) [2]. - The company forecasts net profits of 1.791 billion yuan, 2.085 billion yuan, and 2.478 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1.42%, 16.38%, and 18.86% [3][4]. - The company's asset-liability ratio stood at 53.31%, an increase of 29.63 percentage points year-on-year [2].