中国建筑：24H1增长有韧性，估值有优势

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported resilient growth in H1 2024, with revenue of CNY 1,144.6 billion, a year-on-year increase of 3%, and a net profit attributable to shareholders of CNY 29.4 billion, up 2% year-on-year [10] - The construction and infrastructure segments showed strong revenue growth, while the real estate development segment continued to face challenges [10] - The company has a solid order backlog, with new contracts signed in H1 2024 amounting to CNY 749.1 billion, three times the revenue for the same period [10] - The company's gross margin slightly decreased to 9.4% in H1 2024, while the net profit margin was 2.6%, reflecting some pressure from asset impairment provisions [10] Summary by Sections Financial Performance - H1 2024 revenue was CNY 1,144.6 billion, with a breakdown of revenue from construction, infrastructure, real estate development, and surveying design at CNY 749.3 billion, CNY 269.5 billion, CNY 116.4 billion, and CNY 5.4 billion respectively [10] - The company reported a gross margin of 9.4% and a net profit margin of 2.6% for H1 2024, with a slight decrease in gross margin compared to the previous year [10] Order and Revenue Outlook - The company has a strong order backlog, with new contracts signed in H1 2024 being three times the revenue for the same period, indicating robust future revenue potential [10] - The real estate development segment continues to experience negative growth, with sales down 21% year-on-year [10] Valuation and Future Projections - The company is expected to achieve revenues of CNY 2,433.9 billion, CNY 2,621.2 billion, and CNY 2,815.6 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7%, 8%, and 7% [10] - The estimated earnings per share (EPS) for the next three years are projected to be CNY 1.42, CNY 1.54, and CNY 1.66, with a compound annual growth rate (CAGR) of 8% [10] - The current price corresponds to a 2024E price-to-earnings (PE) ratio of 3.8x and a dividend yield of 5.0%, indicating a favorable valuation [10]