中国电建：公司信息更新报告：新签订单规模稳定增长，减值拖累业绩表现

Investment Rating - The report maintains a "Buy" rating for China Electric Power Construction (601669.SH) [5] Core Views - The company has shown stable growth in new signed orders, although impairment losses have negatively impacted performance [5] - For the first half of 2024, the company achieved operating revenue of 284.92 billion yuan, a year-on-year increase of 1.29%, while net profit attributable to shareholders decreased by 6.49% to 6.34 billion yuan [5][6] - The company is solidifying its traditional infrastructure business while developing a second growth curve focused on renewable energy [5] Financial Summary - Operating revenue for the first half of 2024: 2849.21 billion yuan, up 1.29% year-on-year [6] - Net profit attributable to shareholders: 63.38 billion yuan, down 6.49% year-on-year [5][6] - Operating cash flow: -466.66 billion yuan, down 18.74% year-on-year [5] - Gross margin for engineering contracting and design services: 9.76%, up 0.45 percentage points year-on-year [6] - New signed contracts from January to July 2024 totaled 705.76 billion yuan, a year-on-year increase of 7.80% [7] - Expected net profit for 2024-2026: 148.9 billion yuan, 161.7 billion yuan, and 180.2 billion yuan respectively [5]