中钢国际：海外业务增速快，低碳与“一带一路”助成长

Investment Rating - The report maintains a "Recommended" rating for the company [2][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 [1]. - The overseas business showed significant growth, with overseas revenue reaching 4.687 billion yuan, a year-on-year increase of 47.67%, while domestic revenue fell by 41.67% to 4.386 billion yuan [1]. - The company is focusing on low-carbon metallurgy research and actively participating in the "Belt and Road" initiative, with new overseas contracts increasing by 47.97% [1]. Financial Performance Summary - In 2024H1, the company's gross margin improved to 11.46%, up by 2.75 percentage points, and the net profit margin increased to 4.84%, up by 1.47 percentage points [1]. - The company expects net profits for 2024, 2025, and 2026 to be 810 million, 886 million, and 1.007 billion yuan, respectively, with growth rates of 6.33%, 9.48%, and 13.61% [2][3]. - The projected P/E ratios for the same years are 9.60, 8.77, and 7.72 times [2][3].