中国能建：毛利率小幅改善，“三新”转型有成效

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's 2024 H1 revenue reached RMB 1,943 billion, a year-on-year increase of 1.1%, with net profit attributable to the parent company of RMB 2.8 billion, up 4.7% year-on-year [2] - The company's "14th Five-Year Plan" aims to double its indicators by 2025, creating a new high-quality development version of the company [2] - The transformation centered on new energy, new infrastructure, and new industries shows promising prospects [2] Financial Performance - In 2024 H1, the company's gross margin improved slightly to 12.2%, up 1.3 percentage points year-on-year [5] - The gross margin for new energy and integrated smart energy increased, with engineering and investment operation margins rising by 1.2 and 2.6 percentage points, respectively [5] - The company announced its first mid-year dividend, with a payout ratio of 19.93%, higher than the 2023 payout ratio of 14.24% [5] Revenue Breakdown - In 2024 H1, the company's revenue from survey and design consulting, engineering construction, industrial manufacturing, and investment operations were RMB 7.8 billion, RMB 1,650 billion, RMB 14.6 billion, and RMB 13.1 billion, respectively [5] - New energy and integrated smart energy revenue reached RMB 59.1 billion, accounting for 30.4% of total revenue [5] Future Outlook - The company is expected to achieve net profits attributable to the parent company of RMB 8.9 billion, RMB 9.8 billion, and RMB 11.1 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11%, 11%, and 12% [5] - The company's transformation strategy, focusing on new energy, new infrastructure, and new industries, is expected to drive future growth [5] Valuation Metrics - The company's P/E ratio is projected to be 10.4, 9.4, and 8.3 for 2024, 2025, and 2026, respectively [4] - The EV/EBITDA ratio is expected to decrease from 5.2 in 2024 to 3.8 in 2026 [4]