Huaan Securities·2024-09-05 04:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 543.285 billion yuan for the first half of 2024, a year-on-year decrease of 7.84%, and a net profit attributable to shareholders of 14.278 billion yuan, down 12.08% year-on-year [4] - The engineering construction business faced pressure, while resource utilization showed significant growth, contributing to the company's second growth curve [5] Summary by Sections Revenue and Profitability - The company's revenue for the first half of 2024 was 543.285 billion yuan, with a year-on-year decline of 7.84%. The net profit attributable to shareholders was 14.278 billion yuan, down 12.08% year-on-year [4] - The main business gross margin was 9%, a slight decrease of 0.03 percentage points year-on-year, with domestic business gross margin at 9.11% and overseas business gross margin at 7.33% [6] Business Segments - The engineering construction segment, which is the core business, generated revenue of 473.048 billion yuan, a year-on-year decrease of 6.76%, accounting for 87% of total revenue [5] - The resource utilization segment achieved revenue of 4.048 billion yuan, a year-on-year increase of 7.19%, with stable operations in mineral resource development [5] Contracting and Future Outlook - The company signed new contracts worth 1.08 trillion yuan in the first half of 2024, a year-on-year decrease of 15.3%, with domestic contracts down 16.2% and overseas contracts down 2.3% [8] - The company expects revenues of 1.2 trillion yuan for 2024, with net profits of 32.5 billion yuan, corresponding to a dynamic P/E ratio of 4.11 times [9]