CHINA LESSO(02128) 国泰君安·2024-09-09 08:09Investment Rating - Maintains "Buy" rating [4] Core Views - The company released its 2024 interim report, with performance in line with expectations [3] - Revenue for 2024H1 was RMB 13.564 billion, a year-on-year decrease of 11.33%, and net profit was RMB 1.043 billion, a year-on-year decrease of 30.19% [4] - The company is transitioning its pipeline business sales and optimizing its debt structure [2][3] - The company is actively expanding into non-real estate sectors, such as oil and hydrogen pipelines, and the agricultural and rural markets are showing growth trends [4] - The company's gross margin remained stable year-on-year, with the pipeline business gross margin estimated at around 29.5% [4] - The company's debt structure is being optimized, with total debt at the end of 2024H1 at RMB 21.03 billion, a year-on-year decrease of 12.8% [4] Financial Summary - Revenue for 2024H1: RMB 13.564 billion, a year-on-year decrease of 11.33% [4] - Net profit for 2024H1: RMB 1.043 billion, a year-on-year decrease of 30.19% [4] - Gross margin for 2024H1: 27.48%, relatively stable year-on-year [4] - Total debt at the end of 2024H1: RMB 21.03 billion, a year-on-year decrease of 12.8% [4] - Expected net profit for 2024-2026: RMB 2.088 billion, RMB 2.280 billion, and RMB 2.546 billion respectively [4] Market Data - Current stock price: HKD 2.64 [5] - 52-week price range: HKD 2.64 - HKD 4.55 [6] - Current market capitalization: HKD 8.19 billion [6]