CNECC(601611) 国联证券·2024-09-10 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported stable order growth and significant performance increase in nuclear power engineering [4] - In H1 2024, the company achieved revenue of 54.627 billion yuan, a year-on-year increase of 0.10%, and a net profit attributable to shareholders of 0.955 billion yuan, up 6.88% year-on-year [5][6] - The company has a strong competitive advantage and stable profit growth, benefiting from the high prosperity of the nuclear power industry [5] Financial Performance Summary - In H1 2024, the company’s revenue from nuclear power engineering increased by 30.22% year-on-year, while industrial and civil engineering revenue decreased by 5.71% [5] - The gross margin and net margin for H1 2024 were 9.83% and 2.43%, respectively, both showing year-on-year improvements [5] - The company signed new contracts worth 76.637 billion yuan in H1 2024, representing a year-on-year increase of 17.07% [5] Future Projections - Revenue projections for 2024-2026 are 119.687 billion yuan, 128.457 billion yuan, and 135.312 billion yuan, with year-on-year growth rates of 9.42%, 7.33%, and 5.34% respectively [5][6] - Net profit attributable to shareholders is projected to be 2.452 billion yuan, 2.939 billion yuan, and 3.277 billion yuan for the same period, with growth rates of 18.86%, 19.87%, and 11.50% respectively [5][6] - The company’s earnings per share (EPS) are expected to be 0.81 yuan, 0.98 yuan, and 1.09 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 8.4, 7.0, and 6.3 [5][6]