中国电建：上半年业绩整体稳定，绿电装机持续增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][24]. Core Views - The company achieved operating revenue of 284.92 billion yuan in the first half of the year, representing a year-on-year increase of 1.29%. However, the net profit attributable to shareholders was 6.34 billion yuan, a decrease of 6.49% year-on-year [5][25]. - The growth in revenue is attributed to the steady growth of domestic engineering contracting business, while the gross profit margin improved, indicating enhanced profitability in traditional and power investment operations [5][25]. - The company is positioned to benefit from new energy and pumped storage as future growth points, supported by recent government policies aimed at accelerating the construction of a new power system and promoting green transformation [6][26]. Summary by Sections Financial Performance - The company reported a total operating revenue of 284.92 billion yuan, with a year-on-year growth of 1.29%. The net profit attributable to shareholders was 6.34 billion yuan, down 6.49% year-on-year. The net profit after deducting non-recurring gains and losses was 6.23 billion yuan, a decrease of 5.55% year-on-year [5][25]. - The gross profit margin for the first half of the year was 12.27%, an increase of 0.26 percentage points year-on-year. The company saw improvements in profitability across traditional water conservancy and hydropower engineering contracting businesses [5][25]. Business Segments - Revenue from engineering contracting and surveying design was 259.53 billion yuan, up 1.8% year-on-year. Revenue from power investment and operation was 12.18 billion yuan, down 0.7% year-on-year, with new energy revenue at 5.43 billion yuan, up 7.8% year-on-year [5][25]. - Domestic revenue reached 242.72 billion yuan, a 2.0% increase year-on-year, while overseas revenue was 41.25 billion yuan, down 2.1% year-on-year [5][25]. Future Growth Drivers - The company has a total installed capacity of 28.14 million kilowatts as of June 2024, with significant growth in solar power (up 184.6% year-on-year) and independent energy storage (up 268.7% year-on-year). Clean energy now accounts for 87.1% of the total installed capacity [6][26]. - Recent government policies emphasize the development of non-fossil energy and the construction of a new power system, which are expected to drive future growth for the company [6][26].