中国核建：核建步入景气区间，房建减值底部已现

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company has entered a prosperous phase, with signs of a bottom in construction impairment. The approval of 11 nuclear units by the State Council on August 19, 2024, with a total investment exceeding 200 billion yuan, is expected to significantly benefit nuclear power construction, leading to a strong performance from 2024 to 2027 [5]. - The company reported a slight increase in revenue for the first half of 2024, achieving 54.627 billion yuan, a year-on-year growth of 0.10%. The net profit attributable to shareholders was 955 million yuan, up 6.88% year-on-year, while the net profit after deducting non-recurring gains and losses increased by 20.59% to 1.033 billion yuan [4][5]. - The operating cash flow has improved, with a cash collection ratio of 66.53%, up 3.59 percentage points year-on-year, although the net cash ratio decreased by 6.11 percentage points to 63.39% [4]. Summary by Sections Revenue and Profitability - In the first half of 2024, the company achieved operating revenue of 54.627 billion yuan, with nuclear construction revenue growing by 30.22% to 15.083 billion yuan, while housing construction revenue fell by 5.71% to 35.701 billion yuan [4]. - The overall gross margin for the first half of 2024 was 9.83%, an increase of 0.19 percentage points year-on-year. The net profit margin attributable to shareholders improved by 0.11 percentage points to 1.75% [4]. Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 12.901 billion yuan, a decrease in outflow by 186 million yuan year-on-year. The asset-liability ratio increased by 0.28 percentage points to 82.90% [4]. - The company’s credit impairment loss for the first half of 2024 was only 240 million yuan, a decrease of 130 million yuan year-on-year, indicating an improvement in asset quality [5]. Future Outlook - The company is expected to achieve net profits of 2.423 billion yuan and 2.837 billion yuan in 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 8.5 and 7.2 times based on the current closing price [5].