中国能建：能源建设领军者，关注年底氢能产业园进展

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 194.26 billion yuan in the first half of the year, representing a year-on-year growth of 1.11%. The net profit attributable to shareholders was 2.78 billion yuan, up 4.67% year-on-year, while the net profit after deducting non-recurring gains and losses decreased by 0.89% to 2.33 billion yuan [4][5]. - The second quarter saw a slight revenue pressure, with a revenue of 96.86 billion yuan, down 6.51% year-on-year, and a net profit of 1.30 billion yuan, down 15.16% year-on-year [4]. - The gross profit margin improved year-on-year, with a comprehensive gross margin of 12.19%, an increase of 1.26 percentage points. The expense ratio slightly increased, with a total expense ratio of 8.22%, up 0.94 percentage points [4][5]. - The company reported a net cash outflow from operating activities of 14.52 billion yuan, an increase of 0.88 billion yuan year-on-year, with a cash collection ratio of 91.85%, up 6.47 percentage points [5]. - The domestic new energy sector saw a high level of new contracts signed, totaling 563.22 billion yuan, a year-on-year increase of 15.81%. The overseas new contracts amounted to 175.38 billion yuan, up 9.90% year-on-year [5]. - The company is recognized as a leader in energy construction, with significant advantages in ultra-high voltage direct current and other fields, and is focusing on the progress of its hydrogen energy industrial park by the end of the year [5]. Summary by Sections Financial Performance - In the first half of the year, the company reported total revenue of 194.26 billion yuan, with a net profit of 2.78 billion yuan, and a net profit after deducting non-recurring items of 2.33 billion yuan [4][5]. - The second quarter's revenue was 96.86 billion yuan, with a net profit of 1.30 billion yuan [4]. Profitability Metrics - The comprehensive gross margin for the first half was 12.19%, with a second-quarter gross margin of 13.69% [4]. - The net profit margin for the first half was 1.43%, while the second quarter saw a decline to 1.34% [4]. Cash Flow and Debt - The company experienced a net cash outflow from operating activities of 14.52 billion yuan, with a cash collection ratio of 91.85% [5]. - The asset-liability ratio increased to 77.39% [5]. Market Position and Future Outlook - The company secured new contracts worth 563.22 billion yuan domestically and 175.38 billion yuan internationally, with a notable increase in contracts from Belt and Road Initiative countries [5]. - The company is focusing on the hydrogen energy sector, with significant investments in a hydrogen energy industrial park expected to contribute to future growth [5].