CDG(SH:603018) ZHESHANG SECURITIES·2024-09-22 01:03Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a decline in revenue and net profit in the first half of 2024, with revenue at 1.661 billion yuan, down 25.82% year-on-year, and net profit at 154 million yuan, down 41.28% year-on-year [1] - Despite the downturn in traditional surveying and design business due to infrastructure investment decline, the company has maintained stable order levels and is expanding into new growth areas such as low-altitude economy and vehicle-road-cloud integration [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 1.661 billion yuan, a decrease of 25.82% year-on-year, and a net profit of 154 million yuan, down 41.28% year-on-year [1] - The second quarter of 2024 saw revenue of 871 million yuan, a decline of 36.27% year-on-year, and a net profit of 61.01 million yuan, down 63.47% year-on-year [1] Business Development - The company has maintained stable order levels, with new contracts signed in the first half of 2024 being on par with the previous year, and has made breakthroughs in various provinces and internationally [2] - The company is actively developing in emerging fields such as low-altitude infrastructure and vehicle-road-cloud integration, successfully winning multiple projects in these areas [2] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 544 million, 602 million, and 683 million yuan respectively, leading to a corresponding EPS of 0.80, 0.88, and 1.00 yuan [3] - The current stock price corresponds to a PE ratio of 8, 7, and 6 times for the years 2024, 2025, and 2026 respectively [3]