CCCC(601800) 天风证券·2024-09-22 08:03Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.81 CNY [4] Core Views - The company is expected to benefit significantly from the acceleration of canal construction both domestically and internationally, leveraging its position as the world's largest dredging enterprise [1][3] - The company's overseas revenue and orders have achieved high growth, with overseas orders accounting for over 20% of total new contracts in H1 2024, the highest among traditional infrastructure central enterprises [2] - The company's emerging business sectors, including offshore wind power and maritime cable laying, are rapidly growing, with new contract signings in H1 2024 reaching 295.2 billion CNY, a 51% year-on-year increase, accounting for over 30% of total new contracts [2] Canal Construction Opportunities - The "Four Vertical and Four Horizontal" national high-grade waterway network plan is expected to drive significant investment in canal construction, with six major canal projects planned with a total investment exceeding 850 billion CNY [1][7] - The company has secured a 21.5 billion CNY contract for the Pinglu Canal project, accounting for approximately 30% of the total investment in the project, solidifying its leading position in transportation infrastructure [1][3] - The company is also involved in the construction of the Dechong Funan Canal in Cambodia, a 12.1 billion CNY project, showcasing its technical expertise and diversified overseas investment capabilities [1][3] Financial Performance and Valuation - The company's revenue is expected to grow steadily, with projected revenues of 797.96 billion CNY, 862.40 billion CNY, and 933.61 billion CNY for 2024E, 2025E, and 2026E, respectively [3] - Net profit attributable to the parent company is forecasted to be 25.17 billion CNY, 27.82 billion CNY, and 31.10 billion CNY for 2024E, 2025E, and 2026E, respectively, with a projected EPS of 1.55 CNY, 1.71 CNY, and 1.91 CNY for the same periods [3] - The company's valuation is supported by a 24E PE of 7x, with a target price of 10.81 CNY, reflecting its strong position in the infrastructure sector and growth potential in emerging businesses [2][4] Overseas Expansion - The company has a strong overseas presence, with overseas orders accounting for 20.4% of total new contracts in H1 2024, and overseas revenue growing by 23.55% year-on-year in the same period [2][31] - The company is actively participating in the Belt and Road Initiative, with new contract signings in Belt and Road countries reaching 20.73 billion USD in H1 2024 [2] - The company's overseas projects include key infrastructure developments in Africa, where it has built over 1,600 infrastructure projects, including roads, bridges, and ports [33]