CAMCE(002051) 广发证券·2024-09-23 08:09Investment Rating - The report gives a "Buy" rating to the company with a target price of 9.28 CNY per share based on a 1x PB valuation for 2024 [1][3] Core Views - The company is a pioneer in the "Belt and Road" initiative, primarily engaged in international engineering contracting, with international engineering contributing 53.7% of gross profit in 24H1 [1] - The company has a diversified business layout, including engineering contracting, design consulting, and equipment manufacturing, with significant advantages in medical, logistics, and industrial engineering sectors [1][5] - The company is expanding its investment in environmental protection, energy, and cableway projects, leveraging its integrated capabilities in investment, construction, and operation [1][5] Business Performance and Financials - In 24H1, the company's revenue increased by 6.4% YoY to 5.5 billion CNY, with international engineering contracting revenue growing by 28.8% YoY to 3.61 billion CNY [1][13] - The company's net profit attributable to shareholders in 24H1 was 272 million CNY, a slight increase of 0.1% YoY [1][15] - The company's international engineering contracting business signed new contracts worth 1.29 billion USD in 24H1, a 22.3% YoY increase, with a backlog of 9.03 billion USD [1][13] Business Segments International Engineering Contracting - The company's international engineering business covers Asia, Africa, the Americas, and Eastern Europe, focusing on industrial and livelihood projects [1][13] - In 24H1, the international engineering segment contributed 65.71% of total revenue, with a gross margin of 13.9% [1][13] Design Consulting - The company's design consulting business, led by its subsidiary China Zhongyuan, has significant advantages in healthcare, logistics, and scientific facilities [1][13] - In 24H1, the design consulting segment contributed 10.64% of total revenue, with a gross margin of 38.9% [1][13] Equipment Manufacturing - The company's equipment manufacturing business, led by its subsidiary Beijing Crane Research Institute, is a leader in cableway systems, with a domestic market share ranking first and global ranking in the top three [1][13] - In 24H1, the equipment manufacturing segment contributed 12.01% of total revenue, with a gross margin of 22.73% [1][13] Growth Catalysts - The company is deepening its overseas layout, particularly in the "Belt and Road" regions, with a focus on energy and livelihood projects [1][5] - The company is expanding its investment in environmental protection, cableway systems, and clean energy, with a focus on integrated investment, construction, and operation models [1][5] - The company's parent group, Sinomach, is actively promoting state-owned enterprise reforms, which is expected to further enhance the company's competitiveness [1][5] Financial Projections - The report forecasts the company's net profit attributable to shareholders to be 388 million CNY, 432 million CNY, and 477 million CNY for 2024, 2025, and 2026, respectively [1][2] - The company's revenue is expected to grow to 13.1 billion CNY, 14.7 billion CNY, and 16.2 billion CNY in 2024, 2025, and 2026, respectively [2]