Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.6, representing a potential upside of 34% from the current price of HKD 5.67 [1][11]. Core Insights - The company is expected to achieve a revenue growth of approximately 20.5% for the full year 2024, driven by a strong order backlog of RMB 85.5 billion as of June 30, 2024, which reflects a year-on-year increase of 26% [4][8]. - The company performed well in tenders from the State Grid and Southern Power Grid, securing contracts worth RMB 3.06 billion and RMB 1.99 billion respectively, positioning it as a leading player in the domestic power grid market [5][9]. - The dividend payout ratio is projected to return to 60% in 2025, with a dynamic dividend yield of approximately 7.23% for 2024, making it an attractive investment [6][10]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of RMB 3.742 billion, a year-on-year increase of 16% [4][8]. - The company’s total assets are valued at RMB 14.338 billion, with a net asset value of RMB 6.852 billion [2]. Shareholder Information - The major shareholder is Xingbao Investment Holdings Limited, holding 53.59% of the shares [3]. Future Projections - Revenue projections for 2024 estimate a total of RMB 8.741 billion, with a year-on-year growth rate of 20.5% [11]. - The net profit attributable to shareholders is expected to reach RMB 679 million in 2024, reflecting a growth of 30.3% compared to the previous year [11].
威胜控股：在手订单增长势头保持良好，股息率重回吸引