中国建筑：业绩符合预期，新签合同额逆势增长

Investment Rating - The investment rating for the company is "Outperform the Market" [1][12][16] Core Views - In the first half of 2024, the company achieved operating revenue of 1,144.62 billion yuan, a year-on-year increase of 2.8%, and a net profit attributable to shareholders of 29.45 billion yuan, a year-on-year increase of 1.7% [1][3] - The new contract amount signed by the company increased against the trend, with a total of 28,522 billion yuan from January to August 2024, representing a year-on-year growth of 6.5% [1][4] - The overall gross profit margin for the first half of 2024 was 9.44%, showing signs of stabilization despite a slight decline compared to the previous year [1][9] - The company is facing significant cash flow pressure, with a net cash outflow from operating activities of -68.9 billion yuan in the first half of 2024 [1][11] Summary by Sections Financial Performance - The company reported operating revenue of 1,144.62 billion yuan in the first half of 2024, with quarterly revenues of 549.3 billion yuan and 595.3 billion yuan for Q1 and Q2 respectively [1][3] - The net profit attributable to shareholders was 29.45 billion yuan, with quarterly profits of 14.92 billion yuan and 14.53 billion yuan for Q1 and Q2 respectively [1][3] New Contracts - The new contract amount signed in the first eight months of 2024 was 28,522 billion yuan, with the construction industry contracts amounting to 26,183 billion yuan, reflecting a year-on-year increase of 9.7% [1][4] - The overseas new contract amount doubled, reaching 1,414 billion yuan, a year-on-year increase of 113.5% [1][4] Profitability and Margins - The gross profit margin for the first half of 2024 was 9.44%, down 0.39 percentage points from the previous year, but showing signs of stabilization [1][9] - The company managed to keep its expense ratio relatively stable, with a period expense ratio of 4.21% [1][9] Cash Flow and Financial Health - The company faced cash flow pressure, with operating cash inflows of 10,016 billion yuan and outflows of 10,571 billion yuan, resulting in a net cash outflow of -689 billion yuan [1][11] - The accounts receivable and contract assets increased significantly, indicating delayed confirmations from clients regarding project progress [1][10]