首次覆盖报告：3个关键词：数据要素、上海国企、高股息

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is well-positioned to benefit from the deepening reforms in the Pudong area, with a strong focus on both domestic and international markets [4][43]. - The company has a stable cash dividend rate above 30%, making it an attractive high-dividend construction stock [6][51]. - The company is actively accumulating data assets, successfully launching a time-space data product for low-speed operation vehicles [5][47]. Summary by Sections Company Overview - The company, established in 1993, is the first publicly listed company in China's infrastructure sector and has fully integrated all state-owned assets from Shanghai Construction Group since 2015 [2]. Main Business Progress - The construction business is the core revenue source, generating 19.476 billion yuan in H1 2023, a year-on-year increase of 21.09%, accounting for 83.3% of total revenue [3][19]. - The company has a AAA credit rating, the highest in the domestic market, and is involved in various infrastructure investment and operation projects primarily through PPP models [3][31]. Key Highlights - The company achieved 13.685 billion yuan in revenue from the Shanghai region in H1 2023, representing a 49.9% year-on-year growth [4][43]. - The overseas revenue reached 1.41 billion yuan in H1 2023, a significant increase of 82.5% year-on-year, with projects in Singapore, India, and Malaysia [4][43]. - The company has maintained a cash dividend rate above 30% from 2012 to 2022, with a cash dividend of 314 million yuan in H1 2023, reflecting a 40.63% payout ratio [6][51]. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 3.062 billion yuan, 3.361 billion yuan, and 3.630 billion yuan for the years 2023, 2024, and 2025, respectively [6][54]. - The report anticipates a PE ratio of 6 for 2023 and 5 for 2025, indicating a favorable valuation for potential investors [6][54].