华建集团：建筑设计龙头，数字化转型提质增效

Investment Rating - The report assigns an "Outperform" rating for the company, indicating a positive outlook compared to the market [7]. Core Insights - The company is accelerating its digital transformation and enhancing efficiency, with a notable increase in per capita profitability from CNY 30,800 to CNY 38,800 between 2021 and 2023, reflecting a compound annual growth rate (CAGR) of 12.24% [2]. - The company is expected to maintain stable growth in its engineering design and contracting businesses, with projected revenue growth rates of 13%, 15%, and 10% for the years 2023, 2024, and 2025, respectively [14]. - The company has a strong market position as a leading design consulting firm in China, with significant contributions from its subsidiaries and a focus on digital solutions [10]. Financial Projections - The company is projected to achieve earnings per share (EPS) of CNY 0.50 and CNY 0.57 for the years 2024 and 2025, respectively [3]. - Revenue is expected to grow from CNY 9,059 million in 2023 to CNY 13,017 million by 2026, with a CAGR of approximately 12.68% [29]. - The gross margin is anticipated to remain stable at around 23.5% over the forecast period [19]. Business Segments - The engineering design segment is expected to see revenue growth of 13% in 2024 and 15% in 2025, maintaining a gross margin of approximately 33.63% [31]. - The engineering contracting segment is projected to grow by 13% in 2024 and 15% in 2025, with a gross margin of 6.94% [31]. - The information technology services and sales segment is expected to grow at a steady rate of 10% annually from 2024 to 2026 [31].