中岩大地：聚焦核电、水利水电等关键领域，毛利率逐季改善

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a positive outlook for future performance [1][7][38]. Core Insights - The company is a leader in the geotechnical engineering sector, focusing on key areas such as nuclear power and water conservancy, with a significant improvement in gross margins observed [1][25]. - The company has successfully turned around its performance, achieving a net profit of 18.91 million yuan in 2023, a year-on-year increase of 113.13% [1][25]. - The report highlights the company's strategic focus on "core technology + core materials" to drive growth in national strategic sectors, including nuclear power and water conservancy [21][25]. Financial Performance - The company expects to achieve a net profit of 1.7 to 2.21 billion yuan in the first half of 2024, representing a year-on-year increase of 194.72% to 283.14% [1]. - Revenue for 2023 was 916 million yuan, with a projected increase to 1.1 billion yuan in 2024, reflecting a growth rate of 20% [6][18]. - The gross margin for the company improved to 17.22% in 2023, with further increases expected in the coming years [1][40]. Business Segments - The geotechnical engineering segment generated revenue of 700 million yuan in 2023, with a projected growth of 23% in 2024 [6][40]. - The environmental remediation segment is expected to generate stable revenue, with projections of 37 million yuan in 2024 [5][40]. - Product sales saw a significant increase, achieving 178 million yuan in 2023, with a projected growth of 10% in the following years [6][40]. Market Opportunities - The company has secured a benchmark nuclear power project, which is expected to open new growth avenues in the context of energy supply and green transition [2]. - The report notes that China's nuclear power generation capacity is expected to grow significantly, providing a substantial market opportunity for the company [2][25]. - The company is well-positioned to benefit from the increasing demand for geotechnical engineering services in the nuclear power sector, with an estimated annual demand of 15 billion yuan [2][25].