中集安瑞科：FY24中期业绩逊预期，但清洁能源板块保增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.90, down from HKD 9.20 [2][3][8]. Core Insights - The company's net profit for the first half of 2024 decreased by 14.5% year-on-year to RMB 490 million, primarily due to a 47.1% decline in revenue from the chemical and environmental protection segment and a 25.1% increase in financial expenses [2][6]. - Despite the overall decline, the clean energy segment saw a revenue increase of 25.1% year-on-year to RMB 7.88 billion, benefiting from rising natural gas consumption and imports in China [2][6]. - New orders in the clean energy segment surged by 63.3% year-on-year to RMB 12.92 billion, with significant growth in both offshore and onshore clean energy orders [2][6]. Summary by Sections Financial Performance - In 1H24, total revenue was RMB 11.48 billion, reflecting a 6.7% increase year-on-year [6]. - The gross profit margin for the clean energy segment improved by 0.4 percentage points to 12.6%, while the chemical and environmental protection segment's margin fell by 7.0 percentage points to 15.7% [2][6]. - The company reported a total of RMB 16.4 billion in new orders for 1H24, a 29.5% increase year-on-year, with the clean energy segment contributing significantly to this growth [2][6]. Order Backlog - As of June 30, 2024, the company's order backlog reached RMB 29.35 billion, a 42.5% increase year-on-year, with the clean energy segment accounting for 78.1% of this backlog [2][6]. Strategic Direction - The company reiterated its goal to transform from a traditional equipment manufacturer to a comprehensive service provider for low-carbon smart energy solutions, expanding its business into upstream and downstream segments of the energy value chain [2][6].