SUNWAY(002469) 德邦证券·2024-08-27 14:05Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue at 1.025 billion yuan, down 22.93% year-on-year, and net profit at 84 million yuan, down 26.47% year-on-year [2][3] - The slowdown in project execution has negatively impacted performance, particularly in the engineering business, while the chemical business remains stable [3] - The company has a sufficient backlog of orders, with significant revenue already recognized from ongoing projects [3] - The company plans to distribute a mid-term dividend of approximately 65 million yuan, reflecting a high payout ratio of 76.8% [3] Financial Performance Summary - For H1 2024, the company's gross margin and net margin were 19.05% and 8.12%, respectively, both showing a decline compared to H1 2023 [3] - Revenue breakdown by business for H1 2024 includes: engineering contracting (70 million yuan, down 72.51%), engineering design (24 million yuan, down 38.41%), and chemical products (650 million yuan, down 2.47%) [3] - The company expects revenue growth from 2024 to 2026 to be 8.1%, 15.7%, and 17.3%, respectively, with net profit growth of 4.9%, 24.7%, and 31.5% [3][9] Order Backlog and Project Updates - As of the end of June 2024, the company has signed 95 contracts with a total value of 762.34 million yuan, and has won additional contracts worth 3.8 billion yuan [3] - The company has recognized revenue of 22.74 million yuan from the North Huajin project, with total collections reaching 180 million yuan [3] Dividend and Innovation - The company applied for 8 patents and was granted 10 patents in H1 2024, with one project recognized as internationally leading [3] - The planned cash dividend of 1.00 yuan per share reflects the company's commitment to returning value to shareholders [3]