中国中铁：海外业务亮眼，资源利用和新兴业务增速快

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company reported a revenue of 544.52 billion yuan in H1 2024, a year-on-year decrease of 7.83%. The infrastructure business revenue was 473.05 billion yuan, down 6.76% year-on-year. The net profit attributable to shareholders was 14.278 billion yuan, a decline of 12.08% year-on-year [1]. - The company experienced a slight increase in expense ratios, with a gross margin of 8.84%, down 0.01 percentage points year-on-year, and an operating expense ratio of 4.81%, up 0.15 percentage points year-on-year [1]. - New contract signing decreased by 15.3% year-on-year to 1,078.5 billion yuan, influenced by urbanization and local debt pressures. However, the company’s backlog of contracts increased by 5.9% compared to the end of 2023, reaching 6,222.87 billion yuan [1]. Financial Forecasts - The company is expected to achieve net profits of 33.593 billion yuan, 35.658 billion yuan, and 38.861 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 4.24, 4.00, and 3.67 [2][3]. - Revenue projections for 2024, 2025, and 2026 are 1,297.51 billion yuan, 1,357.62 billion yuan, and 1,463.98 billion yuan, with growth rates of 2.69%, 4.63%, and 7.83% respectively [3].