Investment Rating - Buy (maintained) [2] Core Views - Revenue slightly contracted, but the amount of winning bids increased significantly [2] - The company is a leader in urban rail transit design consulting and will benefit from the development of urban rail transit [2] - The company's gross profit margin increased, and financial expenses decreased [2] - The company's winning bid amount for the first half of 2024 was RMB 5.793 billion, a year-on-year increase of 91.19% [2] - The company's design, survey, and consulting business segment achieved a gross profit margin of 30.03%, an increase of 1.33 percentage points year-on-year [2] Financial Performance - Revenue for the first half of 2024 was RMB 4.18 billion, a year-on-year decrease of 6.95% [2] - Net profit for the first half of 2024 was RMB 377 million, a year-on-year decrease of 5.75% [2] - Comprehensive gross profit margin was 19.67%, an increase of 0.84 percentage points year-on-year [2] - Operating cash flow was -RMB 721 million due to lower operating receipts than payments [2] - Financial expenses were RMB 141 million, a year-on-year decrease of 4.08% [2] Business Segments - Design, survey, and consulting business segment revenue was RMB 2.021 billion, a year-on-year decrease of 10.34% [2] - Urban rail transit engineering segment revenue was RMB 1.521 billion, a year-on-year decrease of 3.73% [2] - Industrial and civil construction and municipal engineering segment revenue was RMB 500 million, a year-on-year decrease of 25.82% [2] - Engineering contracting business segment revenue was RMB 2.159 billion, a year-on-year decrease of 3.57% [2] - Gross profit margin for this segment was 9.96%, an increase of 1.03 percentage points year-on-year [2] Winning Bids - Total winning bids for the first half of 2024 were RMB 5.793 billion, a year-on-year increase of 91.19% [2] - Design, survey, and consulting winning bids were RMB 1.784 billion [2] - Engineering contracting winning bids were RMB 4.009 billion [2] - The company won 4 design projects for urban rail transit in Beijing and Shenzhen, solidifying its leading position in the industry [2] - The company secured a single project worth over RMB 1 billion in ecological environment management [2] Financial Forecast - Expected net profit attributable to the parent company for 2024-2026 is RMB 941 million, RMB 1.072 billion, and RMB 1.118 billion, respectively [2] - Expected EPS for 2024-2026 is RMB 0.70, RMB 0.79, and RMB 0.83, respectively [2] - Current P/E ratios for 2024-2026 are 2.0x, 1.7x, and 1.6x, respectively [2] Market Data - Current stock price: HKD 1.500 [4] - Total market capitalization: HKD 2.023 billion [4] - Free float market capitalization: HKD 582 million [4] - Total shares outstanding: 1.349 billion [4] - Free float shares: 388 million [4] - 3-month turnover rate: 9.49% [4]
城建设计：港股公司信息更新报告：营收规模略有收缩，中标金额大幅增长