Power Construction Corporation of China (601669) H2 2024 earnings summary

Executive summary

• Revenue reached ¥633.68 billion, up 4.07% year-over-year; net profit attributable to shareholders was ¥12.02 billion, down 7.21% year-over-year.

• New contracts signed totaled ¥1.27 trillion, an 11.19% increase year-over-year; contract backlog rose 15.37% to ¥2.13 trillion.

• Strategic transformation accelerated, with new energy and strategic emerging industries contributing over 40% of revenue and nearly 50% of investment.

• International business revenue grew 11.43% year-over-year, accounting for 14.35% of total revenue.

Financial highlights

• Operating income: ¥633.68 billion (+4.07% YoY); operating cost: ¥550.11 billion (+4.12% YoY); gross margin: 13.19%.

• Net profit attributable to shareholders: ¥12.02 billion (-7.21% YoY); basic EPS: ¥0.6347 (-6.68% YoY).

• Net cash from operating activities: ¥24.55 billion (+10.34% YoY).

• Total assets: ¥1.29 trillion (+11.64% YoY); net assets attributable to shareholders: ¥165.56 billion (+3.06% YoY).

• Proposed cash dividend: ¥0.12695 per share (20% payout ratio).

Outlook and guidance

• 2025 new contract target: ¥1.398 trillion; revenue target: ¥653.15 billion.

• Focus on high-quality growth, strategic transformation, and risk management; emphasis on new energy, water resources, and digitalization.

• Planned investment for 2025: ¥97.22 billion, with ¥63.16 billion allocated to strategic emerging projects.