中国建筑兴业（830 HK） | 2025 年 4 月 15 日 香港股市 | 建筑 | 幕墙工程 中国建筑兴业（830 HK） 25Q1 业绩平稳 25Q1 经营溢利同比上升 0.2% 25Q1 业绩同比平稳。经营溢利同比上升 0.2%至 4.3 亿元 (港币，下同)，同比增幅低于 24Q1 的 30.8%。经营溢利率由 24Q1 的 21.3%下跌 0.6 个百分点至 25Q1 的 20.7%。总收入 同比增长 3.0%至 20.9 亿元，同比增幅低于 24Q1 的 17.8%。虽然如此，港澳收入同比上 升 9.8%至 13.6 亿元，占总收入比例由 24Q1 的 60.9%增加 4.0 个百分点至 64.9%。 新签合约额同比持平 25Q1 新签合约额同比上升 0.6%至 37.2 亿元，同比增幅低于 24Q1 的 4.9%。公司获得多项 优质幕墙工程项目，例如太古地产(1972 HK)香港皇后大道东 269 号住宅、会德丰香港半 山文辉道超高端住宅(第 3 座)、广州太古聚龙湾、广州泛海珠区琶洲 π 艺术馆、爱马仕虹 桥机场店。 更新报告 冰雪经济 BIPV 项目 受惠于国家冰雪经济发展主题，公司新增 ...

本公司為中國建築國際集團有限公司（「中國建築國際」，其股份於聯交所主板上 市）的間接附屬公司。於本公告日期，中國建築國際實益擁有本公司已發行股本 70.78%。中國建築國際根據上市規則第13.09(2)(a)條及證券及期貨條例第XIVA部項 下的內幕消息條文的披露責任將於2025年4月25日或前後公佈其未經審核2025年第 一季度業績。該業績將包含本公司及其附屬公司（統稱「本集團」）若干財務資料 及經營情況。 為確保本公司股東及潛在投資者可適時取得相同的本公司資料，本公司董事局（「董 事局」）欣然提供以下本集團截至2025年3月31日止三個月之未經審核財務資料及 經營情況（「每季更新資料」）。 - 1 - 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 ( 於開曼群島註冊成立之有限公司 ) (股份代號：830) 2025 年第一季度 未經審核財務資料及 經營情況 本公告乃由中國建築興業集團有限公司（「本公司」）根據香港法例第571章證券 及期貨條例（ ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company reported a slight decline in revenue for 2024, with total revenue at HKD 8.102 billion, down 6.5% year-on-year, while net profit increased by 12% to HKD 650 million [1]. - The profit margin improved significantly, with the net profit margin rising from 6.7% in 2023 to 8.0% in 2024, driven by high-margin projects in the China-Hong Kong market [1]. - The company is expanding its presence in the mainland market, achieving a 33.2% year-on-year increase in new contracts, totaling HKD 4.198 billion [2]. - The BIPV (Building Integrated Photovoltaics) business is expected to grow significantly, with new contracts projected to reach HKD 1.0 billion in 2025, marking the beginning of a growth phase [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of HKD 8.102 billion, a decrease of 6.5% from the previous year, while net profit rose to HKD 650 million, an increase of 12% [1]. - The gross profit margin improved to 11.9% in 2024, compared to 11.2% in 2023 [8]. Market Expansion - The total new contracts signed in 2024 amounted to HKD 11.02 billion, a decrease of 4.2% from 2023, with a notable increase in mainland contracts [2]. - The company secured significant projects in mainland China and Singapore, enhancing its market position [2]. Future Projections - The company aims for a target of over HKD 35 billion in new contracts and over HKD 25 billion in revenue by 2030, with a focus on BIPV and other emerging business strategies [3]. - Projected net profits for 2025, 2026, and 2027 are HKD 776 million, HKD 902 million, and HKD 1.017 billion, respectively, with year-on-year growth rates of 19.4%, 16.2%, and 12.8% [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company reported a slight decline in revenue for 2024, with total revenue at HKD 8.102 billion, down 6.5% year-on-year, while net profit increased by 12.0% to HKD 650 million [1]. - The net profit margin improved from 6.7% in 2023 to 8.0% in 2024, driven by high-margin growth in the Hong Kong and Macau curtain wall segment [1]. - The company is expanding its presence in mainland China, with new contracts signed amounting to HKD 4.198 billion, a 33.2% increase year-on-year [2]. - The BIPV (Building Integrated Photovoltaics) business is expected to see significant growth, with new contracts projected to reach HKD 1.0 billion in 2025 [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of HKD 8.102 billion, a decrease of 6.5% from the previous year, while net profit rose to HKD 650 million, reflecting a 12.0% increase [1]. - The gross profit margin improved, with a net profit margin of 8.0% for 2024, up from 6.7% in 2023 [1]. Contractual Developments - The total new contracts signed in 2024 amounted to HKD 11.02 billion, a decrease of 4.2% from 2023 [2]. - The company secured significant contracts in mainland China, including projects for major clients like OPPO and Xiaomi, contributing to a 33.2% increase in new contracts in that region [2]. Future Projections - The company aims for a substantial increase in BIPV contracts, targeting HKD 10 billion in new contracts by 2025 [3]. - The long-term goal includes achieving over HKD 35 billion in new contracts and HKD 25 billion in revenue by 2030 [3]. - Profit forecasts for 2025, 2026, and 2027 are projected at HKD 776 million, HKD 902 million, and HKD 1.017 billion, respectively, with year-on-year growth rates of 19.4%, 16.2%, and 12.8% [3].

Investment Rating - The report maintains a "Buy" rating for China State Construction International (830 HK) with a target price of HKD 2.10, reflecting a potential upside of 28.8% based on a projected P/E ratio of 6.0 times for FY25 [4][5][14]. Core Views - The company's FY24 net profit attributable to shareholders increased by 12.0% year-on-year to HKD 650 million, although this was below market expectations of HKD 780 million and HKD 770 million, primarily due to a slowdown in the Hong Kong office building curtain wall projects and a decrease in general contracting revenue [1][4]. - Despite a temporary slowdown in profit growth, the long-term development outlook remains solid, with a target to achieve new contract amounts, revenue, and net profit of at least HKD 35 billion, HKD 25 billion, and HKD 3 billion respectively by 2030 [4][5]. Financial Performance Summary - FY24 total revenue decreased by 6.5% year-on-year to HKD 8.1 billion, with curtain wall revenue in Hong Kong and Macau growing only 8.4% to HKD 4.97 billion, compared to a 27.4% increase in FY23 [1][5]. - New contract value for FY24 fell by 4.2% year-on-year to HKD 11.5 billion, with a significant decline of 28.3% in the Hong Kong and Macau regions, while mainland new contracts rose by 33.2% to HKD 4.2 billion [2][5]. - The company has identified significant growth potential in its BIPV (Building-Integrated Photovoltaics) business, which has begun to generate electricity in various projects, aligning with national carbon reduction goals and international ESG requirements [3][4]. Financial Data Overview - Key financial metrics for FY24 include: - Revenue: HKD 8.1 billion - Net profit: HKD 650 million - Earnings per share: HKD 0.29 - Dividend per share: HKD 0.10, with a dividend yield of 6.0% [5][12]. - Forecasts for FY25 and FY26 project revenues of HKD 9.9 billion and HKD 11.6 billion, respectively, with net profits expected to reach HKD 789 million and HKD 964 million [5][12].

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 8,101,694, a decrease of 6.5% compared to HKD 8,665,765 in 2023[3] - Profit attributable to shareholders increased by 12.0% to HKD 650,253 from HKD 580,420 in the previous year[3] - Basic earnings per share rose to HKD 28.83, up 12.0% from HKD 25.73 in 2023[3] - The gross profit for the year was HKD 966,950, slightly down from HKD 973,063 in 2023[4] - The company reported a net profit of HKD 643,879, compared to HKD 572,230 in the previous year, reflecting a solid growth[6] - The revenue from the "Curtain Wall and Contracting" segment was HKD 7,223,863,000, down 6.4% from HKD 7,718,645,000 in the previous year[16] - The "Operating Management" segment generated revenue of HKD 877,831,000, a decline of 7.3% from HKD 947,120,000 in 2023[16] - The gross profit for the total operations was HKD 966,950,000, slightly down from HKD 973,063,000 in 2023, reflecting a gross margin of approximately 11.95%[16] - The pre-tax profit for the year was HKD 724,264,000, an increase of 11.3% compared to HKD 650,463,000 in the previous year[16] - Other income and gains totaled HKD 42,155,000, a decrease from HKD 46,959,000 in 2023[21] Assets and Liabilities - Total current assets increased to HKD 9,573,764 from HKD 8,563,919 in 2023, indicating improved liquidity[8] - The company's total equity attributable to shareholders rose to HKD 2,674,712 from HKD 2,401,822 in 2023, showing a strong financial position[9] - Non-current assets decreased to HKD 1,928,607 from HKD 2,077,743, reflecting a reduction in property, plant, and equipment[8] - The company’s total liabilities increased to HKD 1,598,411 from HKD 1,027,662, indicating a rise in financial obligations[9] - Bank borrowings without collateral rose from HKD 1,177,932,000 in 2023 to HKD 1,580,948,000 in 2024, an increase of about 34.2%[31] - Trade receivables decreased from HKD 1,060,545,000 in 2023 to HKD 1,007,375,000 in 2024, a decline of approximately 5%[30] - Trade payables increased from HKD 2,971,080,000 in 2023 to HKD 3,227,205,000 in 2024, an increase of about 8.6%[33] - The net debt-to-equity ratio as of December 31, 2024, was approximately 23.4%, up from 20.7% in 2023[55] Cash Flow - The company’s cash and bank balances increased to HKD 982,505 from HKD 712,950, enhancing its cash position[8] - Cash and bank balances increased to HKD 983 million in 2024 from HKD 713 million in 2023, while total borrowings rose to HKD 1.58 billion from HKD 1.19 billion[55] - The net cash inflow from operating activities for the year 2024 was HKD 200 million[58] Cost Management - Operating costs decreased from HKD 7,692,702,000 in 2023 to HKD 7,134,744,000 in 2024, a reduction of approximately 7.2%[5] - Employee costs, including salaries and bonuses, increased slightly from HKD 1,140,943,000 in 2023 to HKD 1,147,736,000 in 2024, an increase of about 0.6%[5] - Administrative, sales, and other operating expenses decreased to HKD 210 million from HKD 288 million in 2023, as there were no impairment provisions[50] - Financial expenses decreased to HKD 75 million in 2024 from HKD 82 million in 2023, despite an increase in bank loans and rising interest rates, indicating effective strategic financing[52] Dividends and Shareholder Returns - The total dividend paid increased from HKD 196,232,000 in 2023 to HKD 221,043,000 in 2024, reflecting a growth of approximately 12.6%[26] - The proposed final dividend for 2025 is HKD 0.028 per share, down from HKD 0.032 per share in 2023, leading to a total annual dividend of HKD 0.098 per share compared to HKD 0.087 in 2023[64] Strategic Initiatives - The company aims to strengthen its market position in Hong Kong and Macau while expanding into Singapore, with a projected market share exceeding 50% in Hong Kong for 2024[39] - The company is focusing on the development of Building Integrated Photovoltaics (BIPV) as a key new business area, with successful product launches and project wins in both mainland China and Hong Kong[43] - The company plans to leverage opportunities in the Belt and Road Initiative countries, focusing on high-end projects while managing various risks associated with international expansion[42] - The company plans to accelerate its layout in global potential markets, driven by ongoing development in the Northern Metropolis of Hong Kong and new entertainment projects in Macau[60] - The company aims to enhance its core competitiveness in design, procurement, production, and construction, focusing on high-end markets and quality service[61] Governance and Compliance - The company complied with all applicable code provisions of the Corporate Governance Code during the year ending December 31, 2024[69] - The board has adopted the Standard Code for Directors' Securities Transactions, and all directors confirmed compliance for the year ending December 31, 2024[70] - The financial statements for the year ending December 31, 2024, were reviewed by an audit committee composed of three independent non-executive directors[71] - The financial figures in this announcement have been acknowledged by the external auditor, Ernst & Young, but no audit opinion or assurance conclusion was provided[72] Other Information - The company plans to adopt new and revised Hong Kong Financial Reporting Standards upon their effective date, with no anticipated significant impact on current or future reporting periods[14] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries for the year ending December 31, 2024[67] - No significant events occurred after the reporting period ending December 31, 2024, up to the date of this announcement[68] - The cumulative new contract value recorded for the year ending December 31, 2024, was HKD 11.02 billion[53] - As of December 31, 2024, the total contract value on hand was approximately HKD 34.02 billion, with unfinished contracts amounting to about HKD 18.53 billion[54]

Investment Rating - The report maintains a "Buy" rating for China State Construction International (830 HK) with a target price raised from HKD 3.07 to HKD 3.12, indicating a potential upside of 54.7% based on a 9.0x FY24 target P/E ratio [2][3]. Core Insights - The company achieved a significant operational profit increase of 128.4% year-on-year in Q3 2024, with total revenue for the first three quarters of 2024 rising by 2.0% to HKD 6.54 billion, driven by a 26.4% increase in revenue from the Hong Kong and Macau regions [1][2]. - New contract signings in Q3 2024 increased by 4.6% year-on-year to HKD 2.50 billion, despite a 5.2% decline in new contracts for the first three quarters [2]. - The Hong Kong government's recent policy initiatives are expected to create long-term opportunities for the construction sector, including plans for 80,000 new private housing units and the commencement of the New Territories Science Park project [2]. Financial Summary - For FY24, total revenue is projected to reach HKD 9.82 billion, with a growth rate of 13.0% in FY25 and 12.7% in FY26 [4]. - Shareholder net profit is forecasted to grow to HKD 783 million in FY24, with subsequent increases to HKD 1.018 billion in FY25 and HKD 1.204 billion in FY26, reflecting growth rates of 34.9% and 18.3% respectively [4]. - The company’s operating profit margin improved by 2.6 percentage points to 12.9%, exceeding expectations [1][2].

Financial Performance - For the nine months ended September 30, 2024, the group's unaudited revenue was approximately HKD 6,540,508,000, representing an increase of 2.04% compared to HKD 6,409,310,000 for the same period in 2023[2] - The operating profit for the same period was approximately HKD 841,290,000, which is an increase of 27.85% from HKD 657,648,000 in 2023[2] Contracts and Outstanding Amounts - The total new contracts signed by the group amounted to approximately HKD 8,540,000,000 as of September 30, 2024[3] - The outstanding contract amount as of September 30, 2024, was approximately HKD 18,238,000,000[3]

Financial Performance - For the six months ending June 30, 2024, the company achieved a revenue of HKD 4.722 billion, maintaining stability compared to the previous year[6]. - Shareholders' profit reached HKD 551 million, representing a growth of 26.1% year-on-year[6]. - Earnings per share increased to HKD 0.2441, also reflecting a 26.1% year-on-year growth[6]. - The total revenue for the six months ended June 30, 2024, was HKD 4.722 billion, a slight increase from HKD 4.716 billion in the same period last year[14]. - The profit attributable to shareholders increased by 26.1% to HKD 551 million, compared to HKD 437 million for the same period last year[14]. - The gross profit for the first half of 2024 was HKD 760.6 million, compared to HKD 675.4 million in the same period of 2023, indicating a gross margin improvement[26]. - The net profit attributable to shareholders for the six months ended June 30, 2024, was HKD 550.5 million, an increase from HKD 436.7 million in the prior year[26]. - The group reported a total comprehensive income of HKD 476.5 million for the six months ended June 30, 2024, compared to HKD 428.7 million for the same period in 2023[27]. - Profit before tax for the six months ended June 30, 2024, was HKD 550,470,000, up from HKD 436,655,000 in 2023, reflecting a growth of 26%[46]. Dividend and Shareholder Returns - The company declared an interim dividend of HKD 0.07 per share, considering its profit situation and cash flow levels[6]. - The company declared an interim dividend of HKD 0.072177 per share for the six months ended June 30, 2024, compared to HKD 0.054133 per share in 2023, representing a 33.4% increase[45]. - The interim dividend declared is HKD 0.07 per share for the period ending June 30, 2024, compared to HKD 0.055 per share for the same period in 2023, reflecting a 27.3% increase[59]. Business Operations and Market Focus - The company continues to focus on the curtain wall business, emphasizing market opportunities in Hong Kong, Macau, and key overseas markets[7]. - In the first half of 2024, the company secured several large-scale curtain wall projects in Hong Kong, including the West Kowloon Cultural District and other major commercial projects[8]. - The Macau market remains strong, with ongoing projects like the Galaxy Phase IV, enhancing the company's competitive advantage with major clients[9]. - The company is expanding its presence in Singapore, aiming to establish a local team and capture new project opportunities[9]. - The company is actively exploring potential projects in Belt and Road countries, including Saudi Arabia, UAE, Thailand, and Cambodia[9]. - The company has adopted a differentiated competition strategy in mainland China, winning multiple large curtain wall projects, including those for OPPO and Sina[9]. Financial Position and Assets - As of June 30, 2024, the group's cash and bank balances amounted to HKD 685 million, a decrease from HKD 713 million as of December 31, 2023[20]. - Total bank borrowings increased to HKD 1.42 billion as of June 30, 2024, compared to HKD 1.19 billion as of December 31, 2023, reflecting a net gearing ratio of approximately 27.1%[20]. - The group's equity attributable to shareholders was HKD 2.81 billion as of June 30, 2024, up from HKD 2.40 billion as of December 31, 2023[22]. - The total assets of the group as of June 30, 2024, were HKD 11.25 billion, compared to HKD 10.64 billion as of December 31, 2023[28]. - The total equity increased to HKD 2,700,583,000 as of June 30, 2024, compared to HKD 2,295,866,000 at the end of 2023, marking a growth of approximately 17.6%[30]. - Non-current liabilities totaled HKD 1,420,966,000, up from HKD 1,027,662,000 at the end of 2023, indicating an increase of about 38.3%[30]. Cost Management and Expenses - Administrative, sales, and other operating expenses were reduced to HKD 132 million, down from HKD 160 million in the previous year due to strict cost control measures[17]. - Financial expenses increased slightly by 4% to HKD 35 million, despite a 30% rise in the Hong Kong Interbank Offered Rate during the same period[18]. - The operating revenue for the operational management segment decreased to HKD 508 million, down from HKD 554 million year-on-year, influenced by the depreciation of the RMB[16]. Employment and Workforce - The company employed a total of 4,171 staff as of June 30, 2024, down from 4,498 employees as of December 31, 2023[25]. Corporate Governance and Management Changes - The company has complied with all applicable code provisions of the Corporate Governance Code during the reporting period[69]. - The audit committee, composed of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2024[71]. - Changes in the board of directors include the resignation of Mr. Wu Mingqing as CEO effective June 1, 2024, and the appointment of Mr. Zhu Haiming as CEO effective June 1, 2024[72].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.07, indicating a potential upside of 47.4% from the current price of HKD 2.08 [4][9]. Core Insights - The company's 1H24 net profit increased by 26.1% year-on-year to HKD 550 million, aligning with expectations. Revenue rose by 0.1% to HKD 4.72 billion, with significant growth in the Hong Kong and Macau curtain wall segment, which saw a 24.0% increase to HKD 3.06 billion, accounting for 64.7% of total revenue [3][4]. - The company has successfully entered the Singapore market, winning a contract for the Central Mall project, which may allow it to replicate its success in Hong Kong and Macau [4]. - The company is actively pursuing BIPV (Building-Integrated Photovoltaics) projects, aligning with national policies aimed at promoting energy efficiency and carbon reduction in the construction sector [4]. Financial Summary - For FY24, the company forecasts revenue of HKD 10.06 billion, a 16.1% increase from FY23, and net profit of HKD 768 million, reflecting a 32.4% growth [7]. - The company’s earnings per share (EPS) is projected to rise from HKD 0.26 in FY23 to HKD 0.34 in FY24, with a corresponding price-to-earnings (P/E) ratio decreasing from 8.1 to 6.1 [7]. - The dividend per share is expected to increase from HKD 0.09 in FY23 to HKD 0.12 in FY24, resulting in a dividend yield of 5.6% [7]. Contract and Project Insights - The company’s new contract value for 1H24 decreased by 8.7% to HKD 6.04 billion, primarily due to a significant drop in contracts from the Hong Kong and Macau regions [3][4]. - The backlog of uncompleted contracts as of June 30, 2024, grew by 12.8% year-on-year to HKD 17.28 billion, ensuring revenue stability for the coming years [3][4].