Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a stable revenue of HKD 47.22 billion for the first half of 2024, with a slight year-on-year increase of 0.1%, and a net profit of HKD 5.51 billion, reflecting a significant year-on-year growth of 26.1% [1]. - The net profit margin improved from 9.3% in the first half of 2023 to 11.7% in the first half of 2024, driven by the high-margin Hong Kong and Macau curtain wall business [1]. - The company secured new contracts totaling HKD 60.44 billion in the first half of 2024, a quarter-on-quarter increase of 23.9%, although it represents an 8.7% decline year-on-year due to the high base effect from large government hospital projects in the previous year [1]. - The company is actively advancing its BIPV (Building Integrated Photovoltaics) projects, with successful implementations in key projects, indicating a strategic focus on emerging business areas for future growth [1]. Financial Summary - The projected net profit for 2024, 2025, and 2026 is expected to be HKD 7.87 billion, HKD 10.36 billion, and HKD 13.16 billion respectively, with year-on-year growth rates of 35.7%, 31.6%, and 27.0% [1][3]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 6.0, 4.5, and 3.6 respectively, indicating a favorable valuation [1][3].

Financial Performance - The company reported a revenue of HKD 4,722,048,000 for the six months ended June 30, 2024, compared to HKD 4,716,239,000 for the same period in 2023, reflecting a slight increase of 0.1%[2] - Gross profit for the period was HKD 760,634,000, up from HKD 675,387,000, representing a growth of 12.6% year-on-year[2] - The profit attributable to shareholders was HKD 545,668,000, an increase of 27% from HKD 430,287,000 in the previous year[2] - Basic and diluted earnings per share increased to HKD 24.41 from HKD 19.36, marking a rise of 26.5%[2] - The pre-tax profit for the six months ended June 30, 2024, was HKD 616,637,000, an increase from HKD 498,187,000 in 2023, reflecting a growth of approximately 23.8%[12] - Total other income and gains for the period was HKD 23,097,000, compared to HKD 17,836,000 in 2023, marking an increase of approximately 29.1%[14] - The company declared an interim dividend of HKD 0.072 per share, totaling approximately HKD 157,888,000, compared to HKD 124,055,000 in 2023, which is an increase of about 27.4%[18] Assets and Liabilities - Total non-current assets decreased to HKD 1,981,934,000 as of June 30, 2024, from HKD 2,077,743,000 at the end of 2023, a decline of 4.6%[5] - Current assets increased to HKD 9,271,121,000 from HKD 8,563,919,000, showing a growth of 8.3%[5] - The company's total liabilities decreased to HKD 4,121,549,000 from HKD 3,323,528,000, indicating a reduction of 1.5%[6] - The net current assets rose significantly to HKD 2,139,615,000 from HKD 1,245,785,000, an increase of 71.8%[5] - As of June 30, 2024, the company's bank loans amounted to HKD 9,471,000, a decrease from HKD 10,052,000 as of December 31, 2023[23] - The average interest rate on bank loans as of June 30, 2024, was 5.14%, slightly down from 5.19% on December 31, 2023[24] - Trade payables and other payables totaled HKD 3,904,118, an increase from HKD 3,585,358 as of December 31, 2023[25] Revenue Segmentation - The revenue from the curtain wall and contracting engineering segment was HKD 4,214,456,000, compared to HKD 4,162,421,000 in 2023, representing a growth of approximately 1.3%[12] - The operating management segment generated revenue of HKD 507,592,000, down from HKD 553,818,000 in 2023, indicating a decline of about 8.3%[12] - The revenue recognized over time was HKD 4,707,148,000, a marginal increase from HKD 4,695,739,000 in 2023, while revenue recognized at a point in time decreased to HKD 14,900,000 from HKD 20,500,000[13] - The revenue from the curtain wall and contracting business rose to HKD 4.214 billion, a 1.2% increase from HKD 4.162 billion year-on-year[34] Market Position and Strategy - The company continues to focus on its core business segments, which include curtain wall and contracting engineering, as well as operational management services[11] - The company maintained its market leadership in the Hong Kong curtain wall business, securing major projects such as the West Kowloon Cultural District and other large-scale developments[29] - The company is expanding its presence in the Singapore market, aiming to establish it as a new growth point for curtain wall business[30] - The company is focusing on differentiated competition strategies in the mainland market, winning several large-scale projects including the OPPO Dongguan project and the Shanghai Sina headquarters project[30] - The company emphasizes technological innovation, enhancing its core competitiveness with advanced glass curtain wall technology and automated production lines[31] - The company is actively participating in bidding for small to medium-sized construction projects in Hong Kong, enhancing internal collaboration[31] - The company is leveraging its brand advantage and technological capabilities to capture market opportunities in the Greater Bay Area and overseas markets[27] Future Outlook - The cumulative new contract value signed was HKD 6.044 billion for the six months ending June 30, 2024[38] - The total contract value on hand was approximately HKD 31.464 billion, with unfinished contracts amounting to about HKD 17.275 billion[38] - The company plans to expand into the photovoltaic building integrated (BIPV) market, focusing on high-energy cities to lead green building development[46] - Future strategies include enhancing brand promotion and market expansion while maintaining high-quality service in the curtain wall business[45] Governance and Compliance - The company has not reported any significant impacts on its performance or financial position due to the adoption of revised Hong Kong Financial Reporting Standards[10] - The company has complied with all applicable code provisions of the Corporate Governance Code during the six-month period ending June 30, 2024[50] - An independent audit committee reviewed the unaudited interim results for the six months ending June 30, 2024[51] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the six months ending June 30, 2024[49] Cost Management - Administrative, sales, and other operating expenses decreased to HKD 132 million from HKD 160 million year-on-year due to strict cost control measures[36] - The net debt ratio as of June 30, 2024, was approximately 27.1%, up from 20.7% at the end of 2023[39]

拓展 EXPANDING NEW FUTURE 新未來 2023 ANNUAL REPORT 年 報 2023 ANNUAL REPORT 年報 MISSION AND VISION 使命與願景 China State Construction Development Holdings Limited pursues the core values of "integrity, innovation, pragmatism and excellence", adheres to the business philosophy of "quality assurance and value creation", strictly manages corporate governance, actively fulfills its social responsibility. The Group also continues to pursue continuous adding value on shareholders, employees, working partners and society und ...

股 h c r a 票 e s e 研 R y 究 Etiu q [ FT la ab sle h_T Nitl oe] t e: CSC Development (00830 HK) 中文版 Gary Wong 黄家玮 (852) 2509 2616 快讯： 中国建筑兴业 (00830 HK) Chinese version gary.wong@gtjas.com.hk 23 April 2024 2[T0ab2le4_年Sum第ma一ry]季度经营利润同比增30.8%至4.32亿港元，维持 “ 买 入” e 快 to N 讯 h  重申“买入”评级，目标价维持在3.10港元。我们维持中国建筑兴业（“公司”）2024/ 2025/ 2026年每股盈利 s a lF 预测分别为0.338港元/ 0.445港元/ 0.541港元。我们维持目标为3.10港元，相当于7.7倍/ 6.0倍/ 4.8倍2024/ 2025/ 2026年EV/EBITDA。  2024年第一季度新签合同同比增4.9%至36.97亿港元。1）2024年第一季度收入为20.31亿港元（+17.7%）， 经营利润为4.32亿港元（+30. ...

2024 年 4月 23日公司发布2024 年一季度业绩公告，一季度实现 营业收入20.31 亿港元，同比+17.8%；实现经营溢利4.32 亿港元， 同比+30.8%。 营收保持高增，利润率稳步提升：公司1Q24年营收增长主要由幕 墙主业带动，港澳幕墙、内地幕墙、海外幕墙及非核心业务分别 贡献营收13.41、2.53、0.07 和4.30 亿港元，其中港澳幕墙同比 增长57.8%。高利润率的港澳幕墙占比提升，带动公司经营利润率 从1Q23 的19.1%提升 2.2pct 至1Q24 的21.3%。 坚持既定战略，新签规模稳步提升：公司 1Q24 新签约总额36.97 亿港元，同比+4.9%，其中港澳幕墙24.23 亿港元，内地幕墙6.12 亿港元，非核心业务6.62 亿元。港澳市场龙头地位稳固，获取加 路连山医院、澳门康复医院和新鸿基西九艺术广场大楼等项目； 港币(元) 成交金额(百万元) 内地幕墙耕耘高能级城市，中标深圳前海华发滑雪场金属屋面、 3.50 100 上海新浪总部等项目；海外幕墙优化布局，退出北美市场，审慎 3.00 80 把握新加坡、中东等地区幕墙业务布局可行性。 2.50 60 推广BIP ...

Financial Performance - Unaudited revenue for the first quarter of 2024 was approximately HKD 2,030,915,000, compared to HKD 1,724,639,000 in the same period of 2023[2] - Unaudited operating profit for the first quarter of 2024 was approximately HKD 431,622,000, compared to HKD 329,979,000 in the same period of 2023[2] Contract Value - Cumulative new contract value for the first quarter of 2024 was approximately HKD 3.697 billion[3] - Uncompleted contract value as of March 31, 2024, was approximately HKD 17.618 billion[3] Corporate Structure - The company is an indirect subsidiary of China State Construction International Holdings Limited, which beneficially owns 70.78% of the company's issued share capital[1] Financial Reporting and Caution - The quarterly update is based on internal management records and has not been audited or reviewed by external auditors[4] - The company cautions that the unaudited figures should not be considered as an indication or guarantee of financial performance for the first quarter of 2024[5]

h 股 c r a 票 e s e R 研 y [Table_Title] Gary Wong 黄家玮 tiu Company Report: CSC Development (00830 HK) 中文版 究 q (852) 2509 2616 E 公司报告： 中国建筑兴业 (00830 HK) Chinese version gary.wong@gtjas.com.hk 19 March 2024 海[Ta外ble_市Su场mm及ary技] 术产品推动新增长  我们重申“买入”评级，并维持 3.10 港元的目标价。我们分别小幅下调中国建 [RTaabtlien_gR:a nk] Buy 公 tr 筑兴业2024/2025年每股盈利预测2.3%/ 2.8%至0.338港元/0.445港元，并 Maintained o p 给予0.541港元的2026年每股盈利预测。我们维持3.10港元的目标价，相当 司 e R 于7.7倍/ 6.0倍/ 4.8倍的2024/ 2025/ 2026年EV/EBITDA。 评级： 买入 (维持) 报 y n 告 a p m  2023年股东净利润同比增长37.6%至5.80亿 ...

中国建筑兴业（830 HK） | 2024年3月19日 香港股市 | 建筑 | 幕墙工程 更新报告 中国建筑兴业（830 HK） 评级：买入 目标价：3.00 港元 FY23 业绩大致合乎预期，未来推进更高质量目标 股票数据（更新至2024年3月18日） 股东净利润同比上升37.6% 现价 2.47港元 FY23股东净利润同比上升37.6%至5.8亿元(港元，下同)，与我们预测5.9亿元大致相若。 虽然(一)收入同比增长13.0%至86.7亿元，略低于我们预测91.0亿元4.8%；(二)港元及外 总市值 5,571.20百万 港元 货借贷利率大幅上升导致财务开支同比增长59.7%至8,178万元，但是毛利率同比上升0.5 流通股比例 28.57% 百分点至 11.2%，其中幕墙业务毛利率同比上升 1.2 百分点至 13.2%。港澳地区幕墙业务 已发行总股本 2,255.55百万 仍是公司主要收入来源，所占总收入比例由FY22的46.9%上升至52.9%。 52周价格区间 1.80-3.02港元 去年公司新签合约额同比上升13.6%至115.0亿元，但当中幕墙新签额同比轻微下跌1.2% 3个月日均成交额 2.8 ...

2024 年 3月 18日公司发布2023 年年度业绩公告，全年实现营业 收入86.66 亿港元，同比+13.0%；实现净利润 5.80 亿港元，同比 +37.6%；每股派息8.7 港仙，派息比例33.8%，股息率约3.5%。 幕墙主业营收利润双增，业绩略超预期：公司 2023 年幕墙业务营 收66.65亿港元，同比+15.2%，经营溢利8.14亿港元，同比+38.2%； 其中港澳幕墙业务营收 45.82 亿港元，同比+27.4%，带动公司整 体毛利率从2022 年的 10.8%提升至 2023 年的11.2%。对非核心主 业依赖逐步减少，2023 年工程总包业务营收10.54 亿港元，同比 +17.8%，经营溢利 122 万港元，同比-29.9%；运营管理业务受电 热厂收入影响和煤炭成本增加，营收 9.47 亿港元，同比-4.3%， 经营溢利0.32 亿港元，同比-50%。 持续聚焦主业，锚定“扩大港澳、拓展内地、优化海外”：2023 港币(元) 成交金额(百万元) 年公司新签约总额 115.01 亿港元，同比+13.6%;其中幕墙工程 3.50 100 84.87 亿港元，同比-1.2%;工程总包 20. ...

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) 截至2023年12月31日止年度之 全年業績公告 | --- | --- | --- | --- | --- | |--------------------|----------|-------------|---------------------|-------| | | 財務摘要 | 2023年 2022 | 年 | 變動 | | 業績（港幣千元） | | | | | | 營業額 | | | 8,665,765 7,668,983 | 13.0% | | 本公司股東應佔溢利 | | | 580,420 421,852 | 37.6% | | 每股財務資料 | | | | | | 基本盈利（港仙） | | | 25.73 19.11 | 34.6% | 1 中國建築興業集團有限公司（「本公司」）董事局（「董事局」）謹此宣佈，本公司及其附 屬公司 ...