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]

Financial Performance - Revenue for 2023 reached HK$8,665,765, representing a growth of 13% compared to HK$7,668,983 in 2022[9] - Profit attributable to owners of the Company increased to HK$580,420, up 37.6% from HK$421,852 in 2022[9] - Return on equity attributable to owners of the Company improved to 24.2%, compared to 20.2% in 2022[9] - Basic earnings per share rose to 25.73 HK cents, an increase from 19.11 HK cents in 2022[9] - The Company’s total assets grew to HK$10,641,662, up from HK$10,299,862 in 2022[9] - In 2023, the revenue of the principal business amounted to HK$8,666 million, representing an increase of 13.0% compared to the previous year[104] - The profit attributable to shareholders was HK$580 million, reflecting a year-on-year increase of 37.6%[104] - Earnings per share reached HK25.73 cents, marking a 34.6% increase year-on-year[104] - The total dividends distributed for the year were HK8.7 cents per share, which is a year-on-year increase of 33.8%[104] - The Group achieved a revenue of HKD 8.666 billion for the year, representing a 13.0% increase compared to the previous year[106] - Shareholders' profit reached HKD 580 million, a year-on-year increase of 37.6%[106] - Earnings per share rose to HKD 0.2573, reflecting a growth of 34.6% year-on-year[106] - The Group proposed a final dividend of HKD 0.032 per share, with total dividends for the year amounting to HKD 0.087, an increase of 33.8% year-on-year[106] Business Operations and Projects - The Construction Engineering Business accounted for 89% of total revenue in 2023[12][13] - China Overseas Supervision won the bid for the integrated supervision project of Tianan Yungu Industrial Park Phase III and the supervision service project of the land parcel Lot B303-0063 in Shenzhen International Exchange Centre[36] - Far East Facade Hong Kong won the bid for the facade projects of the Prince of Wales Hospital and Grantham Hospital, key projects under Hong Kong's "First Ten-Year Hospital Development Plan" aimed at enhancing public medical service capabilities[38] - Netfortune (Shanghai) Aluminium Works Company won the bid for Phase II of the new China International Exhibition Center project in Beijing, marking a significant entry into the Beijing market[40] - The steel structure project of Dongguan International Trade Centre won the 15th "China Steel Structure Gold Award," showcasing the company's excellence in steel structure engineering[42] - Far East Facade Hong Kong successfully topped out the facade of the Murray Road project in Central, Hong Kong, establishing new technical standards in double-curved glass facade technology[50] - The Group achieved an accumulated new contract value of HK$11,501 million for the year, reaching 95.8% of the 2023 target[141] - As of 31 December 2023, the on-hand contract value amounted to approximately HK$29,856 million, with a backlog of approximately HK$16,239 million[148] - The facade contracting business in Hong Kong and Macau continued to perform strongly, winning several large projects including the Prince of Wales Hospital and the Hong Kong-Shenzhen Innovation and Technology Park[108][110] - The Group won bids for multiple large facade projects in Mainland China, including the OPPO International Headquarters and the International Sports and Culture Exchange Centre in Shenzhen[109][110] Research and Development - Breakthroughs in R&D of BIPV products were achieved with the unveiling of Light A photovoltaic facade product[28] - The new photovoltaic building material BIPV "Light S" series was showcased at the Tektónica International Building and Construction Fair, highlighting the company's commitment to green and low-carbon transformation in the construction industry[31] - The BIPV business made progress with the development of new photovoltaic facade products and the completion of the first production line[112][117] Awards and Recognition - The Company was awarded the "Caring Company" Label for ten consecutive years, reflecting its commitment to social responsibility[17] - The Company was recognized with the "Quality Contractor" Award for outstanding quality management in the construction industry[21] - The company was recognized with multiple ESG awards, including the "BDO Environmental, Social, and Governance (ESG) Award," reflecting its strong dedication to ESG principles[56] - Far East Facade Hong Kong received the "Good MPF Employer Award" for its commitment to providing better retirement protection for employees and utilizing electronic methods for MPF contributions[63] - The Yunzhu Hotel Guangzhou Project, involving Netfortune (Shanghai) Aluminium Works Company Limited, was awarded the National Quality Engineering Award for 2022-2023[82] - The Hanjing Financial Centre project, supervised by China Overseas Supervision, was recognized as a premium grade A office building and awarded the National Quality Works Projects Award for 2022-2023[82] Financial Management and Resources - Finance costs increased to HK$82 million due to a significant rise in interbank interest rates, up from HK$51 million in 2022[140] - Administrative, selling, and other operating expenses slightly decreased to HK$288 million from HK$291 million in 2022[139] - As of December 31, 2023, the Group's cash and bank balances were HK$713 million, down from HK$975 million as of December 31, 2022[151] - Total borrowings decreased to HK$1,188 million as of December 31, 2023, from HK$1,326 million in the previous year[151] - The net gearing ratio increased to approximately 20.7% as of December 31, 2023, compared to 17.6% as of December 31, 2022[151] - The Group had unutilized banking facilities of approximately HK$3,432 million, indicating sufficient financial resources for business development[151] - The total bank borrowings as of December 31, 2023, were HK$1,188 million, with HK$789.5 million due on demand or within one year[154] - The Group does not have a formal foreign currency hedging policy and did not engage in hedging activities during the year ended December 31, 2023[160] Leadership and Management - Mr. Wu Mingqing has over 38 years of experience in financial management, construction engineering, infrastructure investment, and project management[168] - Mr. Wang Hai has over 30 years of experience in international corporation management in the building and infrastructure investment industry across North America, Hong Kong, and Mainland China[170] - Mr. Wong Man Cheung has over 27 years of experience in accounting, audit, financial management, corporate financing, and business development[172] - Mr. Huang Jiang has over 27 years of experience in contract and project management[174] - Mr. Zhou Jinsong is a Certified Public Accountant in the People's Republic of China and has extensive experience in accounting, audit, and business advisory[176] - Ms. Chan Man Ki has over 29 years of experience providing legal advice and services as a solicitor in Hong Kong[179] - The company has a strong leadership team with diverse expertise in finance, construction, legal, and project management[170][172][174][176][179] - The management team includes professionals with extensive experience in their respective fields, enhancing the company's operational capabilities[186] - The company is focused on expanding its expertise in project management and engineering to improve service delivery[194] Strategic Focus and Future Plans - The company aims to improve cost-efficiency through refined management and leverage innovative technologies for business development[104] - The Group plans to accelerate its presence in the Singapore market and explore opportunities in the Middle East[121] - The Group aims to enhance its operational models and brand promotion to sustain profitability in the competitive facade market[122] - The Group is focusing on the inspection, maintenance, and renovation of aging facades to meet increasing safety standards[123] - The company is committed to developing new technologies and products to stay competitive in the market[200] - The company is positioned to leverage Mr. Lyu's expertise for future business opportunities and partnerships[200]

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. ...

Investment Rating - The report maintains a "Buy" rating for the company, predicting a price increase of over 15% in the next 6-12 months [10]. Core Insights - The company reported a revenue of HKD 2.031 billion for Q1 2024, representing a year-on-year increase of 17.8%, and an operating profit of HKD 432 million, up 30.8% year-on-year [4]. - The growth in revenue is primarily driven by the curtain wall business, with significant contributions from various segments including HK and Macau curtain walls, mainland curtain walls, and non-core businesses [4]. - The company is focusing on its established strategy, with new contract signings totaling HKD 3.697 billion in Q1 2024, a 4.9% increase year-on-year [4]. - The company is expanding its BIPV (Building Integrated Photovoltaics) applications, which are expected to become a new growth point during the 14th Five-Year Plan (2026-2030) [4]. Financial Performance Summary - Revenue for 2024 is projected to be HKD 10.375 billion, with a growth rate of 19.73% [8]. - The net profit attributable to shareholders is forecasted to be HKD 788 million in 2024, reflecting a growth rate of 35.68% [8]. - The company’s P/E ratios for 2024, 2025, and 2026 are estimated at 6.9, 5.3, and 4.1 respectively, indicating strong earnings potential [8].

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 ...

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. ...

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 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 8,665,765, representing a 13.0% increase from HKD 7,668,983 in 2022[2] - Profit attributable to shareholders increased by 37.6% to HKD 580,420, compared to HKD 421,852 in the previous year[2] - Basic earnings per share rose by 34.6% to HKD 25.73 cents, up from HKD 19.11 cents in 2022[2] - The gross profit for the year was HKD 973,063, compared to HKD 825,305 in 2022, indicating a strong operational performance[4] - The company reported a net profit of HKD 572,230 for the year, compared to HKD 409,960 in 2022, showing significant growth in profitability[5] - The total revenue for the year ended December 31, 2023, was HKD 8,665,765,000, an increase from HKD 7,668,983,000 in 2022, representing a growth of approximately 13%[17] - The gross profit for the total group in 2023 was HKD 973,063,000, compared to HKD 825,305,000 in 2022, marking an increase of approximately 17.9%[17] - The pre-tax profit for the group was HKD 650,463,000 in 2023, up from HKD 508,214,000 in 2022, representing a growth of around 28%[17] - The total other income and gains for 2023 reached HKD 46,959,000, significantly higher than HKD 25,432,000 in 2022, marking an increase of 84.9%[22] Revenue Breakdown - The revenue from the Facade Engineering segment was HKD 6,664,831,000 in 2023, up from HKD 5,784,122,000 in 2022, indicating a growth of about 15%[17] - The revenue from the General Contracting segment increased to HKD 1,053,814,000 in 2023 from HKD 894,992,000 in 2022, reflecting a growth of approximately 17.8%[17] - The revenue from the Operations Management segment decreased to HKD 947,120,000 in 2023 from HKD 989,869,000 in 2022, showing a decline of about 4.3%[17] - The group’s revenue from Hong Kong and mainland China for the Facade Engineering and Operations Management segments was HKD 7,168,292,000 in 2023, compared to HKD 6,239,963,000 in 2022, indicating a growth of approximately 14.9%[17] Assets and Liabilities - Total assets as of December 31, 2023, were HKD 3,323,528, down from HKD 3,588,072 in 2022, reflecting a decrease in total liabilities[8] - Non-current assets totaled HKD 2,077,743, a decrease from HKD 2,285,744 in 2022, primarily due to depreciation and asset revaluation[7] - The company's cash and bank balances decreased to HKD 712,950 from HKD 974,838 in the previous year, indicating a tighter liquidity position[7] - The total equity attributable to shareholders increased to HKD 2,401,822 from HKD 2,092,325 in the previous year, reflecting improved financial health[8] Expenses and Costs - The group’s financial expenses increased to HKD 81,776,000 in 2023 from HKD 51,217,000 in 2022, reflecting an increase of about 59.7%[17] - The operating costs for contract works increased to HKD 7,047,575,000 in 2023 from HKD 6,210,459,000 in 2022, representing a rise of 13.5%[23] - The depreciation of property, plant, and equipment was HKD 128,339,000 in 2023, up from HKD 118,583,000 in 2022, representing an increase of 8.8%[23] Dividends and Shareholder Returns - The company proposed a final dividend of 3.2 HK cents per share for 2023, compared to 2.4 HK cents in 2022, reflecting a 33.3% increase[26] - The board proposed a final dividend of HKD 0.032 per share for 2024, up from HKD 0.024 in 2022, resulting in a total annual dividend of HKD 0.087 per share compared to HKD 0.065 in 2022[54] Strategic Plans and Market Expansion - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9] - The company aims to expand its market presence in Hong Kong and mainland China while optimizing overseas operations, focusing on high-end curtain wall solutions[35] - The company plans to accelerate its expansion into the Singapore market and explore opportunities in the Middle East[52] Technological Advancements - The company has made significant advancements in BIPV (Building Integrated Photovoltaics) technology, launching new products Light A and Mega Light-A, and completing its first production line for photovoltaic curtain walls[38] - The company emphasizes technological innovation and has implemented advanced automation production lines and BIM technology to enhance project efficiency and quality[38] Compliance and Governance - The company complied with all applicable code provisions of the Corporate Governance Code during the year ending December 31, 2023[58] - All directors confirmed compliance with the Standard Code for Securities Transactions by Directors during the year ending December 31, 2023[59] - The financial statements for the year ending December 31, 2023, were reviewed by an audit committee consisting of three independent non-executive directors[60]