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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][9]. Core Insights - The company's main business, curtain wall operations, has shown significant revenue and profit growth, with a 13.0% year-on-year increase in revenue to HKD 8.666 billion and a 37.6% increase in net profit to HKD 580 million for 2023 [4][8]. - The company is focusing on expanding its core business while reducing reliance on non-core operations, with a strategic plan to enhance its presence in Hong Kong and Macau, explore opportunities in mainland China, and optimize overseas operations [4][8]. - The introduction of new products in Building Integrated Photovoltaics (BIPV) is expected to create new growth points, with the company aiming to lead in technology-driven differentiation [4][8]. Financial Performance Summary - Revenue for 2023 reached HKD 8.666 billion, a 13.0% increase from 2022, with a projected revenue growth rate of 19.73% for 2024 [7][8]. - Net profit for 2023 was HKD 580 million, reflecting a 37.6% increase, with forecasts of HKD 797 million and HKD 1.042 billion for 2024 and 2025, respectively [7][8]. - The company’s gross margin improved from 10.8% in 2022 to 11.2% in 2023, indicating better cost management and operational efficiency [4][8]. Business Strategy and Market Position - The company secured new contracts totaling HKD 11.501 billion in 2023, with a focus on high-end projects in both domestic and international markets [4][8]. - The strategic focus includes expanding in Hong Kong and Macau, tapping into the vast mainland market, and exploring potential in regions like Singapore and the Middle East [4][8]. - The company aims to enhance its technological capabilities and product offerings in the BIPV sector, positioning itself as a leader in sustainable building solutions [4][8].

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]

Financial Performance - For the nine months ended September 30, 2023, the group's unaudited operating revenue was approximately HKD 6,409,310,000, an increase of 25.5% compared to HKD 5,106,932,000 for the same period in 2022[2] - The group's operating profit for the same period was approximately HKD 657,648,000, representing a growth of 35.8% from HKD 484,431,000 in the previous year[2] - The financial data presented is unaudited and should not be considered as definitive indicators of the group's financial performance for the nine months ended September 30, 2023[5] - The company emphasizes that the figures provided are based on internal management records and may differ from audited financial statements[4] Contracts and Future Work - As of September 30, 2023, the total new contracts signed by the group amounted to approximately HKD 9,010,000,000[3] - The group's uncompleted contract amount as of September 30, 2023, was approximately HKD 16,005,000,000[3] Corporate Governance - The announcement is made in compliance with the Securities and Futures Ordinance and the Listing Rules of the Hong Kong Stock Exchange[1] - The company is a subsidiary of China State Construction International Group, which holds a 70.78% stake in the company[1] - The board of directors is committed to providing timely information to shareholders and potential investors[1] - The chairman of the board is Zhang Haipeng, who is also a non-executive director[5]

Financial Performance - For the six months ending June 30, 2023, the company achieved a revenue of HKD 4.716 billion, representing a growth of 23.9% compared to the previous year[9]. - The profit attributable to shareholders was HKD 437 million, an increase of 35.7% year-on-year[9]. - Earnings per share reached HKD 0.1936, reflecting a year-on-year growth of 29.9%[9]. - The total revenue for the six months ended June 30, 2023, was HKD 4.716 billion, an increase of 23.9% compared to HKD 3.806 billion for the same period in 2022[18]. - The profit attributable to shareholders for the same period was HKD 437 million, up 35.7% from HKD 322 million in 2022[18]. - The earnings per share increased to HKD 0.1936, representing a 29.9% rise from HKD 0.1490 in the previous year[18]. - Gross profit for the first half of 2023 was HKD 675.4 million, compared to HKD 535.7 million in the prior year, indicating a gross margin improvement[33]. - The net profit for the period was HKD 430.3 million, an increase from HKD 317.8 million in the previous year, marking a growth of 35.3%[34]. - The pre-tax profit for the period was HKD 498,187,000, compared to HKD 373,093,000 in the previous year, reflecting a growth of 33.6%[49]. Dividends - The company declared an interim dividend of HKD 0.055 per share, considering its profitability and cash flow levels[9]. - The company declared an interim dividend of HKD 0.055 per share for the period ending June 30, 2023, compared to HKD 0.041 per share for the same period in 2022[68]. - The company declared an interim dividend of HKD 0.055 per share, totaling approximately HKD 124,055,000, compared to HKD 0.041 per share and HKD 92,477,000 in the previous year[52]. Revenue Segments - The curtain wall engineering segment's revenue rose to HKD 3.648 billion, a 25.8% increase from HKD 2.899 billion in 2022[19]. - The revenue from the curtain wall engineering segment was HKD 3,647,654,000, up 26% from HKD 2,899,023,000 in 2022[45]. - The total new contract value signed was HKD 6.623 billion, achieving 55.2% of the annual target of at least HKD 12 billion[24]. - The total contract value on hand as of June 30, 2023, was approximately HKD 29.978 billion, with uncompleted contracts amounting to HKD 15.310 billion[24]. Operational Strategy - The company focused on expanding its market presence in Hong Kong and Macau while strategically reducing overseas operations[10]. - The company secured multiple large-scale facade projects in Hong Kong, including the Kai Tak Emergency Hospital and Prince of Wales Hospital[11]. - In mainland China, the company adopted a differentiated strategy, winning several significant facade projects such as the Huawei Guangzhou R&D Center and the Chengdu Lotte Plaza[11]. - The company launched the Light-A series of photovoltaic facade products, significantly improving performance compared to previous models[11]. - The company is actively transforming its operations management business, successfully winning project management contracts in Shenzhen[13]. - The company is enhancing its energy efficiency in heating services through smart control systems, significantly reducing coal and water consumption[13]. - The group continues to focus on urban development management and consulting services, engineering consulting services, and providing funding for infrastructure projects[43]. Financial Position - The group’s financial expenses increased to HKD 33 million due to reduced interest capitalization and rising interbank rates, a 97% increase excluding capitalization factors[23]. - The net gearing ratio as of June 30, 2023, was approximately 30.8%, up from 17.6% at the end of 2022[26]. - As of June 30, 2023, the equity attributable to shareholders was HKD 2.473 billion, an increase from HKD 2.092 billion as of December 31, 2022, representing a growth of approximately 18.2%[29]. - Total assets as of June 30, 2023, were HKD 11.122 billion, compared to HKD 10.300 billion at the end of 2022, representing an increase of 7.9%[35]. - The total liabilities increased to HKD 7.532 billion as of June 30, 2023, from HKD 6.712 billion at the end of 2022, indicating a rise of 12.2%[36]. - The company reported a decrease in cash and cash equivalents to HKD 645.0 million from HKD 974.8 million, a decline of approximately 33.7%[35]. - The group's total reserves increased to HKD 2,450,583 thousand as of June 30, 2023, compared to HKD 2,129,533 thousand on June 30, 2022[37]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2023, was HKD (258,471) thousand, an improvement from HKD (291,483) thousand in the same period of 2022[38]. - The net cash used in investing activities was HKD (24,039) thousand, compared to HKD (35,346) thousand in the previous year, indicating a reduction in cash outflow[38]. - The net cash used in financing activities was HKD (17,324) thousand, a significant decrease from HKD 153,164 thousand in the same period last year[38]. - The total cash and cash equivalents at the end of the period were HKD 645,028 thousand, down from HKD 810,621 thousand as of June 30, 2022[38]. Shareholder Information - As of June 30, 2023, the total issued share capital of the company is 2,255,545,000 ordinary shares with a par value of HKD 0.01 each[70]. - Major shareholder 加寶控股有限公司 holds 1,596,403,279 shares, representing 70.78% of the issued shares[76]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ending June 30, 2023[78]. - The board of directors confirmed compliance with the securities trading standards during the reporting period[79]. Compliance and Governance - The audit committee, composed of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2023[80]. - The group has not reported any significant impact on its performance and financial position from the newly adopted accounting standards[41]. - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and are presented in Hong Kong dollars[39].