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分內容而產生或因依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 : 3311) 截至二零二四年十二月三十一日止年度之 業績公告、 末期股息及暫停辦理股份過戶登記手續 | | 財務摘要 | | | | --- | --- | --- | --- | | | 二零二四年 | 二零二三年 | 變動 % | | 業績 (港幣千元) | | | | | 營業額 | 115,106,744 | 113,734,013 | 1.2 | | 毛利率 | 15.5% | 14.4% | 1.1 | | 本公司股東應佔溢利 | 9,361,017 | 9,164,045 | 2.1 | | 每股財務資料 | | | | | 盈利 – 基本 (港元) | 1.86 | 1.82 | 2.2 | | 資產淨值 (港元) | 15.17 | 14.74 | 2.9 | | 股息 | | | | 董事會建議派發末期股息每股港幣 28.5 仙。連 ...

丨证券研究报告丨 港股研究丨公司点评丨中国建筑国际（3311.HK） [Table_Title] 东方国际溢价认购，后续业务合作可期 报告要点 [Table_Summary] 3 月 11 日，中国建筑国际公告，东方国际以每股 12.26 港元认购公司发行的 2.446 亿股新股， 较协议日期前最后五日平均价溢价约 3%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Rank]投资评级 买入丨维持 公司基础数据 1 中国建筑国际（3311.HK） cjzqdt11111 [Table_Title2] 东方国际溢价认购，后续业务合作可期 [Table_Summary2] 事件描述 3 月 11 日，中国建筑国际公告，东方国际以每股 12.26 港元认购公司发行的 2.446 亿股新股， 较协议日期前最后五日平均价溢价约 3%。 事件评论 丨证券研究报告丨 2025-03-12 港 ...

证券研究报告 东方国际作为中国东方重要投资平台，是其连接境内外业务和资源的桥梁 东方国际是中央金融企业中国东方资产管理公司的间接全资子公司，也是其 在海外最为重要的投资平台，业务遍布中国境内及境外。在境外，主要从事 直接投资业务和资产管理业务，提供专业化、多元化和综合性的金融服务和 定制化解决方案，包括不良资产投资、特殊机会投资以及一级和二级市场投 资；在境内，主要从事债权投资、股权投资及财务顾问及管理咨询等业务。 本次交易有望显著优化公司资产负债表，进一步提升运营能力 本次交易所得款项 29.99 亿港元，约 16.67%用于偿还计息债务，16.67%用 于装配式建筑和其他建筑科技的生产、研发和投资；66.66%用于投资本集 团的建筑或其他建筑相关业务及本集团一般企业目的。本次交易为公司优化 报表的同时提升了运营能力。根据 23 年末资产负债表模拟测算，交易完成 后预计公司资产负债率、净借贷比率分别下降 0.9、6.5pct 至 69.3%/60.6%。 北部都会区建设蓬勃发展，内地聚焦城市更新为装配式建筑带来机遇 香港特区 25 年 2 月 26 日公布 2025-26 年度《财政预算案》，随着北部都会 ...

丨证券研究报告丨 港股研究丨公司点评丨中国建筑国际（3311.HK） [Table_Title] 东方国际溢价认购，后续业务合作可期 报告要点 [Table_Summary] 3 月 11 日，中国建筑国际公告，东方国际以每股 12.26 港元认购公司发行的 2.446 亿股新股， 较协议日期前最后五日平均价溢价约 3%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% 风险提示 1、原材料价格大幅波动；2、香港北部都会项目推进不及预期；3、明日大屿项目推进不及预 期；4、装配式建筑渗透率提升不及预期。 research.95579.com 1 中国建筑国际（3311.HK） cjzqdt11111 [Table_Title2] 东方国际溢价认购，后续业务合作可期 [Table_Summary2] 事件描述 3 月 11 日，中国建筑国际公告，东方国际以每股 12.26 港元认购公司发行的 2.446 亿股新股， 较协议日期前最后五 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨中国建筑国际（3311.HK） [Table_Title] Q3 双位数高增长，香港大基建仍有广阔空间 | --- | --- | --- | |-------|-------|-------| | | | | | | | | 分析师及联系人 [Table_Author] 张弛 张智杰 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 请阅读最后评级说明和重要声明 中国建筑国际（3311.HK） cjzqdt11111 2024-11-08 [Table_BaseData] 当前股价（HKD） 11.52 注：股价为 2024 年 11 月 6 日收盘价 [Table_Title2] Q3 双位数高增长，香港大基建仍有广阔空间 港股研究丨公司点评 [Table_Summary2] 事件描述 公司公布三季报，2024 年前三季度合计营收约为 917.93 亿港元，同比增长 12.04%；2024 年 前三季度合计盈利约为 130.36 亿港元，同比增加 12.77%。 事件评论 ⚫ 营收持续两位数增长，在手项目充裕 ...

[Table_Page] 跟踪研究|资本货物 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------|--------------------------------------------------------------------------------------------------------------|--------------------|---------------------------------------------------------------------------|---------------------------------------|--------------|-----------------------------------|-------------------------------------------------------------| | [Table_Title] 【广发建筑 | & | | 海外】中国建筑国际 ...

Financial Performance - The unaudited revenue for the first half of 2024 was HKD 61.76 billion, up 12.1% compared to the previous year[13]. - Operating profit increased by 10.3% to HKD 8.57 billion, while profit attributable to shareholders rose by 12.7% to HKD 5.47 billion[13]. - The basic earnings per share were HKD 1.0848, and the net asset value per share was HKD 15.39[13]. - The company's profit attributable to shareholders for the six months ended June 30, 2024, was HKD 5.465 billion, an increase of 12.7% compared to HKD 4.849 billion in the same period last year[29]. - Revenue for the same period reached HKD 61.755 billion, up 12.1% from HKD 55.111 billion year-on-year[29]. - Gross profit rose to HKD 9.554 billion, compared to HKD 8.626 billion, marking an increase of 10.7% year-over-year[54]. - Profit for the period was HKD 5.859 billion, up from HKD 5.135 billion, representing a growth of 14.1%[57]. - Pre-tax profit for the six months ended June 30, 2024, was HKD 5,465.038 million, up from HKD 4,848.622 million in 2023, indicating an increase of 12.7%[100]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.33 per share, with a payout ratio of approximately 30.4%, an increase of 1.8 percentage points from the previous year[13]. - The interim dividend declared is HKD 0.33 per share, with a payout ratio of approximately 30.4%[31]. - The company declared a dividend of HKD 1,209,028 for the previous fiscal year, reflecting its commitment to returning value to shareholders[63]. - The company declared an interim dividend of HKD 0.33 per share for the 2024 interim period, an increase from HKD 0.275 per share in the 2023 interim period[125]. Project and Contract Achievements - The group achieved a new contract value of HKD 125.13 billion, representing a year-on-year increase of 29.2%[13]. - The group won the contract for the WENTX project in Hong Kong, with a total contract value of HKD 61.1 billion, marking the largest contract in the group's history[15]. - The group has successfully secured multiple large-scale projects in Hong Kong and Macau, reinforcing its market leadership position[12]. - The group secured major contracts in Hong Kong, including the West Kowloon Cultural District and the largest indoor ski resort in the world, demonstrating its leadership in the curtain wall market[19]. Market and Business Strategy - The group is focusing on building technology applications and digital transformation to support innovation in the construction industry in Hong Kong[15]. - The group continues to optimize its business structure in mainland China, achieving breakthroughs driven by technology[12]. - The group focuses on high-quality projects in mainland China, expanding its market share in key economic regions such as the Yangtze River Delta and the Pearl River Delta, with improved project cycles[17]. - The group plans to strengthen its market position in Hong Kong and mainland China, focusing on high-quality development and leveraging technology for new growth[27]. Financial Position and Cash Flow - As of June 30, 2024, the group had cash reserves of HKD 32.15 billion, accounting for 12.1% of total assets, with a net gearing ratio of 69.8%[23]. - Total borrowings as of June 30, 2024, amounted to HKD 86.283 billion, with 82.6% denominated in RMB, reflecting a strategy to increase RMB financing to mitigate currency risk[47]. - Net borrowings increased to HKD 54.133 billion as of June 30, 2024, compared to HKD 49.124 billion as of December 31, 2023, resulting in a net debt-to-equity ratio of 69.8%, up from 66.1%[49]. - The net cash outflow from investing activities was HKD 15.87 billion, a significant shift from a net cash inflow of HKD 10.97 billion in the previous year[51]. - Financing activities generated a net cash inflow of HKD 57.75 billion, up from HKD 52.11 billion in the previous year, reflecting increased financing activities[51]. Sustainability and Innovation - The group aims for carbon peak by 2030 and carbon neutrality by 2050, with a series of plans to support these targets, reflecting its commitment to sustainable development[20]. - The group continues to advance technological innovation, collaborating with academic institutions and achieving significant milestones in modular construction and BIPV technologies[25]. - The Light A BIPV product has passed 54 TÜV certifications, enhancing its quality and reliability, which boosts owner confidence in BIPV products[19]. Shareholder Structure and Governance - Major shareholders include China Overseas Group Limited, China State Construction Engineering Corporation, and China State Construction Group Limited, each holding 3,264,976,136 shares, representing 64.81% of the issued shares[136][140]. - GIC Private Limited holds 302,824,733 shares, accounting for 6.01% of the total issued shares[139]. - The company has adopted and complied with all code provisions set out in the Corporate Governance Code as of June 30, 2024[144]. - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2024[146].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of HKD 61.755 billion in the first half of 2024, representing a year-on-year growth of 12.06%, with a net profit attributable to shareholders of HKD 5.465 billion, up 12.71% year-on-year [4][5]. - The company is expanding its revenue scale through deepening its presence in quality domestic regions and accelerating large-scale infrastructure projects overseas, particularly benefiting from the development of the Northern Metropolis in Hong Kong [4][5]. - The financial cost ratio has decreased to 2.6%, down 0.15 percentage points year-on-year, due to lower financing costs in mainland China [4]. - The company secured new contracts worth HKD 125.13 billion in the first half of 2024, a year-on-year increase of 29.2%, with significant contributions from both Hong Kong and mainland China [4][5]. - The company has increased its dividend payout ratio to 30.42%, the highest since 2016, indicating a strong dividend attribute and potential for future increases [5]. Summary by Sections Revenue and Profit - The company reported a revenue of HKD 61.755 billion for the first half of 2024, a 12.06% increase year-on-year, and a net profit of HKD 5.465 billion, reflecting a 12.71% growth [4]. Domestic and International Operations - Domestic revenue reached HKD 35.12 billion, growing by 9.6%, while international revenue, driven by the Northern Metropolis project, amounted to HKD 23.59 billion, up 18.3% [4]. Financial Performance - The financial cost ratio improved to 2.6%, a decrease of 0.15 percentage points year-on-year, with substantial cash reserves of HKD 32.15 billion, accounting for 12.1% of total assets [4]. New Contracts - The company achieved new contracts totaling HKD 125.13 billion, a 29.2% increase year-on-year, with Hong Kong contributing HKD 57.64 billion (up 54%) and mainland China contributing HKD 56.92 billion (up 17%) [4][5]. Dividend Policy - The dividend payout ratio increased to 30.42%, the highest since 2016, suggesting a strong dividend policy and potential for future increases based on projected net profit [5].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 61,755,215, representing a 12.1% increase from HKD 55,110,712 in the same period of 2023[2] - Profit attributable to shareholders increased by 12.7% to HKD 5,465,038 compared to HKD 4,848,622 in the previous year[2] - Basic earnings per share rose to HKD 108.48, up from HKD 96.25, reflecting a 12.7% increase[2] - Total comprehensive income for the period was HKD 4,944,383, compared to HKD 2,628,262 in the same period last year[4] - The company reported a pre-tax profit of HKD 7,420,541, an increase from HKD 6,362,411 in the previous year[3] - The gross profit for the first half of 2024 was HKD 9,231,699,000, representing a 13.8% increase compared to HKD 8,113,630,000 in 2023[14] - The pre-tax profit for the first half of 2024 was HKD 7,420,541,000, an increase from HKD 6,362,411,000 in 2023[14] - Operating profit increased by 10.3% to HKD 8.57 billion, while profit attributable to shareholders rose by 12.7% to HKD 5.465 billion[32] Revenue Breakdown - Revenue from construction contracts amounted to HKD 18,673,338,000, while revenue from construction-related investment projects was HKD 23,219,853,000, down from HKD 32,287,323,000 in the previous year, indicating a decline of about 28.1%[11] - The revenue from facade engineering business significantly increased to HKD 33,768,745,000, compared to HKD 2,578,578,000 in the previous year, reflecting a growth of approximately 1205.5%[11] - Infrastructure operation revenue rose to HKD 2,536,190,000 from HKD 463,939,000, marking an increase of about 447.5%[11] - Revenue from Mainland China for the first half of 2024 reached HKD 35,118,859,000, an increase of 9.5% from HKD 32,040,124,000 in 2023[14] - The revenue of the Hong Kong division increased significantly by 29.1% year-on-year to HKD 18.174 billion, with segment profit rising by 13.7% to HKD 933 million[41] - The Macau division's revenue slightly decreased by 7.6% year-on-year to HKD 5.419 billion, with segment profit declining by 5.8% to HKD 656 million[42] - The revenue from the mainland China division grew by 9.6% year-on-year to HKD 35.119 billion, with segment profit increasing by 10.8% to HKD 6.336 billion, primarily driven by construction-related investment projects[42] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.33 per share[2] - The company declared an interim dividend of HKD 0.33 per share for 2024, up from HKD 0.275 per share in 2023[18] - The group announced an interim dividend of HKD 0.33 per share, with a payout ratio of approximately 30.4%[40] Assets and Liabilities - The company's total assets increased to HKD 162,464,085 from HKD 147,923,280 as of December 31, 2023[5] - Cash and cash equivalents rose to HKD 32,150,207, up from HKD 28,462,889[5] - The net current assets increased to HKD 43,458,205,000 from HKD 32,567,785,000, showing a growth of approximately 33.5%[6] - The total assets less current liabilities reached HKD 146,922,735,000, up from HKD 133,919,190,000, representing an increase of about 9.4%[6] - The company's equity attributable to shareholders was HKD 64,879,540,000, compared to HKD 61,723,419,000 in the previous year, indicating a growth of approximately 5.5%[6] - The bank borrowings decreased to HKD 13,965,616,000 from HKD 16,515,007,000, a reduction of about 15.4%[6] - As of June 30, 2024, the company's total bank borrowings amounted to HKD 74.56 billion, with non-current borrowings at HKD 60.59 billion[27] Strategic Initiatives and Future Outlook - The company is focusing on high-quality projects in mainland China, particularly in the Yangtze River Delta and Pearl River Delta regions, optimizing project cycles and enhancing management efficiency[34] - The company is actively promoting the application of construction technology and digital transformation to support innovation in the construction industry in Hong Kong[33] - The company aims to peak carbon emissions by 2030 and achieve carbon neutrality by 2050, with a new sustainable development roadmap and enhanced ESG disclosures[36] - The company is exploring new strategies for product development and technological innovation[53] - The company is actively seeking opportunities for mergers and acquisitions to enhance its market position[53] Contracts and Projects - For the first half of 2024, the company reported a new contract value of HKD 125.13 billion, representing a year-on-year increase of 29.2%[32] - The company secured the largest contract in its history for the WENTX project in Hong Kong, with a total contract value of HKD 61.1 billion, of which the company's share is approximately HKD 42.8 billion[33] - The company has successfully completed the M8 project in Macau, which is fully leased and will open for trial operations in September 2024[33] - The total new contracts signed in the first half of 2024 amounted to approximately HKD 125.13 billion, with a total contract backlog of HKD 673.71 billion as of June 30, 2024[47] Cash Flow and Financial Health - The group maintained a positive operating cash flow since 2022, indicating strong cash collection capabilities[40] - The company generated a net cash inflow of HKD 2 million from operating activities, compared to HKD 1.68 billion in the previous year, while investment activities recorded a net cash outflow of HKD 15.87 billion[45] Governance and Leadership - The company expressed gratitude to the board, partners, investors, and employees for their support and hard work[53] - The board members include Chairman and Executive Director Zhang Haipeng, Non-Executive Director Yan Jianguo, Executive Directors Wang Xiaoguang (CEO) and Kong Xiangzhao, and Independent Non-Executive Directors Wang Huizhen, Chen Zizheng, and Chen Fan[53] - The company is focused on enhancing leadership and collaboration among board members and stakeholders[53] - The company emphasizes the importance of employee contributions to its overall success[53] - The company is dedicated to maintaining strong relationships with investors and the community[53]

Investment Rating and Target Price - The report initiates coverage on China State Construction International (3311 HK) with a "Buy" rating and a target price of HKD 14.49, based on a 7x PE multiple for 2024, reflecting the company's steady growth and technological advancements [2][7] Core Investment Thesis - The company is a leading construction contractor in Hong Kong and Macau, with a strong presence in mainland China as a comprehensive urban investment operator [2] - It is well-positioned to benefit from large-scale projects in Hong Kong, increased non-gaming investments in Macau, and the demand for affordable housing and tech-driven projects in mainland China [2] - The company has achieved a 15% CAGR in net profit from 2019 to 2023, with improving ROE and cash flow [2] - The dividend payout ratio has been maintained at around 30% since 2008, with an expected dividend yield of 5.8% for 2024 [2] Hong Kong Market Opportunities - Hong Kong's government is actively investing in large-scale projects such as the Northern Metropolis and Lantau Tomorrow Vision, with annual infrastructure spending expected to average HKD 90 billion over the next five years, an 18% increase from the previous five-year average [3] - The company holds an 11% market share in Hong Kong, with new contract orders growing by 58% in 2023 [3] - The government plans to increase hospital beds by 4,600 from 2023 to 2027, a 70% increase compared to the previous five years, providing significant opportunities in healthcare construction [46] Macau Market Opportunities - Macau's economy is recovering, with public and private construction projects expected to grow, particularly in non-gaming investments, which are set to increase by 20% from the previously committed HKD 108.7 billion over ten years [3] - The company holds a 22% market share in Macau, with revenue and gross profit contributions of 9% and 6%, respectively, in 2023 [3] Mainland China Market Strategy - Mainland China accounts for 58% of the company's revenue and 79% of its gross profit, with a focus on affordable housing and tech-driven projects aligned with national policies such as the "Three Major Projects" and green building initiatives [4] - The company has improved its cash flow through short-cycle, fast-turnaround projects, with operating cash flow turning positive in 2022 for the first time since 2017, reaching HKD 5.0 billion in 2023 [4] - The company has established 8 prefabricated construction production bases with 78 intelligent production lines, achieving an annual capacity of 2.05 million square meters [4] Technological Advancements - The company is leveraging its technological capabilities, particularly in Modular Integrated Construction (MiC) and Building Integrated Photovoltaics (BIPV), to enhance its business model and profitability [5] - MiC projects accounted for 39.7% of new contracts in 2023, with a target to reach 50% by 2025 [5] - The company has completed 331 prefabricated projects, covering a total area of 28.34 million square meters, and has developed MiC products for various building types, including residential, commercial, and healthcare facilities [36][37] Financial Performance and Projections - The company's revenue is projected to grow from HKD 125.6 billion in 2024 to HKD 158.0 billion in 2026, with net profit expected to increase from HKD 10.4 billion to HKD 13.4 billion over the same period [6] - ROE is forecasted to improve from 13.8% in 2024 to 14.4% in 2026, driven by higher net margins and asset turnover [28] - The company's cash flow has significantly improved, with operating cash flow turning positive in 2022 and reaching HKD 5.0 billion in 2023 [30] Competitive Advantages - The company holds five highest-level "C" licenses in Hong Kong, allowing it to bid on unlimited-value public projects, and has a strong track record in healthcare, public housing, and infrastructure projects [52] - Its MiC technology has been widely adopted in Hong Kong, with the company contributing to the development of MiC standards and applications, including the construction of the world's first fully MiC-built negative pressure isolation hospital [53]