Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]

【解剖大盘】 上个交易日谈到："月末走稳五月带来预期"，进入五月第一个交易日，恒指震荡上行涨 1.74%，恒生科 技指数更是涨 3.08%。 别看美股看上去还不错，实际上资金都在流出。美国银行援引 EPFR 数据显示，截至周三，美国股市流 出 89 亿美元，日本和欧洲股市出现资金流入，美债资金流出 45 亿美元，为 2023年 12 月以来最大。 说到底还是关税原因，当地时间 4 月 30 日，美国总统特朗普在白宫召开内阁会议后也不得不承认，其 关税政策和贸易战可能将会导致商店里货架更空，商品价格更高，特别是玩具店。特朗普承认：以前能 买 30 个玩具，现在只能买俩。不光是玩具。5 月 2 日电，代表全美超过 300 万家企业和组织，全球规 模最大、影响力最广的商业组织之一美国商会致信特朗普政府，敦促其立即实施"关税豁免机制"，以防 止美国经济陷入衰退，并对小企业造成"无法弥补的伤害"。白宫不可能不考虑这个问题。 今日，商务部新闻发言人就中美经贸对话磋商情况答记者问。商务部新闻发言人表示，中方注意到美方 高层多次表态，表示愿与中方就关税问题进行谈判。同时，美方近期通过相关方面多次主动向中方传递 信息，希望与中 ...

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] 投资业务重启， 内地、港澳业务景气可期 报告要点 [Table_Summary] 4 月 25 日，中国建筑国际公布 2025 年一季度业绩：集团营业总额约为人民币 228.87 亿元， 较去年同期增长约 3.62%；经营溢利及应占合营企业盈利合计约为人民币 39.63 亿元，同比增 长 10.84%。 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 1 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 中国建筑国际（3311.HK） cjzqdt11111 [Table_Title2] 投资业务重启， 内地、港澳业务景气可期 [Table_Summary2] 事件描述 4 月 25 日，中国建筑国际公布 2025 年一季度业绩：集团营业总额约为人民币 228.87 亿元， 较去年同期增长约 3.62%；经营溢利及应占合营企业盈利合计约为人民币 3 ...

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, reached HKD 115,106,744, representing a 1.2% increase from HKD 113,734,013 in 2023[23] - The profit attributable to shareholders for the same period was HKD 9,361,017, reflecting a 2.1% increase compared to HKD 9,164,045 in 2023[23] - The EBITDA for the fiscal year was HKD 17,118,966, up from HKD 16,161,568 in 2023, indicating a growth of 5.9%[23] - The net profit margin remained stable at 8.1% for both 2023 and 2024[23] - The proposed final dividend for 2024 is HKD 0.615 per share, an increase from HKD 0.56 in 2023[23] - The group achieved an audited revenue of HKD 115.11 billion and an operating profit of HKD 15.91 billion for the fiscal year ending December 31, 2024, with a 2.1% increase in profit attributable to shareholders to HKD 9.36 billion[119] - Basic earnings per share increased by 2.2% to HKD 1.86, with a total dividend of HKD 0.615 per share, up 9.8% from last year[138][152] Contract and Project Management - The company reported a backlog of contracts amounting to HKD 386.54 billion as of December 31, 2024, an increase from HKD 350.05 billion in 2023[23] - The group undertook 121 new projects during the year, with a total contract value of HKD 211.26 billion[115] - In Hong Kong, the group secured new contracts totaling HKD 90.048 billion, representing a year-on-year growth of 27.0%[122] - The group won the largest contract in its history for the New Territories West Landfill Expansion Project, with a total contract value of HKD 61.1 billion, of which the group's share is approximately HKD 42.8 billion[122] - In mainland China, the group signed new contracts worth HKD 100.192 billion, focusing on high-level markets in the Yangtze River Delta and Greater Bay Area[123] - The group’s new signed contracts in the facade market reached HKD 11.02 billion, further solidifying its leadership position in the industry[125] Cash Flow and Financial Health - The current ratio improved to 1.39 in 2024, up from 1.28 in 2023, indicating better short-term financial health[23] - The group reported a significant improvement in cash flow management, with operating cash inflow of HKD 2.007 billion and investment cash inflow of HKD 1.137 billion, solidifying cash flow improvements over the past three years[119] - The group achieved a cash balance of HKD 30.741 billion as of December 31, 2024, accounting for 11.3% of total assets[130] - The net gearing ratio was controlled at 73.6%, an increase of 7.5 percentage points year-on-year[130] - The cash inflow from operating activities was HKD 2.007 billion, while cash inflow from investing activities was HKD 1.137 billion, resulting in a net cash outflow from financing activities of HKD 349 million[159] Strategic Initiatives and Innovations - The company plans to continue expanding its operations in mainland China, which accounted for 52.5% of total revenue in 2024[25] - New product developments and technological advancements are ongoing, with a focus on enhancing construction efficiency and sustainability[29] - The company aims to maintain its commitment to corporate social responsibility, having received multiple environmental certifications[29] - The group launched the C-SMART digital construction laboratory, becoming the only enterprise-level laboratory invited to join the National Digital Construction Technology Innovation Center[85] - The group showcased 18 latest technological achievements at the China Construction Technology Expo[79] - The group is advancing its modular construction business (MiC), with significant projects in Shanghai and Shenzhen, including the largest urban renewal project using modular construction methods[123][124] Sustainability and Corporate Social Responsibility - The group completed its first social responsibility loan during the year, with sustainable-linked loans steadily increasing as a proportion of total loans[126] - The company aims to achieve peak carbon emissions by 2030 and carbon neutrality by 2050, with a series of actionable measures planned to meet these targets[126] - The group's sustainable development performance has been recognized by various authoritative institutions, with MSCI ESG rating upgraded to B and inclusion in the FTSE4Good Index for the eighth consecutive year[126] Awards and Recognition - China Construction Hong Kong received 13 awards, including the highest honor "BIM Organization Grand Award," at the HKIBIM Award 2023[32] - The group was awarded the "Outstanding Award for Chinese Management Model" at the 14th China Management Global Forum[87] - The group was recognized with the IDC 2024 Digital Innovation Special Award and the Digital Transformation Annual CIO Award for its AI-integrated project management big data platform[78] Market and Regional Focus - The group plans to enhance its market position in the Hong Kong and Macau regions, focusing on major infrastructure projects and public welfare initiatives[134] - Major ongoing projects in Hong Kong include the Kai Tak New Emergency Hospital (Site A) and the redevelopment of Prince of Wales Hospital, with multiple other significant construction initiatives underway[178] - In Macau, key projects include the Galaxy Phase 4 superstructure and the construction of public housing in New Town Area A, indicating a strong focus on infrastructure development[196]

业绩稳健增长，科技类收入贡献提升 证券研究报告 中国建筑国际 (3311 HK) 港股通 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国香港 | 建筑施工 | 公司发布一季度经营情况：25Q1 实现营收 239 亿元，同比+5.5%，经营溢 利及应占合营企业溢利 39.6 亿元，同比+10.8%。25Q1 新签合同额 505 亿 元，同比-29.1%，主要系 24Q1 签订香港新界西堆填区扩建计划重大项目， 权益合同额约 395 亿元，导致基数较高，23Q1-25Q1 两年订单复合增速 10.2%，维持稳健增长，维持"买入"评级。 科技带动类收入快速增长，订单剔除高基数重大项目影响稳健增长 分业务看，25Q1 公司科技带动类/投资带动类/建筑类/运营类分别实现营收 48/114/62/5 亿元，同比+22%/+5%/-9%/+11%，占比 20%/48%/26%/2%， +2.7/-0.4/-4.1/+0.1pct。25Q1 新签合同额 505 亿元，同比下滑 29.1%，若 剔除 24Q1 堆填区重大项目，同比增长 ...

Financial Performance - For the three months ended March 31, 2025, the group's unaudited revenue was approximately RMB 22,887,286,000, compared to RMB 22,087,638,000 for the same period in 2024, representing an increase of 3.6%[4] - The group's unaudited operating profit and share of profits from joint ventures totaled approximately RMB 3,963,014,000, up from RMB 3,575,514,000 in the previous year, indicating a growth of 10.8%[4] - The financial data presented is unaudited and should be considered for reference only, as it may differ from the audited financial statements[7] - The board of directors emphasizes that the unaudited figures do not guarantee the financial performance for the three months ended March 31, 2025[7] Contracts and Future Outlook - The total new contracts signed by the group for the three months ended March 31, 2025, amounted to approximately RMB 50.51 billion[5] - As of March 31, 2025, the group's uncompleted contract value was approximately RMB 375.65 billion[5] - The company is expected to release its audited quarterly results by the end of April 2025, which will include comprehensive financial data[3] Corporate Structure - The group is a subsidiary of China State Construction Engineering Corporation, which holds a 61.81% stake in the company[3] - The chairman and executive director of the company is Zhang Haipeng, who leads the board of directors[8] Currency and Reporting Changes - The group has changed its presentation currency from Hong Kong dollars to Renminbi to better reflect its financial performance, as most transactions and funding sources are denominated in RMB[6]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 115.11 billion, representing a 1.2% increase from HKD 113.73 billion in 2023[3] - The gross profit margin improved to 15.5% in 2024 from 14.4% in 2023, reflecting a 1.1 percentage point increase[3] - Profit attributable to shareholders increased by 2.1% to HKD 9.36 billion, compared to HKD 9.16 billion in the previous year[5] - Basic earnings per share rose to HKD 1.86, up 2.2% from HKD 1.82 in 2023[5] - Total comprehensive income for the year was HKD 8.06 billion, compared to HKD 6.99 billion in 2023, marking a significant increase[8] - The company reported a net profit of HKD 10.08 billion for the year, up from HKD 9.71 billion in 2023[8] - The gross profit for the group in 2024 was HKD 17,846,527, compared to HKD 16,338,910 in 2023, showing an increase of about 9.2%[24] - The net profit before tax for 2024 was HKD 12,939,058, an increase from HKD 12,103,547 in 2023, representing a growth of approximately 6.9%[24] - The profit for the year 2024 is HKD 9,361,017,000, compared to HKD 9,164,045,000 in 2023, reflecting an increase of approximately 2.15%[32] Dividends - The board proposed a final dividend of HKD 0.285 per share, bringing the total cash dividend for the year to HKD 0.615 per share, an increase from HKD 0.560 in 2023[3] - The proposed final dividend for 2024 is HKD 1,435,721,000, consistent with the previous year's final dividend of HKD 1,435,721,000[31] - The proposed final dividend for the fiscal year 2024 is HKD 0.285 per share, with total dividends for the year amounting to HKD 0.615 per share, representing a year-on-year growth of 9.8%[46] Assets and Liabilities - Non-current assets totaled HKD 99.76 billion as of December 31, 2024, a slight decrease from HKD 101.35 billion in 2023[10] - Cash and cash equivalents increased to HKD 30.74 billion from HKD 28.46 billion in the previous year[10] - Current liabilities decreased from HKD 123,778,412 thousand in 2023 to HKD 115,355,495 thousand in 2024, a reduction of approximately 6.5%[12] - Trade payables and other payables increased significantly from HKD 74,884,549 thousand in 2023 to HKD 89,540,419 thousand in 2024, representing an increase of about 19.6%[12] - The net value of current assets rose from HKD 32,567,785 thousand in 2023 to HKD 48,062,455 thousand in 2024, an increase of approximately 47.5%[12] - Total assets minus current liabilities increased from HKD 133,919,190 thousand in 2023 to HKD 147,825,077 thousand in 2024, reflecting a growth of about 10.4%[12] - Shareholders' equity attributable to the company increased from HKD 61,723,419 thousand in 2023 to HKD 66,022,783 thousand in 2024, a rise of approximately 6.5%[12] - Non-current liabilities increased from HKD 59,641,571 thousand in 2023 to HKD 71,402,475 thousand in 2024, marking an increase of about 19.7%[12] - Bank borrowings in current liabilities decreased from HKD 16,515,007 thousand in 2023 to HKD 14,296,512 thousand in 2024, a decrease of approximately 13.4%[12] - The company’s perpetual capital securities decreased from HKD 10,017,782 thousand in 2023 to HKD 7,734,584 thousand in 2024, a decline of about 22.8%[12] Revenue Breakdown - Revenue from construction contracts amounted to HKD 47,533,524 in 2024, up from HKD 40,215,032 in 2023, indicating a growth of about 18.5%[21] - The revenue from construction-related investment projects decreased to HKD 58,836,595 in 2024 from HKD 63,592,981 in 2023, reflecting a decline of approximately 7.5%[21] - The revenue from the mainland China segment was HKD 60,419,209 in 2024, down from HKD 66,185,389 in 2023, indicating a decline of about 8.5%[24] - The revenue from Hong Kong and Macau increased to HKD 49,870,779 in 2024 from HKD 41,591,707 in 2023, representing a growth of approximately 19.5%[24] - Revenue from Hong Kong increased significantly by 33.3% to HKD 41.087 billion, while Macau's revenue decreased by 18.4% to HKD 8.784 billion[64] - The mainland China segment's revenue slightly declined by 8.7% to HKD 60.419 billion, but segment profit grew by 10.8% to HKD 12.811 billion[66] Cash Flow - The company achieved operating cash inflow of HKD 2.007 billion and investment cash inflow of HKD 1.137 billion, demonstrating significant improvement in cash flow over the past three years[46] - The group reported a significant improvement in operating cash flow, with a net inflow of HKD 2.007 billion, and investment cash flow also maintained a net inflow[62] - The group’s cash and available financial resources stood at HKD 30.741 billion, accounting for 11.3% of total assets, with a net gearing ratio of 73.6%[57] Contracts and Market Position - In Hong Kong, the company secured new contracts worth HKD 90.048 billion, reflecting a year-on-year increase of 27.0%[48] - The company signed new contracts in mainland China totaling HKD 100.192 billion, focusing on high-level markets in the Yangtze River Delta and Greater Bay Area[49] - The company’s market position in Macau remains strong, with new contract awards reaching HKD 10.003 billion, maintaining its leading status in the region[48] - The group achieved a new contract signing amount of HKD 11.02 billion in 2024, reflecting a strong market presence and growth potential[52] - The total new contracts signed amounted to HKD 211.263 billion, with a backlog of HKD 631.138 billion as of December 31, 2024[72] Research and Development - The group’s R&D investment amounted to HKD 747 million, representing 0.6% of total revenue, contributing to a new contract signing amount of HKD 87.862 billion driven by technology[60] Sustainability and ESG - The proportion of green building business in the group's revenue reached approximately 35%, indicating a strong commitment to sustainable development[54] - The group’s sustainable financing initiatives have progressed, with sustainable-linked loans steadily increasing as part of its financial strategy[54] - The group’s ESG rating was upgraded to B by MSCI, and it was recognized as a leader in sustainability by various authoritative institutions[54] Compliance and Governance - The company has adopted and complied with all provisions of the corporate governance code as per the Hong Kong Stock Exchange Listing Rules[77] - The company has established a securities trading standard code that exceeds the requirements of the Listing Rules, ensuring compliance by directors and relevant employees[78] - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2024[79] - Ernst & Young confirmed that the financial statements align with the group's consolidated financial reports, although their work does not constitute a certification[80]

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 ...