hcraeseR 股 票 研 [Table_Title] Gary Wong 黄家玮 ytiuqE Company Report: China State Construction International (03311 HK) 究 (852) 2509 2616 公司报告： 中国建筑国际 (03311 HK) 中文版 Chinese version gary.wong@gtjas.com.hk 25 March 2024 科[Ta技ble带_Su动mm类ar业y] 务贡献将不断增加  我们重申“买入”评级，维持15.00港元的目标价。我们分别小幅下调中国建筑 [RTaabtlien_gR:a nk] Buy 国际（“公司”）2024/2025年每股盈利预测3.4%/ 3.1%至2.028港元/2.266港 公 Maintained tropeR 元，并首次给予2026年每股盈利预测为2.503港元。我们维持15.00港元的 司 目标价，相当于7.2倍/ 7.1倍/ 6.9倍的2024/ 2025/ 2026年EV/EBITDA。 评级： 买入 (维持) 报 ynapmoC  2023年股东净利润同比增 ...

%% research.95579.com %% 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] 利润与现金流齐飞，港澳高景气兑现在即 报告要点 [中Ta国bl建e_筑Su国m际m发ar布y] 2023年年报，实现营业 1137.34亿港元，同增 11.5%；毛利率较2022年 13.7%升至14.4%；归母净利润91.64亿港元，同增15.2%。 ...

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) 截至二零二三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 二零二三年 二零二二年 變動 % 業績 (港幣千元) 營業額 113,734,013 101,975,265 11.5 毛利率 14.4% 13.7% 0.7 本公司股東應佔溢利 9,164,045 7,956,876 15.2 每股財務資料 盈利 – 基本 (港元) 1.82 1.58 15.2 ...

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Financial Performance - For the nine months ended September 30, 2023, the group's unaudited revenue was approximately HKD 79.49 billion, compared to HKD 73.41 billion for the same period in 2022, representing an increase of about 8.5%[2] - The group's unaudited operating profit for the same period was approximately HKD 11.56 billion, up from HKD 9.83 billion in 2022, reflecting a growth of approximately 17.7%[2] Contractual Metrics - The total new contracts signed by the group for the nine months ended September 30, 2023, amounted to approximately HKD 140.4 billion[3] - As of September 30, 2023, the group's uncompleted contract value was approximately HKD 344.03 billion[3]

EXERCISE CAUTION IN DETAILS AND IMPLEMENTATION BUILD A STRONG FOUNDATION TO SEEK GREATER SUCCESS 慎微篤行 • 精築致遠 3202 ...

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) 截至二零二三年六月三十日止六個月之 未經審核中期業績公告及 中期股息 財務摘要 未經審核 截至六月三十日止六個月 二零二三年 二零二二年 變動 % 業績（港幣千元） 營業額 55,110,712 53,810,559 2.4 毛利率 15.7% 13.4% 2.3 本公司股東應佔溢利 4,848,622 4,213,994 15.1 每股財務資料 盈利 – 基本（港仙） 96.25 83.65 15.1 ...

Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 101,975,265, representing a significant increase from HKD 77,309,614 in 2021, marking a growth of approximately 31.9%[17] - The profit attributable to shareholders for the same period was HKD 7,956,876, up from HKD 6,800,879 in 2021, reflecting a growth of about 16.9%[17] - The company's net profit margin decreased to 7.8% in 2022 from 8.8% in 2021, indicating a decline in profitability despite revenue growth[17] - The earnings per share for the year was HKD 1.58, an increase from HKD 1.35 in 2021, reflecting positive growth in shareholder returns[17] - The company achieved audited revenue of HKD 101.975 billion and operating profit of HKD 12.846 billion for the year, with a net profit attributable to shareholders increasing by 17.0% to HKD 7.957 billion[58] - The company proposed a final dividend of HKD 0.24 per share, totaling an annual dividend of HKD 0.48, representing an 18.5% increase year-on-year[58] - The group achieved significant operational improvements, with a comprehensive enhancement in operating cash flow and development quality[59] - The group maintained a strong financial position with cash on hand of HKD 23.881 billion, accounting for 10.4% of total assets, and a net gearing ratio of 69.4%[64] - The group successfully issued green medium-term notes, marking the first issuance of green bonds certified at the highest level for prefabricated buildings in the country[64] - The group secured HKD 31.69 billion in repurchase funds from construction-related investment projects, a 24.2% increase from HKD 25.51 billion in 2021[77] Project and Contract Activity - The total value of uncompleted contracts as of December 31, 2022, was HKD 294.53 billion, an increase from HKD 281.36 billion in 2021, showing a growth of approximately 4.1%[17] - The company secured 182 new projects during the year, with a total contract value of approximately HKD 160.73 billion[54] - The total contract amount for new projects undertaken in 2022 reached HKD 160.73 billion[109] - As of December 31, 2022, the total value of ongoing contracts amounted to HKD 522.63 billion, with an uncompleted contract value of HKD 294.53 billion[108] - The distribution of ongoing projects shows that 62.7% are in mainland China, 21.2% in Hong Kong, and 10.9% in Macau[108] - The company is actively involved in 14 major construction investment projects across various provinces in mainland China[121] - The company has a total of 348 ongoing projects, with 219 located in mainland China[108] Market and Geographical Insights - The construction segment in Mainland China contributed 47.7% to the overall revenue, while Hong Kong and Macau contributed 36.5% and 10.1%, respectively, highlighting the geographical distribution of revenue sources[19] - Revenue from the Hong Kong division grew by 56.1% to HKD 37.21 billion, while the Macau division's revenue reached a new high of HKD 10.54 billion, up 25.4%[75] - The mainland China revenue increased by 20.0% to HKD 48.63 billion, with segment profit rising 17.1% to HKD 10.28 billion[76] - The company is focusing on expanding its market presence in the Greater Bay Area, leveraging infrastructure investments to drive growth[121] Innovation and Technology - The company held its first information technology conference themed "Smart Construction, Digital Operations" from January 9 to 10, 2022, indicating a focus on innovation and digital transformation[21] - The company launched the HaLong "Modular Integrated Construction (MiC)" series of building products globally on August 15, showcasing three major categories[40] - The company’s technology research on "Key Technologies for High-Durability Seismic Tunnel Construction" was recognized as one of the top ten new technologies in engineering construction for 2022[46] - The group has received 112 patents in the year and continues to strengthen its R&D and promotion of construction technology[66] - The company is investing $10 million in R&D for new technologies aimed at enhancing user experience[5] Sustainability and Social Responsibility - The company was selected as a constituent of the FTSE Social Responsibility Index for six consecutive years, highlighting its commitment to social responsibility[38] - The company has been recognized for its sustainable development efforts, receiving multiple awards and maintaining a presence in the FTSE4Good Index for six consecutive years[62] - The company has received accolades for its volunteer efforts and corporate social responsibility initiatives, emphasizing its commitment to community engagement[135] - The company is committed to promoting sustainable low-carbon construction, aligning with national carbon neutrality goals, and implementing innovative construction technologies to reduce carbon emissions[159] - The company has established an ISO 14001:2015 environmental management system, continuously improving its environmental performance and compliance[156] Employee Development and Community Engagement - The group established a regular training mechanism, with over 4,000 participants in various training programs throughout the year[65] - The company has implemented a "5+3+X" youth talent development system, aiming to recruit at least 1,000 new employees annually in Hong Kong, including at least 100 graduates and 100 interns[146] - The company awarded scholarships to 65 children of employees, with amounts ranging from HKD 3,000 to 10,000, to recognize academic and non-academic achievements[154] - The "3311 Volunteer Association" has over 2,100 volunteers and participated in over 15,000 hours of community service in 2022[167] - The group actively engaged in various community volunteer activities, including home repairs and environmental initiatives, to address community needs[169] Corporate Governance and Investor Relations - The management team emphasizes the importance of investor relations, viewing it as a key focus area to enhance corporate governance and value creation, achieving good results in 2022[172] - The group received recognition for its corporate governance and stakeholder engagement, winning multiple awards including "Best Managed Company" in the industrial sector by Institutional Investor in 2022[174] - The company is committed to transparency and proactive communication, ensuring that investors are well-informed about its development strategies and operational conditions[173] - The management team is focused on listening to investor feedback and incorporating it into the group's strategic planning, highlighting the importance of stakeholder input in decision-making[172] Leadership and Management - The company has a strong leadership team with extensive experience in construction and real estate, including over 33 years in the industry for Mr. Yan, the chairman[186] - The CEO, Mr. Wang, has over 18 years of experience in investment and construction management, indicating strong operational leadership[188] - The board includes independent directors with significant expertise in engineering, law, and finance, enhancing governance and strategic direction[192][195][197] - The company is focused on sustainable development, with a dedicated committee to oversee initiatives in this area[189]

Financial Performance - The group's unaudited revenue for the three months ended March 31, 2023, was approximately HKD 21,639,304,000, representing an increase from HKD 17,325,929,000 for the same period in 2022, which is a growth of about 25.5%[4] - The unaudited operating profit for the same period was approximately HKD 3,398,564,000, compared to HKD 2,904,704,000 in 2022, indicating an increase of around 16.9%[4] Contractual Developments - The total new contracts signed by the group for the three months ended March 31, 2023, amounted to approximately HKD 47.23 billion[5] - As of March 31, 2023, the group's uncompleted contract value was approximately HKD 318.46 billion[5] - Major new contracts included the Kowloon Mother Hospital reconstruction project with a contract value of approximately HKD 3.58 billion, and the Guangzhou Longgui Ceramics City resettlement project valued at approximately HKD 5.23 billion[6]

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) 截至二零二二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及 建議修訂 組織章程大綱及細則 財務摘要 二零二二年 二零二一年 變動 % 業績 (港幣千元) 營業額 101,975,265 77,309,614 31.9 毛利率 13.7% 15.5% -1.8 本公司股東應佔溢利 7,956,876 6,800,879 17.0 ...