值得一提的是，本次收购也备受市场关注。5月13日，天风证券（601162）发布研报称，公司作为马来 西亚顶尖的一站式设备租赁供应商，拥有超1000家广泛且稳定的客户群，客户集中度偏低且客户黏性较 强，本次收购将促进公司进一步深入马来西亚市场，充分整合马来西亚成熟的销售网络，有望提升公司 在马来西亚的市场份额和竞争力，实现资产品类和客户群的深度拓展，双方有望实现"三重战略协同"， 包括产品互补、渠道叠加、技术融合。 研报还显示，宏信建发公开披露的第一季度营运概要显示，一季度公司主要品类设备出租率持续攀升， 高空作业平台季末时点出租率约78%，2025年一季度海外业务营业收入较去年同期大幅增长，占整体营 业收入比例已超过15%，宏信建发全球化战略或已进入收获期。 文章称，收购方宏信建发，作为横跨金融与产业的综合性集团远东宏信（03360.HK）旗下设备运营旗 舰平台，于2023年5月在香港完成分拆上市，位列2024年全球设备租赁公司百强榜(IRN100)第14名，同 时在2024年全球高空作业机械租赁50强榜单（ACCESS 50）中位列全球NO.2。此外，宏信建发现已构 建了覆盖7个海外国家59个海外网点的全球 ...

港股公司报告 | 公司点评 宏信建发（09930） 证券研究报告 完成马来西亚东庆控股权收购，海外属地化经营持续深入 公司与马来西亚本地最大综合设备租赁企业东庆签订股权收购协议 公司 5 月 8 日发布公告，宏信建发与马来西亚本土最大综合性设备租赁企 业东庆（TH Tong Heng Machinery）正式签署股权收购协议。本次收购首 阶段将收购东庆 80%股权，并与宏信建发马来业务充分整合，预计产生较 多协同，剩余 20%股权将基于未来长期经营业绩定价。我们认为，公司作 为马来西亚顶尖的一站式设备租赁供应商，拥有超 1000 家广泛且稳定的 客户群，客户集中度偏低且客户粘性较强，本次收购将促进公司进一步深 入马来西亚市场，充分整合马来西亚成熟的销售网络，有望提升公司在马 来西亚的市场份额和竞争力，实现资产品类和客户群的深度拓展，双方有 望实现"三重战略协同"，包括产品互补、渠道叠加、技术融合。 "产业资本+属地运营"深度整合新阶段 被收购方东庆创立于 1994 年，由马来西亚华人企业家陈庆财执掌，东庆 为马来西亚本土最大的综合性多品类设备租赁公司，拥有高空作业平台、 起重设备等众多核心产品线，位列 202 ...

摘要 • 红星建发通过并购马来西亚东庆公司，旨在绕过当地二手设备进口法规限 制，快速获取本土客户资源，提升服务质量和效率，增强客户粘性，避免 过度依赖中资客户的价格竞争。 • 马来西亚设备租赁市场稳定增长，高空作业平台保有量已达 1.2 万台，红 星建发与东庆合计占据约 35%的市场份额，市场需求受益于楼新特区数据 中心项目。 • 东庆公司是马来西亚最大的设备租赁公司，拥有约 1,400 台设备，服务超 过 1,000 家客户，本土客户复购率高达 90%，净资产约 1 亿马币，EBIT 达 4,000 万马币，ROE 超过 10%。 • 合资后的战略目标包括互补客户群、影响行业政策制定、降低运营成本 （场地租赁、物流、物联网系统），并通过 buy and build 模式吸收中小 型租赁商，形成多品类强运营能力。 • 红星建发预计未来 3-5 年马来西亚设备保有量将增至 1.9-2 万台，将通过 销售代理模式加强新机销售，并保持严格的 PMA 认证规则，限制二手设备 涌入。 Q&A 红一建发在海外市场的布局和变化情况如何？特别是最近一次马来西亚市场的 并购背景及其影响？ 宏信建发 20250512 红一建发自 ...

格隆汇5月8日丨宏信建发(09930.HK)发布公告，2025年5月8日，买方(为公司全资附属公司)与卖方(即 Chan先生及How女士，均为马来西亚居民)订立股份认购协议，据此，买方有条件同意认购而卖方各自 有条件同意出售销售股份(合共占目标公司全部已发行股本的80%)，现金代价(可予调整)指示性总额为 1.76亿令吉(相当于约人民币2.99亿元)。于股份认购协议项下拟进行的交易完成后，目标集团(即目标公 司及TGCore)公司将成为公司的附属公司。 同日，买方与Chan先生(为完成后目标公司的余下股东)及目标公司订立股东协议，以规管目标公司的事 务，以及买方及Chan先生(作为目标公司的股东)各自的权利、义务、契诺及责任，据此，(i)Chan先生应 向买方授出认购期权，以便买方认购期权股份，及(ii)买方应向Chan先生授出认沽期权，以便Chan先生 要求买方认购期权股份。股东协议将于完成日期起生效。 目标公司(即TH Tong Heng Machinery Sdn. Bhd.)是一间于1994年在马来西亚注册成立的有限责任公司， 主要从事机器及设备租赁；买卖全新及二手机器及设备；以及所有其他业务活动(包 ...

Group 1 - The company, Macro Holdings, announced a conditional share subscription agreement with Horizon Construction Development Investment (Hong Kong) Limited for a total indicative cash consideration of 176 million Malaysian Ringgit [1] - The transaction involves the acquisition of 80% of the issued share capital of TH Tong Heng Machinery Sdn. Bhd., which will become a subsidiary of the company upon completion [1] - A shareholders' agreement was established to regulate the affairs of the target company and the rights and obligations of the shareholders, including options for both parties to acquire shares [1] Group 2 - The acquisition and the granting of subscription and put options are strategic measures to enhance the company's market position and operational capabilities in Southeast Asia [2] - The transaction is expected to expand the company's overseas asset base and integrate a mature sales distribution network in Malaysia, providing access to a broad customer base [2] - The deal is anticipated to create synergies with the existing Malaysian operations, improving operational efficiency and diversifying the company's business portfolio [2]

那首先开始呢,是整个公司的一个情况的一个介绍,呃,公司已经连续多年位居中国设备运营服务行业的这个领先位置,截止到去年年底,我们的总资产规模已经达到了这个364亿,这其中包含了这个管理资产规模在内的这个21.6万台的高工资产平台,以及接近145万吨的新型数捕材料及70万吨约70万吨的新型模价材料。 那同时呢,公司在最近一两年,我们也在积极引入一些新品类,包含叉车,矿车,挖机等等产品,呃,呃,逐步积极引入了超过十余种的这个新品类。那同时呢,在在全球范围内,我们已经布局了将近581个网点,以上的资产和网点呢,这个布局在全球7个国家啊,并且累计成交客户数达到了32万5000家。 那公司的长期的愿景和战略方向呢,仍然是致力于打造世界一流的设备综合运营服务商,呃,可以看到公司在未来,呃,我们的整体的这个战略是在2022年底进行制定的,也就是致力于在未来10年内能够形成在中国东南亚以及中东北非市场三足鼎立的这个局面啊,这个成为一流的设备综合运营服务商。 那我们首先看一下2024年全年的公司经营业绩的这个回顾,呃。由于整体的这个呃,去年公司在海外业务的这个蓬勃发展的这个态势下呢,我们以区的这个维度啊,今今天的这个业绩是说呢, ...

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 1.21 HKD [1][10]. Core Views - The report highlights that the company has accelerated its overseas expansion, which is expected to enhance operational efficiency [1][6]. - The company achieved a revenue of 11.58 billion HKD in 2024, representing a year-on-year growth of 20.5%, while the net profit attributable to shareholders was 0.90 billion HKD, down 6.9% year-on-year [4][7]. - The average Return on Equity (ROE) was 8.1%, a decrease of 2.9% compared to the previous year [4]. Financial Performance - Revenue breakdown for the reporting period includes operating leasing services at 4.62 billion HKD, engineering technical services at 3.75 billion HKD, and asset management and other services at 3.21 billion HKD, with respective year-on-year changes of -10.1%, +26.5%, and +113.0% [5]. - The overall gross margin decreased by 6.5 percentage points to 32.6%, primarily due to a decline in equipment utilization and rental prices [5]. - The company’s capital expenditure reached 7.10 billion HKD, a significant increase of 249.5% year-on-year, with net capital expenditure after sales of second-hand equipment at 4.83 billion HKD, up 847.3% [5]. Strategic Initiatives - The company is diversifying its product matrix and expanding into non-construction sectors, including mining machinery leasing and oil and chemical industries [6]. - The overseas asset management scale has exceeded 2.1 billion HKD, with overseas revenue increasing over 27 times to 0.39 billion HKD, achieving breakeven [6]. - The company is pursuing an "operationally driven" transformation and advancing its "3+3+3" globalization strategy, which is expected to improve operational quality and efficiency [6]. Earnings Forecast - Projected revenues for 2025-2027 are 12.27 billion HKD, 13.46 billion HKD, and 14.84 billion HKD, with net profits of 0.96 billion HKD, 1.07 billion HKD, and 1.20 billion HKD respectively [7]. - The estimated earnings per share (EPS) for the same period are 0.30 HKD, 0.33 HKD, and 0.38 HKD, with corresponding price-to-earnings (PE) ratios of 3.76, 3.37, and 2.99 [7].

Financial Performance - The company reported a significant increase in revenue, achieving a total of 84 million in 2024, representing a growth of 63% compared to the previous year[5]. - The company achieved a total revenue of approximately RMB 11.58 billion in 2024, representing a year-on-year growth of about 21%[20]. - The total revenue for 2024 reached approximately RMB 11.58 billion, an increase from RMB 9.61 billion in 2023, representing a growth of 20.4%[30]. - Net profit for 2024 was approximately RMB 900 million, compared to RMB 962 million in 2023, reflecting a decrease of 6.9%[30]. - The pre-tax profit for 2024 was RMB 1,200,159 thousand, a decrease of 2.1% compared to RMB 1,226,523 thousand in the previous year[59]. - EBITDA for 2024 was RMB 4,628,654 thousand, an increase of 3.3% from RMB 4,480,251 thousand in the previous year[59]. - The gross profit for 2024 was RMB 3,774,596 thousand, a slight increase of 0.4% from RMB 3,761,401 thousand in the previous year, with a gross margin of 32.6%, down from 39.1%[84]. - The gross profit from operating lease services decreased by 23.0% to RMB 1,762,758 thousand in 2024, with a gross margin of 38.1%, down from 44.6% in the previous year, mainly due to fluctuations in rental prices[85]. - The gross profit from asset management services was RMB 1,021,592 thousand in 2024, with a gross margin of 31.8%, compared to RMB 605,442 thousand and 40.2% in the previous year, indicating a shift in service dynamics[85]. Customer Base and Market Position - The company has established a diverse and high-quality customer base, leveraging synergies across various product lines and service categories[12]. - The company expanded its customer base from approximately 232,000 at the end of 2023 to about 325,000 by the end of 2024[25]. - The company aims to provide a comprehensive "product + service" solution for the construction and industrial sectors, enhancing its market competitiveness[12]. - The company ranked 14th in the global equipment leasing company list (IRN100) and 2nd in the global aerial work platform rental list (ACCESS50)[28]. International Expansion - The company has expanded its overseas presence, deploying multiple service points in various international regions[12]. - The company established 53 service points in seven overseas countries, with overseas asset management exceeding RMB 3.1 billion[20]. - The company is committed to its "Three + Three + Three" overseas development strategy, aiming to enhance its overseas service capabilities[21]. - The overseas contracting business achieved a revenue of RMB 11,819.9 million in 2024, reflecting a year-on-year growth of 4.2%[51]. Innovation and Development - The company is committed to continuous innovation in research and development, focusing on digital operations to improve service efficiency[12]. - The company aims to achieve nearly 100% online business process rate through its self-developed digital system, with a ratio of full-time equipment dispatchers to equipment units at 1:7,100[57]. - The company is actively exploring new industries and products, focusing on non-construction sectors such as mining and marine engineering[19]. Financial Position and Structure - The company has a strong financial position, supported by major banking partners including China Construction Bank and Bank of China[11]. - The company maintained a stable financial structure and strong risk resistance amid a complex business environment[18]. - The debt-to-asset ratio for 2024 was 68.6%, compared to 65.5% in 2023, indicating a slight increase in leverage[31]. - Total assets as of the end of 2024 amounted to approximately RMB 36.43 billion, a growth of 16.6% compared to the previous year[31]. - Total liabilities increased by RMB 4,516,723 thousand or 22.1% year-over-year, reaching RMB 24,975,831 thousand as of December 31, 2024[147]. Operational Efficiency - The company is focused on strategic growth through potential mergers and acquisitions to enhance its market position[12]. - The company aims to enhance its core competitiveness by focusing on efficiency, service, and asset operation capabilities in 2025[29]. - The company actively adjusted its asset structure by selling underperforming equipment and materials, enhancing overall operational efficiency[89]. Employee and Cost Management - Employee and subcontractor costs rose to RMB 2,349,804 thousand in 2024, a significant increase of 48.0%, driven by the expansion of engineering services and increased overseas market activities[96]. - Selling and administrative expenses (excluding impairment of assets) rose to RMB 1,866,205 thousand, reflecting a 21.1% increase from RMB 1,540,538 thousand last year[93]. - The total costs and expenses combined reached RMB 9,672,671 thousand, a 30.9% increase from RMB 7,389,718 thousand in the previous year[93]. Risk Management - The company implemented a systematic risk management assessment policy to evaluate customer creditworthiness and performance, enhancing the assessment of small and medium-sized customers[130]. - The company has established a mechanism for risk awareness and management of accounts receivable, including a blacklist system to effectively isolate high-risk customers[130]. Future Outlook - The company aims to enhance core competitiveness and expand its business footprint while continuously exploring new products and customer needs[191]. - The company is focused on establishing a mature operational model domestically to support overseas growth, aiming for a second growth curve[191].

公司盈利能力较稳定，全年分红对应股息率约 3.72%。2024 年公司毛利 率 32.59%，同比下降 16.73%。分业务看，经营租赁服务、工程技术服 务、资产管理及其他毛利率分别为 38.15%、26.40%、31.84%，同比分别 下降 6.55%、6.42%、2.80%。销售、管理、财务费用率分别为 5.26%、 10.97%、6.96%，同比分别下降 0.11、0.23、1.55pct。所得税率 25.32%， 同比上升 3.79pct。销售净利率 7.74%，同比下降 22.68%。经营活动现金 流入 42.04 亿元，同比增加 2.54 亿元。同时公司拟宣派股息 0.045 港元/ 股，以最新收盘价计算股息率约为 3.72%。 海外业务加速布局，有望释放业绩新动能。2024 年公司加快海外市场开 拓，已进入马来西亚、越南、印度尼西亚、泰国、沙特、阿联酋及土耳 其 7 个海外国家。2024 年海外实现营收 3.89 亿元，同比增长 2765.7%。 截至 2024 年，公司海外设备数量约 10.4 千台，总资产原值约 35.48 亿 元，占比 9.74%，材料产品约 13.1 万吨，客户约 170 ...

公司公布 24 年业绩：24 年实现收入/归母净利 115.8/9.0 亿元，同比 +21%/-7%，归母净利低于我们预期（10.8 亿元），主要系国内租金价格下 滑，但海外拓展及轻资产管理规模增长带动公司收入仍维持快速增长。我们 认为公司多品类及海外业务扩张有望对冲国内租金下行压力，维持"买入"。 设备管理规模维持行业领先，租金下滑导致毛利率承压 24 年公司经营租赁服务/工程技术服务/资产管理服务收入为 46.2/37.5/32.1 亿元，同比-10.1%/+26.5%/+113.0%；毛利率分别为 38.1%/26.4%/31.8%， 同比-6.5/-2.8/-8.4pct，整体毛利率-6.5pct 至 32.6%，主要系 24 年经营租赁 业务租金价格下滑，其中高空作业平台租金价格指数下滑 20%。截至 24 年 末公司高空作业平台管理规模达 21.5 万台，同比+20.8%，公司设备管理规 模继续维持行业领先，24 年高空作业平台国内市场份额达 34.4%，考虑公 司通过自购及轻资产模式持续扩大机队规模，未来市占率有望进一步提升。 融资成本创历史新低，24 年资本开支大幅增长 24 年 公 司 销 ...