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].

2024 年度報告 於開曼群島註冊成立的有限公司 股票代碼：09930.HK 更新 园 信 建 發 CDHORIZON 韧则行远 化育新机 8 宏信建設發展有限公司 · 2024年度報告 | 目 録 | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 業績搬號- | | | | | | | | | | | | | | | | | | | | | | | | | 管理會詞韻與分析 | | | | | | | | | | | | | | | | | | | | | | | | | 董事及言级管理人員簡歷 | | | | | | | | | | | | | | | | | | | | | | | | | 王席刻篇---- | --- - | 公同简介--- | | | | | | ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company achieved a revenue of HKD 11.581 billion in 2024, representing a year-on-year growth of 21%, while the net profit attributable to shareholders decreased by 6.9% to HKD 896 million [1][10]. - The decline in rental income impacted the gross and net profit margins, leading to a temporary pressure on performance [1]. - The company plans to enhance its overseas asset management scale, targeting over HKD 100 billion by the end of 2027, which is expected to drive rapid revenue growth from international operations [2]. Revenue and Profit Analysis - In 2024, the revenue from operating leasing services, engineering technical services, and asset management was HKD 46.21 billion, HKD 37.51 billion, and HKD 32.09 billion respectively, with year-on-year changes of -10.1%, +26.5%, and +113.0% [2]. - The overall gross margin for 2024 was 32.6%, down by 6.55 percentage points compared to the previous year, with net profit margin at 7.74%, a decrease of 2.27 percentage points [4][10]. Asset Management and Operational Efficiency - The company has a total of 216,000 aerial work platforms, with a utilization rate of 73.8%, which is a decline of 6.2 percentage points year-on-year [3]. - The company is adjusting its operational strategy to improve asset efficiency and counteract declining rental yields by diversifying its asset categories and enhancing customer engagement [3]. Financial Metrics - The company’s asset-liability ratio stood at 68.55%, an increase of 3.05 percentage points year-on-year, while the average financing cost decreased to 3.99%, down by 0.21 percentage points [4][10]. - The forecasted net profit for 2025-2027 is expected to be HKD 1.018 billion, HKD 1.153 billion, and HKD 1.298 billion respectively, with corresponding price-to-earnings ratios of 3.7, 3.3, and 2.9 [1][10].

港股公司报告 | 公司点评 宏信建发（09930） 证券研究报告 收入实现较快增长，加速布局海外提升资产运营效率 分品类来看，2024 年公司高空作业平台保有量 21.6 万台，同比增加 3.87 万台，其中 7.5 万台为资产管理模式，整体高空车利用率为 73.8%，同比 -6.2pct，市场租金指数同比下降 20%；新型支护系统保有量 14.49 万吨， 同比减少 10.7 万吨，利用率为 72.5%，同比+2.4pct；新型模架系统保有量 69.3 万吨，同比减少 2.8 万吨，利用率 76.2%，同比+3pct。公司对经营策 略进行调整，增加资产运营效率以对冲租金收益率下降，通过重新布局资 产、增设部分专门开拓新型品类资产的业务拓展店，提升整体门店经营活 力。同时公司丰富品类并开拓新客户场景，公司新品已实现人民币 2.2 亿 元，超 800%同比增长。 毛利率下滑拖累利润，融资成本进一步下降 24 年公司综合毛利率为 32.6%，同比-6.55pct，销售、管理、财务费用率分 别同比为 5.26%、10.97%、6.96%，同比分别-0.11pct、-0.23pct、-1.55pct， 金融资产及合同 ...

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倚 賴該等內容而引致的任何損失承擔任何責任。 宏信建設發展有限公司 HORIZON CONSTRUCTION DEVELOPMENT LIMITED （於開曼群島註冊成立的有限公司） （股份代號：9930） 截至二零二四年十二月三十一日止年度全年業績公告 宏信建設發展有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬 公司（「本集團」）截至二零二四年十二月三十一日止年度的經審核全年業績。本公 告列載本公司二零二四年年度報告全文，並符合香港聯合交易所有限公司證券上 市規則中有關年度業績初步公告附載的資料之要求。 承董事會命 宏信建設發展有限公司 孔繁星 主席 香港，二零二五年三月六日 於本公告日期，本公司執行董事為詹靜先生（首席執行官）及唐立先生；本公司非 執行董事為孔繁星先生（主席）、徐會斌先生、何子明先生、袁少震先生及郭麗娜 女士；以及本公司獨立非執行董事為劉嘉凌先生、XU Min（徐敏）先生、金錦萍 女士及岑兆基先生。 | 企 | ...

港股公司报告 | 首次覆盖报告 宏信建发（09930） 证券研究报告 低估值高空作业平台租赁龙头，海外布局打造成长新动能 建筑设备租赁市场龙头企业，首次覆盖给予"买入"评级 公司背靠大股东远东宏信，作为国内最大的设备运营服务商，截至 24Q3 高空作业平台设备保有量 21.48 万台。公司的核心逻辑有三点，一是加大 海外业务扩张将设备转移至高回报地区；二是国内高空作业平台竞争格局 已基本稳固，国内高空作业平台租金或迎来涨价阶段；三是轻资产模式持 续巩固龙头规模优势。我们预测宏信建发 24-26 年归母 净利润为 9/10.4/12.2 亿元，增速分别为-6.3%/+15.7%/+16.5%，对应 EPS 分别为 0.28/0.33/0.38 元，参考可比公司 25 年 21 倍平均 PE，考虑到港股市场折 价以及流动性问题，我们认可给予宏信建发 25 年 5 倍 PE，对应目标价 1.75 港元和总市值为 55.8 亿港币，首次覆盖给予"买入"评级。我们认为宏信 建发 PB 仅 0.33 倍，资产存在一定低估，公司 24 年中期分红每股 0.05 港 元，对应 2025/1/24 收盘股息率为 4%，高股息提 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating, setting a target price of 1.75 HKD based on a 5x PE for 2025, reflecting a total market capitalization of 5.58 billion HKD [5]. Core Insights - The company is positioned as a leading player in the construction equipment rental market, with a focus on expanding its overseas operations and leveraging a light asset model to maintain its competitive edge [1][2][4]. - The domestic high-altitude work platform rental market is stabilizing, with rental prices expected to rise, enhancing profit margins for the company [3]. - The company has demonstrated strong growth in revenue and net profit, with a projected net profit of 9/10.4/12.2 billion RMB for 2024-2026, reflecting a growth rate of -6.3%/+15.7%/+16.5% [1]. Summary by Sections Company Overview - The company is a leading high-altitude work platform rental provider in China, backed by its major shareholder, Far East Horizon. As of Q3 2024, it has a fleet of 214,800 high-altitude work platforms [1][12]. - The company has established a comprehensive service capability, integrating equipment rental, engineering services, and platform services [19]. International Expansion - The company is actively expanding its overseas presence through a "3+3+3" international strategy, targeting high-growth markets in Southeast Asia and the Middle East. It has established 44 overseas outlets across seven countries, with an overseas asset management scale exceeding 2.7 billion RMB [2][50][55]. - The profitability of overseas operations is significantly higher, with diesel arm vehicles priced three times higher than in China, while diesel costs are only half [2][52]. Market Dynamics - The domestic high-altitude work platform market has seen a significant increase in equipment ownership, with projections indicating a rise from 530,000 units in 2023 to 650,000 units in 2024. The company's market share in this segment has grown to 34% [3]. - The rental prices for high-altitude work platforms are expected to increase by 10% as major manufacturers have announced price hikes, indicating a favorable market environment [3]. Business Model and Financial Performance - The company has successfully implemented a light asset model, increasing its managed equipment from 4,600 units in 2021 to 72,600 units in H1 2024, with a significant rise in the proportion of light asset management [4][21]. - Revenue growth has been robust, with a CAGR of 38.28% from 2019 to 2023, and a projected revenue of 4.877 billion RMB in H1 2024, reflecting a 16% year-on-year increase [21][37].