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 ...

Company Overview - Horizon Construction Development Limited reported its annual performance for the year ending December 31, 2024, in compliance with the Hong Kong Stock Exchange regulations[2]. - As of the listing date on May 25, 2023, the company is directly controlled by Far East Horizon Limited, which is also listed on the Hong Kong Stock Exchange[7]. - The board consists of eleven members, including two executive directors, five non-executive directors, and four independent non-executive directors[200]. - The board is responsible for leading and controlling the company, ensuring decisions are made in the best interest of the company[198]. - The company has adopted the standard code of conduct for securities trading as per the listing rules[196]. - All directors confirmed compliance with the standard code of conduct for the fiscal year ending December 31, 2024[197]. Market Position and Strategy - The company has established itself as a leading equipment operation service provider in China, ranking first in the number of service outlets among domestic providers[7]. - Horizon Construction Development Limited has expanded its global service capabilities with deployments in multiple overseas regions, including Malaysia, Indonesia, Saudi Arabia, UAE, Turkey, Thailand, and Vietnam[10]. - The company aims to provide a comprehensive "product + service" solution for the construction and industrial sectors, enhancing its service capabilities through continuous innovation and digital operations[7]. - The company is committed to enhancing its research and development capabilities to drive innovation in its service offerings[7]. - The company is actively exploring new industries and products, expanding its service coverage to mining, marine engineering, and chemical industries[14]. - The company is committed to its "Three + Three + Three" overseas development strategy, focusing on enhancing its service capabilities in international markets[15]. - The company aims to enhance its core competitiveness through strategic upgrades and system reforms, focusing on efficiency, service, and asset operation capabilities[24]. - The company is focused on establishing a mature operational model domestically to support overseas growth, aiming for overseas operations to become a second growth curve[187]. Financial Performance - The company achieved a total revenue of approximately RMB 11.58 billion in 2024, representing a year-on-year growth of about 21%[15]. - In 2024, the company's net profit reached approximately RMB 900 million, with total assets growing by 16.6% to about RMB 36.43 billion compared to the previous year[23]. - The basic earnings per share for 2024 was RMB 0.282, a decrease from RMB 0.316 in 2023[25]. - The gross profit margin for 2024 was 32.6%, down from 39.1% in 2023, indicating a shift in profitability dynamics[25]. - The company maintained a debt-to-asset ratio of 68.6% in 2024, compared to 65.5% in 2023, reflecting a slight increase in leverage[26]. - The average return on total assets and average return on equity were 2.6% and 8.1%, respectively[15]. - The company's net profit for the year was RMB 896,322 thousand, a decrease of 6.9% from RMB 962,407 thousand in the previous year[105]. - The average return on equity for 2024 was 8.1%, a decrease of 2.9% from the previous year, primarily due to a decline in net profit and an increase in average equity[164]. - The average total asset return for 2024 was 2.6%, down 0.5% from the previous year, mainly due to a decrease in net profit and an increase in average total assets[165]. Revenue Breakdown - Revenue from operating leasing services reached approximately RMB 4.62 billion, accounting for 39.9% of total revenue[21]. - Engineering technical services generated revenue of about RMB 3.75 billion, with a revenue share of 32.4%, an increase of 1.6 percentage points compared to the previous year[21]. - Asset management and other services achieved revenue of approximately RMB 3.21 billion, with a revenue share of 27.7%, up by 12.0 percentage points year-on-year[22]. - The company achieved an EBITDA of RMB 4,628,654 thousand, reflecting a 3.3% increase from RMB 4,480,251 thousand in the previous year[59]. - The company reported asset management and other services revenue of RMB 3,208,712 thousand, an increase of 113.0% from RMB 1,506,715 thousand last year[73]. - The company sold 1,523 units of equipment and 455,768 tons of materials in 2024, optimizing its asset structure[75]. Customer Base and Market Expansion - The company has a diverse and high-quality customer base, supported by synergistic effects across its various product lines and service categories[7]. - The number of customers served increased from approximately 232,000 at the end of 2023 to about 325,000 by the end of 2024[20]. - The company has established 581 service points globally by the end of 2024, enhancing its market coverage[50]. - The company aims to expand its international market presence, particularly in Southeast Asia and the Middle East, with 53 overseas service points established by the end of 2024[53]. Operational Efficiency - The company has developed a digital management platform that has nearly 100% online business process rate, improving operational efficiency[53]. - The company has established a comprehensive asset maintenance lifecycle management system to enhance operational efficiency[119]. - The company has implemented a systematic risk management assessment policy to evaluate customer creditworthiness and performance, enhancing the assessment of small and medium-sized clients[126]. Cost Management - Total sales costs for 2024 amounted to RMB 7,806,466 thousand, a 33.5% increase from RMB 5,849,180 thousand in the previous year, while selling and administrative expenses rose by 21.1% to RMB 1,866,205 thousand[89]. - Employee and subcontracting costs surged by 48.0% to RMB 2,349,804 thousand, representing 20.3% of total revenue[90]. - Trade and leasing costs skyrocketed by 139.4% to RMB 1,960,256 thousand, making up 16.9% of total revenue[90]. - Depreciation and amortization costs were RMB 2,573,978 thousand, accounting for 22.2% of revenue, an increase of 8.4% from the previous year[90]. Future Outlook - The company plans to fund future capital expenditures through cash flows from operations and bank borrowings[167]. - The company has established an equity incentive plan to attract and retain talented management, ensuring long-term stable development[180]. - The company is committed to digital upgrades, utilizing RMB 117,345 thousand, which is 8% of the net proceeds[183]. - The company aims to enhance its core competitiveness and expand its business footprint while continuously exploring new products and customer needs[187]. Economic Context - In 2024, China's GDP is projected to reach RMB 134.9 trillion, with a year-on-year growth of 5.0% and a fourth-quarter growth rate of 5.4%[34]. - The construction industry in China is expected to achieve a total output value of RMB 32.65 trillion in 2024, reflecting a year-on-year increase of 3.9%[36]. - The investment in manufacturing in China is anticipated to grow by 9.2% year-on-year in 2024, which is an increase of 2.7 percentage points compared to 2023[34]. - Infrastructure investment in China is projected to grow by 4.4% in 2024, although this represents a decline of 1.5 percentage points from 2023[34].

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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.07, reflecting a 20% discount due to liquidity concerns after being removed from the Hong Kong Stock Connect [4][2]. Core Insights - The company's total revenue for the first half of 2024 reached CNY 4.872 billion, representing a year-on-year increase of 16%, while the net profit attributable to shareholders was CNY 268 million, up 13% year-on-year [1]. - Revenue from engineering technical services and asset management grew significantly, with engineering technical services revenue surpassing operating leasing services for the first time [1]. - The company has faced pressure on its stock price due to being excluded from the Hang Seng Index and the Hong Kong Stock Connect, leading to a significant reduction in holdings by southbound investors [1]. - The overseas business revenue increased by 62% year-on-year, with the company expanding into new markets in Southeast Asia and the Middle East [1]. Financial Summary - The company's projected revenues for 2024, 2025, and 2026 are CNY 9.611 billion, CNY 10.141 billion, and CNY 11.935 billion, respectively, with year-on-year growth rates of 22%, 5.5%, and 17.69% [3]. - The net profit attributable to shareholders is forecasted to be CNY 962.41 million in 2024, with a projected decline of 28.53% in 2025, followed by a recovery to CNY 997.75 million in 2026 [3]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are CNY 0.22, CNY 0.31, and CNY 0.40, respectively [2][3].

Investment Rating - The report maintains a "Buy" rating for Hongxin Construction Development (09930) [2][3] Core Views - Hongxin Construction Development achieved significant revenue and profit growth in H1 2024, with revenue increasing by 15.8% YoY to RMB 4.87 billion and net profit rising by 13.1% YoY to RMB 270 million [2] - The company's non-asset-driven businesses, particularly engineering technical services and asset management, were the main growth drivers [2] - Overseas market expansion is accelerating, with H1 2024 overseas revenue reaching RMB 73 million, a 62% YoY increase [2] Financial Performance - Revenue breakdown by segment: - Operating lease services: RMB 1.9 billion, down 24.3% YoY [2] - Engineering technical services: RMB 1.95 billion, up 70.6% YoY [2] - Asset management and other services: RMB 1.03 billion, up 84.1% YoY [2] - Gross margins: - Operating lease services: 37.1%, down 2.4 percentage points YoY [2] - Engineering technical services: 27.0%, up 6.3 percentage points YoY [2] - Asset management and other services: RMB 330 million, up 58.0% YoY [2] Equipment Management - Equipment management scale as of H1 2024: - Aerial work platforms: 205,000 units, up 28.1% YoY [2] - New support systems: 1.613 million tons, up 4.0% YoY [2] - New formwork systems: 748,000 tons, up 14.9% YoY [2] - Rental rates: - Aerial work platforms: 65.6%, down 7.9 percentage points YoY [2] - New support systems: 66.9%, up 1.9 percentage points YoY [2] - New formwork systems: 75.6%, up 5.7 percentage points YoY [2] Overseas Expansion - Number of overseas business outlets increased to 35 as of H1 2024, up from 4 at the end of 2023 [2] - Key markets include Malaysia, Vietnam, Indonesia, Thailand, Saudi Arabia, UAE, and Turkey [2] Future Projections - Revenue forecasts: - 2024: RMB 11.21 billion [2][3] - 2025: RMB 12.90 billion [2][3] - 2026: RMB 14.90 billion [2][3] - Net profit forecasts: - 2024: RMB 1.09 billion [2][3] - 2025: RMB 1.22 billion [2][3] - 2026: RMB 1.40 billion [2][3] - PE ratios: - 2024: 3.62x [2][3] - 2025: 3.24x [2][3] - 2026: 2.82x [2][3] Stock Data - Total shares outstanding: 3.197 billion [1] - Market capitalization: HKD 43.48 billion [1] - 12-month high/low: HKD 4.93/HKD 0.91 [1]

Financial Performance - Total revenue for the first half of 2024 reached RMB 4,872,421 thousand, a 15.8% increase compared to the same period in 2023[13] - Gross profit for the first half of 2024 was RMB 1,559,325 thousand, with a gross profit margin of 32.0%[13] - Net profit attributable to ordinary shareholders for the first half of 2024 was RMB 268,228 thousand[13] - Basic earnings per share for the first half of 2024 were RMB 0.084[13] - The company's average return on equity (ROE) for the first half of 2024 was 4.9%[13] - The company's average return on assets (ROA) for the first half of 2024 was 1.6%[13] - EBITDA margin (non-HKFRS measure) for the first half of 2024 was 41.1%[13] - Revenue for the six months ended June 30, 2024, increased to RMB 4,872,421 thousand, up 15.8% from RMB 4,205,971 thousand in the same period in 2023[136] - Gross profit rose to RMB 1,559,325 thousand, an 8.6% increase compared to RMB 1,436,152 thousand in the prior year period[136] - Net profit attributable to owners of the company reached RMB 268,228 thousand, up 13.1% from RMB 237,141 thousand in the first half of 2023[136] - Pre-tax profit for the first half of 2024 was RMB 406.89 million, a 20.5% increase compared to RMB 337.70 million in the same period last year[25] - The company's net profit for the period grew by 13.1% to RMB 268,228 thousand in the first half of 2024, compared to RMB 237,141 thousand in the same period last year[56] - Profit before tax for the six months ended June 30, 2024, was RMB 406,890 thousand, up from RMB 337,696 thousand for the same period in 2023, a growth of 20.5%[145] - The company's pre-tax profit for the six months ended June 30, 2024, was RMB 406,890 thousand, compared to RMB 337,696 thousand for the same period in 2023[183] Revenue Breakdown - Operating lease services contributed RMB 1,895,622 thousand to revenue, with a gross profit margin of 37.1%[13] - Engineering technical services generated RMB 1,946,261 thousand in revenue, with a gross profit margin of 27.0%[13] - Asset management and other services accounted for RMB 1,030,538 thousand in revenue, with a gross profit margin of 32.1%[13] - Revenue from operating lease services decreased by 24.3% to RMB 1,895,622 thousand, primarily due to market price fluctuations in certain product lines[35] - Revenue from engineering technical services increased by 70.6% to RMB 1,946,261 thousand, driven by business expansion and successful promotion of new modular systems[37] - Revenue from asset management and other services surged by 84.1% to RMB 1,030,538 thousand, with asset management services alone growing by 148.4%[38][39] - Revenue from overseas regions for the six months ended June 30, 2024, was RMB 72,869 thousand[162] - Revenue from the top five customers accounted for 15% of the company's total revenue for the six months ended June 30, 2024, down from 18% in the same period last year[161] - Revenue from engineering technical services increased to RMB 1,946,261 thousand in the six months ended June 30, 2024, from RMB 1,140,634 thousand in the same period last year, a 70.6% increase[164][165] - Revenue from sales of goods increased to RMB 282,512 thousand in the six months ended June 30, 2024, from RMB 259,096 thousand in the same period last year, a 9.0% increase[164][165] Costs and Expenses - Sales costs for the first half of 2024 were RMB 3.313 billion, an increase of 19.6% compared to RMB 2.770 billion in the same period last year[45] - Sales and administrative expenses (excluding impairment of debt assets) for the first half of 2024 were RMB 694.651 million, an increase of 24.6% compared to RMB 557.614 million in the same period last year[45] - Employee and labor subcontracting costs for the first half of 2024 were RMB 1.014 billion, an increase of 57.8% compared to RMB 642.607 million in the same period last year[46] - Trade and sublease costs for the first half of 2024 were RMB 571.953 million, an increase of 70.3% compared to RMB 335.806 million in the same period last year[46] - R&D expenses for the first half of 2024 were RMB 70.910 million, a decrease of 37.2% compared to RMB 112.883 million in the same period last year[46] - Total sales costs and sales and administrative expenses (excluding impairment of debt assets) for the first half of 2024 were RMB 4.008 billion, an increase of 20.4% compared to RMB 3.327 billion in the same period last year[46] - Depreciation and amortization increased by 3.7% to RMB 1,224,651 thousand in the first half of 2024, driven by business expansion and increased equipment scale[47] - Employee and labor subcontracting costs surged by 57.8% to RMB 1,014,150 thousand due to expanded engineering services and overseas market development[47] - Trade and sublease costs rose by 70.3% to RMB 571,953 thousand, primarily due to increased equipment management scale under the asset management service model[47] - Maintenance and material costs increased by 6.0% to RMB 344,969 thousand, reflecting the growth in managed asset scale[47] - Transportation and lifting fees grew by 7.7% to RMB 448,274 thousand, with a 22% increase in equipment transport volume[47] - R&D expenses decreased by 37.2% to RMB 70,910 thousand as the company adjusted the pace of digital system development[47] - Other income and gains decreased by 4.5% to RMB 106,938 thousand, mainly due to reduced gains from hedging instruments[48] - Asset provisions totaled RMB 162,720 thousand, with a 2.8% decrease compared to the previous year[50] - Other expenses decreased by 35.2% to RMB 19,905 thousand, primarily due to reduced foreign exchange losses[51] - Financial costs decreased by 16.0% to RMB 382,097 thousand, driven by lower borrowing interest expenses[52] - The company's average financing interest rate for interest-bearing bank and other borrowings (excluding ordinary share redemption liabilities) decreased to 3.99% in the first half of 2024, down by 0.28% compared to 4.27% in the same period last year, primarily due to central bank interest rate cuts and preferential rates for the company's main business[54] - The company's income tax expense increased by 37.9% to RMB 138,662 thousand in the first half of 2024, compared to RMB 100,555 thousand in the same period last year, driven by higher pre-tax profits and a higher effective tax rate of 34.1% due to withholding tax on proposed cross-border dividends[55] - Financial costs for the six months ended June 30, 2024, were RMB 382,097 thousand, down from RMB 454,624 thousand for the same period in 2023, a decrease of 16%[145] - Income tax expenses increased to RMB 138,662 thousand in 2024 from RMB 100,555 thousand in 2023, reflecting a 37.9% rise[179] - Depreciation of property, plant, and equipment included in cost of sales and R&D expenses was RMB 1,038,042 thousand in 2024, down from RMB 1,110,457 thousand in 2023[177] - Lease liability interest increased significantly to RMB 15,070 thousand in 2024 from RMB 1,999 thousand in 2023[178] - Expected credit loss on trade receivables increased to RMB 102,445 thousand in 2024 from RMB 81,901 thousand in 2023, a 25.1% rise[175] - Employee benefit expenses, including wages and salaries, increased to RMB 220,834 thousand in 2024 from RMB 129,612 thousand in 2023, a 70.4% increase[175] - Deferred tax liabilities decreased to RMB (52,441) thousand in 2024 from RMB (19,590) thousand in 2023[179] Assets and Liabilities - Total assets as of June 30, 2024, reached RMB 35,269,899 thousand, an increase from RMB 31,236,775 thousand at the end of 2022[14] - Total liabilities as of June 30, 2024, stood at RMB 24,238,127 thousand, up from RMB 20,459,108 thousand at the end of 2022[14] - The asset-liability ratio increased to 68.7% as of June 30, 2024, compared to 65.5% at the end of 2023[14] - Equity attributable to ordinary shareholders of the company was RMB 11,031,772 thousand as of June 30, 2024, slightly up from RMB 10,777,667 thousand at the end of 2022[14] - Net asset per share increased to RMB 3.45 as of June 30, 2024, from RMB 3.37 at the end of 2023[14] - Total assets as of June 30, 2024, amounted to RMB 35,269,899 thousand, a 10.5% increase from RMB 31,919,775 thousand at the end of 2023[138][139] - Non-current assets grew by 16.3% to RMB 23,392,992 thousand, driven by a 17.8% increase in property, plant, and equipment to RMB 21,471,813 thousand[138] - Current liabilities increased by 15.8% to RMB 10,752,973 thousand, primarily due to a 111.7% rise in trade payables and notes payable to RMB 3,286,827 thousand[138] - The company's equity attributable to owners increased by 2.4% to RMB 11,031,772 thousand as of June 30, 2024, compared to RMB 10,777,667 thousand at the end of 2023[139] - Cash and cash equivalents decreased by 10.8% to RMB 1,932,626 thousand as of June 30, 2024, from RMB 2,166,798 thousand at the end of 2023[138] - Total equity as of June 30, 2024, was RMB 11,031,772 thousand, compared to RMB 10,052,841 thousand as of June 30, 2023, reflecting an increase of 9.7%[140][142] - Retained earnings as of June 30, 2024, were RMB 3,001,749 thousand, up from RMB 2,044,009 thousand as of June 30, 2023, representing a growth of 46.8%[140][142] - Other comprehensive income as of June 30, 2024, was a loss of RMB 10,548 thousand, compared to a loss of RMB 1,869 thousand as of June 30, 2023[140][142] - Special reserves increased to RMB 147,983 thousand as of June 30, 2024, from RMB 112,229 thousand as of June 30, 2023, a rise of 31.8%[140][142] - The company's total liabilities across all segments amounted to RMB 24,238,127,000, with segment liabilities totaling RMB 4,389,148,000 and unallocated corporate liabilities of RMB 19,848,979,000[157] - The company's total assets across all segments amounted to RMB 35,269,899,000, with segment assets totaling RMB 30,614,775,000 and unallocated corporate assets of RMB 4,655,124,000[157] - The company's depreciation and amortization expenses for the period were RMB 1,224,653,000, with capital expenditures totaling RMB 4,372,002,000[157] - Total assets as of June 30, 2024, were RMB 30,601,785 thousand, with segment assets accounting for RMB 25,975,518 thousand[159] - Total liabilities as of June 30, 2024, were RMB 20,548,944 thousand, with segment liabilities accounting for RMB 1,983,640 thousand[159] - Capital expenditures for the six months ended June 30, 2024, were RMB 940,822 thousand, primarily for the acquisition of property, plant, and equipment[159] - The company's property, plant, and equipment had a total net book value of RMB 21,471,813 thousand as of June 30, 2024, after additions of RMB 4,372,002 thousand and disposals of RMB 47,727 thousand during the period[189] - The company's accumulated depreciation and impairment for property, plant, and equipment as of June 30, 2024, was RMB 8,156,022 thousand[189] - The company's cost of property, plant, and equipment as of June 30, 2024, was RMB 29,627,835 thousand[189] - The company's depreciation expense for the six months ended June 30, 2024, was RMB 1,073,569 thousand[189] - The company's net book value of property, plant, and equipment as of June 30, 2024, was RMB 21,471,813 thousand[189] - The total net book value of property, plant, and equipment as of December 31, 2023, was RMB 18,221,107 thousand, with a cost of RMB 25,672,028 thousand and accumulated depreciation and impairment of RMB 7,450,921 thousand[190] - The company added RMB 2,031,749 thousand to property, plant, and equipment during the period, while disposing of assets worth RMB 600,134 thousand[190] - As of June 30, 2024, the company had mortgaged property, plant, and equipment with a net book value of RMB 7,513,058 thousand as collateral for financing, up from RMB 6,476,770 thousand as of December 31, 2023[191] - The net book value of right-of-use assets as of June 30, 2024, was RMB 1,004,015 thousand, with additions of RMB 211,068 thousand and depreciation expenses of RMB 150,646 thousand during the period[195] - The lease liability as of June 30, 2024, was RMB 768,918 thousand, with new leases adding RMB 211,068 thousand and interest expense of RMB 15,070 thousand recognized during the period[198] - The total amount recognized in profit or loss related to leases for the six months ended June 30, 2024, was RMB 598,796 thousand, including RMB 150,646 thousand in depreciation of right-of-use assets and RMB 15,070 thousand in lease liability interest[200] Cash Flow - Cash flow from operating activities for the six months ended June 30, 2024, was RMB 1,348,514 thousand, compared to RMB 1,298,924 thousand for the same period in 2023, an increase of 3.8%[145] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 3,108,325 thousand, primarily due to the purchase of property, plant, and equipment amounting to RMB 3,161,906 thousand[146] - Net cash generated from financing activities for the six months ended June 30, 2024, was RMB 1,535,932 thousand, driven by new bank and other financing of RMB 6,089,533 thousand[146] - Cash and cash equivalents decreased by RMB 223,879 thousand to RMB 1,932,626 thousand as of June 30, 2024, compared to RMB 2,166,798 thousand at the beginning of the period[146] - Operating cash flow for the six months ended June 30, 2024, was RMB 1,348,514 thousand, compared to RMB 1,298,924 thousand in the same period in 2023[146] Business Operations - The company's domestic business network expanded to 515 locations, including 514 in mainland China and 1 in Hong Kong, covering over 200 cities[24] - Overseas business network reached 35 locations, with a focus on Southeast Asia and the Middle East, including Malaysia, Vietnam, Indonesia, Thailand, Saudi Arabia, UAE, and Turkey[24] - The company managed 204,800 aerial work platforms, with 72,635 of them operated under the asset management service model[31] - Utilization rates for aerial work platforms, new support systems, and new formwork systems were 65.6%, 66.9%, and 75.6% respectively in the first half of 2024[31] - The company expanded its product portfolio to include specialized aerial work equipment, material handling equipment, lifting equipment, and mining equipment[24] - The company served over 2,630 engineering projects with new support systems and new modular systems, including notable projects like the Macau Taipa Ferry Terminal and the Weierkang National Cold Chain Logistics Base[37] - Approximately 49.7% of the company's equipment operating revenue was generated from industrial projects, while 24.0% came from infrastructure and municipal projects[36] - The company sold over 800 units of equipment in the first half of 2024, contributing to its trade revenue growth of 10.2%[38] - The company's primary business includes operating lease services, engineering technical services, and asset management services[147] - The company's operating segments include Equipment Leasing Services, Engineering Technical Services, and Asset Management & Other Services, with total revenue from continuing operations reaching RMB 4,872,421,000[152

宏信建发（09930.HK） 24H1 盈利稳健增长，海外布局明显提速 24H1 营收业绩稳步增长，非资产驱动型业务占比显著提升。公司公告 2024H1 实现营收 48.7 亿元，同增 16%；实现净利润 2.7 亿元，同增 13%， 营收利润稳健增长符合预期。分板块看，公司经营租赁服务/工程技术服务/ 资产管理及其他分别实现营收 19.0/19.5/10.3 亿元，同比变化-24%/+71%/ +84%，经营租赁业务收入有所下滑，预计主因国内需求偏弱，同时高空车 及模架等设备租金价格仍有下行压力；在此情况下公司积极调整战略，将业 务向工程技术服务和资产管理业务倾斜，促使非资产驱动型业务收入快速增 长（2024H1 占比已超过 60%，YoY+21pct），驱动公司收入增长保持稳健。 截至 2024H1，公司持有高空作业平台 20.5 万台，YoY+28%（其中有 7.3 万台来自资产管理服务模式，同增 161%），出租率 65.6%，YoY-7.9pct， 出租率下行一方面因国内市场需求偏弱，另一方面因今年以来公司资产管理 的高空作业平台数量大幅扩张，而此类受托管理资产需经历验收、整备、再 部署周期；新型支 ...

证券所究报告 宠信產发 (9930 HK) t 暖价走势图 定信走走 (%) 海海救 65 33 1 (31) (63) Aug-23 Dec-23 Apr-24 Aug-24 京杯未添：S&P 建筑设计及服务 24H1 收入/护幸冷利厨比+15.9%/+13.1%，单持"买入" 经食产管理谈备规模大幅增长，出租单及毛利单小幅下滑 患本教稱 級資利率下降帶动財务食用準明显降低，資本开支主桌子上半年体现 椅嫁办您国内网点布局，海外业务办途拓展贡献增重 件款研究 2024 年８月 09 日 | 中国香港 找到 齐我 (無本) :X Y 县 茶价 (水 - ff) :2.59 所究员方式的 SFC No. BSH293+(86) 21 2897 2228 所究员 3 SAC No. S0570519110002 oongjie@htsc.com SFC No. BHG354 +(86) 21 2897 2095 联系人 天空系 SAC No. S0570122100047 wangxijie@htsc.com +(86) 755 8249 2388 日林价 ( 港币)2.59 收金价 (港币 救至８月８日)1.48 ...