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].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5]. Core Views - The company is a leading player in the aerial work platform rental industry, with significant growth potential in overseas markets, which is expected to contribute to performance increments [3]. - The company is shifting its focus towards non-asset-driven businesses, which are growing rapidly and are projected to account for 60.1% of revenue by 2024, up 13.58 percentage points year-on-year [1][2]. - Despite a decline in net profit by 6.87% year-on-year, the company is expected to achieve stable revenue growth of 20.50% in 2024, reaching 11.581 billion yuan [1][2]. Financial Summary - Revenue for 2024 is projected at 11.581 billion yuan, a 20.50% increase from the previous year, while net profit is expected to be 896.32 million yuan, a decrease of 6.87% [4]. - The gross margin for 2024 is estimated at 32.59%, down 16.73% year-on-year, with the rental service segment showing a gross margin of 38.15% [2]. - Operating cash flow is expected to increase to 4.204 billion yuan in 2024, reflecting a positive cash flow trend [2]. Business Segments - The company’s revenue from operating leasing services is projected to decline by 10.08% to 4.621 billion yuan, while engineering technical services and asset management are expected to grow by 26.54% and 112.96%, respectively [1]. - The company has expanded its overseas operations, entering seven countries, and expects overseas revenue to reach 389 million yuan in 2024, a staggering growth of 2765.7% [3]. Earnings Forecast - The company forecasts revenues of 11.928 billion yuan, 13.718 billion yuan, and 15.775 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 921 million yuan, 1.062 billion yuan, and 1.218 billion yuan [4][3]. - Earnings per share (EPS) are projected to be 0.29 yuan, 0.33 yuan, and 0.38 yuan for 2025, 2026, and 2027, respectively, with price-to-earnings (PE) ratios decreasing to 3.87, 3.35, and 2.92 [4][3].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.23 [8][9]. Core Views - The company reported a revenue of RMB 11.58 billion and a net profit attributable to shareholders of RMB 0.90 billion for 2024, reflecting a year-on-year increase of 21% in revenue but a decrease of 7% in net profit, primarily due to declining domestic rental prices. However, overseas expansion and growth in light asset management are expected to drive continued revenue growth [1]. - The company maintains a leading position in equipment management, with a management scale of 215,000 high-altitude operation platforms, a year-on-year increase of 20.8%. The domestic market share for high-altitude operation platforms reached 34.4% [2]. - The company has optimized its financing structure, achieving a historical low financing cost with an average financing rate of 3.99%. Capital expenditures for 2024 reached RMB 7.10 billion, a significant increase of 249.8% year-on-year, aimed at optimizing the domestic fleet structure and expanding overseas equipment and new categories [3]. - The overseas business saw a remarkable growth of over 27 times, reaching RMB 390 million, accounting for 3.4% of total revenue. The overseas gross profit margin was 43.7%, significantly higher than the domestic margin [4]. - Due to the decline in rental prices affecting gross margins, the company has adjusted its operating lease business gross margin forecasts for 2025 and 2026 down by 0.3% and 0.5% respectively. The projected net profits for 2025-2027 are RMB 0.95 billion, RMB 1.03 billion, and RMB 1.13 billion respectively [5]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of RMB 11.58 billion, with a year-on-year growth of 21%. The net profit attributable to shareholders was RMB 0.90 billion, down 7% year-on-year [1]. - The revenue from operating leasing services, engineering technical services, and asset management services for 2024 was RMB 46.2 billion, RMB 37.5 billion, and RMB 32.1 billion respectively, with year-on-year changes of -10.1%, +26.5%, and +113.0% [2]. Capital Expenditure and Financing - The company’s capital expenditure for 2024 was RMB 7.10 billion, a year-on-year increase of 249.8%, aimed at enhancing the domestic fleet and expanding into overseas markets [3]. - The financing cost reached a historical low with an average financing rate of 3.99%, contributing to improved cash flow [3]. Overseas Expansion and New Products - The overseas business revenue grew over 27 times to RMB 390 million, representing 3.4% of total revenue, with plans to increase overseas asset management scale to approximately RMB 10 billion by 2027 [4]. - New product categories, such as industrial air conditioners, generated RMB 220 million in revenue, marking a growth of over 800% year-on-year [4]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025 and 2026, predicting net profits of RMB 0.95 billion and RMB 1.03 billion, respectively, reflecting a downward adjustment of 23% and 27% from previous estimates [5]. - The target price is set at HKD 2.23, based on a 7x PE ratio for 2025, considering the need for liquidity improvement and the pressure on domestic leasing business margins [5].

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]