Core Viewpoint - The company,宏信建发, anticipates a significant decline in revenue and profit for the fiscal year 2025 compared to 2024, primarily due to adverse market conditions in the mainland equipment rental industry and strategic business adjustments [1] Revenue Outlook - The company expects a revenue decrease of nearly 20% in 2025, with projected revenue of approximately RMB 115.81 billion for 2024 [1] - The anticipated decline in revenue is attributed to a continuous drop in domestic equipment rental prices, despite stable utilization rates of high-altitude work platforms [1] Profit Forecast - The company forecasts a 70%-90% reduction in shareholder profit for 2025, compared to an estimated RMB 8.96 billion for 2024 [1] - The decline in profit is linked to lower operational leasing service revenue and gross profit margins, as well as a slowdown in the disposal of inefficient material assets [1] Market Conditions - The domestic equipment rental market is experiencing a downward trend in rental prices, impacting revenue and gross margins [1] - The company is actively pursuing a contraction strategy in its mainland material business, leading to decreased revenue and gross margins in engineering technical services [1] Asset Disposal Impact - In 2024, the company undertook significant sales of inefficient material assets, but the scale of disposals is expected to slow in 2025 [1] - The gross profit margin from material asset sales has been negatively affected by declining steel market prices, resulting in a notable decrease in trade revenue and gross margins [1]
宏信建发(09930.HK)：预计2025年度纯利同比下降70%-90%