Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a stable revenue of HKD 47.22 billion for the first half of 2024, with a slight year-on-year increase of 0.1%, and a net profit of HKD 5.51 billion, reflecting a significant year-on-year growth of 26.1% [1]. - The net profit margin improved from 9.3% in the first half of 2023 to 11.7% in the first half of 2024, driven by the high-margin Hong Kong and Macau curtain wall business [1]. - The company secured new contracts totaling HKD 60.44 billion in the first half of 2024, a quarter-on-quarter increase of 23.9%, although it represents an 8.7% decline year-on-year due to the high base effect from large government hospital projects in the previous year [1]. - The company is actively advancing its BIPV (Building Integrated Photovoltaics) projects, with successful implementations in key projects, indicating a strategic focus on emerging business areas for future growth [1]. Financial Summary - The projected net profit for 2024, 2025, and 2026 is expected to be HKD 7.87 billion, HKD 10.36 billion, and HKD 13.16 billion respectively, with year-on-year growth rates of 35.7%, 31.6%, and 27.0% [1][3]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 6.0, 4.5, and 3.6 respectively, indicating a favorable valuation [1][3].
中国建筑兴业：利润率稳步增长，BIPV项目积极推进