中国建筑国际：Q3双位数高增长，香港大基建仍有广阔空间

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of approximately HKD 91.793 billion for the first three quarters of 2024, representing a year-on-year growth of 12.04% [3]. - The net profit for the same period was approximately HKD 13.036 billion, an increase of 12.77% year-on-year [3]. - The company has a robust order backlog of HKD 418.26 billion, ensuring stable performance growth [3]. - The operating profit for Q3 was approximately HKD 4.466 billion, reflecting a year-on-year growth of 17.77% [3]. - The new signed contracts reached HKD 167.99 billion in the first three quarters of 2024, marking a year-on-year increase of 19.7% [4]. - The Hong Kong government has set ambitious infrastructure goals, which are expected to drive future growth in the market [4]. - The company is expanding its MiC (Modular Integrated Construction) business in mainland China, achieving coverage in major cities [5]. - The projected dividend yield for 2024 is approximately 5.4%, highlighting the company's dividend attributes [5]. Summary by Sections Financial Performance - Revenue for the first three quarters of 2024 was approximately HKD 91.793 billion, with a growth of 12.04% year-on-year [3]. - Net profit for the same period was approximately HKD 13.036 billion, an increase of 12.77% year-on-year [3]. - Q3 operating profit was approximately HKD 4.466 billion, reflecting a growth of 17.77% year-on-year [3]. Order and Project Pipeline - The company has an order backlog of HKD 418.26 billion, ensuring stable performance growth [3]. - New signed contracts in the first three quarters of 2024 reached HKD 167.99 billion, a year-on-year increase of 19.7% [4]. - The successful bid for the Hong Kong New Territories West reclamation project, with a total contract value of HKD 61.1 billion, contributed to the new order growth [4]. Market Outlook - The Hong Kong government's infrastructure goals, including the development of the Northern Metropolis, are expected to create significant opportunities for the company [4]. - The company is expanding its MiC business, achieving coverage in major cities such as Beijing, Guangzhou, and Shanghai [5]. - The projected dividend yield of approximately 5.4% for 2024 indicates a strong dividend profile for investors [5].