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].
宏信建发：收入实现较快增长，加速布局海外提升资产运营效率-20250309