Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company reported a slight decline in revenue for 2024, with total revenue at HKD 8.102 billion, down 6.5% year-on-year, while net profit increased by 12% to HKD 650 million [1]. - The profit margin improved significantly, with the net profit margin rising from 6.7% in 2023 to 8.0% in 2024, driven by high-margin projects in the China-Hong Kong market [1]. - The company is expanding its presence in the mainland market, achieving a 33.2% year-on-year increase in new contracts, totaling HKD 4.198 billion [2]. - The BIPV (Building Integrated Photovoltaics) business is expected to grow significantly, with new contracts projected to reach HKD 1.0 billion in 2025, marking the beginning of a growth phase [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of HKD 8.102 billion, a decrease of 6.5% from the previous year, while net profit rose to HKD 650 million, an increase of 12% [1]. - The gross profit margin improved to 11.9% in 2024, compared to 11.2% in 2023 [8]. Market Expansion - The total new contracts signed in 2024 amounted to HKD 11.02 billion, a decrease of 4.2% from 2023, with a notable increase in mainland contracts [2]. - The company secured significant projects in mainland China and Singapore, enhancing its market position [2]. Future Projections - The company aims for a target of over HKD 35 billion in new contracts and over HKD 25 billion in revenue by 2030, with a focus on BIPV and other emerging business strategies [3]. - Projected net profits for 2025, 2026, and 2027 are HKD 776 million, HKD 902 million, and HKD 1.017 billion, respectively, with year-on-year growth rates of 19.4%, 16.2%, and 12.8% [3].
中国建筑兴业（00830）：内地市场亮眼，BIPV有望进入爆发期