Investment Rating - The report maintains a "Buy" rating for China State Construction International (830 HK) with a target price of HKD 2.10, reflecting a potential upside of 28.8% based on a projected P/E ratio of 6.0 times for FY25 [4][5][14]. Core Views - The company's FY24 net profit attributable to shareholders increased by 12.0% year-on-year to HKD 650 million, although this was below market expectations of HKD 780 million and HKD 770 million, primarily due to a slowdown in the Hong Kong office building curtain wall projects and a decrease in general contracting revenue [1][4]. - Despite a temporary slowdown in profit growth, the long-term development outlook remains solid, with a target to achieve new contract amounts, revenue, and net profit of at least HKD 35 billion, HKD 25 billion, and HKD 3 billion respectively by 2030 [4][5]. Financial Performance Summary - FY24 total revenue decreased by 6.5% year-on-year to HKD 8.1 billion, with curtain wall revenue in Hong Kong and Macau growing only 8.4% to HKD 4.97 billion, compared to a 27.4% increase in FY23 [1][5]. - New contract value for FY24 fell by 4.2% year-on-year to HKD 11.5 billion, with a significant decline of 28.3% in the Hong Kong and Macau regions, while mainland new contracts rose by 33.2% to HKD 4.2 billion [2][5]. - The company has identified significant growth potential in its BIPV (Building-Integrated Photovoltaics) business, which has begun to generate electricity in various projects, aligning with national carbon reduction goals and international ESG requirements [3][4]. Financial Data Overview - Key financial metrics for FY24 include: - Revenue: HKD 8.1 billion - Net profit: HKD 650 million - Earnings per share: HKD 0.29 - Dividend per share: HKD 0.10, with a dividend yield of 6.0% [5][12]. - Forecasts for FY25 and FY26 project revenues of HKD 9.9 billion and HKD 11.6 billion, respectively, with net profits expected to reach HKD 789 million and HKD 964 million [5][12].
中国建筑兴业（00830）：盈利增长短暂放缓，但长远发展前景坚实