港澳基建方兴未艾，现金流改善初见成效

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Insights - The company is a leading construction contractor and infrastructure investor in Hong Kong and Macau, with a focus on large-scale infrastructure projects and a significant market share [4][26]. - In the first half of 2023, the company's total revenue reached HKD 55.1 billion, representing a year-on-year increase of 2.4%. The revenue from construction contracts was HKD 18.7 billion, a decrease of 36%, while revenue from related investment projects was HKD 32.3 billion, an increase of 58% [4][17]. - The company has a strong market presence in Hong Kong and Macau, with a market share of approximately 21% in revenue and 28% in new orders in Hong Kong, and 19% in revenue and 27% in new orders in Macau [26][27]. Summary by Sections Company Overview - The company has been operating in Hong Kong since 1979 and was listed on the Hong Kong Stock Exchange in 2005. It is one of the largest general contractors in the region and a leading urban investment operator in mainland China [12][14]. Market Position in Hong Kong and Macau - The company has a sustained increase in market share in Hong Kong and Macau, with significant new orders expected from major infrastructure projects such as the Northern Metropolis and Lantau Tomorrow Vision [5][26]. - The Hong Kong government has emphasized infrastructure development, with a projected investment of over HKD 200 billion annually for the next several years, which could significantly benefit the company [5][28]. Business Model and Financial Performance - The company has shifted its business model from traditional PPP projects to shorter-cycle, high-tech projects, improving cash flow and project turnover rates [4][21]. - In the first half of 2023, the company signed new contracts worth HKD 96.8 billion, a year-on-year increase of 7%, with a notable rise in new contracts from Hong Kong [21][22]. Future Growth Opportunities - The Northern Metropolis and Lantau Tomorrow Vision projects are expected to provide substantial growth opportunities, with the potential for the company to capture a significant portion of the contracts [5][31]. - The company is also exploring innovative business models that leverage technology to enhance operational efficiency and reduce reliance on upfront capital [4][19].