Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][9]. Core Insights - The company's main business, curtain wall operations, has shown significant revenue and profit growth, with a 13.0% year-on-year increase in revenue to HKD 8.666 billion and a 37.6% increase in net profit to HKD 580 million for 2023 [4][8]. - The company is focusing on expanding its core business while reducing reliance on non-core operations, with a strategic plan to enhance its presence in Hong Kong and Macau, explore opportunities in mainland China, and optimize overseas operations [4][8]. - The introduction of new products in Building Integrated Photovoltaics (BIPV) is expected to create new growth points, with the company aiming to lead in technology-driven differentiation [4][8]. Financial Performance Summary - Revenue for 2023 reached HKD 8.666 billion, a 13.0% increase from 2022, with a projected revenue growth rate of 19.73% for 2024 [7][8]. - Net profit for 2023 was HKD 580 million, reflecting a 37.6% increase, with forecasts of HKD 797 million and HKD 1.042 billion for 2024 and 2025, respectively [7][8]. - The company’s gross margin improved from 10.8% in 2022 to 11.2% in 2023, indicating better cost management and operational efficiency [4][8]. Business Strategy and Market Position - The company secured new contracts totaling HKD 11.501 billion in 2023, with a focus on high-end projects in both domestic and international markets [4][8]. - The strategic focus includes expanding in Hong Kong and Macau, tapping into the vast mainland market, and exploring potential in regions like Singapore and the Middle East [4][8]. - The company aims to enhance its technological capabilities and product offerings in the BIPV sector, positioning itself as a leader in sustainable building solutions [4][8].
幕墙主业兑现高增，打造新业务增长点