2024年第一季度经营利润同比增长15.1%至39.1亿港元，维持“买入”

Investment Rating - The report maintains a "Buy" rating for China State Construction International (03311 HK) with a target price of HKD 15.00 [1][2]. Core Insights - In Q1 2024, the operating profit increased by 15.1% year-on-year to HKD 3.91 billion, with new contracts signed rising by 69.6% to HKD 80.09 billion [1]. - The company forecasts earnings per share of HKD 2.028, HKD 2.266, and HKD 2.503 for 2024, 2025, and 2026 respectively, maintaining a target price that corresponds to EV/EBITDA multiples of 7.2x, 7.1x, and 6.9x for the same years [1]. - The total value of contracts on hand as of March 31, 2024, was HKD 394.95 billion, reflecting a year-on-year increase of 24.0% [1]. Summary by Sections Financial Performance - Q1 2024 revenue reached HKD 24.17 billion, marking an 11.7% year-on-year increase [1]. - The operating profit for the same period was HKD 3.91 billion, up 15.1% year-on-year [1]. Contractual Developments - New contracts signed in Q1 2024 totaled HKD 80.09 billion, a significant increase of 69.6% year-on-year [1]. - The company, in partnership with Veolia Group, won the New Territories West Landfill Extension project, valued at HKD 61.1 billion, which is the largest single contract in the company's history [2]. Future Outlook - The company aims to secure new contracts worth no less than HKD 210 billion in 2024, representing an 11.7% year-on-year growth target [1].