Core Viewpoint - CITIC Securities reports that China State Construction International Holdings Limited (00830) has released its unaudited Q3 2025 results, showing significant declines in revenue and operating profit due to the downturn in the real estate sector, but anticipates recovery with the stabilization of Hong Kong's real estate market and growth in emerging markets and the BIPV industry [1] Financial Performance - The company achieved a revenue of HKD 4.709 billion, representing a year-on-year decrease of 28.5% [1] - Operating profit was HKD 635 million, down 24.5% compared to the previous year [1] Future Outlook - The company's performance is expected to recover as the Hong Kong real estate market stabilizes and the emerging markets and BIPV industry gain momentum [1] - Based on comparable enterprise PE and historical PB valuations, the target market value for the company is set at HKD 4.5 billion, corresponding to a target price of HKD 2.0 per share [1] - The recommendation remains a "Buy" rating [1]