丨证券研究报告丨 港股研究丨行业点评丨建筑与工程 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 [Table_Title] 施政报告强调北部都会区，持续推荐中建国际 报告要点 [Table_Summary] 9 月 17 日，香港特区行政长官李家超发表新一份施政报告，报告主题是"深化改革 心系民生 发挥优势 同创未来"。李家超表示，北部都会区与深圳接壤，面积和未来人口约占香港三分之 一，是香港的战略发展区域，具有巨大经济价值和发展潜力，能创造大量职位，提升生产力。 为更好发展经济、改善民生，北部都会区建设务必加速推进。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 施政报告强调北部都会区，持续推荐中建国际 [Table_Summary2] 事件描述 9 月 17 日，香港特区行政长官李家超发表新 ...

Core Viewpoint - China State Construction International reported a slight revenue increase of 0.1% year-on-year for H1 2025, with total revenue reaching 56.64 billion RMB and a net profit of 5.26 billion RMB, reflecting a 5.1% growth [1] Group 1: Financial Performance - The company's H1 2025 revenue was 56.64 billion RMB, with a year-on-year growth of 0.1% [1] - The net profit attributable to shareholders for H1 2025 was 5.26 billion RMB, representing a 5.1% increase year-on-year [1] - In Q2 2025, the company reported a revenue of 33.75 billion RMB, a decline of 2.1% year-on-year [1] Group 2: Business Segments - Technology-driven revenue reached 20.54 billion RMB in H1 2025, showing a significant growth of 73.4% year-on-year [1] - Investment-driven revenue was 20.79 billion RMB, experiencing a decline of 21.5% year-on-year [1] - In Q2 2025, technology-driven revenue surged to 15.66 billion RMB, marking a 99.7% increase year-on-year, while investment-driven revenue fell to 9.43 billion RMB, down 39.6% year-on-year [1] Group 3: New Contracts and Profitability - The company secured new contracts worth 92.6 billion RMB in H1 2025, a decrease of 26.0% year-on-year; however, excluding a large order from 2024, the new contracts would show a growth of 22.8% [2] - In Q2 2025, new contracts in the investment sector reached 21.29 billion RMB, reflecting a remarkable growth of 113% year-on-year [2] - The gross margin in mainland China improved to 22.8%, an increase of 2.5 percentage points year-on-year, attributed to the focus on high-quality regions [2] Group 4: Cash Flow and Business Expansion - The company's operating cash flow for H1 2025 was 1.23 billion RMB, an improvement of 1.21 billion RMB year-on-year, with a near 100% cash collection rate in mainland China [3] - The company has expanded its MiC (Modular Integrated Construction) business into major cities, achieving full coverage in first-tier cities [3] - In Hong Kong, the government has increased its average annual basic engineering expenditure forecast from approximately 90 billion HKD to 120 billion HKD, providing further funding assurance for large infrastructure projects [3] Group 5: Dividend Policy - The company maintains a double-digit performance guidance for 2025, with a projected net profit of 10.5 billion RMB, leading to an estimated dividend yield of about 5.7% based on a 33% payout ratio [3]

Investment Rating - The investment rating for China State Construction International (3311.HK) is "Buy" and is maintained [11]. Core Views - The report highlights that Oriental International has subscribed to 244.6 million new shares at HKD 12.26 per share, representing a premium of approximately 3% over the average price in the five days prior to the agreement [7][9]. - The company is expected to benefit from its ongoing expansion in mainland China and Hong Kong, with a focus on the MiC (Modular Integrated Construction) business, which has achieved coverage in major cities [9]. - The anticipated increase in basic engineering expenditure in Hong Kong from an average of HKD 90 billion to HKD 120 billion per year is expected to provide further growth opportunities [9]. Summary by Sections Event Description - On March 11, China State Construction International announced that Oriental International subscribed to 244.6 million new shares at HKD 12.26 each, with a premium of about 3% compared to the average price prior to the agreement [7]. Business Outlook - The company is actively promoting its MiC business in major cities such as Beijing, Guangzhou, Shanghai, and Shenzhen, achieving full coverage in first-tier cities [9]. - The Hong Kong government's budget forecast indicates an increase in annual basic engineering expenditure, which is expected to enhance the company's growth prospects [9]. - With a projected net profit of HKD 10.5 billion for 2024 and a 30% dividend payout ratio, the company's current market value corresponds to a dividend yield of approximately 5.1% [9]. Strategic Partnership - Oriental International, a long-term shareholder, has now become a strategic shareholder, increasing its stake from 3.56% to approximately 8.02% post-transaction [9]. - The partnership is expected to facilitate business synergies, particularly in the area of revitalizing state-owned enterprise land assets [9].