Investment Rating - The report maintains a "Buy" rating for China State Construction International (3311 HK) with a target price of HKD 18.79 [8][9]. Core Views - The strategic premium subscription by China Orient Asset Management (International) Holdings Limited, which will increase its stake from approximately 3.56% to 8.02%, reflects confidence in the company's future development in international markets and construction technology [1][3]. - The transaction is expected to significantly optimize the company's balance sheet and enhance operational capabilities, with approximately 16.67% of the proceeds allocated to debt repayment and the remaining funds directed towards construction technology and business investments [3][5]. - The booming development of the Northern Metropolis and the focus on urban renewal in mainland China present opportunities for the company, particularly in prefabricated construction [4]. Financial Projections - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be HKD 10.425 billion, HKD 11.830 billion, and HKD 13.361 billion respectively, with a steady growth rate [5][7]. - Revenue is projected to grow from HKD 113.734 billion in 2023 to HKD 157.989 billion by 2026, reflecting a compound annual growth rate [7][18]. - The company's estimated PE ratio for 2025 is set at 8x, with a target price adjustment from HKD 16.64 to HKD 18.79 based on strong contract growth and improved profitability [5][8].