BROAD HOMES(02163.HK):PREFABRICATED CONSTRUCTION OUTLOOK IS GETTING CLEARER IN 2024
BROAD HOMES(02163.HK):PREFABRICATED CONSTRUCTION OUTLOOK IS GETTING CLEARER IN 2024
We maintain the investment rating at "Buy", but lower the TP to HK$3.70. We maintain the forecasted EPS in 2023-2025 at RMB-0.410/ RMB0.093/ RMB0.579, respectively. We lower the TP to HK$3.70, corresponding to 16.6x/ 9.2x/ 6.3x 2023/ 2024/ 2025 EV/EBITDA.
我们将投资评级维持在 “买入”，但将目标价下调至3.70港元。我们将2023-2025年的预测每股收益分别维持在人民币-0.410元/人民币0.093元/人民币0.579元。我们将目标价下调至3.70港元，相当于2023/ 2024/ 2025年电动汽车/息税折旧摊销前利润的16.6倍/ 9.2倍/6.3倍。
2023 new contracts increased 25.3% to RMB2,969 million, substantially improved from the -53.6% decline in 2022. New contracts of the PC unit manufacturing business were RMB2,650 million (+34.9%); new contracts of digital EPC business were RMB239 million (+35.9%); and new contracts of modular integrated product manufacturing business were RMB82 million (-64.3%). As at 31 December, 2023, backlog of PC unit manufacturing business was RMB4,065 million (-6.8%); backlog of digital EPC business was RMB203 million (+45.6%); and backlog of modular integrated product manufacturing business was RMB118 million (-21.5%).
2023年新合约增长了25.3％，至人民币29.69亿元，较2022年的-53.6％的下降幅度大幅改善。个人电脑单元制造业务的新合同为人民币26.5亿元（+34.9％）；数字EPC业务的新合同为 RMB239 百万份（+35.9％）；模块化集成产品制造业务的新合同为RMB82 百万份（-64.3％）。截至2023年12月31日，积压的个人电脑单元制造业务为人民币40.65亿元（-6.8％）；数字EPC业务的积压量为RMB203 百万元（+45.6％）；模块化集成产品制造业务的积压量为RMB118 百万元（-21.5％）。
The State Council issued the "Opinions on Comprehensively Promoting the Construction of a Beautiful China" (the "Opinions"). We think that the Opinions will bring huge opportunities for the development of the prefabricated construction industry. Compared with traditional method, prefabricated buildings can complete most of the construction work in a controlled factory environment, promoting the deep integration of industrial digitalization and intelligence. In addition, prefabricated buildings can significantly reduce on-site costs through precise calculation and manufacturing without the waste of materials during the construction process. This helps to reduce the generation of solid waste, thereby highly promoting the efficient use of resources, and is of great significance to energy conservation and (carbon) emission reduction. We expect that the comprehensive promotion of the construction of a beautiful China will be accompanied by the vigorous promotion of prefabricated buildings, and the industry will enter a period of accelerated development.
国务院发布《关于全面推进美丽中国建设的意见》（《意见》）。我们认为，《意见》将为预制建筑行业的发展带来巨大的机遇。与传统方法相比，预制建筑可以在可控的工厂环境中完成大部分施工工作，促进了工业数字化与智能化的深度融合。此外，预制建筑可以通过精确的计算和制造显著降低现场成本，而不会在施工过程中浪费材料。这有助于减少固体废物的产生，从而极大地促进资源的有效利用，对节能和（碳）减排具有重要意义。我们预计，在全面推进美丽中国建设的同时，装配式建筑的大力推广，行业将进入加速发展期。
Catalysts: 1) BOCOM Investment recently invested RMB200 million in Hangzhou Broad Homes (originally a wholly-owned subsidiary of the Company) for 33.63% equity interest; 2) controlling shareholder recently increased shareholding.
催化剂：1) 交银投资最近以33.63％的股权向杭州博大家居（最初是该公司的全资子公司）投资了 RMB200 百万美元；2）控股股东最近增加了股权。
Risks: 1) Government infrastructure spending may be lower than expected; 2) overseas projects risks.
风险：1）政府基础设施支出可能低于预期；2）海外项目风险。
译文内容由第三方软件翻译。