Gelonghui, March 25 | CICC released a report saying that China Construction International announced last year's results, with revenue up 11.5% year-on-year to 113.7 billion yuan; net profit of 9.2 billion yuan, up 15.2% year-on-year; of these, revenue for the second half of last year increased 22% to 58.6 billion yuan, and net profit increased 15% year-on-year to 4.3 billion yuan, which is basically in line with the bank and market expectations. According to CICC, China Construction achieved the 15% ROE target ahead of schedule last year, and its operating quality is improving. Keep its profit forecast for this year unchanged, and introduce a net profit forecast of 12 billion yuan for next year. The current stock price corresponds to 4.2 and 3.7 times the price-earnings ratio for this year and next two years. The bank maintained its “outperforming industry” rating, considering a valuation switch to the current year, and raised the target price by 5% to HK$11.