CSC DEVELOPMENT(00830.HK):OVERSEAS MARKETS AND NEW BIPV PRODUCTS DRIVE NEW GROWTH
CSC DEVELOPMENT(00830.HK):OVERSEAS MARKETS AND NEW BIPV PRODUCTS DRIVE NEW GROWTH
We reiterate "Buy" rating and maintain the TP at HK$3.10. We forecast CSC Development's (CSCD, the "Company") EPS for 2023-2025 to be HK$0.259/ HK$0.346/ HK$0.458, with YoY increase of 35.7%/ 33.4%/ 32.4%, respectively, corresponding to an EPS CAGR for 2022-2025 of 33.8%. We maintain the TP at HK$3.10, equivalent to 9.4x/ 7.2x/ 5.6x 2023/ 2024/ 2025 EV/EBITDA.
我們重申 “買入” 評級，目標價維持在3.10港元。我們預測CSC發展（CSCD，“公司”）2023-2025年每股收益爲0.259港元/0.346港元/0.458港元，同比分別增長35.7％/33.4％/32.4％，相當於2022-2025年每股收益複合年增長率爲33.8％。我們將目標價維持在3.10港元，相當於9.4倍/7.2x/5.6倍2023年/2024/2025年EV/EBITDA。
1H2023 revenue increased 23.9% YoY to HK$4,717 million. Shareholders' net profit increased 35.7% YoY to HK$437 million. Results were in line. Gross margin increased 0.2 ppt YoY to 14.3% thanks to the completion of higher-gross-margin projects in Hong Kong and Macau region. New contracts received increased 10.2% YoY to HK$6,623 million. As at 30 June, 2023, backlog increased 17.7% YoY to HK$15,310 million.
1H2023 收入同比增長23.9％，至47.17億港元。股東淨利潤同比增長35.7％，至4.37億港元。結果是一致的。毛利率同比增長0.2個百分點至14.3％，這要歸功於香港和澳門地區毛利率更高的項目的完成。收到的新合同同比增長10.2％，至66.23億港元。截至2023年6月30日，積壓量同比增長17.7％，至153.1億港元。
The Company showed steady growth in Hong Kong and Macau markets, and rapid growth in Mainland China market, with a 51% YoY increase in new contracts in 1H2023. While gradually exiting North America, the Company refocused on expanding into other overseas markets, especially Singapore. Besides traditional glass curtain business, the Company gradually increased investment in green initiatives, with the first phase of the BIPV business production line now operational and planning for the second phase underway, and new cost-effective products are being introduced in anticipation of a demand surge post-2025.
該公司在香港和澳門市場表現出穩步增長，在中國大陸市場實現快速增長，1H2023 的新合同同比增長51％。在逐步退出北美的同時，該公司重新專注於向其他海外市場擴張，尤其是新加坡。除了傳統的玻璃幕業務外，該公司還逐步增加了對綠色舉措的投資，BIPV業務生產線的第一階段現已投入運營，第二階段的計劃正在進行中，預計2025年後需求將激增，正在推出具有成本效益的新產品。
Catalysts: 1) BIPV business is developing new products to increase efficiency and reduce costs, and will become a new growth driver for the Company's revenue and profit within 2 years; 2) the Company intends to continue to increase the dividend payout ratio with expected improving financial performance.
催化劑：1) BIPV業務正在開發新產品以提高效率和降低成本，並將在兩年內成爲公司收入和利潤的新增長動力；2) 公司打算繼續提高股息支付率，預計財務業績將改善。
Risks: 1) Government infrastructure spending may be lower than expected; 2) overseas project risks.
風險：1）政府基礎設施支出可能低於預期；2）海外項目風險。
譯文內容由第三人軟體翻譯。