CHINA STATE CONSTRUCTION INTERNATIONAL(03311.HK):CONSTRUCTION INDUSTRIALIZATION CONTINUES TO DRIVE GROWTH
CHINA STATE CONSTRUCTION INTERNATIONAL(03311.HK):CONSTRUCTION INDUSTRIALIZATION CONTINUES TO DRIVE GROWTH
We reiterate "Buy" rating but lower the TP to HK$15.00. We forecast China State Construction International's (CSCI, the "Company") EPS for 2023-2025 to be HK$1.814/ HK$2.100/ HK$2.339, with YoY increase of 14.8%/ 15.7%/ 11.4%, respectively, corresponding to an EPS CAGR for 2022-2025 of 14.0%. We lower the TP to HK$15.00, equivalent to 7.3x/ 6.6x/ 6.2x 2023/ 2024/ 2025 EV/EBITDA.
我們重申 “買入” 評級，但將目標價下調至15.00港元。我們預測中國建築國際（CSCI，“公司”）2023-2025年每股收益爲1.814港元/2.100港元/2.339港元，同比分別增長14.8％/15.7％/11.4％，對應2022-2025年每股收益複合年增長率爲14.0％。我們將目標價下調至15.00港元，相當於7.3倍/6.6倍/6.2倍2023年/2024/2025年EV/EBITDA。
1H2023 revenue increased 2.4% YoY to HK$55.1 billion. Shareholders' net profit increased 15.1% YoY to HK$4.8 billion. Results were in line.Gross margin increased 2.2 ppts YoY to 15.7%, thanks to the increase in gross margins for Macau market and CSC Development. New contracts received increased 7.0% YoY to HK$96.8 billion. As at 30 June, 2023, backlog increased 16.2% YoY to HK$331.3 billion.
1H2023 收入同比增長2.4％，至551億港元。股東淨利潤同比增長15.1％，至48億港元。業績一致。毛利率同比增長2.2個百分點至15.7％，這要歸功於澳門市場和中建發展集團的毛利率的提高。收到的新合同同比增長7.0％，至968億港元。截至2023年6月30日，積壓貨物同比增長16.2％，至3,313億港元。
The Company's extensive experience and investment in R&D have led to significant advancements in construction industrialization and informatization. Although per unit construction cost of the MIC method is still higher than that of traditional method, with expected technological improvements and production scale expansion in the coming years, the MIC method's cost will likely equalize or even lower than that of traditional method, driving a surge in demand for the MIC method. As China's largest MIC solutions provider, the Company stands to make substantial gains from this trend.
公司在研發方面的豐富經驗和投資使建築工業化和信息化取得了長足的進步。儘管MIC方法的單位施工成本仍高於傳統方法，但隨着未來幾年技術改進和生產規模的擴大，MIC方法的成本可能會等於甚至低於傳統方法，從而推動對MIC方法的需求激增。作爲中國最大的MIC解決方案提供商，該公司將從這一趨勢中獲得可觀的收益。
Catalysts: 1) Multiple development plans such as the Northern Metropolis and Lantau Tomorrow are clearer in Hong Kong; 2) adoption of prefabricated buildings and promotion of integrated modular building components are accelerating in 1-tier cities in China.
催化劑：1）香港的北方大都市和明日大嶼山等多項發展計劃更加明確；2）中國一線城市正在加速採用預製建築和集成模塊化建築組件的推廣。
Risk: Government infrastructure spending may be lower than expected.
風險：政府基礎設施支出可能低於預期。
譯文內容由第三人軟體翻譯。