BROAD HOMES(02163.HK):OPERATION EFFICIENCY SIGNIFICANTLY IMPROVED IN 1H2023
BROAD HOMES(02163.HK):OPERATION EFFICIENCY SIGNIFICANTLY IMPROVED IN 1H2023
We raise the investment rating to "Buy" but reduce TP to HK$3.90. We forecast EPS in 2023-2025 to be -RMB0.410/ RMB0.093/ RMB0.579, respectively. We lower the TP to HK$3.90, corresponding to 16.8x/ 9.3x/ 6.4x 2023/ 2024/ 2025 EV/EBITDA.
我們將投資評級上調至 “買入”，但目標價下調至3.90港元。我們預測2023-2025年每股收益分別爲-0.410元/人民幣0.093元/人民幣0.579元。我們將目標價下調至3.90港元，對應於2023年/2024/2025年EV/EBITDA的16.8倍/9.3倍/6.4倍。
1H2023 revenue decreased by 2.1% YoY to RMB939 million.
1H2023 收入同比下降2.1％，至 RMB939 百萬美元。
Shareholders' net loss narrowed 68.6% YoY to RMB103 million. Results were in line with expectation. Gross margin was 22.5% (+3.4 ppts). 1H2023 operating cash inflow was RMB315 million (+77.1%).1H2023 total new contracts amounted to RMB1,850 million (+48.1%). As at June 30, 2023, total backlog amounted to RMB5,536 million (+10.3%).
股東淨虧損同比縮小68.6％，至 RMB103 百萬美元。結果符合預期。毛利率爲22.5％（+3.4個百分點）。1H2023 運營現金流入爲 RMB315 百萬美元（+77.1％）。2023年上半年新合同總額爲人民幣18.5億元（+48.1％）。截至2023年6月30日，積壓總額爲人民幣55.36億元（增長10.3％）。
Actively forging second growth curve and maintaining technology advancement in prefabricated construction industry. 1) Structure of new contracts has been significantly optimized, focusing on urban renewal and the construction of affordable housing. The proportion of new contracts in commercial housing projects has significantly decreased from 62% in 2022 to 35% in 1H2023, and that for affordable housing/urban renewal projects has significantly increased from 22% in 2022 to 33% in 1H2023; 2) due to vigorously developed digital EPC business, 1H2023 revenue and gross profit contributions of the digital EPC business reached 9.8% and 15.3% respectively, with no related revenue or gross profit recognized during the same period last year, and new contract values for this business has increased significantly by 50.1% YoY, reaching RMB225 million; 3) the Company continues to consolidate the technological advancement in the field of prefabricated construction and promote more application scenarios, and plans to complete 50 patent submissions for 2H2023, further solidifying its leading position in the technology of prefabricated construction.
積極塑造第二條增長曲線，保持裝配式建築行業的技術進步。1) 新合同結構已得到顯著優化，重點是城市更新和經濟適用房的建設。商品住房項目的新合同比例已從 2022 年的 62% 大幅下降至 1H2023 的 35%，經濟適用房/城市更新項目的新合同比例已從 2022 年的 22% 大幅增加到 1H2023 的 33%；2) 由於數字總承包業務的蓬勃發展，1H2023 的收入和毛利貢獻分別達到了 9.8% 和 15.3%，去年同期沒有確認相關收入或毛利，還有新合同該業務的價值顯著增長了50.1% 同比，達到 RMB225 百萬；3) 該公司繼續鞏固預製建築領域的技術進步並推廣更多的應用場景，並計劃完成 2H2023 的 50 項專利申請，進一步鞏固其在預製建築技術領域的領先地位。
Catalysts: 1) The recovery of the real estate market is accelerating; 2) the application and popularity of use of modular integrated product is accelerating due to increase in cost competitiveness and environmental protection awareness.
催化劑：1）房地產市場的復甦正在加速；2）由於成本競爭力和環保意識的提高，模塊化集成產品的應用和使用正在加速。
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。