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.
我們將投資評級維持在 “買入”，但將目標價下調至3.70港元。我們將2023-2025年的預測每股收益分別維持在人民幣-0.410元/人民幣0.093元/人民幣0.579元。我們將目標價下調至3.70港元，相當於2023/ 2024/ 2025年電動汽車/息稅折舊攤銷前利潤的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年新合約增長了25.3％，至人民幣29.69億元，較2022年的-53.6％的下降幅度大幅改善。個人電腦單元製造業務的新合同爲人民幣26.5億元（+34.9％）；數字EPC業務的新合同爲 RMB239 百萬份（+35.9％）；模塊化集成產品製造業務的新合同爲RMB82 百萬份（-64.3％）。截至2023年12月31日，積壓的個人電腦單元製造業務爲人民幣40.65億元（-6.8％）；數字EPC業務的積壓量爲RMB203 百萬元（+45.6％）；模塊化集成產品製造業務的積壓量爲RMB118 百萬元（-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.
國務院發佈《關於全面推進美麗中國建設的意見》（《意見》）。我們認爲，《意見》將爲預製建築行業的發展帶來巨大的機遇。與傳統方法相比，預製建築可以在可控的工廠環境中完成大部分施工工作，促進了工業數字化與智能化的深度融合。此外，預製建築可以通過精確的計算和製造顯著降低現場成本，而不會在施工過程中浪費材料。這有助於減少固體廢物的產生，從而極大地促進資源的有效利用，對節能和（碳）減排具有重要意義。我們預計，在全面推進美麗中國建設的同時，裝配式建築的大力推廣，行業將進入加速發展期。
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.
催化劑：1) 交銀投資最近以33.63％的股權向杭州博大家居（最初是該公司的全資子公司）投資了 RMB200 百萬美元；2）控股股東最近增加了股權。
Risks: 1) Government infrastructure spending may be lower than expected; 2) overseas projects 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。