CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS(00830.HK):3Q24 RESULTS IN LINE; ORDERS FROM HONG KONG AND MACAO REMAIN STRONG
CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS(00830.HK):3Q24 RESULTS IN LINE; ORDERS FROM HONG KONG AND MACAO REMAIN STRONG
Focus on high-tier cities and high-end projects in the Chinese mainland. The firm has increased efforts to explore high-end projects in the Chinese mainland. After winning the OPPO project in 1H24, the firm recently won bids for a new commercial landmark in Chengdu, an iconic cultural and art space in Shanghai, and several high-quality projects such as Apple store maintenance, Xiaomi Nanjing Jingfeng flagship store, and Deji Plaza skylights.3Q24 results in line with our expectations
第3季度24財年的業績符合我們的預期
China State Construction Development Holdings announced 3Q24 results: In 1-3Q24, revenue rose 2% YoY to HK$6.54bn, and operating profit grew 27.9% YoY to HK$841mn, implying an operating profit margin of 12.9% (up 2.6ppt YoY). According to its 1-3Q24 results, 3Q24 revenue rose 7.4% YoY to HK$1.82bn, and 3Q24 operating profit grew 128.4% YoY to HK$140mn, implying an operating profit margin of 7.7% (up 4.1ppt YoY). New orders totaled HK$8.54bn in 1-3Q24 (vs. HK$9.01bn in 1-3Q23) and about HK$2.50bn in 3Q24 (up 4.6% YoY), largely in line with our expectations.
中國建築發展控股公司宣佈了第3季度24財年的業績：截至1-3Q24，營業收入同比增長2%，達到65.4億港元，營業利潤同比增長27.9%，達到8.41億港元，意味着營業利潤率爲12.9%（同比增加2.6個百分點）。根據其1-3Q24的業績，第3季度24財年的營業收入同比增長7.4%，達到18.2億港元，第3季度24財年的營業利潤同比增長128.4%，達到1.4億港元，意味着營業利潤率爲7.7%（同比增加4.1個百分點）。新訂單總額爲85.4億港元（較1-3Q23年同期的90.1億港元有所下降），第3季度24財年約爲25億港元（同比增長4.6%），與我們的預期基本一致。
Strong markets in Hong Kong and Macao contribute to high earnings growth. In 1-3Q24, the firm's revenue from Hong Kong SAR and Macao SAR rose 26.4% YoY to about HK$4.34bn, maintaining rapid growth. New contract value fell 7.6% YoY to HK$5.03bn (mainly due to HK$2.49bn of hospital orders in Hong Kong SAR and Macao SAR in the same period last year). In 3Q24, the new contract value rose 56.7% YoY to about HK$1.87bn. The firm maintained its leading position in the public building, commercial, and residential markets in Hong Kong SAR and Macao SAR. In 3Q24, it won bids for several residential projects in Hong Kong SAR, including Wong Chuk Hang, Kwu Tung, and Mansfield Road at the Peak. In Macao, the firm also secured a renovation project for MGM Grand.
香港和澳門市場強勁，爲收入增長做出貢獻。在1-3Q24，公司來自香港特別行政區和澳門特別行政區的營業收入同比增長26.4%，達到約43.4億港元，保持了快速增長。新合同價值同比下降7.6%，達到50.3億港元（主要是由於去年同期在香港特別行政區和澳門特別行政區有24.9億港元的醫院訂單）。第3季度24財年，新合同價值同比增長56.7%，達到約18.7億港元。公司在香港特別行政區和澳門特別行政區的公共建築、商業和住宅市場保持領先地位。在第3季度24財年，公司中標了香港特別行政區的幾個住宅項目，包括黃竹坑、古東和山頂曼斯菲爾德路。在澳門，公司還獲得了澳門金沙城大廈的翻新項目。
Focus on high-tier cities and high-end projects in the Chinese mainland. The firm has increased efforts to explore high-end projects in the Chinese mainland. After winning the OPPO project in 1H24, the firm recently won bids for a new commercial landmark in Chengdu, an iconic cultural and art space in Shanghai, and several high-quality projects such as Apple store maintenance, Xiaomi Nanjing Jingfeng flagship store, and Deji Plaza skylights.
專注於中國內地高端城市和高端項目。公司加大了在中國內地高端項目的探索力度。在贏得OPPO項目後，公司最近還中標了成都的一座新商業地標、上海的標誌性文化藝術空間，以及蘋果商店維護、小米南京景峯旗艦店和德基廣場天窗等幾個高質量項目。
Trends to watch
需要注意的趨勢
Strong demand in Hong Kong SAR and Macao SAR; building integrated PV (BIPV) to be the new revenue source. Looking ahead, we believe the Hong Kong market will remain strong in the next 3-5 years with robust demand drivers. The firm will fully benefit from large construction projects, such as the construction of a metropolitan area in the northern area of Hong Kong SAR. Beyond its solid presence in Hong Kong SAR and Macao SAR, the company is actively promoting BIPV. Recently, it completed a series of certification tests for electrical appliances, building fire protection, durability, and product strength, laying a foundation for the expansion into Hong Kong SAR, Macao SAR, and overseas markets. In addition, the company continues to develop BIPV technology and cooperates with experts in various fields. As its projects gradually generate earnings, we expect BIPV to become a new revenue source for the company during the 15th Five-Year Plan period.
香港特別行政區和澳門特別行政區需求強勁；建築一體化光伏（BIPV）將成爲新的收入來源。展望未來，我們認爲香港市場在未來3-5年中將保持強勁需求驅動。公司將充分受益於大型建築項目，如在香港特別行政區北部地區建設大都市區。除了在香港特別行政區和澳門特別行政區的穩固地位外，公司還積極推廣BIPV。最近，公司完成了一系列電器、建築防火、耐久性和產品強度的認證測試，爲拓展香港特別行政區、澳門特別行政區和境外市場奠定了基礎。此外，公司繼續開發BIPV技術，並與各領域的專家合作。隨着項目逐漸產生收益，我們預計BIPV將在「十五」規劃期間成爲該公司的新收入來源。
Financials and valuation
財務和估值。
We maintain our net profit forecasts for 2024 and 2025. The stock is trading at 5.9x 2024e and 4.5x 2025e P/E. We maintain our OUTPERFORM rating and target price of HK$2.8, implying 8.2x 2024e and 6.3x 2025e P/E and offering 39% upside.
我們維持2024年和2025年的淨利潤預測。該股票以2024e爲5.9倍和2025e爲4.5倍的市盈率交易。我們保持OUTPERFORM評級和目標價爲2.8港元，意味着2024年e和2025年e的市盈率分別爲8.2倍和6.3倍，並提供39%的上漲空間。
Risks
風險
Weaker-than-expected demand in Hong Kong SAR and Macao SAR; disappointing order delivery.
香港特別行政區和澳門特別行政區需求低於預期；訂單交付令人失望。
譯文內容由第三人軟體翻譯。
