CSC DEVELOPMENT(00830.HK):OVERSEAS MARKETS AND TECHNOLOGY PRODUCTS DRIVE NEW GROWTH
CSC DEVELOPMENT(00830.HK):OVERSEAS MARKETS AND TECHNOLOGY PRODUCTS DRIVE NEW GROWTH
We reiterate "Buy" rating and maintain the TP at HK$3.10. We slightly lower the EPS forecast for CSC Development's (CSCD, the "Company") for 2024/ 2025 by 2.3%/ 2.8% to HK$0.338/ HK$0.445, respectively, and initiate the EPS forecast for 2026 at HK$0.541. We maintain the TP at HK$3.10, equivalent to 7.7x/ 6.0x/ 4.8x 2024/ 2025/ 2026 EV/EBITDA.
我們重申 “買入” 評級，並將目標價維持在3.10港元。我們將中建開發（CSCD，“公司”）2024/2025年的每股收益預期分別小幅下調了2.3％/2.8％，至0.338港元/0.445港元，並啓動了對2026年的每股收益0.541港元的預測。我們將目標價維持在3.10港元，相當於7.7x/ 6.0x/ 4.8x 2024/ 2025/ 2026年的EV/EBITDA。
2023 shareholders' net profit increased 37.6% YoY to HK$580 million, and results were in line with expectation. Total revenue increased 13.0% YoY to HK$8,666 million in 2023, in which facade contracting increased 15.2%, general contracting increased 17.7%, and operating management decreased 4.3%. Total new contracts increased 13.6% YoY to HK$11,501 million, in which facade contracting decreased 1.2%, general contracting increased 291.8%, and operating management decreased 4.8%. As at 31 December 2023, total backlog increased 21.2% YoY to HK$16,239 million, in which facade contracting increased 12.8%, general contracting increased 79.8%, and operating management increased 8.6%.
2023年股東的淨利潤同比增長37.6％至5.8億港元，業績符合預期。2023年，總收入同比增長13.0％至86.66億港元，其中幕牆承包增長15.2％，總承包增長17.7％，運營管理下降4.3％。新合同總額同比增長13.6％，至115.01億港元，其中幕牆承包下降1.2％，總承包增長291.8％，運營管理下降4.8％。截至2023年12月31日，積壓總額同比增長21.2％，至162.39億港元，其中幕牆承包增加12.8％，總承包增長79.8％，運營管理增長8.6％。
Significant progresses were made in respective markets. In Hong Kong, the Company has embarked on the Northern Metropolis project, clinching bids for key cultural venues and the Hong Kong-Shenzhen Science and Technology Innovation Park, alongside benefiting from the 10-year Hospital Development Plan with significant orders like Grantham Hospital. In Macau, gambling firms are expanding their non-gaming investments and providing new opportunities for facade business. In Mainland China, the Company has made inroads into Beijing, strengthened its Shenzhen presence with the Zero Energy Building Pilot Project, and is focused on delivering high-quality benchmark projects to enhance its high-end brand image and profitability.
各個市場都取得了重大進展。在香港，該公司已啓動北方大都會項目，成功競標主要文化場所和港深科技創新園，同時受益於10年醫院發展計劃，並獲得格蘭瑟姆醫院等大宗訂單。在澳門，賭博公司正在擴大其非博彩投資，併爲門面業務提供新的機會。在中國大陸，該公司已進軍北京，通過零能耗建築試點項目加強了其在深圳的影響力，並專注於提供高質量的基準項目，以提升其高端品牌形象和盈利能力。
We expect total revenue, shareholders' net profit and new contracts to probably reach HK$25 billion, HK$3 billion and HK$35 billion, respectively, by 2030. Curtain wall business will remain the foundation of the Company, while BIPV and other emerging businesses with technology-driven emphasis will continue to increase in contribution.
我們預計，到2030年，總收入、股東淨利潤和新合同可能分別達到250億港元、30億港元和350億港元。幕牆業務仍將是公司的基礎，而BIPV和其他以技術爲重點的新興業務將繼續增加貢獻。
Catalysts: 1) Inspection, maintenance and renovation of old facades may bring new business opportunities due to increased safety emphasis; 2) overseas markets such as Singapore and the Middle East countries may potentially make substantial revenue contribution.
催化劑：1) 由於越來越注重安全，舊外牆的檢查、維護和翻新可能會帶來新的商機；2) 新加坡和中東國家等海外市場可能會爲收入做出可觀的貢獻。
Risks: 1) Government infrastructure spending may be lower than expected;
風險：1）政府基礎設施支出可能低於預期；
2) overseas project risks.
2）海外項目風險。
譯文內容由第三人軟體翻譯。