CSC DEVELOPMENT(00830.HK):1Q2024 OPERATING PROFIT INCREASED 30.8% YOY TO HK$432 MILLION MAINTAIN "BUY"
CSC DEVELOPMENT(00830.HK):1Q2024 OPERATING PROFIT INCREASED 30.8% YOY TO HK$432 MILLION MAINTAIN "BUY"
Reiterate "Buy" rating and maintain the TP at HK$3.10. We maintain the EPS forecasts for CSC Development (CSCD, the "Company") for 2024/ 2025/ 2026 at HK$0.338/ HK$0.445/ HK$0.541, respectively. We maintain the TP at HK$3.10, equivalent to 7.7x/ 6.0x/ 4.8x 2024/ 2025/ 2026 EV/EBITDA.
重申 “買入” 評級，目標價維持在3.10港元。我們將中建發展（CSCD，“公司”）2024/ 2025/ 2026年的每股收益預測分別維持在0.338港元/0.445港元/0.441港元/0.541港元。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。
1Q2024 newly signed contracts increased 4.9% YoY to HK$3,697 million. 1) 1Q2024 revenue was HK$2,031 million (+17.7%), operating profit was HK$432 million (+30.8%), and newly signed contracts were HK$3,697 million (+4.9%). Backlog was HK$17,618 million (+16.4%) as at 31 March, 2024. 2) The Company maintained a dominant position in the Hong Kong and Macau markets, consistently receiving public infrastructure projects, also receiving new contracts in private projects such as Macau Rehabilitation Hospital and Sun Hung Kai West Kowloon Arts Plaza Building. 3) The Company continued to expand high-quality projects in the Chinese Mainland market, winning the bid for the world's largest indoor ski resort (Metal Roofing of Shenzhen Qianhai Huafa Ski Resort). 4) The Company has been steadily promoting overseas market expansion such as beginning biding work in Singapore. 5) The Company further promoted BIPV applications in Chinese Mainland market and Hong Kong market (Castle Peak Road Noise Barrier - Photovoltaic Transformation, in Hong Kong).
1Q2024 新簽署的合同同比增長4.9％，至36.97億港元。1）1Q2024 收入爲20.31億港元（+17.7％），營業利潤爲4.32億港元（+30.8％），新簽署的合同爲36.97億港元（+4.9％）。截至2024年3月31日，積壓項目爲176.18億港元（+16.4％）。2）該公司在香港和澳門市場保持主導地位，持續接收公共基礎設施項目，還獲得澳門康復醫院和新鴻基西九龍藝術廣場大樓等私人項目的新合同。3）該公司繼續在中國大陸市場擴大高質量項目，贏得了全球最大的室內滑雪勝地（深圳金屬屋頂）的競標前海華發滑雪場）。4) 公司一直穩步發展促進海外市場的擴張，例如開始在新加坡進行招標工作。5) 該公司進一步推廣BIPV在中國大陸市場和香港市場（香港青山公路隔音屏障——光伏改造）的應用。
We expect total revenue, shareholders' net profit and new contracts of the Company 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，公司的總收入、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; 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。