CSC DEVELOPMENT(00830.HK):BIPV BUSINESS IS A SIGNIFICANT GROWTH DRIVER DURING 15TH FYP
CSC DEVELOPMENT(00830.HK):BIPV BUSINESS IS A SIGNIFICANT GROWTH DRIVER DURING 15TH FYP
BIPV business will contribute significantly during 15th Five-Year Plan period. The near-zero energy building market is likely to create a trillion RMB market for BIPV products. CSCD's products have passed 56 TUV tests and underwent an additional 105 tests, ensuring a leading edge in technology. It has successfully implemented over 10 BIPV pilot projects, including large commercial centers and multiple government buildings, showcasing its technological prowess with transparent solar windows and roofing systems. We expect out of the 2030 target of total new contracts of HK$35 billion for the Company, BIPV business can contribute as much as HK$15 billion, or more than 40%.We reiterate "Buy" rating and maintain the TP at HK$3.10. We slightly lower 2024/ 2025/ 2026 EPS forecast for CSC Development's (CSCD, the "Company") by 0.9%/ 0.3%/ 0.7% to HK$0.335/ HK$0.444/ HK$0.537, respectively. We maintain the TP at HK$3.10, equivalent to 7.8x/ 6.1x/ 5.0x 2024/ 2025/ 2026 EV/EBITDA.
本團隊重申'買入'評級，維持中國建築興業(HK00317)的目標價爲3.10港元。我們略微下調了2024/2025/2026年的每股收益預測，分別爲0.335港元/ 0.444港元/ 0.537港元，下調幅度爲0.9% / 0.3% / 0.7%。我們維持目標價3.10港元，對應2024/2025/2026年的EV/EBITDA倍數爲7.8倍/ 6.1倍/ 5.0倍。
1H2024 shareholders' net profit increased 26.1% YoY to HK$550 million, and results were in line with expectation. Total revenue increased 0.1% YoY to HK$4,722 million in 1H2024, in which facade and general contracting increased 1.8% YoY to HK$4,214 million, and operating management decreased 8.3% YoY to HK$508 million. Total new contracts decreased 8.7% YoY to HK$6,044 million. As at 30 June 2024, total backlog increased 12.8% YoY to HK$17,275 million.
2024年上半年董事會的股東淨利潤同比增長26.1%，達到5,500萬港元，符合預期。1H2024總收入同比增長0.1%，達到4,722.0萬港元，其中幕牆和總承包同比增長1.8%，達到4,214.0萬港元，而運營管理同比下降8.3%至5,080萬港元。總新合同額同比下降8.7%，達到6,044.0萬港元，截至2024年6月30日，總待處理工程金額同比增長12.8%，達到17,275.0萬港元。
Long-term opportunities in curtain wall business still persist in Hong Kong and Macau markets. With continuous government investment in infrastructure and the revival of the tourism economy, the demand for construction in Hong Kong and Macau is on the rise. This provides sustained growth momentum for CSCD's curtain wall business. Moreover, the Company's success in securing its first facade project in Singapore marks a strategic expansion overseas and strengthens its ability to receive potential projects of hotels and resorts in other Southeast Asia markets.
在香港和澳門市場，幕牆業務仍具有長期機遇。隨着政府持續投資於製造業，並恢復旅遊經濟，香港和澳門的建築需求日益增長。這爲中國建築興業的幕牆業務提供了持續增長的動力。此外，該公司在新加坡獲得首個幕牆項目成功拓展境外市場，並增強其在其他東南亞市場酒店和度假村潛在項目的能力。
BIPV business will contribute significantly during 15th Five-Year Plan period. The near-zero energy building market is likely to create a trillion RMB market for BIPV products. CSCD's products have passed 56 TUV tests and underwent an additional 105 tests, ensuring a leading edge in technology. It has successfully implemented over 10 BIPV pilot projects, including large commercial centers and multiple government buildings, showcasing its technological prowess with transparent solar windows and roofing systems. We expect out of the 2030 target of total new contracts of HK$35 billion for the Company, BIPV business can contribute as much as HK$15 billion, or more than 40%.
在「十五」期間，建築一體化光伏業務將在公司上市中發揮重要作用。幾乎零能耗建築市場有望爲BIPV產品創造一萬億人民幣的市場。CSCD的產品已通過了56項TUV測試和額外的105項測試，確保在技術上處於領先地位。它已成功實施了超過10個BIPV試點項目，包括大型商業中心和多個政府建築，展示了其透明太陽能窗戶和屋頂系統的技術實力。我們預計，在該公司的2030年新合同總額目標中，BIPV業務可以貢獻高達150億港元，或超過40%。
Catalysts: 1) The Company achieved a breakthrough by securing its first 26,500 sq.m. facade contract in Singapore, emphasizing its strategic overseas expansion; 2) dual-carbon targets and policies at all levels have rapidly generated market demand of BIPV products.
催化劑：1）該公司通過在新加坡獲得首個26,500平方米的幕牆合同實現了突破，強調了其戰略性的海外擴張；2）各級別的雙碳目標和政策迅速產生了光伏建築一體化產品的市場需求。
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）境外項目風險。
譯文內容由第三人軟體翻譯。
