BROAD HOMES(02163.HK):OUTLOOK LARGELY HINGED ON RECOVERY OF PROPERTY MARKET
BROAD HOMES(02163.HK):OUTLOOK LARGELY HINGED ON RECOVERY OF PROPERTY MARKET
Development in different segments are gradually proceeding. 1) PC units remained the foundation business and the Company will continue to serve projects with high-quality cash flow; 2) the Company transitioned from a traditional construction company to a technology-driven enterprise, and will focus on digital operations and product-oriented development to enhance its competitive edge. Specifically, the digital EPC business will capitalize on significant opportunities in the "campus + industrial park" and urban renewal sectors, to drive future growth; 3) modular integrated product manufacturing business has demonstrated solid growth, and will poise for further expansion, particularly as the Company targets overseas markets and aims to achieve larger-scale revenue.We lower the TP to HK$1.20, downgrade to "Accumulate". We lower the EPS forecasts for Broad Homes (the "Company") in 2024/ 2025/ 2026 to -RMB0.931/ -RMB0.855/ -RMB0.769, respectively. We lower the TP to HK$1.20, equivalent to 16.2x/ 15.4x/ 13.3x 2024/ 2025/ 2026 EV/EBITDA.
我們將目標價下調至1.20港元，降級爲"累積"。我們分別下調了遠大住工（"公司"）2024/2025/2026年的每股收益預測至-RMB0.931/-RMB0.855/-RMB0.769。我們將目標價下調至1.20港元，相當於2024/2025/2026年的EV/EBITDA的16.2倍/15.4倍/13.3倍。
1H2024 shareholders' net profit was -RMB301 million. Total revenue decreased 10.1% YoY to RMB844 million in 1H2024, in which PC unit manufacturing was RMB767 million (-6.1%), PC equipment manufacturing was RMB0.07 million (-89.2%), modular integrated product manufacturing was RMB47 million (+58.0%), and digital EPC was RMB30 million (-66.8%).
1H2024股東的淨利潤爲-RMB30100萬。總營業收入同比下降10.1%，達到1H2024的人民幣84400萬，其中PC機組製造爲76700萬（-6.1%），PC設備製造爲7萬（-89.2%），模塊化集成產品製造爲4700萬（+58.0%），數字EPC爲3000萬（-66.8%）。
Total new contracts decreased 44.9% YoY to RMB965 million in 1H2024, in which PC unit manufacturing was RMB809 million (-45.3%), modular integrated product manufacturing was RMB80 million (+76.3%), and digital EPC was RMB77 million (-66.0%).
1H2024年新合同總額同比下降44.9%，爲人民幣96500萬，其中PC機組製造爲80900萬（-45.3%），模塊化集成產品製造爲8000萬（+76.3%），數字EPC爲7700萬（-66.0%）。
Development in different segments are gradually proceeding. 1) PC units remained the foundation business and the Company will continue to serve projects with high-quality cash flow; 2) the Company transitioned from a traditional construction company to a technology-driven enterprise, and will focus on digital operations and product-oriented development to enhance its competitive edge. Specifically, the digital EPC business will capitalize on significant opportunities in the "campus + industrial park" and urban renewal sectors, to drive future growth; 3) modular integrated product manufacturing business has demonstrated solid growth, and will poise for further expansion, particularly as the Company targets overseas markets and aims to achieve larger-scale revenue.
不同業務領域的發展逐漸進行：1）PC機組仍然是基礎業務，公司將繼續爲具有高質量現金流的項目提供服務；2）公司從傳統的施工公司轉變爲一個以科技爲驅動的企業，並將專注於數字運營和以產品爲導向的開發，以增強其競爭優勢。具體而言，數字EPC業務將抓住"校園+工業園"和城市更新等領域的重大機遇，推動未來增長；3）模塊化集成產品製造業務表現出穩健增長，並將爲進一步擴張做好準備，特別是公司將瞄準境外市場，併力爭實現更大規模的營收。
Catalysts: 1) Government support for prefabricated construction; 2) expansion into overseas markets.
催化劑：1）政府對預製施工的支持；2）拓展境外市場。
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。
