Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.07, reflecting a 20% discount due to liquidity concerns after being removed from the Hong Kong Stock Connect [4][2]. Core Insights - The company's total revenue for the first half of 2024 reached CNY 4.872 billion, representing a year-on-year increase of 16%, while the net profit attributable to shareholders was CNY 268 million, up 13% year-on-year [1]. - Revenue from engineering technical services and asset management grew significantly, with engineering technical services revenue surpassing operating leasing services for the first time [1]. - The company has faced pressure on its stock price due to being excluded from the Hang Seng Index and the Hong Kong Stock Connect, leading to a significant reduction in holdings by southbound investors [1]. - The overseas business revenue increased by 62% year-on-year, with the company expanding into new markets in Southeast Asia and the Middle East [1]. Financial Summary - The company's projected revenues for 2024, 2025, and 2026 are CNY 9.611 billion, CNY 10.141 billion, and CNY 11.935 billion, respectively, with year-on-year growth rates of 22%, 5.5%, and 17.69% [3]. - The net profit attributable to shareholders is forecasted to be CNY 962.41 million in 2024, with a projected decline of 28.53% in 2025, followed by a recovery to CNY 997.75 million in 2026 [3]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are CNY 0.22, CNY 0.31, and CNY 0.40, respectively [2][3].

Investment Rating - The report maintains a "Buy" rating for Hongxin Construction Development (09930) [2][3] Core Views - Hongxin Construction Development achieved significant revenue and profit growth in H1 2024, with revenue increasing by 15.8% YoY to RMB 4.87 billion and net profit rising by 13.1% YoY to RMB 270 million [2] - The company's non-asset-driven businesses, particularly engineering technical services and asset management, were the main growth drivers [2] - Overseas market expansion is accelerating, with H1 2024 overseas revenue reaching RMB 73 million, a 62% YoY increase [2] Financial Performance - Revenue breakdown by segment: - Operating lease services: RMB 1.9 billion, down 24.3% YoY [2] - Engineering technical services: RMB 1.95 billion, up 70.6% YoY [2] - Asset management and other services: RMB 1.03 billion, up 84.1% YoY [2] - Gross margins: - Operating lease services: 37.1%, down 2.4 percentage points YoY [2] - Engineering technical services: 27.0%, up 6.3 percentage points YoY [2] - Asset management and other services: RMB 330 million, up 58.0% YoY [2] Equipment Management - Equipment management scale as of H1 2024: - Aerial work platforms: 205,000 units, up 28.1% YoY [2] - New support systems: 1.613 million tons, up 4.0% YoY [2] - New formwork systems: 748,000 tons, up 14.9% YoY [2] - Rental rates: - Aerial work platforms: 65.6%, down 7.9 percentage points YoY [2] - New support systems: 66.9%, up 1.9 percentage points YoY [2] - New formwork systems: 75.6%, up 5.7 percentage points YoY [2] Overseas Expansion - Number of overseas business outlets increased to 35 as of H1 2024, up from 4 at the end of 2023 [2] - Key markets include Malaysia, Vietnam, Indonesia, Thailand, Saudi Arabia, UAE, and Turkey [2] Future Projections - Revenue forecasts: - 2024: RMB 11.21 billion [2][3] - 2025: RMB 12.90 billion [2][3] - 2026: RMB 14.90 billion [2][3] - Net profit forecasts: - 2024: RMB 1.09 billion [2][3] - 2025: RMB 1.22 billion [2][3] - 2026: RMB 1.40 billion [2][3] - PE ratios: - 2024: 3.62x [2][3] - 2025: 3.24x [2][3] - 2026: 2.82x [2][3] Stock Data - Total shares outstanding: 3.197 billion [1] - Market capitalization: HKD 43.48 billion [1] - 12-month high/low: HKD 4.93/HKD 0.91 [1]

Financial Performance - Total revenue for the first half of 2024 reached RMB 4,872,421 thousand, a 15.8% increase compared to the same period in 2023[13] - Gross profit for the first half of 2024 was RMB 1,559,325 thousand, with a gross profit margin of 32.0%[13] - Net profit attributable to ordinary shareholders for the first half of 2024 was RMB 268,228 thousand[13] - Basic earnings per share for the first half of 2024 were RMB 0.084[13] - The company's average return on equity (ROE) for the first half of 2024 was 4.9%[13] - The company's average return on assets (ROA) for the first half of 2024 was 1.6%[13] - EBITDA margin (non-HKFRS measure) for the first half of 2024 was 41.1%[13] - Revenue for the six months ended June 30, 2024, increased to RMB 4,872,421 thousand, up 15.8% from RMB 4,205,971 thousand in the same period in 2023[136] - Gross profit rose to RMB 1,559,325 thousand, an 8.6% increase compared to RMB 1,436,152 thousand in the prior year period[136] - Net profit attributable to owners of the company reached RMB 268,228 thousand, up 13.1% from RMB 237,141 thousand in the first half of 2023[136] - Pre-tax profit for the first half of 2024 was RMB 406.89 million, a 20.5% increase compared to RMB 337.70 million in the same period last year[25] - The company's net profit for the period grew by 13.1% to RMB 268,228 thousand in the first half of 2024, compared to RMB 237,141 thousand in the same period last year[56] - Profit before tax for the six months ended June 30, 2024, was RMB 406,890 thousand, up from RMB 337,696 thousand for the same period in 2023, a growth of 20.5%[145] - The company's pre-tax profit for the six months ended June 30, 2024, was RMB 406,890 thousand, compared to RMB 337,696 thousand for the same period in 2023[183] Revenue Breakdown - Operating lease services contributed RMB 1,895,622 thousand to revenue, with a gross profit margin of 37.1%[13] - Engineering technical services generated RMB 1,946,261 thousand in revenue, with a gross profit margin of 27.0%[13] - Asset management and other services accounted for RMB 1,030,538 thousand in revenue, with a gross profit margin of 32.1%[13] - Revenue from operating lease services decreased by 24.3% to RMB 1,895,622 thousand, primarily due to market price fluctuations in certain product lines[35] - Revenue from engineering technical services increased by 70.6% to RMB 1,946,261 thousand, driven by business expansion and successful promotion of new modular systems[37] - Revenue from asset management and other services surged by 84.1% to RMB 1,030,538 thousand, with asset management services alone growing by 148.4%[38][39] - Revenue from overseas regions for the six months ended June 30, 2024, was RMB 72,869 thousand[162] - Revenue from the top five customers accounted for 15% of the company's total revenue for the six months ended June 30, 2024, down from 18% in the same period last year[161] - Revenue from engineering technical services increased to RMB 1,946,261 thousand in the six months ended June 30, 2024, from RMB 1,140,634 thousand in the same period last year, a 70.6% increase[164][165] - Revenue from sales of goods increased to RMB 282,512 thousand in the six months ended June 30, 2024, from RMB 259,096 thousand in the same period last year, a 9.0% increase[164][165] Costs and Expenses - Sales costs for the first half of 2024 were RMB 3.313 billion, an increase of 19.6% compared to RMB 2.770 billion in the same period last year[45] - Sales and administrative expenses (excluding impairment of debt assets) for the first half of 2024 were RMB 694.651 million, an increase of 24.6% compared to RMB 557.614 million in the same period last year[45] - Employee and labor subcontracting costs for the first half of 2024 were RMB 1.014 billion, an increase of 57.8% compared to RMB 642.607 million in the same period last year[46] - Trade and sublease costs for the first half of 2024 were RMB 571.953 million, an increase of 70.3% compared to RMB 335.806 million in the same period last year[46] - R&D expenses for the first half of 2024 were RMB 70.910 million, a decrease of 37.2% compared to RMB 112.883 million in the same period last year[46] - Total sales costs and sales and administrative expenses (excluding impairment of debt assets) for the first half of 2024 were RMB 4.008 billion, an increase of 20.4% compared to RMB 3.327 billion in the same period last year[46] - Depreciation and amortization increased by 3.7% to RMB 1,224,651 thousand in the first half of 2024, driven by business expansion and increased equipment scale[47] - Employee and labor subcontracting costs surged by 57.8% to RMB 1,014,150 thousand due to expanded engineering services and overseas market development[47] - Trade and sublease costs rose by 70.3% to RMB 571,953 thousand, primarily due to increased equipment management scale under the asset management service model[47] - Maintenance and material costs increased by 6.0% to RMB 344,969 thousand, reflecting the growth in managed asset scale[47] - Transportation and lifting fees grew by 7.7% to RMB 448,274 thousand, with a 22% increase in equipment transport volume[47] - R&D expenses decreased by 37.2% to RMB 70,910 thousand as the company adjusted the pace of digital system development[47] - Other income and gains decreased by 4.5% to RMB 106,938 thousand, mainly due to reduced gains from hedging instruments[48] - Asset provisions totaled RMB 162,720 thousand, with a 2.8% decrease compared to the previous year[50] - Other expenses decreased by 35.2% to RMB 19,905 thousand, primarily due to reduced foreign exchange losses[51] - Financial costs decreased by 16.0% to RMB 382,097 thousand, driven by lower borrowing interest expenses[52] - The company's average financing interest rate for interest-bearing bank and other borrowings (excluding ordinary share redemption liabilities) decreased to 3.99% in the first half of 2024, down by 0.28% compared to 4.27% in the same period last year, primarily due to central bank interest rate cuts and preferential rates for the company's main business[54] - The company's income tax expense increased by 37.9% to RMB 138,662 thousand in the first half of 2024, compared to RMB 100,555 thousand in the same period last year, driven by higher pre-tax profits and a higher effective tax rate of 34.1% due to withholding tax on proposed cross-border dividends[55] - Financial costs for the six months ended June 30, 2024, were RMB 382,097 thousand, down from RMB 454,624 thousand for the same period in 2023, a decrease of 16%[145] - Income tax expenses increased to RMB 138,662 thousand in 2024 from RMB 100,555 thousand in 2023, reflecting a 37.9% rise[179] - Depreciation of property, plant, and equipment included in cost of sales and R&D expenses was RMB 1,038,042 thousand in 2024, down from RMB 1,110,457 thousand in 2023[177] - Lease liability interest increased significantly to RMB 15,070 thousand in 2024 from RMB 1,999 thousand in 2023[178] - Expected credit loss on trade receivables increased to RMB 102,445 thousand in 2024 from RMB 81,901 thousand in 2023, a 25.1% rise[175] - Employee benefit expenses, including wages and salaries, increased to RMB 220,834 thousand in 2024 from RMB 129,612 thousand in 2023, a 70.4% increase[175] - Deferred tax liabilities decreased to RMB (52,441) thousand in 2024 from RMB (19,590) thousand in 2023[179] Assets and Liabilities - Total assets as of June 30, 2024, reached RMB 35,269,899 thousand, an increase from RMB 31,236,775 thousand at the end of 2022[14] - Total liabilities as of June 30, 2024, stood at RMB 24,238,127 thousand, up from RMB 20,459,108 thousand at the end of 2022[14] - The asset-liability ratio increased to 68.7% as of June 30, 2024, compared to 65.5% at the end of 2023[14] - Equity attributable to ordinary shareholders of the company was RMB 11,031,772 thousand as of June 30, 2024, slightly up from RMB 10,777,667 thousand at the end of 2022[14] - Net asset per share increased to RMB 3.45 as of June 30, 2024, from RMB 3.37 at the end of 2023[14] - Total assets as of June 30, 2024, amounted to RMB 35,269,899 thousand, a 10.5% increase from RMB 31,919,775 thousand at the end of 2023[138][139] - Non-current assets grew by 16.3% to RMB 23,392,992 thousand, driven by a 17.8% increase in property, plant, and equipment to RMB 21,471,813 thousand[138] - Current liabilities increased by 15.8% to RMB 10,752,973 thousand, primarily due to a 111.7% rise in trade payables and notes payable to RMB 3,286,827 thousand[138] - The company's equity attributable to owners increased by 2.4% to RMB 11,031,772 thousand as of June 30, 2024, compared to RMB 10,777,667 thousand at the end of 2023[139] - Cash and cash equivalents decreased by 10.8% to RMB 1,932,626 thousand as of June 30, 2024, from RMB 2,166,798 thousand at the end of 2023[138] - Total equity as of June 30, 2024, was RMB 11,031,772 thousand, compared to RMB 10,052,841 thousand as of June 30, 2023, reflecting an increase of 9.7%[140][142] - Retained earnings as of June 30, 2024, were RMB 3,001,749 thousand, up from RMB 2,044,009 thousand as of June 30, 2023, representing a growth of 46.8%[140][142] - Other comprehensive income as of June 30, 2024, was a loss of RMB 10,548 thousand, compared to a loss of RMB 1,869 thousand as of June 30, 2023[140][142] - Special reserves increased to RMB 147,983 thousand as of June 30, 2024, from RMB 112,229 thousand as of June 30, 2023, a rise of 31.8%[140][142] - The company's total liabilities across all segments amounted to RMB 24,238,127,000, with segment liabilities totaling RMB 4,389,148,000 and unallocated corporate liabilities of RMB 19,848,979,000[157] - The company's total assets across all segments amounted to RMB 35,269,899,000, with segment assets totaling RMB 30,614,775,000 and unallocated corporate assets of RMB 4,655,124,000[157] - The company's depreciation and amortization expenses for the period were RMB 1,224,653,000, with capital expenditures totaling RMB 4,372,002,000[157] - Total assets as of June 30, 2024, were RMB 30,601,785 thousand, with segment assets accounting for RMB 25,975,518 thousand[159] - Total liabilities as of June 30, 2024, were RMB 20,548,944 thousand, with segment liabilities accounting for RMB 1,983,640 thousand[159] - Capital expenditures for the six months ended June 30, 2024, were RMB 940,822 thousand, primarily for the acquisition of property, plant, and equipment[159] - The company's property, plant, and equipment had a total net book value of RMB 21,471,813 thousand as of June 30, 2024, after additions of RMB 4,372,002 thousand and disposals of RMB 47,727 thousand during the period[189] - The company's accumulated depreciation and impairment for property, plant, and equipment as of June 30, 2024, was RMB 8,156,022 thousand[189] - The company's cost of property, plant, and equipment as of June 30, 2024, was RMB 29,627,835 thousand[189] - The company's depreciation expense for the six months ended June 30, 2024, was RMB 1,073,569 thousand[189] - The company's net book value of property, plant, and equipment as of June 30, 2024, was RMB 21,471,813 thousand[189] - The total net book value of property, plant, and equipment as of December 31, 2023, was RMB 18,221,107 thousand, with a cost of RMB 25,672,028 thousand and accumulated depreciation and impairment of RMB 7,450,921 thousand[190] - The company added RMB 2,031,749 thousand to property, plant, and equipment during the period, while disposing of assets worth RMB 600,134 thousand[190] - As of June 30, 2024, the company had mortgaged property, plant, and equipment with a net book value of RMB 7,513,058 thousand as collateral for financing, up from RMB 6,476,770 thousand as of December 31, 2023[191] - The net book value of right-of-use assets as of June 30, 2024, was RMB 1,004,015 thousand, with additions of RMB 211,068 thousand and depreciation expenses of RMB 150,646 thousand during the period[195] - The lease liability as of June 30, 2024, was RMB 768,918 thousand, with new leases adding RMB 211,068 thousand and interest expense of RMB 15,070 thousand recognized during the period[198] - The total amount recognized in profit or loss related to leases for the six months ended June 30, 2024, was RMB 598,796 thousand, including RMB 150,646 thousand in depreciation of right-of-use assets and RMB 15,070 thousand in lease liability interest[200] Cash Flow - Cash flow from operating activities for the six months ended June 30, 2024, was RMB 1,348,514 thousand, compared to RMB 1,298,924 thousand for the same period in 2023, an increase of 3.8%[145] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 3,108,325 thousand, primarily due to the purchase of property, plant, and equipment amounting to RMB 3,161,906 thousand[146] - Net cash generated from financing activities for the six months ended June 30, 2024, was RMB 1,535,932 thousand, driven by new bank and other financing of RMB 6,089,533 thousand[146] - Cash and cash equivalents decreased by RMB 223,879 thousand to RMB 1,932,626 thousand as of June 30, 2024, compared to RMB 2,166,798 thousand at the beginning of the period[146] - Operating cash flow for the six months ended June 30, 2024, was RMB 1,348,514 thousand, compared to RMB 1,298,924 thousand in the same period in 2023[146] Business Operations - The company's domestic business network expanded to 515 locations, including 514 in mainland China and 1 in Hong Kong, covering over 200 cities[24] - Overseas business network reached 35 locations, with a focus on Southeast Asia and the Middle East, including Malaysia, Vietnam, Indonesia, Thailand, Saudi Arabia, UAE, and Turkey[24] - The company managed 204,800 aerial work platforms, with 72,635 of them operated under the asset management service model[31] - Utilization rates for aerial work platforms, new support systems, and new formwork systems were 65.6%, 66.9%, and 75.6% respectively in the first half of 2024[31] - The company expanded its product portfolio to include specialized aerial work equipment, material handling equipment, lifting equipment, and mining equipment[24] - The company served over 2,630 engineering projects with new support systems and new modular systems, including notable projects like the Macau Taipa Ferry Terminal and the Weierkang National Cold Chain Logistics Base[37] - Approximately 49.7% of the company's equipment operating revenue was generated from industrial projects, while 24.0% came from infrastructure and municipal projects[36] - The company sold over 800 units of equipment in the first half of 2024, contributing to its trade revenue growth of 10.2%[38] - The company's primary business includes operating lease services, engineering technical services, and asset management services[147] - The company's operating segments include Equipment Leasing Services, Engineering Technical Services, and Asset Management & Other Services, with total revenue from continuing operations reaching RMB 4,872,421,000[152

宏信建发（09930.HK） 24H1 盈利稳健增长，海外布局明显提速 24H1 营收业绩稳步增长，非资产驱动型业务占比显著提升。公司公告 2024H1 实现营收 48.7 亿元，同增 16%；实现净利润 2.7 亿元，同增 13%， 营收利润稳健增长符合预期。分板块看，公司经营租赁服务/工程技术服务/ 资产管理及其他分别实现营收 19.0/19.5/10.3 亿元，同比变化-24%/+71%/ +84%，经营租赁业务收入有所下滑，预计主因国内需求偏弱，同时高空车 及模架等设备租金价格仍有下行压力；在此情况下公司积极调整战略，将业 务向工程技术服务和资产管理业务倾斜，促使非资产驱动型业务收入快速增 长（2024H1 占比已超过 60%，YoY+21pct），驱动公司收入增长保持稳健。 截至 2024H1，公司持有高空作业平台 20.5 万台，YoY+28%（其中有 7.3 万台来自资产管理服务模式，同增 161%），出租率 65.6%，YoY-7.9pct， 出租率下行一方面因国内市场需求偏弱，另一方面因今年以来公司资产管理 的高空作业平台数量大幅扩张，而此类受托管理资产需经历验收、整备、再 部署周期；新型支 ...

证券所究报告 宠信產发 (9930 HK) t 暖价走势图 定信走走 (%) 海海救 65 33 1 (31) (63) Aug-23 Dec-23 Apr-24 Aug-24 京杯未添：S&P 建筑设计及服务 24H1 收入/护幸冷利厨比+15.9%/+13.1%，单持"买入" 经食产管理谈备规模大幅增长，出租单及毛利单小幅下滑 患本教稱 級資利率下降帶动財务食用準明显降低，資本开支主桌子上半年体现 椅嫁办您国内网点布局，海外业务办途拓展贡献增重 件款研究 2024 年８月 09 日 | 中国香港 找到 齐我 (無本) :X Y 县 茶价 (水 - ff) :2.59 所究员方式的 SFC No. BSH293+(86) 21 2897 2228 所究员 3 SAC No. S0570519110002 oongjie@htsc.com SFC No. BHG354 +(86) 21 2897 2095 联系人 天空系 SAC No. S0570122100047 wangxijie@htsc.com +(86) 755 8249 2388 日林价 ( 港币)2.59 收金价 (港币 救至８月８日)1.48 ...

Investment Rating - The report assigns a "Buy" rating for the company [14]. Core Insights - Horizon CD's core net profit for the first half of 2024 decreased by 16% year-on-year to RMB 268 million, which aligns with expectations. The company proposed an interim dividend of HKD 0.04 per share, marking its first since listing [1]. - The company is returning to a capital expenditure growth model to achieve product diversification and overseas expansion, with capital expenditures increasing 3.6 times year-on-year to RMB 4.4 billion in the first half of 2024 [1]. - Revenue for the first half of 2024 grew by 16% year-on-year to RMB 4.9 billion, while gross margin contracted by 2.1 percentage points to 32% [1][4]. - The target price has been slightly adjusted from HKD 3.70 to HKD 3.60, based on a 10x 2024E P/E ratio, indicating limited downside risk [1][3]. Summary by Sections Financial Performance - Revenue for FY22 was RMB 7.878 billion, with a year-on-year growth of 28.3%. For FY23, revenue is projected at RMB 9.611 billion, reflecting a growth of 22.0% [2]. - Adjusted net profit for FY22 was RMB 944.8 million, with a year-on-year growth of 28.2%. The forecast for FY24 is RMB 1.186 billion, indicating a growth of 13.7% [2]. - The company reported a net debt-to-equity ratio of 164% as of June 2024, up from 147% at the end of 2023 [1]. Segment Performance - The operating leasing segment, which accounts for 39% of revenue, saw a 24% decline year-on-year to RMB 1.896 billion, primarily due to rental rates and overall utilization [3]. - Engineering and technical services, making up 40% of revenue, experienced a 71% increase year-on-year to RMB 1.946 billion, with gross margin improving by 6.3 percentage points to 27% [3]. - Asset management and other services, contributing 21% of revenue, grew by 84% year-on-year to RMB 1.031 billion, with asset management service revenue increasing 150% to RMB 744 million [3]. Valuation Metrics - The company’s P/E ratio for FY24 is projected at 3.7x, with a P/B ratio of 0.4x. The dividend yield is expected to be 8.2% in FY24 [2][13]. - The net asset return rate is forecasted to be 10.4% for FY24, with a net debt-to-equity ratio of 151.4% [2][6]. Cash Flow and Capital Expenditure - Operating cash flow for the first half of 2024 increased by 4% year-on-year to RMB 13.5 billion, while investment cash outflow was RMB 3.1 billion [1]. - Capital expenditures are expected to remain significant as the company focuses on expanding its equipment portfolio and overseas presence [1][12].

Investment Rating - The report maintains a target price of HK$3.60, slightly reduced from HK$3.70, indicating a potential upside of 143.2% from the current price of HK$1.48 [4]. Core Insights - Horizon CD's core net profit for 1H24 decreased by 16% YoY to RMB268 million, aligning with expectations. The company declared an interim dividend of HK$0.04 per share, marking its first dividend since listing [2]. - The company is shifting back to a capital expenditure growth model to diversify its product offerings and expand overseas, with capex increasing 3.6 times YoY to RMB4.4 billion in 1H24 [2]. - Revenue for 1H24 grew by 16% YoY to RMB4.9 billion, driven by significant growth in engineering and technical services, which surged 71% YoY to RMB1.95 billion [2][7]. - The operating lease services segment, which constitutes 39% of total revenue, saw a decline of 24% YoY to RMB1.9 billion due to reduced rental rates and utilization [2][8]. Summary by Sections Earnings Summary - Core net profit in 1H24 dropped 16% YoY to RMB268 million, while revenue increased by 16% YoY to RMB4.9 billion [2][7]. - Gross margin contracted by 2.1 percentage points YoY to 32%, influenced by mixed performance across segments [2][8]. Revenue Breakdown - Operating lease services revenue fell 24% YoY to RMB1.9 billion, while engineering and technical services revenue rose 71% YoY to RMB1.95 billion [2][8]. - Asset management and other services revenue surged 84% YoY to RMB1 billion, with asset management service revenue increasing 1.5 times YoY to RMB744 million [2][8]. Financial Forecasts - The earnings forecast for 2024E, 2025E, and 2026E has been revised down by 2%, 10%, and 12% respectively, primarily due to higher finance expense projections [2][9]. - The net debt/equity ratio is expected to rebound in 2024E, reflecting increased capital expenditures [2][9]. Valuation Metrics - The company is currently trading at less than 4 times the 2024E P/E ratio, suggesting limited downside risk [2][4]. - The adjusted net profit is projected to grow steadily, with estimates of RMB1,186 million for 2024E, RMB1,321 million for 2025E, and RMB1,512 million for 2026E [11].

Financial Performance - Horizon Construction Development Limited reported its unaudited interim results for the six months ended June 30, 2024, with a focus on operational performance and market position[1]. - Total revenue for the six months ended June 30, 2024, reached RMB 4,872,421 thousand, a 15.8% increase from RMB 4,205,971 thousand in the same period of 2023[11]. - Operating lease services generated revenue of RMB 1,895,622 thousand, down 24.4% from RMB 2,505,619 thousand year-on-year[11]. - Engineering technical services revenue increased significantly to RMB 1,946,261 thousand, up 70.8% from RMB 1,140,634 thousand in the previous year[11]. - Gross profit for the period was RMB 1,559,325 thousand, with a gross margin of 32.0%, compared to 34.1% in the same period last year[11]. - Profit attributable to ordinary shareholders was RMB 268,228 thousand, reflecting a 13.1% increase from RMB 237,141 thousand in the previous year[11]. - The company reported a basic and diluted earnings per share of RMB 0.084, compared to RMB 0.082 in the same period last year[11]. - The company's EBITDA for the first half of 2024 was RMB 2,003,614 thousand, reflecting a 2.0% growth compared to RMB 1,965,122 thousand in the previous year[27]. - The pre-tax profit for the first half of 2024 was RMB 406,890 thousand, a 20.5% increase from RMB 337,696 thousand in the same period last year[24]. - The group’s profit for the period was RMB 268,228 thousand, representing a growth of 13.1% from RMB 237,141 thousand in the previous year[54]. Assets and Liabilities - Total assets increased to RMB 35,269,899 thousand, up 12.9% from RMB 31,236,775 thousand at the end of 2023[12]. - Total liabilities rose to RMB 24,238,127 thousand, an increase of 18.5% from RMB 20,459,108 thousand at the end of 2023[12]. - The debt-to-asset ratio improved to 68.7%, compared to 65.5% at the end of 2023[12]. - The company's total equity as of June 30, 2024, was RMB 11,031,772 thousand, an increase of RMB 254,105 thousand or 2.4% from the end of last year, primarily due to the profit generated during the first half of 2024[85]. - The total amount of notes receivable as of June 30, 2024, was RMB 1,009,287 thousand, a decrease of RMB 227,451 thousand or 18.4% compared to the end of 2023, due to the company's prudent collection strategy[68]. - The company's lease liabilities as of June 30, 2024, were RMB 768,918 thousand, an increase of RMB 75,314 thousand, mainly due to the expansion of equipment managed under the asset management service model[84]. Customer Base and Market Position - Horizon Construction has established a diverse and high-quality customer base, ranking first in the number of service outlets among Chinese equipment operation service providers[9]. - The number of customers increased from approximately 158,000 in 2022 to about 271,000 by June 30, 2024, indicating a significant expansion in the customer base[28]. - The company is actively expanding its international business network, with operations in regions including Turkey, Malaysia, and the UAE[10]. - The company aims to leverage synergies across its product lines and service categories to enhance market competitiveness and customer loyalty[9]. Operational Efficiency and Digitalization - The company emphasizes its strong digital capabilities, which continuously enhance operational efficiency and customer service[9]. - The average utilization rate of high-altitude operation platforms in the first half of 2024 was lower than the same period last year, while the new support systems and new formwork systems showed slightly better utilization rates[30]. - The company plans to focus on high-quality development and technological upgrades in the manufacturing sector, with a projected 9.5% year-on-year growth in manufacturing investment[15]. Shareholder Information and Dividends - The company declared an interim dividend of HKD 0.05 per share for the six months ended June 30, 2024, compared to no dividend for the same period in 2023[125]. - The major shareholder, Far Eastern Horizon, holds 1,333,247,413 shares, representing 41.70% of the equity[119]. - The company distributed special dividends in the form of shares, with a ratio of 1 share for every 27 shares held, and 10 shares for every 54 shares held in two separate distributions[111][112]. Strategic Focus and Future Plans - The company aims to become a "first-class global company" by leveraging new infrastructure and advanced manufacturing opportunities in the second half of 2024[108]. - The company plans to refine operations and management in domestic markets, enhancing efficiency and customer service[108]. - The company will continue to explore new products and industry demands while expanding its reach in Southeast Asia and the Middle East[108]. - The company is committed to enhancing professionalization in engineering and asset management to solidify its domestic business advantages[108]. Cost Management and Expenses - Total sales costs amounted to RMB 3,313,096 thousand, a 19.6% increase from RMB 2,769,819 thousand year-on-year[43]. - Employee and labor subcontracting costs increased by 57.8% to RMB 1,014,150 thousand from RMB 642,607 thousand year-on-year, representing 20.8% of total revenue[44]. - Research and development expenses decreased by 37.2% to RMB 70,910 thousand from RMB 112,883 thousand, representing 1.5% of total revenue[44]. Taxation and Financial Costs - Income tax expenses for the first half of 2024 amounted to RMB 138,662 thousand, an increase of 37.9% compared to RMB 100,555 thousand in the same period last year, primarily due to an increase in pre-tax profit[53]. - Financial costs decreased by 16.0% to RMB 382,097 thousand, mainly due to a reduction in borrowing interest expenses by RMB 85,598 thousand[8]. Compliance and Governance - The company has complied with all statutory social insurance and housing fund obligations applicable in China as of June 30, 2024[105]. - The company has complied with the corporate governance code during the reporting period, except for one specific provision[121]. - The company has established an audit committee consisting of three members, which has reviewed the financial statements for the six months ended June 30, 2024[124].

2023 年度報告 於開曼群島註冊成立的有限公司 股票代碼：09930.HK t 香蕉 宏 信 建 發 CDHORIZON News ri 6129 THELLI 乘势笃行 聚力谋远 ® 宏信建設發展有限公司 - 2023年度報告 目 鐵 公司简介-- 上班级歌 : ِ ---- 班费谈谈会 群獎마디방爾 咪 網葉識 。 單層詞節與分析 譯及高級管理人員簡歷 : - - - - 10 8 78 6 4 攜手全球夥伴 - 建設美好未來 ( -- - -- 昨 謝 謝 中 - 足業社會賣在報告 - - 班费雪娃娃比道 公併現金流量表 洲聯長吵發穿啦 ---- 日併權益變動表 ff 的務狀況表 : .. 105 109 116 117 119 121 88 115 123 宏信建設發展有限公司 · 2023年度報告 | --- | --- | --- | |-----------------------------|------------------------------|-------------------------------| | 企業信息 | | | | 董事會 | 委員會組成 | 公司秘書 | | ...

M N 13 Mar 2024 CMB International Global Markets | Equity Research | Company Update Horizon CD (9930 HK) 2023 earnings in line; 15% share price pullback BUY (Maintain) looks overdone Target Price HK$3.70 Horizon CD’s core net profit in 2023 grew 10% YoY to RMB1bn, in line with our (Previous TP HK$5.20) expectation. While the lack of dividend payout is disappointing given that Up/Downside 189.1% positive free cash flow is achieved, we believe the 15% share price pullback Current Price HK$1.28 yesterday was o ...