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]
宏信建发2024年半年报点评：业绩增长显著，海外布局加速