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].
宏信建发：工程技术服务收入增长迅速，海外市场业绩有望释放