Investment Rating - The report maintains a "Buy" rating for China State Construction International (830 HK) with a target price raised from HKD 3.07 to HKD 3.12, indicating a potential upside of 54.7% based on a 9.0x FY24 target P/E ratio [2][3]. Core Insights - The company achieved a significant operational profit increase of 128.4% year-on-year in Q3 2024, with total revenue for the first three quarters of 2024 rising by 2.0% to HKD 6.54 billion, driven by a 26.4% increase in revenue from the Hong Kong and Macau regions [1][2]. - New contract signings in Q3 2024 increased by 4.6% year-on-year to HKD 2.50 billion, despite a 5.2% decline in new contracts for the first three quarters [2]. - The Hong Kong government's recent policy initiatives are expected to create long-term opportunities for the construction sector, including plans for 80,000 new private housing units and the commencement of the New Territories Science Park project [2]. Financial Summary - For FY24, total revenue is projected to reach HKD 9.82 billion, with a growth rate of 13.0% in FY25 and 12.7% in FY26 [4]. - Shareholder net profit is forecasted to grow to HKD 783 million in FY24, with subsequent increases to HKD 1.018 billion in FY25 and HKD 1.204 billion in FY26, reflecting growth rates of 34.9% and 18.3% respectively [4]. - The company’s operating profit margin improved by 2.6 percentage points to 12.9%, exceeding expectations [1][2].
中国建筑兴业：24Q3再创佳绩