Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company reported a slight decline in revenue for 2024, with total revenue at HKD 8.102 billion, down 6.5% year-on-year, while net profit increased by 12.0% to HKD 650 million [1]. - The net profit margin improved from 6.7% in 2023 to 8.0% in 2024, driven by high-margin growth in the Hong Kong and Macau curtain wall segment [1]. - The company is expanding its presence in mainland China, with new contracts signed amounting to HKD 4.198 billion, a 33.2% increase year-on-year [2]. - The BIPV (Building Integrated Photovoltaics) business is expected to see significant growth, with new contracts projected to reach HKD 1.0 billion in 2025 [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of HKD 8.102 billion, a decrease of 6.5% from the previous year, while net profit rose to HKD 650 million, reflecting a 12.0% increase [1]. - The gross profit margin improved, with a net profit margin of 8.0% for 2024, up from 6.7% in 2023 [1]. Contractual Developments - The total new contracts signed in 2024 amounted to HKD 11.02 billion, a decrease of 4.2% from 2023 [2]. - The company secured significant contracts in mainland China, including projects for major clients like OPPO and Xiaomi, contributing to a 33.2% increase in new contracts in that region [2]. Future Projections - The company aims for a substantial increase in BIPV contracts, targeting HKD 10 billion in new contracts by 2025 [3]. - The long-term goal includes achieving over HKD 35 billion in new contracts and HKD 25 billion in revenue by 2030 [3]. - Profit forecasts for 2025, 2026, and 2027 are projected at HKD 776 million, HKD 902 million, and HKD 1.017 billion, respectively, with year-on-year growth rates of 19.4%, 16.2%, and 12.8% [3].
中国建筑兴业：内地市场亮眼，BIPV有望进入爆发期-20250320