该行表示，公司“十四五”规划业绩稳步兑现，“十五五”大力推进BIPV等新兴业务战略布局，拓展蓝海市场。该行维持公司盈利预测不变，预计2024/2025/2026年归母净利润分别为7.87/10.36/13.16亿港元，同比增速分别为35.7%、31.6%和27.0%。公司股票现价对应PE估值为6.0/4.5/3.6倍，维持“买入”评级。Sinolink's research report shows that CSC Development (00830) achieved revenue of HKD 4.722 billion in the first half of the year, a year-on-year increase of 0.1%; achieved net income of HKD 0.551 billion, a year-on-year increase of 26.1%. The interim dividend was HKD 0.07 per share, an increase of 27.3% year-on-year.
The bank pointed out that the slight increase in the company's revenue in the first half of 2024 was mainly driven by the curtain wall business. The curtain wall revenue in Hong Kong and Macao was HKD 3.057 billion, a year-on-year increase of 24.0%, while curtain wall business in North America and non-core businesses were further contracted according to established strategies, resulting in decreased revenue. The net profit growth rate was much higher than the revenue growth rate, mainly due to the growth in high-profit-margin curtain wall business in Hong Kong and Macao, and the company's net profit margin increased from 9.3% in 1H23 to 11.7% in 1H24, an increase of 2.4 percent points.
Furthermore, the bank continued to point out that the BIPV application of the company in 1H24 was further implemented. It fully supported the Shenzhen Zero Energy Building Pilot Project-Shenzhen Metrology Institute Project, the design work of which has been basically completed, and multiple BIPV product appearances have been approved by the owner. Light A products have been successfully implemented in Sun Hung Kai's high-end residential project in West Kowloon. BIPV and other emerging businesses are expected to become the new growth points for the company in the period of "15th Five-Year Plan" (2026-2030).
The bank said that the company's performance in the "14th Five-Year Plan" has steadily fulfilled, and the strategy layout of new businesses such as BIPV will be vigorously promoted in the period of "15th Five-Year Plan", expanding the blue ocean market. The bank maintains its earnings forecast unchanged, with a forecast of consolidated net profit of HKD 0.787/1.036/1.316 billion in 2024/2025/2026, with year-on-year growth rates of 35.7%, 31.6%, and 27.0%, respectively. The company's stock price corresponds to a PE valuation of 6.0/4.5/3.6 times, and the rating remains "buy".
