我们维持2.66港元的目标价，对应7.9倍/ 6.1倍/ 4.8倍2023 /2024/ 2025年EV/EBITDA。维持“买入”评级。
　　 2022年营收及股东净利分别为76.69亿港元及4.22亿港元，同比分别增长21.8%及44.5%。业绩符合预期。公司在2022年获得101.27亿港元（同比增长23.4%）的新签合约，而截至2022年12月31日，未完成合约总额为134.03亿港元（同比增长23.5%）。
　　我们认为市场忽视了香港公共部门和内地科技公司对高端幕墙的巨大需求，并没有充分意识到该地区市场的巨大增长潜力。此外，来自海外尤其是“一带一路”倡议地区的强劲需求，有望进一步推动公司未来业绩超预期。
　　催化剂：1）剥离非核心业务可能导致估值上升，2）低迷的玻璃和光伏组件价格将鼓励对光伏建筑一体化项目的投资。
　　风险：1）政府基建支出可能低于预期；2）香港中高端住宅物业需求或低于预期；3）疫情可能出现波动。

研究报告全文：股票研TableTitle黄家玮CompanyReportCSCDevelopment00830HKGaryWong究85225092616EquityResearch公司报告中国建筑兴业00830HKgarywonggtjascomhk21March2023FocusTableSummaryonHighEndWillContinuetoPayOffinUnderestimatedFacadeContractingWorksMarketMaintainBuy专注于高端将在被低估的幕墙工程市场持续获得回报维持买入公WemaintaintheTPatHK266representing79x61x48x20232024RatingTableRankBuy司2025EVEBITDAMaintainBuyratingMaintained报2022revenueandshareholdersnetprofitwereHK7669millionand评级买入维持告HK422millionYoYincreaseof218and445respectivelyResultswereinlinewithexpecationsTheCompanyreceivedHK10127millionCompanyReport234YoYinnewcontractsduring2022whileasatDecember3120226TablePrice-18mTP目标价HK266totalbacklogwasHK13403million235YoYRevisedfrom原目标价HK266Shareprice股价HK2000Wethinkthemarkethasoverlookedsubstantialdemandforhigh-endcurtainwallsfromthepublicsectorinHongKongandtechnologycompaniesinmainlandChinaandhasnotfullyrealizedthehugeStockperformancegrowthpotentialofsuchmarketintheregionsInadditionrobustdemand股价表现fromoverseasespeciallyinBeltandRoadInitiativeregionscouldfurtherTableQuotePicpushtheCompanysfutureresultstoexceedexpecationsof200returnCatalysts1Possibleupwardrevaluationwithdivestureofnon-core证100businesses2depressedglassandphotovoltaicmodulespriceswill券告encourageinvestmentinBIPVprojects00研报100Risks1Governmentinfrastructurespendingmaybelowerthanexpected究究2demandformid-to-high-endresidentialpropertiesinHongKongmaybe200报lowerthanexpected3localCovidepidemicsituationmightsee研300fluctuation告400券Mar-22Jun-22Sep-22Dec-22Mar-23EquityResearchReport我们维持266港元的目标价对应79倍61倍48倍202320242025年EVEBITDA证维持买入评级HSIindexCSCDevelopmentTab2022年营收及股东净利分别为7669亿港元及422亿港元同比分别增长218及leI445业绩符合预期公司在2022年获得10127亿港元同比增长234的新签合TablePriceChange建nfo1约而截至2022年12月31日未完成合约总额为13403亿港元同比增长235ChangeinSharePrice1M3M1Y筑股价变动1个月3个月1年我们认为市场忽视了香港公共部门和内地科技公司对高端幕墙的巨大需求并没有充分意Abs158726工绝对变动识到该地区市场的巨大增长潜力此外来自海外尤其是一带一路倡议地区的强劲程ReltoHSIndex7692138需求有望进一步推动公司未来业绩超预期相对恒指变动行TableIAvgSharepriceHK202020业催化剂1剥离非核心业务可能导致估值上升2低迷的玻璃和光伏组件价格将鼓励对平均股价港元nfo2光伏建筑一体化项目的投资SourceBloombergGuotaiJunanInternational风险1政府基建支出可能低于预期2香港中高端住宅物业需求或低于预期3疫ConstructionSectorEngineering情可能出现波动YearTableEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROE年结Profit收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率1231HKmHKmHKxHKxHK中2021A62952920135500148077526004724190国2022A76694220191415105094821006533224建中2323F9837611027141974113518009548263筑2024F12617844037438053141414013869294外兴2025F153021091048429441175911019497305业运Sharesinissuem总股数m22555Majorshareholder大股东CSCI708TableBaseData输MarketcapHKm市值HKm45110Freefloat自由流通比率2923monthaveragevol3个月平均成交股数0006997FY23NetgearingFY23净负债股东资金218CSCDevelopmentHKCSC0083052WeekshighlowHK52周高低HK24901570FY23EstNAVHKFY23每股估值港元37SourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage1of5TablePageHeaderCSCDevelopment00830HKWemaintainBuyratingandTPatHK266WeforecastCSCDevelopmentsCSCDtheCompanyEPSfor2023-2025tobeHK0271HK0374HK0484YoYincreaseof417382294respectively1correspondingraMthgtoianREPSeCAGRlbaTfor2022-2025of363OurTPisHK266equivalentto79x61x48x202320242025EVEBITDA2022resultswereinlinewithexpectationnewcontractsincreased234YoYtoHK10127million2022revenueandshareholdersnetprofitin2022wereHK7669millionandHK422millionYoYincreaseof218and445respectivelyResultswereinlinewithexpecationsRevenueoffacadeconstructionworksgeneralcontractworksandoperationmanagementwasHK5784million292YoYHK895million110YoYandHK990million-20YoYThe21March2023CompanyreceivedHK10127million234YoYinnewcontractsduring2022whileasatDecember312022totalbacklogwasHK13403million235YoYFigure1Segmentalrevenuefor2022Figure2Segmentalgrossprofitin2022OperatingManagementOperatingManagement129152GeneralGeneralContractingContractingWorks2raMthgiRelbaTWorks05117FacadeContractingFacadeWorksContracting754Works843SourcetheCompanySourcetheCompany00830HKFigure3Segmentalnewcontractsin2022Figure4Newcontractsandbacklogin2012-202216000HKmn25OperatingManagement100140002012000中国建筑兴业General10000Contracting15Works8000526000104000052000CSCDevelopmentFacadeContracting000Works20122013201420152016201720182019202020212022849BacklogNewContractsBacklogtoRevenueRHSSourcetheCompanySourcetheCompanyThemarkethasnotfullyrealizedthehugegrowthpotentialoftheglasscurtainwallengineeringmarketinHongKongandmainlandChinaIntheHongKongmarketweareexcitedaboutthelaunchoflarge-scaleandlong-termplanssuchasthesecond10-YearHospitalDevelopmentPlanandthe10-YearDevelopmentBlueprintforSportsandRecreationalFacilitiesandpreliminaryworksandinvestmentforlonger-termprojectssuchasNorthernMetropolisDevelopmentStrategyNMDSandLantauTomorrowVisionLTVWeexpectinfrastructureexpenditureoftheHongKonggovernmentwillincreasesubstantiallyfromthecurrentofapproximatelyHK80billionannuallytoapproximatelyHK150billionannuallywithinthreeyearsBesidesasthemajorityofthisinfrastructurespendingwillbeonbuildingstructuressuchashospitalssportsvenuesandcommunitycomplexesascomparedtoroadstunnelsandbridgesinthepastweestimatethattheproportionofinfrastructureexpenditureonbuilding-relatedstructureswillincreasesignificantlyfromtheprevious20-30tomorethan50stronglydrivingdemandforcurtainwallsespeciallyhigh-endglasscurtainwallsandgrowthwilloutpacegrowthinoverallinfrastructurespendingThereforewethinkthatnewcontractsforfacadecontractingworksfromHongKongspublicsectorwillmaintainagrowthrateCompanyReportofmid-doubledigitsinthenextfiveyearsInthemainlandChinamarkettheCompanyscontinuedadherencetoitscompetitivestrategyoffocusingonthehigh-endmarkethaspaidoffattractingtheattentionoflargetechnologycompaniesandhasSeethelastpagefordisclaimerPage2of5TablePageHeaderCSCDevelopment00830HKsuccessfullywoncontractsforcurtainwallprojectsincludingNo25buildingofOPPOsChanganRDCentreByteDancesofficebuildinginChengduandHuaweisRDandProductionbuildinginQingpuDistrictShanghai1raMWeththinkgithisRwillebringlbaaTpositivedemonstrationeffecttoothertechnologycompaniesandmoresubstantialnewcontractsareyettocomeOverallwethinkthatthemarkethasnotfullyrealizedthattheglasscurtainwallprojectinHongKongandmainlandChinaisnotamaturelow-growthmarketbutactuallyhashugegrowthpotentialNewlysignedcontractsfromoverseascouldfurtherpushtheCompanysfutureresultstoexceedexpectationsIn2023ChinawillholdthethirdsummitoftheBeltandRoadInitiativeWeexpectthattherewillbeanumberofmajor21March2023demonstrationprojectstobeimplementedinDubaiandotherMiddleEasterncountriesthecorecomponentsoftheBeltandRoadInitiativeForexampleTheLinealinearsmartcityunderconstructioninSaudiArabiainNeomisproposedtobe170kminlength200minwidthandaheightofmorethan500mForeverykmofsuchprojectthereneedstobe1millionm2ofglasscurtainwall2withanaverageconstructioncostofHK10000mworthHK10billionwhichisalreadytwicethesizeoftheCompanysrevenuederivedfromHongKongitslargestmarketInadditiontheCompanyparticipatedintheconstructionofthecurtainwallprojectoftheBurjKhalifainDubaiin2007andistheonlyCompanyintheworldthathasimplementedaglasscurtainwallprojectover800metersinheightWethinkthattheCompanyhasagreatchancetobecomethemaincontractorofsimilardemonstrativeprojectsAndtherearesimilaropportunitiessuchasconstructionoftheheadquartersofAlibabaGroupandthesecondMarinaBaySandsprojectinSingaporeAccordingtopastexperienceoverseascontracts2raareMgenerallythgiRlargerelandbaTmoreprofitablecomparedwithdomesticprojectsofsimilarsizeandtermsWethinknewoverseascontractscouldbecomeaboostfortheCompanysfutureperformancetofurtherexceedexpectationsCatalysts1Possibleupwardrevaluationwithdivestureofnon-corebusinesses2depressedglassandphotovoltaicmodulespriceswillencourageinvestmentinBIPVprojectsRisks1Governmentinfrastructurespendingmaybelowerthanexpected2inflationcouldexceedexpectationsandmaycausepolicytightening3worldwideCovidpandemicsituationmightseefluctuation00830HKTable1Peerscomparison-valuationMarketPEPBROEDYEVEBITDACompanyStockCodeCurrencyLastpricecapmn22A23F24F25F22A23F24F25F23F23F23F中国建筑兴业HKListedCurtainWallRelatedEngineeringCompaniesChinaStateConstructionDev00830HKHKD200045111057957na1713nana2294355ChinaStateConstructionInt03311HKHKD96604866362544848070606061365679SundartHoldings01568HKHKD0320691nananananananananananaMillionHopeIndustriesHold01897HKHKD045018875nanananananananananaCSCDevelopmentHanisonConstructionHolding00896HKHKD1160128083nanananananananananaYuandaChinaHoldingsLtd02789HKHKD0063391nananananananananananaChangshaBroadHomesIndus-H02163HKHKD42002048nana139na0404nanana12236SimpleAverage816781481008060618337123WeightedAverage62524941070705051335179ChinaListedCurtainWallRelatedEngineeringCompaniesChangjiangJinggongBuil-A600496CHCNY413083131018472na100908na1131260CenterInternationalGroup-A603098CHCNY2523013594465265176na474235na15511261SuzhouGoldMantisConstr-A002081CHCNY533014153927678na111009na1191837ChinaFangdaGroupCoLtd-A000055CHCNY50104129193nanana09nanananananaJanghoGroupCoLtd-A601886CHCNY740083841259879na121110091101434ChinaStateConstruction-A601668CHCNY6120256639454036na070605041435157ZhejiangYashaDecoration-A002375CHCNY466062441379578nanananananananaSimpleAverage16511086na161613071282190WeightedAverage735547na090807041364463OverallSimpleAverage1359985481413120614427102OverallWeightedAverage71554741090706041364565CompanyReportSourceBloombergSeethelastpagefordisclaimerPage3of5TablePageHeaderCSCDevelopment00830HKFinancialStatementsandRatiosTableIncomeStatementTableBalanceSheetIncomeStatement1BalanceraSheetMthgiRelbaTYearend31DecHKDm2021A2022A2023F2024F2025FYearend31DecHKDm2021A2022A2023F2024F2025FTotalRevenue6295766998371261715302PropertyPlantandEquipment22692020203420532072CostofSales5618684487091112813449InterestsinanAssociate59999GrossProfit677825112914891853Goodwill11388888888OtherNon-currentAssets234169129129129InvestmentandOtherIncomeGainsNet2325283134TotalNon-currentAssets2621228622602279229821March2023SGAExpenses274291354429490FinanceCosts3051616672Inventories154173223285345OperatingProfit39650874210251326ContractAssets24503998510663927645TradeandOtherReceivables14991799230729593589ShareofProfitofanAssociate00000AmountsDuefromRelatedParties87887996610631169ProfitBeforeTax39650874210251326CashCashEquivalents928975843664634IncomeTax11298148205265OtherCurrentAssets280190308391472ProfitAfterTax2844105938201061TotalCurrentAssets6189801497551175513854TotalAssets881010300120141403416152Non-controllingInterest812172431ShareholdersProfitLoss2924226118441091Short-termBorrowings8254204625085592raMthgiRelbaTContractLiabilities911840924924924BasicEPS01350191027103740484TradePayablesOtherPayablesandDPS00470065009501380194Accruals20723486443656696851AmountsDuetoRelatedParties18681775182018651912OtherCurrentLiabilities245191255329405TableCashFlowStatementCashFlowStatementTotalCurrentLiabilities592167127896929510650Yearend31DecHKDm2021A2022A2023F2024F2025FLong-termBorrowings509906915924933ProfitBeforeTax39650874210251326ContractLiabilities767661727727727DepreciationandAmortisation2027222421OtherNon-currentLiabilities282732394300830HKChangeinWorkingCapital223283501723726TotalNon-currentLiabilities13031594167516901704OtherOperatingActivities193252262325622TotalLiabilities7225830695711098412354CashfromOperatingActivities185220241257502ShareCapital2223232323CapitalExpenditure228228228228228Reserves16492070253731673946中国建筑兴业OtherInvestingActivities4813677TotalShareholdersEquity16712092255931893968CashfromInvestingActivities181242222222221MinorityInterest8699116140170TotalEquity15851994244430503798IssuanceofShares0219000TotalEquityandLiabilities881010300120141403416152IssuanceRepaymentofDebts2687515560DrawdownRepaymentofRelatedBVPS07750948113514141759CSCDevelopmentPartiesLoans620000Dividends129101144214312TableFinancialRatioOtherFinancingActivities4846555964FinancialRatiosCashfromFinancingActivities30651472183172021A2022A2023F2024F2025FCashatBegofYear858928975843664GrossMargin108108115118121NetChangesinCash354412918335OperatingMargin6366758187Forex353336NetMargin4655626771CashatEndofYear928975843664634ROA3543536370ROE190224263293305NetGearingRatio256176218252226SourcetheCompanyGuotaiJunanInternationalInterestCoveragex144109132165195CompanyReportSeethelastpagefordisclaimerPage4of5TablePageHeaderCSCDevelopment00830HKCompanyTableCompanyRatingDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to521March2023orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableIndustryRatingDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance52raMthgiRelbaTorthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableTableDISCLOSUREOFINTERESTSDISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthis00830HKResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearch中国建筑兴业ReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERCSCDevelopmentThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkCompanyReportSeethelastpagefordisclaimerPage5of5