中国建筑兴业-高端幕墙工程的世界级领导者 首予“买入”评级-220902（21页）.pdf

1、 See the last page for disclaimer Page 1 of 21 Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 基建行业基建行业 Infrastructure Sector 中国建筑兴业中国建筑兴业 CSC Development(00830 HK)Company Report:CSC Development(00830 HK)Gary Wong 黄家玮(852)2509 2616 公司报告：中国建筑兴业(00830 HK).hk 2 Sept

2、ember 2022 Global Leader in High-End Curtain Wall Engineering,Initiate with Buy 高端幕墙工程的世界级领导者,首予“买入”评级 Rating and TP:We initiate with a rating of Buy and a target price of HK$2.66,representing 9.3x/6.6x/4.6x 2022/2023/2024 EV/EBITDA.Investment Theme:We expect that the HKSAR government will significa

3、ntly increase spending on public buildings in the next five years,driving demand for high-end curtain walls.Being the only high-end curtain wall engineering company with central SOE background in China,it is much easier for the Company to obtain new contracts in the Greater Bay Area compared with it

4、s peers.In addition,the Companys BIPV business will be a long-lasting revenue growth driver.Our Views:1)The market thinks the high-end curtain wall market is saturated;we think that there is still substantial room to grow.2)High-end curtain wall market competition is not as keen as the market thinks

5、.3)Potential new contracts from COLI(00688 HK)are highly underestimated by the market.Catalysts:1)Loss from overseas markets will quickly narrow.2)Receipt of first-ever BIPV contracts worth HK$101 million.3)Placement of new shares at premium price showed market confidence.Risks:1)New contracts from

6、the public sector in Hong Kong might not meet expectations.2)Epidemic prevention measures might delay spending in new resort facilities in Macau.3)Change in supporting policies for BIPV projects might delay demand.评级及目标价：首次评级及目标价：首次覆盖覆盖给予给予“买入买入”评级，目标价评级，目标价 2.66 港元，相当于港元，相当于 9.3 倍倍/6.6 倍倍/4.6倍倍 202