dreamcardpoker|中国通号午后持续涨超7% 中国国际金融维持跑赢行业评级

The China Pass (03969) continued to rise in the afternoondreamcardpoker, up 7dreamcardpoker.41%, currently quoted at HK$3.19, with a turnover of HK$24.36135 million.

China International Capital Corporation released a research report. China Stock Corporation announced 1Q24 results: revenue of 6.509 billion yuan, a year-on-year decrease of 13.1%, and net profit attributable to the parent company was 604 million yuan, a year-on-year decrease of 10.8%. The performance was lower than our expectations, mainly due to the change in the pace of order delivery, the income from the main business decreased.

Maintain an outperform industry rating. Considering the pressure on the urban rail and engineering general contracting business, the 2024e profit forecast will be lowered by 9% to 3.60 billion yuan, and a 2025 profit forecast of 3.726 billion yuan will be introduced. Currently, A shares are trading at 15.9x/15.3x 2024e/25e P/E, and H shares are trading at 7.8x/7.2x 2024e/25e P/E. The target price of A shares/H shares is maintained at 5.60 yuan/3.06 Hong Kong dollars. A shares correspond to 16.5x/15.9x 2024e/25e P/E, and H shares correspond to 8.0x/7.4x 2024e/25e P/E. The target price of A shares/H shares corresponds to 4%/3% upside space respectively.