Horizon Construction Development (9930) H2 2024 earnings summary

Executive summary

• Maintained leading position in China's equipment operation service industry, with total assets of RMB36.43 billion and 581 branches globally, including 528 domestic and 53 overseas outlets across seven countries.

• Achieved revenue of RMB11.58 billion in 2024, up 21% year-over-year, driven by domestic and overseas expansion.

• Net profit attributable to shareholders was RMB900 million, down 7% year-over-year, mainly due to margin pressure and increased costs.

• Served approximately 325,000 clients, including 1,700 overseas customers, with a diversified service offering.

• Board approved a final dividend of HK$0.045 per share, payable July 2, 2025.

Financial highlights

• Total revenue in 2024 reached RMB11.58 billion, up 21% year-over-year; net profit was RMB900 million, down 7% year-over-year.

• EBITDA increased 3.3% to RMB4.63 billion; EBITDA margin was 40.0%.

• EPS was RMB0.282, down 11% year-over-year; BVPS rose 9% to RMB3.66.

• Overseas business revenue surged 2,766% year-over-year to RMB389 million, with net profit of RMB79 million and breakeven achieved.

• Total assets: RMB36.43 billion (+16.6% YoY); total liabilities: RMB24.98 billion (+22.1% YoY); gearing ratio: 68.6%.

Outlook and guidance

• Plans to increase investment in overseas markets, targeting asset management scale of RMB7 billion and revenue of RMB2 billion by 2027.

• Focus on innovation, digitalization, and asset structure optimization to drive efficiency and growth.

• Expects external environment to remain complex in 2025 but aims for high-quality, sustainable development.