---
title: "\"Da Xing\" Huizheng cuts CHINA STATE CON's target price to 8.5 yuan, revenue slows down"
description: "HSBC Global Research has lowered the target price for CHINA STATE CON from RMB 12.5 to RMB 8.5, maintaining a \"Hold\" rating. The stock has fallen 22% since the announcement of its interim results, due"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/263420267.md"
published_at: "2025-10-30T03:49:02.000Z"
---

# "Da Xing" Huizheng cuts CHINA STATE CON's target price to 8.5 yuan, revenue slows down

> HSBC Global Research has lowered the target price for CHINA STATE CON from RMB 12.5 to RMB 8.5, maintaining a "Hold" rating. The stock has fallen 22% since the announcement of its interim results, due to a valuation downgrade triggered by slowing growth. Although net profit year-on-year growth accelerated to 8% in the third quarter, quarterly sales fell 16% year-on-year. The bank has reduced its earnings forecast for this year by 1%, and by 6% for both next year and the year after

HSBC Global Research stated that China State Construction International (03311.HK) has seen its stock price drop by 22% since the announcement of its interim results, affected by a valuation downgrade triggered by slowing growth, and concerns about ongoing adverse factors for the company were noted after the third-quarter results announcement. The firm maintains a "Hold" rating on the stock, lowering the target price from HKD 12.5 to HKD 8.5, with a target price-to-earnings ratio of 4.5 times, which is 40% higher than the forecasted price-to-earnings ratio of the closest comparable stocks for the next year. The firm still favors China State Construction International for its attractive 7% forecast dividend yield, greater exposure to local business, and technological leadership.

The firm indicated that China State Construction International's net profit growth accelerated from 5% in the first half of the year to 8% in the third quarter, but quarterly sales fell by 16% year-on-year, compared to being flat year-on-year in the first half. New contracts for the quarter decreased by 9% year-on-year, compared to a 23% year-on-year increase in the first half, excluding the RMB 39 billion New Territories West Landfill Extension project. The firm has lowered its earnings forecast for the company by 1% for this year and by 6% for both next year and the year after

### Related Stocks

- [03311.HK - CHINA STATE CON](https://longbridge.com/en/quote/03311.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 中芯国际电话会：AI 推高存储需求导致 “大家有点慌”，8 英寸产能超满载，资本开支维持 81 亿美元高位 | 中芯国际联席 CEO 赵海军透露，2025 年 Q4 公司业务呈现 “淡季不淡” 特征，12 英寸产能接近满载。AI 对存储的强劲需求持续推高高端与中高端订单，同时 “挤压” 了手机等中低端市场。在收入创历史新高的同时，公司毛利率阶段性承压 | [Link](https://longbridge.com/en/news/275541642.md) |
| 供应激增、需求增长放缓，2025 年全球原油库存增幅创 2020 年以来新高 | 国际能源署（IEA）表示，随着供应激增、需求增长放缓，2025 年全球原油库存积累速度为 2020 年以来最快。全年库存增加 4.77 亿桶，OECD 国家库存四年来首次超过五年均值。IEA 下调今年石油需求增长预期，并预计 2026 年日 | [Link](https://longbridge.com/en/news/275798585.md) |
| 西科国际｜10-K：2025 财年营收 235 亿美元超过预期 |  | [Link](https://longbridge.com/en/news/275950315.md) |
| REG - Berenberg JTC PLC - 表格 8.5 (EPT/RI) - JTC plc | Berenberg 根据收购守则第 8.5 条披露了对 JTC plc 证券的交易。2026 年 2 月 12 日，Berenberg 以每股 £12.93 的价格购买了 2,027 股普通股。没有报告销售情况，也没有关于参与该要约的其他方 | [Link](https://longbridge.com/en/news/275886460.md) |
| Essent 集团｜8-K：2025 财年 Q4 营收 3.12 亿美元不及预期 |  | [Link](https://longbridge.com/en/news/275896590.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.