Compare China State Construction International (Hong Kong stock code 03311) with Asian infrastructure shares by normalizing fiscal-year data, then testing business mix, geography, backlog quality, cash conversion, leverage, dividends and valuation. CSCI is not a pure rail or road contractor: its 2024 revenue included large construction-related investment projects as well as building work, facade contracting and infrastructure operation. That makes revenue-only rankings misleading.
For a useful comparison, start with CSCI’s audited 2024 figures, place them beside transport-heavy groups such as China Railway Construction Corporation (CRCC) and China Railway Group (CREC), and refresh market prices and valuation multiples immediately before making an investment decision. Reported currencies should remain visible throughout.
As an Amazon Associate I earn from qualifying purchases.
What China State Construction International actually owns and does
China State Construction International Holdings Limited is a Hong Kong-listed construction and infrastructure group traded under 03311. Its principal exposure is to Mainland China, Hong Kong and Macau. The group combines project construction with investment-led projects and operating assets, so its earnings and cash profile cannot be read as if every dollar came from a conventional building contract.
The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →For the year ended 31 December 2024, CSCI reported audited revenue of HK$115,106.744 million and profit attributable to owners of HK$9,361.017 million. Those figures imply an attributable profit margin of approximately 8.13% (calculated as HK$9,361.017 million divided by HK$115,106.744 million). They are historical, full-year figures, not a forecast or a current run rate.
#1 Best Overall
- Valued Carpenter Pencil Set: You will get 2 pcs solid carpenter pencils with 26 piece 2.8 mm refills, 1 replaceable sharpener, 1 plastic storage box.The complete carpenter pencils combination allows you to finish your work faster and more easily
- Deep Hole Marker Pencil: The deep-hole construction pencils adopts 45mm elongated tip design, which is more convenient to mark in the small hole or in other tight areas that other carpenter markers cannot reach
- Carpenter Pencils with Sharpener: The sharpener is screwed into the top of the work pencil, which won't get lost either. Built-in pencil sharpener that keep the lead with pointed and smooth to Improves line of sight in fine work
- Stronger Solid Lead: This work pencil is matched with a 2.8 mm thick lead , which is much thicker and stronger during the drawing process of construction work, it will not break or damage easily
- Marks on Various Surfaces: 3 colors solid construction pencil can marks on various surfaces,such as metal, plastic, wood, paper etc. Ideals for woodworkers, contractors, craftsmen, builders, merchants and masons
| CSCI 2024 measure | Reported amount | How to use it in a comparison |
|---|---|---|
| Revenue | HK$115,106.744 million | Use as the denominator for scale and backlog-to-revenue calculations, while remembering that segment mixes differ between companies. |
| Profit attributable to owners | HK$9,361.017 million | Use for the historical margin and for testing cash conversion. |
| Net operating cash inflow | HK$2,007 million | Compare with each peer’s operating cash flow on the same fiscal-year basis; do not infer cash quality from profit alone. |
| Total dividends | HK$0.615 per share | This is the 2024 declared total. It is not a current dividend yield until divided by a current share price. |
| Projects in progress | 373 projects | Count alone says little about size, funding, timing or customer concentration. |
| Aggregated attributable contract value | HK$631.14 billion | A reported year-end portfolio measure; compare its quality and conversion schedule, not just its headline multiple. |
CSCI’s 2024 revenue mix
The segment split is central to any peer analysis. Construction-related investment projects generated more revenue than traditional construction contracts in 2024.
| Segment | 2024 revenue | Approximate share of CSCI revenue |
|---|---|---|
| Construction contracts | HK$47,533.524 million | 41.3% |
| Construction-related investment projects | HK$58,836.595 million | 51.1% |
| Facade contracting | HK$3,938.381 million | 3.4% |
| Infrastructure operation | HK$723.535 million | 0.6% |
Percentages are calculated from the reported segment amounts and may not sum to exactly 100% because of rounding and other minor items. The practical implication is that CSCI’s investment-project revenue deserves separate scrutiny for margins, capital invested, receivables and cash timing. A peer whose revenue is mostly engineering construction is not economically identical even if its total sales are similar.
Start with a like-for-like fiscal-year table
Use audited annual reports for the same fiscal year before looking at a share-price chart. Keep the reporting currency beside every number; converting everything to Hong Kong dollars or renminbi can create false precision when exchange rates move.
| Company | Primary comparison role | 2024 figure available in the annual disclosure | What it does not tell you by itself |
|---|---|---|---|
| China State Construction International (03311.HK) | Hong Kong-, Macau- and Mainland-China-focused construction and investment projects | Revenue HK$115,106.744 million; attributable profit HK$9,361.017 million; operating cash inflow HK$2,007 million | It does not isolate the profitability or cash profile of each investment project. |
| China Railway Construction Corporation (CRCC) | Transport-heavy engineering, infrastructure operation and equipment | Infrastructure-project revenue RMB577.315597 billion, equal to 54.10% of total 2024 revenue | Infrastructure revenue is a different scale and mix from CSCI’s investment-project revenue. |
| China Railway Group (CREC) | Large rail and infrastructure-construction benchmark | Infrastructure-construction revenue RMB1,020.533 billion, down 9.9% year on year in 2024 | Its much larger transport orientation and scale make direct margin comparisons imperfect. |
| China Communications Construction Company (CCCC) | Marine, port, transport and international infrastructure angle | Specific comparable revenue and cash figures are not stated in the figures summarized here; use its 2024 audited statements | Do not substitute group revenue for a segment number without checking the segment definition. |
| China State Construction Engineering Corporation | Large Chinese construction-company and parent-group context | Use its 2024 annual report for the relevant listed-company segments | Parent-group scale is not automatically comparable with CSCI’s listed-company perimeter. |
CRCC describes itself as “a globally renowned construction operation contractor, infrastructure operator, high-end equipment manufacturer, and emerging industry developer.” That description explains why its consolidated revenue and margins should not be compared with CSCI as though both were single-line contractors.
Compare business mix before comparing revenue
Separate building work from investment projects
For CSCI, construction contracts and construction-related investment projects are distinct lines. Investment projects can involve development, financing, construction and eventual operation or disposal. Ask what accounting event creates revenue, how much capital is tied up, and when cash is collected. A high investment-project share may support a durable pipeline, but it can also lengthen the cash cycle and increase exposure to funding or property conditions.
Rank #2
- Ergonomically Designed: Work in tight areas with a compact design that gets into tough spots
- Both tools are designed to fit into difficult to reach spaces
- Complete a wide range of applications with a high-performance motor that delivers up to 300 UWO, and an impact driver delivering up to 1,400 in-lbs of torque
- Both the DEWALT impact driver and drill driver feature integrated LED work lights with a convenient 20-second delay, ensuring enhanced visibility in dimly lit or challenging work areas
- One-Handed Loading - Keep one hand free with a 1/4 in. hex chuck that accepts 1 in. bit tips
Identify transport, marine and equipment exposure
CRCC and CREC are useful transport-heavy references because rail, urban transit and road work form a larger part of their operating identity. CRCC reports that it constructed 50% of China’s conventional and high-speed railways, 40% of urban rail transit and 30% of high-grade roads. Those percentages describe its historical participation in national infrastructure, not a guarantee of future awards or profit.
CCCC is the better comparator when the question is marine engineering, ports or international transport. CREC helps test how a very large rail-oriented contractor behaves when infrastructure-construction revenue falls; its 2024 infrastructure-construction revenue declined 9.9% year on year to RMB1,020.533 billion.
Look for specialist and operating assets
CSCI’s facade-contracting and infrastructure-operation lines are smaller than its two main segments but can have different margin, asset and working-capital characteristics. In peer reports, separately identify equipment manufacturing, property development, infrastructure operation, logistics, design and other businesses rather than placing them in a single “construction” bucket.
Use geography to measure concentration and resilience
CSCI’s 2024 revenue was geographically concentrated: 52.5% Mainland China, 35.7% Hong Kong and 7.6% Macau. The percentages are for 2024 revenue and are not a forecast of future regional mix. This concentration can provide familiarity with local regulators and customers, while tying results to public-investment cycles, property conditions and payment practices in those markets.
CRCC reports activity across 148 countries and regions, giving it a more internationally diversified reference point. International reach introduces its own risks, including foreign-exchange movements, political and sovereign-credit exposure, local-law compliance, bonding requirements and project execution in unfamiliar jurisdictions. “More countries” therefore means diversification, not automatically lower risk.
Rank #3
- 【Great Compatibility】This Katerk 1/4 inch hex shank bit holder is specifically designed for 1/4 inch hex shank drill bits. It's compatible with most 1/4 fast hex handles, hex sockets, various electric screwdrivers, and handheld screwdrivers. The bit holder makes it a valuable addition for any handyman.
- 【Secure and Safe】Built with a secure backup nut design, each drill bit holder securely locks onto your bits, ensuring they stay firmly in place. Additionally, our bit holder incorporates a high-quality steel ball rolling design that holds up to several kilograms of weight, ensuring your various drill bits don't fall off.
- 【Easy One-Handed Operation】The bit holder for impact driver allows you to change bits single-handedly, simplifying your workflow. Its multi-color design further allows for quick identification of the drill bit you need.
- 【Compact and Convenient】Thanks to its compact size, this 1/4 inch bit holder is easy to carry around. The bit holder allows for easy attachment to various tools, making this a convenient addition to your construction accessories. The Katerk bit holder is cast from high-quality alloy material, promising a long product lifespan. Despite its rugged strength, the bit holder remains lightweight, making it portable.
- 【Cool Christmas Gift For Men Stocking Stuffers】 This screwdriver bit holder, driver bit holder, impact bit holder, can be given as a gift to your loved one, especially for anyone involved in construction or electrical work. It's a must-have for stocking stuffers for men and women, tools gifts for dad, tech gadgets for men, gifts for dad, gifts for him, gifts for husband, gifts for boyfriend, cool gadgets for men, and cool gifts for dad.
Build a geography table for every candidate company with the following columns:
Free tools Windows power users keep installed
One-click scans. No signup required.
- Mainland China revenue percentage.
- Hong Kong and Macau revenue percentage, where disclosed.
- Overseas revenue percentage and the countries or regions that drive it.
- Customer type by region: central government, local government, state-owned enterprise, private developer or overseas public agency.
- Currency in which contracts are priced and in which costs are incurred.
Test backlog quality, not just backlog size
At the end of 2024, CSCI reported 373 projects in progress with an aggregated attributable contract value of HK$631.14 billion. Dividing that value by 2024 revenue produces a headline backlog-to-revenue ratio of approximately 5.48 times. It is a useful screening ratio, not a prediction that 5.48 years of revenue will arrive unchanged: projects finish at different speeds, values can be revised, and attributable contract value is not the same as expected profit or cash.
Five questions for every order book
- What is the work? Split rail, roads, buildings, public housing, industrial facilities, marine works, investment projects and operations.
- Who pays? Record central-government, local-government, state-owned-enterprise, private-developer and overseas customers separately.
- How is it funded? Note budget appropriations, policy-bank or commercial-bank financing, public-private structures and developer funding.
- When does it convert? Compare the expected completion timetable with annual revenue and identify projects scheduled for the next 12, 24 and 36 months.
- What can go wrong? Check land, permits, design changes, claims, customer credit, cost inflation, currency and termination clauses.
A backlog dominated by funded public works with transparent milestones is generally easier to underwrite than a large but vague pipeline of proposed projects. Conversely, a smaller order book can be more attractive when it has short cash cycles, strong customers and high visibility on gross margin.
Compare profit with cash conversion and the balance sheet
CSCI’s 2024 net operating cash inflow was HK$2,007 million against HK$9,361.017 million of attributable profit. That is an operating-cash-to-attributable-profit ratio of approximately 21.4% for the year. It is a warning to investigate working capital, not proof of permanent weakness: construction cash flows can swing when advances, retentions, receivables, contract assets and supplier payments move between reporting dates.
Build a working-capital bridge
- Start with attributable profit and add back non-cash expenses.
- Show changes in trade receivables, contract assets, inventories, prepayments and other operating balances.
- Separate customer advances from borrowings; an advance can finance work but may be refundable if a project changes.
- Check restricted cash and pledged deposits, which may not be available for dividends or debt repayment.
- Reconcile operating cash flow to free cash flow after maintenance capital expenditure and investment-project spending.
Measure leverage consistently
For each company, collect cash, restricted cash, total debt, lease liabilities, net debt, interest expense and operating profit from the same reporting date. Then calculate net debt-to-EBITDA only when EBITDA is defined consistently. If one company includes operating concessions or property assets and another does not, label the difference instead of forcing a single ranking.
Rank #4
- Long Nib and Deep Hole Marker: Our mechanical carpenter pencil with 45mm nib is designed for easy marking of deep holes or narrow areas. These construction pencils are the great choice for woodworking tools, construction tools, carpenter tools, contractor tools, wood carpentry tools and architect tools
- Extra Refills in 2 Colors for Versatile Marking: The construction mechanical pencil comes with 12 extra 2.8mm refills, including 6 red and 6 black refills. The black refill is suitable for light surfaces, while the red wax is perfect for dark surfaces. Our carpenter mechanical pencil makes sure that you'll have an ample supply for extended use
- Built-in Sharpener: Our construction pencil comes with a built-in sharpener to ensure the mechanical pencil tip is always sharp and ready for use. Never buy an extra pencil sharpener again. A great tool for any woodworker pencil, contractor pencils. The refill can easily be extended or retracted with a simple click of the pencils mechanical, allowing you to work more efficiently and accurately
- Portable Clip Design: Our deep hole construction pencil features a portable clip design, easy to carry and attach to your pocket or tool box, so that you can keep the carpenter pencils mechanical close at hand, making it a convenient tool to have on the go. Great gifts choice for carpenters
- Stronger Pencil Lead: The black refills are made of lead, sturdy and smooth. The red refills are made of wax, clear and light. These marking pencils are much thicker and stronger than normal pencils during the marking process of construction work, suitable for various surfaces, such as glasses, metal, boards, floors, walls, furniture, etc. The written marks can be easily wiped with a wet paper towel when needed
Also read the notes for guarantees, litigation, joint-venture obligations and receivables factoring. A contractor can report low net debt while carrying substantial guarantees or delayed customer balances. Compare interest coverage and the maturity schedule, not just a year-end debt total.
Evaluate dividends without mistaking a historical payout for today’s yield
CSCI’s total dividends for 2024 were HK$0.615 per share. To calculate a current yield, divide the declared per-share amount by the current 03311 share price, making sure the price and dividend refer to the same share class and that the dividend is not a one-off special payment. The 2024 amount alone cannot establish today’s yield.
For CRCC, CREC, CCCC and other peers, collect the final dividend, interim dividend, payout ratio, free-cash-flow coverage and the number of years with increases or cuts. State whether a figure is proposed, declared or paid. Chinese companies may publish dividends in renminbi while Hong Kong investors see a Hong Kong-dollar share price; disclose the conversion and withholding-tax treatment used in any yield comparison.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Refresh valuation data immediately before publication or purchase
Annual reports provide the denominator; a current market-data terminal or exchange filing provides the numerator. Refresh the following on the same timestamp:
- Share price and trading currency.
- Shares outstanding and market capitalization.
- Trailing and forward price-to-earnings ratios, with the earnings period identified.
- Price-to-book ratio, noting whether book value includes revaluation gains.
- Enterprise value and EV/EBITDA, with debt, lease liabilities and minority interests treated consistently.
- Declared dividend per share and dividend yield.
- Payout ratio based on attributable earnings and, separately, free cash flow where available.
Use formulas rather than unexplained rankings:
| Metric | Formula | Main caution |
|---|---|---|
| Market capitalization | Current share price × diluted shares outstanding | Check treasury shares, dual listings and dilution. |
| P/E | Market capitalization ÷ attributable earnings | Use the same trailing or forecast period for every company. |
| Price-to-book | Market capitalization ÷ equity attributable to owners | Accounting policies and asset revaluations differ. |
| EV/EBITDA | Enterprise value ÷ EBITDA | Define debt, leases, cash and minority interests consistently. |
| Dividend yield | Declared annual dividend per share ÷ current share price | A historical dividend is not a guaranteed future payment. |
Do not call a stock “cheaper” because its P/E is lower until you have checked growth, cash conversion, leverage, state ownership, project risk and the sustainability of the earnings denominator. A low multiple can reflect a genuine risk premium.
Best Value
- Milwaukee Ink all Fine Point Marker, Black, 4 Per Pack
- 4 per pack Features Clog Resistant Marker Tip Writes through Dusty, Wet and Oily Surfaces Durable Marker Tip for Writing on Concrete, OSB and Rough Surfaces
- Clog resistant tip writes on dusty, wet and oily surfaces and is optimized for rough surfaces such as OSB, cinderblock and concrete
- Hard hat clip- attaches for easy access
- Quick dry time with reduced smearing and marking
Apply a decision framework instead of a single winner
| If your priority is… | Start with… | Then verify… |
|---|---|---|
| Hong Kong, Macau and Mainland-China exposure | CSCI | Investment-project cash conversion, local-government payments and property sensitivity. |
| Rail, urban transit and road scale | CRCC or CREC | Infrastructure revenue trend, order quality, leverage and overseas execution. |
| Marine, ports and international transport | CCCC | Country risk, contract currency, concession assets and receivables. |
| High current income | Compare all candidates on refreshed yield and free-cash-flow coverage | Whether the dividend is recurring, proposed or special, and whether debt funds the payout. |
| Defensive cash generation | Companies with strong multi-year operating-cash conversion | Restricted cash, retention balances, advances and project-finance obligations. |
This framework does not produce a universal “best” Asian infrastructure stock. It identifies which company fits a particular exposure and risk budget after the same measurements have been applied.
Risks specific to Chinese infrastructure comparisons
State ownership and policy allocation
State-owned-enterprise links can support access to strategic projects and financing, but they can also bring policy objectives, related-party transactions and returns that are not optimized solely for minority shareholders. Read the ownership structure, board arrangements and major-customer disclosures.
Government payment cycles
Government or state-owned customers may be creditworthy yet slow to pay. Track receivables aging, contract assets, retention money and overdue balances. A signed contract is not the same as cash in the bank.
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteProperty-cycle exposure
Building and investment projects connected to developers or land financing can be more sensitive to property conditions than rail or port work. Identify developer customers and project-finance structures rather than assuming that every infrastructure label means the same economic exposure.
Currency and reporting differences
CSCI reports in Hong Kong dollars, while CRCC and CREC commonly report key figures in renminbi. Keep each reported figure in its original currency and state the conversion date whenever a secondary comparison converts it. Never mix a Hong Kong-dollar market value with a renminbi earnings figure without a documented conversion.
A repeatable checklist for your own comparison
- Download the latest annual and interim reports for CSCI and each peer.
- Align fiscal-year end dates and use the latest period available for every company.
- Copy revenue, attributable profit, operating cash flow, debt, cash, dividends and equity exactly as reported, including currencies and units.
- Reclassify each business into building, transport, investment, specialist contracting, equipment and operating assets.
- Map geography and customer type, including overseas exposure and government concentration.
- Measure backlog-to-revenue, then examine project funding, completion timing and customer concentration.
- Calculate operating-cash-to-profit and free-cash-flow conversion; investigate receivables and contract assets.
- Refresh share prices, market capitalizations, P/E, price-to-book, EV/EBITDA and dividend yields immediately before publication or purchase.
- Stress-test delayed payments, cost overruns, cancellations, currency moves and a lower award rate.
- Choose the exposure and risk profile that fit your portfolio rather than selecting the largest revenue number.
On the disclosed 2024 numbers, CSCI offers a concentrated Hong Kong, Macau and Mainland-China profile with HK$115,106.744 million of revenue, HK$9,361.017 million of attributable profit and a large HK$631.14 billion attributable project portfolio. CRCC and CREC provide more transport-oriented scale, while CCCC adds a marine and international lens. The meaningful comparison is therefore not “which company has the most revenue,” but which mix of projects, customers, geography, cash conversion, balance-sheet risk and valuation you are willing to own.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
Quick wins for a faster PC:
Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →
