2025 年 11 月 24 日 建筑 证券研究报告 投资评级 领先大市-A 维持评级 | | | 行业表现 chenyf4@essence.com.cn 低估值基建央企具备稳健防御属性，出 海/洁净室工程延续高景气度 本周投资建议： 受大盘调整影响，本周建筑板块下跌 6.11%，传统建筑央企板块下跌 3.63%。年初以来，受下游基建投资增速放缓及房地产投资持续下滑 等因素影响，传统建筑央企经营承压，年初至今股价下跌 10.70%， 目前建筑板块及传统建筑央企估值位居低位，截至目前，SW 建筑装 饰板块市盈率（TTM）为 9.0 倍，传统建筑央企板块市盈率（TTM） 为 5.4 倍。基建央企板块营收业绩成长仍承压，但关键性经营指标有 所改善，且多家企业提升分红比例，财政政策维持积极基调，化债效 果或于 2026 年逐步体现，板块整体具备稳健防御属性，建议关注 Q4 低估值传统建筑央企板块投资机会。此外，西部区域建设及洁净室板 块维持高景气，需求持续上行驱动龙头企业成长。 2023 年以来，八大建筑央企海外新签订单维持两位数快速增长，2023 年、2024 年、2025Q1-Q3 合计海外新签订单增速分别为 1 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on international engineering leaders such as China National Materials (中材国际), China Steel International (中钢国际), and others [9][24]. Core Viewpoints - The expectation of a ceasefire in the Russia-Ukraine conflict has increased, which could lead to significant reconstruction investments in Ukraine, estimated at $523.6 billion over the next decade, creating substantial demand for construction projects and building materials [2][18]. - Chinese construction companies are well-positioned to benefit from overseas projects, especially in post-war reconstruction efforts in Ukraine, as they possess competitive advantages in technology, efficiency, and cost [3][20]. - The trend of urbanization and industrialization in emerging markets, combined with the relocation of some manufacturing capacities from China, indicates a long-term trend of Chinese construction companies expanding overseas [7][24]. Summary by Sections Industry Dynamics - The report highlights the potential for large-scale reconstruction in Ukraine if the conflict ends, with significant investment needs in housing (16% of total needs) and infrastructure (32.4% of total needs) [2][18]. - The demand for basic construction materials like cement and steel is expected to rise significantly due to reconstruction efforts [18][19]. Investment Recommendations - Key companies recommended for investment include: - China National Materials (中材国际) with a PE of 7.2X and a dividend yield of 5.5% - China Steel International (中钢国际) with a PE of 9.6X and a dividend yield of 5.3% - Northern International (北方国际) with a PE of 11X - China Chemical Engineering (中国化学) with a PE of 6.3X and a PB of 0.70X - Jianghe Group (江河集团) with a PE of 12X and a dividend yield of 6.5% - Precision Steel Structure (精工钢构) with a PE of 10X and a dividend yield of 6.9% [8][24][26]. Market Trends - The report notes that overseas construction demand remains robust, driven by urbanization and industrialization in emerging markets, such as Saudi Arabia's Vision 2030 and various infrastructure initiatives in Southeast Asia [7][22][23]. - The report cites that 68% of A-share listed companies have disclosed overseas business income, indicating a growing trend of Chinese companies expanding internationally [7][24].

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index at 3863.17 points, down by 1.73%, while the total trading volume reaches 953.346 billion yuan, indicating a mixed performance among individual stocks breaking through the annual line [1] Group 1: Market Performance - As of 10:35 AM, the Shanghai Composite Index is at 3863.17 points, with a decrease of 1.73% [1] - The total trading volume in the A-share market is 9533.46 million yuan [1] Group 2: Stocks Breaking Through Annual Line - Six A-shares have surpassed the annual line today, with notable stocks including Qiule Agricultural, Zhangyue Technology, and Century Tianhong, showing significant deviation rates of 5.27%, 4.37%, and 1.57% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Zhonggang International, ST Tongmai, and Tianlong Group, with deviation rates of 0.29%, 0.82%, and 1.27% respectively [1] Group 3: Individual Stock Data - Qiule Agricultural (920087) has a price increase of 9.29% and a deviation rate of 5.27% [1] - Zhangyue Technology (603533) shows a price increase of 4.61% with a deviation rate of 4.37% [1] - Century Tianhong (300654) has a price increase of 1.76% and a deviation rate of 1.57% [1] - Tianlong Group (300063) has a price increase of 4.86% and a deviation rate of 1.27% [1] - ST Tongmai (603559) shows a price increase of 4.94% with a deviation rate of 0.82% [1] - Zhonggang International (000928) has a slight price increase of 0.31% and a deviation rate of 0.29% [1]

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

Group 1 - The company, China Steel International, stated on November 19 that it discloses the number of shareholders at the end of the reporting periods in its annual, semi-annual, and quarterly reports [2]

Core Viewpoint - The company reported a 13.2% decline in net profit attributable to shareholders in the first three quarters, while gross margin improved significantly year-on-year, and operating cash flow showed improvement alongside a substantial decrease in accounts receivable [1][3]. Financial Performance - In the first three quarters of 2025, revenue was 9.175 billion yuan, a decrease of 27.2% year-on-year, with quarterly comparisons showing declines of 28.2%, 22.67%, and 31.14% respectively [3]. - The net profit attributable to shareholders for the same period was 556 million yuan, down 13.2%, with quarterly changes of +7.8%, -5.88%, and -40.5% [3]. - Gross margin for the first three quarters was 15.26%, an increase of 2.87 percentage points, while the expense ratio was 6.33%, up 1.05 percentage points [3]. - The net profit margin was 6.06%, an increase of 0.98 percentage points, and the weighted ROE was 6.47%, down 1.43 percentage points [3]. - The debt-to-asset ratio stood at 66.04%, a decrease of 0.93 percentage points [3]. Cash Flow and Accounts Receivable - Operating cash flow for the first three quarters was -1.211 billion yuan, an improvement from -3.985 billion yuan in the same period of 2024 [4]. - Accounts receivable at the end of the third quarter were 3.193 billion yuan, a decrease of 35.7%, with accounts receivable to revenue ratio at 34.8%, down 4.6 percentage points [4]. Order Intake and International Strategy - New orders signed in the first three quarters totaled 10.7 billion yuan, a decline of 29.3%, with domestic orders increasing by 46% to 4.1 billion yuan, while international orders decreased by 46.5% to 6.6 billion yuan [4]. - The company had a backlog of orders amounting to 41.68 billion yuan, with expected revenue from ongoing projects around 29.455 billion yuan, laying a solid foundation for stable development [4]. - The company is actively leveraging its international operational advantages to support Baowu's internationalization strategy, focusing on maintaining relationships with high-quality clients and pursuing low-carbon green projects [4][5].

Core Points - The company held its 12th meeting of the 10th Board of Directors on November 18, 2025, where several key resolutions were passed [1][2][3][4]. Group 1: Board Resolutions - The company approved the nomination of Hua Guanglin as a candidate for a non-independent director, pending shareholder approval [2][5][87]. - The company accepted the resignation of Zhao Shukun as General Manager due to work adjustments and appointed Hua Guanglin as the new General Manager [6][84]. - The company resolved to amend its Articles of Association to align with new legal requirements and improve governance [9][37]. - The company decided to revise the rules for shareholder meetings to clarify responsibilities and ensure legal compliance [12][37]. - The company approved the revision of the rules for board meetings to enhance decision-making efficiency [15][37]. - The company resolved to abolish the Supervisory Board, transferring its responsibilities to the Audit and Risk Management Committee [18][37]. - The company agreed to use 120 million yuan of idle raised funds temporarily to supplement working capital, with a usage period not exceeding six months [21][67][76]. - The company scheduled its second extraordinary general meeting for 2025 on December 4, 2025 [24][41]. Group 2: Meeting Details - The board meeting was conducted in compliance with the Company Law and the company's Articles of Association, with all members present [1][4]. - The resolutions passed during the meeting will be submitted for approval at the upcoming shareholders' meeting [5][11][14][20]. Group 3: Management Changes - Hua Guanglin, the newly appointed General Manager, has a strong background in engineering and management, having held various positions within the company [26][86][89].

Core Viewpoint - The company, China Steel International, announced the appointment of Hua Guanglin as the new general manager during the 12th meeting of the 10th board of directors scheduled for November 18, 2025 [2] Group 1 - The board meeting will take place on November 18, 2025 [2] - The appointment of Hua Guanglin as general manager has been approved [2]

Core Viewpoint - The company announced the convening of its 12th meeting of the 10th Board of Directors on November 18, 2025, to review the proposal for adding a non-independent director candidate [1] Group 1 - The company is set to nominate Hua Guanglin as a candidate for the non-independent director position on the 10th Board of Directors [1]

Core Viewpoint - The resignation of Zhao Shukun as General Manager of China Steel International is due to work adjustments, but he will continue to serve as Chairman and head of the Board's Strategy and ESG Committee [1] Group 1: Management Changes - Zhao Shukun submitted a written resignation report to the Board, effective immediately upon receipt [1] - Zhao Shukun's original term as General Manager was from April 7, 2025, to September 12, 2027 [1] - The company appointed Hua Guanglin as the new General Manager, effective from the date of the Board's approval [1] Group 2: Impact on Company Operations - Zhao Shukun's resignation will not affect the normal operations of the company or its development [1] - As of the announcement date, Zhao Shukun does not hold any shares directly but has 90,000 stock options that have been granted but not yet exercised [1]