HTSC(601688) 快讯·2025-05-23 00:15Core Viewpoint - The construction sector in 2024 is expected to experience a year-on-year revenue decline of 4.10%, marking the first annual revenue drop from 2015 to 2024, with a net profit attributable to shareholders decreasing by 14.4% due to reduced real estate construction and slowing traditional infrastructure investment [1] Group 1 - The revenue decline is attributed to pressures from decreased real estate construction and a slowdown in traditional infrastructure investment, leading to increased financial strain on companies [1] - The increase in fixed costs and collection pressures has resulted in extended payment periods, contributing to heightened impairment provisions and further impacting profitability [1] - The return on equity (ROE) has decreased by 1.49 percentage points year-on-year due to lower net profit margins and turnover rates [1] Group 2 - In the first quarter of 2025, revenue and net profit attributable to shareholders are expected to decline by 6.0% and 8.8% respectively, as the policy effects have not fully materialized and the high base from the previous year remains a challenge [1] - It is anticipated that as policies gradually take effect and the base figures decrease, the sector's performance may improve on a quarterly basis, potentially entering a phase of deep integration in the long term [1]