建筑行业上半年业绩承压机构看好下半年修复机会

Industry Performance - In the first half of 2025, the construction sector's listed companies reported a revenue decline of 5.66% and a net profit drop of 8.89% year-on-year, indicating an overall performance setback for the industry [1][3] - Among 157 listed companies in the construction sector, 55 companies achieved revenue growth, while 70 companies saw an increase in net profit during the same period [1] Key Companies - China Electric Power achieved a revenue of 292.76 billion yuan in the first half of 2025, marking a 2.66% year-on-year increase, although its net profit fell by 13.81% to 5.43 billion yuan [1] - China Energy Construction reported a revenue of 212.09 billion yuan, a 9.18% increase year-on-year, with a net profit of 2.80 billion yuan, reflecting a 0.72% growth [2] Market Outlook - Several broker reports express optimism for a profit recovery in the construction sector in the second half of 2025, despite the first half's revenue and profit pressures [2][3] - The construction sector's gross and net profit margins slightly decreased, while the asset-liability ratio saw a minor increase [2] International Expansion - Many leading companies in the construction industry are actively expanding their international presence, with overseas projects expected to drive market demand growth [3] - Companies like China National Chemical and others have reported significant growth in overseas business, contributing to their overall performance [2][4] Investor Relations - Companies are focusing on improving shareholder returns, with some increasing dividend frequency and amounts, as well as engaging in share buybacks [4] - Chengdu Road and Bridge highlighted efforts to improve performance by securing new orders and enhancing project cash flow, aiming to turn losses into profits [3][4]