建筑工程业行业事件快评：否极泰来，增持产业趋势好和三季报超预期的高股息龙头

Investment Rating - The report maintains an "Overweight" rating for the construction engineering industry [2]. Core Viewpoints - The report highlights a positive trend in the industry driven by recent monetary policy easing and better-than-expected Q3 earnings from high-dividend leaders [4]. - It emphasizes the growth in investment in electricity, water conservancy, and chemical sectors, while the decline in real estate investment is narrowing [4]. - The report recommends increasing holdings in major companies such as China State Construction, China Energy Engineering, and China Communications Construction [5]. Summary by Sections Investment Policy - Recent monetary policy adjustments include a 0.5% reduction in the reserve requirement ratio and a potential further decrease of 0.25-0.5% [4]. - The average reduction in existing mortgage rates is around 0.5%, with the minimum down payment for second homes lowered from 25% to 15% [4]. Industry Trends - Investment in water conservancy increased by 33%, electricity grid investment rose by 23.1%, and chemical manufacturing investment grew by 10% in the first eight months [4]. - Real estate investment decreased by 10%, with August's decline narrowing to 8.5% compared to July [4]. Company Recommendations - China State Construction reported a 6.5% increase in orders for the first eight months, with a PB of 0.5 and a PE of 3.8, yielding a dividend yield of 5.2% [5]. - China Energy Engineering's orders increased by 14% in the first half of the year, with a focus on energy and electricity [5]. - China Communications Construction's orders grew by 8.4% in the first half, maintaining a PB of 0.45 and a dividend yield of 3.9% [5]. Financial Performance - The report projects EPS growth of 7% for 2024, with a target price of 7.76 yuan, corresponding to a PE of 5.5 times [9]. - China State Construction's H1 revenue reached 1.14 trillion yuan, a 2.81% increase, with a net profit of 29.45 billion yuan, reflecting a 1.65% growth [9]. Market Position - China State Construction is recognized as the world's largest engineering contractor, maintaining a high credit rating and a dividend yield of 5.2% [10]. - The company aims for new contract signings exceeding 4.5 trillion yuan in 2024, with a completion rate of 55% for its target by mid-year [10].