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建筑行业跟踪报告:流动性促顺周期发力,重申地产链及有效需求投资机会
GF SECURITIES·2024-09-26 03:39

Investment Rating - The industry investment rating is "Buy" with an expectation that stock performance will exceed the market by more than 10% over the next 12 months [2]. Core Viewpoints - The report emphasizes that increased market liquidity will enhance effective demand, reaffirming investment opportunities in the real estate chain and effective demand [2][3]. - Key events include a recent press conference by the State Council, where measures such as a 0.5 percentage point reduction in the reserve requirement ratio and a decrease in existing mortgage rates were announced, which are expected to improve the sluggish real estate market [2][3]. - The report suggests focusing on four industry chains, particularly undervalued construction chains, as the real estate policies are expected to improve the market environment [2][3]. Summary by Relevant Sections Investment Opportunities - Recommended companies include China Communications Construction (water transport), China Electric Power Construction (hydropower), and Huadian Heavy Industries (electricity offshore wind) [2]. - Attention is drawn to companies like Yipuli (water transport mining) and China Nuclear Engineering (nuclear power construction) [2]. - In the international engineering sector, companies such as China Steel International and China National Materials are highlighted due to their overseas order growth [2]. - Domestic cyclical recovery is anticipated, benefiting companies like Honglu Steel Structure and China Railway Emergency [2]. Company Valuation and Financial Analysis - Key companies and their expected dividend yields for 2024 include: - China State Construction: 5.8% - China Railway: 6.0% - Anhui Construction: 6.9% [4][3]. - The report provides detailed financial metrics for various companies, including expected EPS and PE ratios for 2024 and 2025 [4].