CSCEC(601668) 东方财富·2024-10-15 00:23Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Views - The company is a leading state-owned enterprise in the construction sector, recognized as the largest investment and construction group globally, with a consistent dividend payout rate above 20% since 2020 and a TTM dividend yield of 4.5% [2][3]. - Recent fiscal policies and the easing of property purchase restrictions are expected to restore demand in the real estate and infrastructure sectors, with state-owned enterprises being the primary beneficiaries [2][3]. - The company's performance is projected to improve due to a focus on core markets and expansion into high-demand sectors, leading to stable growth in revenue and profits [3][7]. Summary by Sections Company Overview - The company, known as China State Construction Engineering Corporation, has a diversified business model covering housing construction, infrastructure development, and real estate investment, with a strong market presence both domestically and internationally [16][22]. - The company has shown steady growth since its listing, with new contract amounts increasing from 935.7 billion to 3,872.7 billion from 2012 to 2023, reflecting a CAGR of 13.8% [22]. Industry Analysis - The easing of real estate policies is expected to lead to a recovery in housing demand, with significant government support aimed at stabilizing the market [27][33]. - The construction sector is anticipated to benefit from increased fiscal measures, including the issuance of special bonds to support local governments and infrastructure projects [33][35]. - The market share of leading state-owned enterprises is projected to continue rising, driven by their extensive project portfolios and strong government backing [37]. Company Analysis - The company has been expanding its market share in the housing construction sector, leveraging its financial strength and technical expertise to capture new opportunities [38]. - The industrial construction segment has seen significant growth, with a 58.9% increase in orders for industrial plant construction in 2023, indicating a robust demand outlook [40]. - The company's valuation remains low compared to its peers, suggesting potential for recovery as market conditions improve [3][26].