建筑行业第371期周报：三季报应收账款等综述，基建财政化债再迎催化

Investment Rating - The report rates the construction industry as "Overweight" [2] Core Views - The report highlights a decline in net profit and cash flow in the construction sector, with a 5% decrease in overall revenue and a 12.7% drop in net profit for the first three quarters compared to the previous year [4][5] - It recommends focusing on fiscal debt policies, real estate chains, renewable energy, high-dividend stocks, state-owned enterprise reforms, and low-altitude economy themes [7][8] Summary by Sections Industry Overview - The construction industry's revenue decreased by 5% and net profit fell by 12.7% in the first three quarters compared to the previous year [4] - Cash flow from operations dropped by 77%, and accounts receivable increased by 20%, leading to a higher accounts receivable to revenue ratio of 34% [4] Central Enterprises Performance - Among nine major construction central enterprises, revenue declined by 3.9% and net profit decreased by 9.6% in the first three quarters [5] - Only China Energy Engineering and China Chemical Engineering reported positive growth in net profit, with increases of 17% and 3%, respectively [5] Recommendations - The report recommends specific companies based on fiscal debt policies, including China Communications Construction, China Railway Construction, and China State Construction [7] - It also suggests focusing on high-dividend stocks such as Tunnel Shares and Sichuan Road and Bridge, as well as companies involved in state-owned enterprise reforms [8] Financial Metrics - The report provides various financial metrics for recommended companies, including price-to-book (PB) ratios and dividend yields, indicating attractive valuations for investment [8][9]