建筑行业2024年三季报总结：（一）概述总览篇：业绩承压，现金流优化，继续重视化债

Investment Rating - The report maintains a "Buy" rating for the construction industry [1]. Core Insights - The construction sector experienced a significant performance decline in Q3 2024, with a year-on-year revenue drop of 15.1%. The total revenue for Q1-Q3 2024 was 62,359 billion CNY, reflecting a 4.9% decrease compared to the previous year. In Q3 alone, the revenue was 19,859 billion CNY, down 8.3% year-on-year. The net profit attributable to shareholders for Q1-Q3 2024 was 1,385.5 billion CNY, a decline of 11.6%, with Q3 net profit falling by 15.1% to 401.4 billion CNY [1][7][8]. Summary by Sections 1. Construction Sector - The construction sector's performance was under pressure, with a 15.1% year-on-year decline in Q3 2024. The overall revenue for Q1-Q3 2024 decreased by 4.9%, while Q3 revenue saw an 8.3% drop. The net profit for Q1-Q3 2024 was down 11.6%, with Q3 net profit declining by 15.1% [1][7]. 2. Housing Construction Sector - Major player China State Construction saw a revenue decline of 14.5% and a net profit drop of 25.7% in Q3 2024. However, operational cash flow improved significantly, with a net inflow of 314.42 billion CNY, an increase of 324.90 billion CNY compared to the previous year [1][7]. 3. Infrastructure Sector - The infrastructure sector faced overall pressure, with Q1-Q3 2024 revenue down 4.5% and Q3 revenue down 4.2%. The net profit for Q1-Q3 2024 decreased by 11.8%, with Q3 net profit down 14.1% [1][7]. 4. International Engineering Sector - The international engineering sector showed strong performance in Q3 2024, with a net profit increase of 9.8% and an improved gross margin of 17.0%, up 1.6 percentage points year-on-year [1][7]. 5. Engineering Consulting Sector - The engineering consulting sector faced pressure, with Q3 revenue down 2.7% and net profit down 25.7% [1][7]. 6. Steel Structure Sector - The steel structure sector experienced an expanded revenue decline of 9.8% in Q3 2024, while the net profit decline was narrowed to 6.0% [1][7]. 7. Other Sectors - The chemical engineering sector showed improvement, while the landscaping and decoration sectors continued to incur losses [1][7]. 8. Investment Recommendations - The report suggests focusing on state-owned enterprises with stable dividends and improving performance, recommending companies such as China Communications Construction, China Railway Construction, and China State Construction. It also highlights opportunities in international expansion and sectors like mining services and water conservancy [1][7].