建筑行业2024年三季报总结：（二）央企篇：基建房建、电力及专业工程两类央企表现分化，资产端修复尚需化债“及时雨”

Investment Rating - The industry investment rating is "Buy" [1] Core Views - The performance of the eight major state-owned construction enterprises is under pressure, with revenue declining by 3.9% year-on-year in the first three quarters of 2024, and a 7.4% decline in Q3 2024. The net profit attributable to shareholders decreased by 9.8% in the first three quarters and by 15.2% in Q3 [1][12][13] - The cash flow situation is under pressure, with a significant increase in the cash payment ratio compared to cash receipts, indicating a worsening cash flow environment [1][8] - The report highlights the differentiation in performance among state-owned enterprises, with some showing resilience in cash flow and profitability, particularly in specialized engineering sectors [1][8] Summary by Sections Section 1: Performance Differentiation of State-Owned Enterprises - The report emphasizes the need to focus on asset recovery, overseas expansion, and equipment upgrades as new growth drivers for state-owned enterprises [1][8] Section 2: First-Level State-Owned Enterprises - The eight major state-owned construction enterprises achieved a total revenue of 5 trillion yuan in the first three quarters of 2024, with a year-on-year decline of 3.9%, which is less than the overall construction sector's decline of 4.9% [12] - In Q3 2024, their revenue was 1.6 trillion yuan, down 7.4% year-on-year, again outperforming the overall sector [12] Section 3: Second-Level State-Owned Enterprises - The second-level state-owned enterprises showed a mixed performance, with some companies like China Steel International and China Nuclear Construction improving their cash flow significantly [1][8] Section 4: Investment Recommendations - The report recommends focusing on state-owned enterprises with strong asset recovery potential and those benefiting from equipment upgrade policies, suggesting specific companies such as China Railway Construction and China Communications Construction [1][8]