建筑行业2024年三季报总结：（四）工程咨询&洁净室篇：工程咨询Q3现金流改善，洁净室毛利端承压

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The engineering consulting industry is under operational pressure, with a focus on the potential of the low-altitude economy [1] - In Q3 2024, the engineering consulting sector experienced a revenue of 249 billion CNY, a year-on-year decrease of 1.1%, and a net profit of 6.4 billion CNY, down 44.9% year-on-year [1] - The cleanroom industry saw a revenue increase of 20.3% year-on-year in Q3 2024, with a net profit of 3.2 billion CNY, up 16.7% year-on-year [1] Summary by Sections Engineering Consulting - The engineering consulting service industry is characterized by small-cap stocks, relatively high P/E ratios, and strong operating cash flow performance [9] - In Q1-Q3 2024, the total revenue for engineering consulting firms was 743 billion CNY, a year-on-year decline of 3.5% [9] - The cash flow situation has improved, with a net cash inflow of 13.1 billion CNY in Q3 2024, an increase of 21.4 billion CNY year-on-year [1] Cleanroom Engineering - The cleanroom industry achieved a total revenue of 827 billion CNY in Q1-Q3 2024, reflecting a year-on-year growth of 16.7% [1] - The gross profit margin for the cleanroom industry was 9% in Q1-Q3 2024, a slight decrease of 0.94 percentage points year-on-year [1] - The industry is expected to benefit from the rapid development of the domestic semiconductor industry [1] Investment Recommendations - The report suggests focusing on key provincial design consulting firms and those with potential catalysts related to the low-altitude economy [1] - Recommended stocks include China Communications Design, with a target price of 13.04 CNY per share, and others like Huazhong International and Shenghui Integration [2][1]