建筑装饰行业深度分析：（三）地方国企篇：Q3业绩降幅收窄，看好化债政策下、地方国企估值修复弹性

Investment Rating - The investment rating for the construction decoration industry is "Buy" [2]. Core Viewpoints - The report indicates that local state-owned enterprises (SOEs) are under short-term pressure, but the decline in performance is narrowing, and there is potential for valuation recovery under debt reduction policies [2]. - In Q1-Q3 2024, local construction SOEs achieved revenue of 736 billion yuan, a year-on-year decrease of 12.9%, and a net profit attributable to shareholders of 16.33 billion yuan, down 19.9% year-on-year [2][15]. - The report highlights that the cash flow situation is improving, with a net inflow of free cash flow of 2.39 billion yuan in Q3 2024, which is a significant increase compared to the previous year [2][15]. - The asset-liability ratio of local construction SOEs is 83.8%, showing a slight decrease year-on-year, indicating potential for balance sheet recovery [2][15]. Summary by Sections Local State-Owned Enterprises: Short-Term Pressure and Continuous Differentiation - The report analyzes 18 local construction SOEs, noting that their performance is under pressure due to tight owner funding, leading to insufficient new projects and slowed construction progress [8][15]. - The revenue of local construction SOEs in Q3 2024 was 250.2 billion yuan, a year-on-year decline of 14.6%, which is greater than the overall construction sector's decline of 8.3% [15]. Debt Reduction Policies and Asset-Liability Recovery - The report discusses the positive impact of debt reduction policies on local SOEs, suggesting that these measures will help alleviate debt pressure and improve financial health [2][15]. - The report notes that the proportion of receivables in total assets has increased, indicating a focus on improving asset quality [2][15]. Investment Recommendations - The report recommends focusing on leading construction SOEs in key provinces, particularly in economically strong regions, such as Shandong Road and Bridge, Anhui Construction, and Tunnel Shares [2][15]. - The report suggests that the ongoing debt reduction efforts will positively influence order acquisition and financial structure improvement for construction enterprises [2][15].