2024年09月【深度报告】建筑行业深度研究—八大建筑央企专题

Investment Rating - The report does not explicitly state an investment rating for the construction industry or the eight major state-owned enterprises (SOEs) within it. Core Insights - The construction industry's added value growth has slightly declined, with a notable impact from external factors such as the COVID-19 pandemic and international geopolitical conflicts. The added value of the construction industry in 2023 was 8.57 trillion yuan, accounting for 6.80% of GDP, showing a slight recovery from previous years [1][2]. - The new order amount for the eight major construction SOEs has seen a minor decline of 0.5% year-on-year in the first half of 2024, totaling 7.89 trillion yuan. The market share of these SOEs has increased significantly from 24.38% in 2013 to 46.8% in 2022, indicating a trend towards industry concentration [2][21]. - The report highlights ongoing strategic restructuring and integration among state-owned enterprises, with 28 groups and 50 companies restructured as of July 2024. This is aimed at enhancing core competitiveness and addressing issues of homogeneous competition within the sector [3]. Summary by Sections 1. Downstream Demand and New Orders - The construction industry's total output value has steadily increased, but downstream demand continues to slow. The added value of the construction industry in the first half of 2024 was 3.78 trillion yuan, with a year-on-year growth of 4.8% [1][8]. - The new order amount for the eight major construction SOEs has slightly decreased, reflecting a mixed performance across different enterprises [2][21]. 2. Core Performance Indicators - The core performance indicators of major construction SOEs have shown stable growth, with companies like China State Construction achieving a revenue increase of 2.8% in the first half of 2024 [34][44]. - China Energy Engineering has also reported a revenue growth of 1.11% during the same period, driven by its focus on energy and infrastructure projects [44][47]. 3. Policy and Demand Drivers - Energy conservation and emission reduction remain key policy themes, with significant efforts to promote energy-efficient construction practices [54][55]. - New policies aimed at improving rural healthcare infrastructure are expected to create new market opportunities for the construction industry [58][59]. 4. Financing Trends - The financing pace for construction SOEs has accelerated, with a shift towards issuing corporate bonds as a primary financing method. This trend is supported by government policies encouraging direct financing [62][63]. - The issuance of green bonds has also become a significant avenue for financing, with major SOEs like China Power Construction issuing green bonds to support sustainable infrastructure projects [66].