建筑行业2024年3季报综述：行业规模下降承压，静待基本面拐点

Investment Rating - The report maintains a "Positive" investment rating for the construction industry [9]. Core Insights - The construction industry is experiencing significant pressure with a decline in scale and performance, as evidenced by a drop in revenue and profitability across various sectors [5][20]. - The overall revenue for the construction industry reached 61,570.01 billion yuan in the first three quarters of 2024, reflecting a year-on-year decrease of 5.23% [22]. - The net profit attributable to shareholders for the same period was 1,406.9 billion yuan, down 11.38% year-on-year [22]. - The report highlights a structural divergence in revenue and profitability among sub-sectors, with some experiencing growth while others face declines [50]. Summary by Sections Industry Overview - The construction industry is under pressure, with over 130 listed companies reporting a decline in scale and performance as of October 30, 2024 [5][20]. - The first three quarters of 2024 saw a more pronounced decline in performance, with revenue drop exceeding 10% compared to the decline in net profit [20]. Profitability - The overall gross margin for listed construction companies was 10.05%, a slight increase of 0.07 percentage points year-on-year, while the net profit margin decreased to 2.29%, down 0.16 percentage points [28][32]. - In Q3 2024, the gross margin was 9.72%, a decrease of 0.22 percentage points compared to the same quarter in the previous year [29][32]. Cash Flow - The net cash outflow for the industry in the first three quarters of 2024 was 4,801.56 billion yuan, an increase of 2,154.61 billion yuan year-on-year [39]. - The cash collection ratio decreased by 0.82 percentage points to 95.79%, while the cash payment ratio increased by 2.42 percentage points to 102.97% [39]. Debt Capacity - The asset-liability ratio for the industry increased to 76.64% by the end of Q3 2024, up 1.07 percentage points from the beginning of the year [44]. - The interest-bearing debt ratio also rose to 30.09%, an increase of 2.45 percentage points [44]. Sub-Sector Performance - The report identifies a mixed performance across sub-sectors, with seven out of ten experiencing revenue declines in Q1-Q3 2024 [51]. - Notably, the landscaping sector saw a revenue drop of 23.95%, while the decoration sector declined by 15.99% [51]. - Conversely, the chemical engineering sector reported revenue growth, primarily driven by leading companies [21]. Performance Metrics - Over half of the sub-sectors reported a decline in net profit, with the engineering consulting sector experiencing a significant drop of 31.8% [55]. - The professional engineering sector, however, saw a remarkable increase in net profit by 89.79% in Q3 2024 [55].