东兴证券：东兴晨报-20241208

Core Insights - The overall cash dividend ratio of central enterprise construction leaders has remained stable at around 17% from 2014 to 2023, with a slight upward trend observed in recent years [2][25] - The dividend ratio for major central enterprise construction companies has generally increased, with China State Construction rising from 18.44% in 2018 to 20.82% in 2023, and China Communications Construction increasing from 18.04% in 2020 to 20% in 2023 [3][26] - The company charters of central enterprise construction leaders stipulate minimum dividend ratios, with most companies requiring a cumulative cash dividend ratio of no less than 30% over any three consecutive years [4][27] Dividend Trends - The cash dividend ratio for central enterprise construction leaders has shown fluctuations, with a decrease from 17.63% in 2014 to 15.83% in 2019, followed by an increase to 17.23% in 2023 [2][25] - Companies like China Railway Construction and China Chemical have also seen increases in their dividend ratios, with China Railway Construction rising from 13.53% in 2021 to 18.21% in 2023 [3][26] - The dividend policies of these companies reflect a commitment to shareholder returns, with some companies implementing mid-year dividends [4][27] Quality Development and Market Management - High-quality development is a key focus for central enterprise construction leaders, emphasizing project quality and cash flow management rather than rapid growth [4][28] - The State-owned Assets Supervision and Administration Commission (SASAC) has included market value management in its assessments, encouraging companies to align stock prices with shareholder returns [4][28] - The positive impact of these strategies is expected to enhance dividend ratios in the current industry environment [4][28] Dividend Yields - The dividend yields of central enterprise construction leaders are considered favorable, with China State Construction at 4.51%, China Railway Construction at 3.68%, and China Chemical at 2.17% [11][29] - The resilience of these companies in the face of market challenges, along with supportive government policies, is likely to contribute to stable dividend growth [11][31] Investment Recommendations - In the context of pursuing high-quality development and effective market management, central enterprise construction companies are expected to benefit from favorable policies and accelerated overseas expansion [11][31] - Companies such as China Communications Construction and China State Construction are recommended for investment, with a focus on their potential for sustained dividend growth [11][31]