建筑：央企龙头研究系列之四：海外发展加速

Investment Rating - The industry investment rating is "Positive" [2][28] Core Insights - The construction industry is experiencing significant growth in overseas contracts, particularly in countries involved in the Belt and Road Initiative, with new contracts signed in 2024 showing a year-on-year increase of 16.60% in RMB terms and 15.30% in USD terms [8] - Major state-owned enterprises in the construction sector are maintaining strong competitive advantages globally, with leading companies like China State Construction Engineering Corporation and China Railway Group ranking highly in international contractor lists [9][10] - The domestic infrastructure construction market still has substantial growth potential, with China's urbanization rate at 66.16% as of the end of 2023, indicating room for further development [11] Summary by Sections Industry Overview - The total market capitalization of the construction industry is approximately 1.96 trillion RMB, reflecting a growth of 2.02% [4] - The average price-to-earnings ratio for the industry stands at 10.91 [6] Overseas Development - In the first ten months of 2024, new contracts signed in Belt and Road countries reached approximately 148.64 billion USD, marking a year-on-year increase of 15.70% [8] - The share of new contracts from Belt and Road countries has consistently exceeded 80% of total overseas contracts since the beginning of 2024 [8] Company Performance - In the first three quarters of 2024, major state-owned construction companies reported significant increases in new overseas contracts, with China State Construction Engineering Corporation seeing an 88.12% increase to 158.4 billion RMB [10] - However, some companies like China Railway Group and China Railway Construction Corporation experienced declines in new overseas contracts, attributed to quality control measures [10] Future Outlook - The report anticipates that the implementation of more proactive fiscal policies will enhance demand in the construction industry, benefiting leading state-owned enterprises [15] - The ongoing expansion into overseas markets is expected to provide greater growth opportunities for these companies [11]