明年地方建筑国企有哪些投资亮点？

Investment Rating - The report suggests a positive outlook for the infrastructure sector, highlighting specific companies such as Tunnel Co., Shanghai Construction, Zhejiang Communications, Anhui Construction, Shandong Road and Bridge, and Longyuan Construction as key investment opportunities in economically strong provinces and policy-supported regions [10][34]. Core Insights - The report emphasizes that increased fiscal spending is expected to drive infrastructure demand upwards, particularly in major economic provinces and regions with supportive policies [10][34]. - It notes that debt restructuring and fiscal measures are likely to improve cash flow and accelerate balance sheet recovery for local state-owned enterprises, particularly those previously under significant debt pressure [10][34]. - The report encourages monitoring local state-owned enterprises that are currently facing operational difficulties and have potential for asset restructuring, especially those that have transitioned from private to state ownership [10][34]. Summary by Sections Company Performance - Companies like Tunnel Co. are highlighted for their strong market position in Shanghai, with a significant portion of their revenue coming from the region, ensuring robust cash flow and business growth [11][35]. - Sichuan Road and Bridge is noted for its strategic position in the Sichuan province, benefiting from ongoing infrastructure projects and government support, which is expected to sustain its business volume [14][34]. - Anhui Construction is recognized for its excellent profitability and high dividend yield, supported by the province's growing infrastructure investment [15][34]. Financial Metrics - The report provides financial projections for key companies, indicating expected net profits for 2024-2026, with Tunnel Co. projected to achieve net profits of 30.3 billion, 31.1 billion, and 31.6 billion respectively, reflecting a steady growth trajectory [11][35]. - Sichuan Road and Bridge is projected to maintain a high dividend payout ratio, with expected net profits of 79 billion, 87 billion, and 96 billion for the same period, showcasing its financial resilience [14][34]. Market Trends - The report identifies a trend of increasing mergers and acquisitions in the sector, particularly among local state-owned enterprises that are struggling, suggesting that new state ownership may lead to revitalization through asset injections and restructuring [10][34]. - It highlights the importance of government policies in driving infrastructure investment, particularly in regions like Xinjiang, Sichuan, and Hainan, which are expected to see significant growth in construction activities [10][34].