Investment Rating - The report maintains a "Recommended" rating for the construction decoration industry [9]. Core Viewpoints - The "One Profit and Five Rates" system is continuously optimized, focusing on undervalued central enterprises [9]. - The State-owned Assets Supervision and Administration Commission (SASAC) has updated the performance evaluation system for central enterprises for 2025, emphasizing cash collection and risk control [9]. - The optimization of the evaluation system is expected to lead to a gradual revaluation of undervalued central enterprises, particularly in the construction sector [9]. Summary by Sections Key Companies and Earnings Forecast - The report highlights major companies in the construction sector, including China State Construction (601668.SH), China Railway (601390.SH), China Railway Construction (601186.SH), and China Communications Construction (601800.SH) [9]. - Earnings per share (EPS) forecasts for 2024 and 2025 are provided, with China Railway expected to have an EPS of 1.74 in 2024 and 1.78 in 2025, while China Communications Construction is forecasted to have an EPS of 1.6 in 2024 and 1.73 in 2025 [11]. - Investment ratings for these companies include "Hold" for China Railway and China Communications Construction, while China State Construction and China Railway Construction are currently not rated [11].
建筑装饰行业点评报告：“一利五率”不断优化，关注低估值央企
华龙证券·2024-12-26 08:05