HEI，英国建筑业，赢创：欧盟工业部门专家评论

Investment Rating - HEI is rated Overweight (O/W) [3] - Evonik is also rated Overweight (O/W) [4] Core Insights - The upcoming Capital Markets Day (CMD) for HEI is anticipated to be a significant event, potentially clarifying the market's outlook on the CCS/Low Carbon Cement opportunity, which could provide up to 40% long-term upside. The core investment case is based on an improving European cement market structure, which is expected to enhance pricing and demand due to increased infrastructure spending [3] - The UK construction sector shows positive trends, particularly for companies adjacent to home builders, with performance exceeding both buy and sell-side expectations. UK mortgage rates are highlighted as a critical factor influencing sector sentiment, especially for larger renovation and maintenance activities [3] - Evonik's CMD revealed a bold vision to become the "Industry's Superforce" by focusing on sustainable innovation and operational excellence. The company aims for a pre-tax ROCE of 11% by 2027 and an adjusted EBITDA of €2.7 billion, which is 13% above current consensus estimates, with a projected CAGR of 9% from 2024 [4][11] Summary by Sections HEI and UK Construction - HEI's CMD is expected to provide significant insights into the CCS opportunity, with the potential for substantial long-term gains. The current share performance suggests a cautious market positioning ahead of the event [3] - The UK construction sector is launching a new corporate tracker that will provide timely updates on key trends and company performances, indicating a positive outlook for home builder adjacent companies [5] Evonik - Evonik's management is focusing on self-help measures to drive earnings growth, with a target of achieving a pre-tax ROCE of 11% by 2027. The company plans to achieve two-thirds of its EBITDA growth through cost savings, indicating a strong emphasis on operational efficiency [4][11] - The market is currently waiting for clear evidence of cost savings before fully pricing in the company's growth potential, suggesting a cautious approach from investors [4]