建筑行业2023年报&2024一季报总结：建筑央企压力下展现更强韧性，看好全年基本面改善及建筑央企估值修复

Investment Rating - The report maintains an "Overweight" rating for key companies in the construction sector, including China Railway, China State Construction, China Communications Construction, China Railway Construction, China National Materials, and China Steel International [1]. Core Insights - The construction industry is expected to show resilience under pressure, with a positive outlook for fundamental improvements and valuation recovery for state-owned enterprises throughout 2024 [2]. - Infrastructure investment remains stable, with a total of 22.8 trillion yuan completed in 2023, reflecting an 8.24% year-on-year growth, while new signed orders in the construction sector decreased by 2.8% [2][7]. - The report highlights the strong performance of state-owned enterprises compared to local and private enterprises, with state-owned enterprises showing significant revenue and profit growth [2][18]. Summary by Sections 1. Industry Data Overview for 2023 and Q1 2024 - Infrastructure investment grew by 5.9% in 2023, with a total of 22.8 trillion yuan, and Q1 2024 saw an 8.75% year-on-year increase [7][8]. - Real estate investment declined by 9.6% in 2023, with a total of 11.09 trillion yuan, while manufacturing investment increased by 6.5% [10][12]. 2. Operating Data of Listed Construction Companies - In 2023, 75 listed construction companies reported a total new signed order of 186.115 billion yuan, a 7.78% increase year-on-year [18]. - The revenue of listed construction companies reached 91,847.1 billion yuan in 2023, with a net profit of 2,039.8 billion yuan, reflecting growth rates of 6.7% and 8.8% respectively [2][18]. 3. Annual Report Summary for 2023 - State-owned enterprises showed a significant increase in revenue and profit, with a notable improvement in dividend payout ratios [2][18]. - The gross profit margin for listed construction companies was 10.93%, with a net profit margin of 2.77% in 2023 [2][18]. 4. Q1 2024 Report Summary - In Q1 2024, listed construction companies achieved a revenue of 20,626.8 billion yuan, a slight increase of 1.1%, while net profit decreased by 2.9% [2][18]. - The operating cash flow for listed construction companies showed a net outflow of 4,360.7 billion yuan, indicating increased cash flow pressure [2][18]. 5. Investment Strategy and Outlook - The report suggests focusing on state-owned enterprises with upward valuation potential and those benefiting from regional government bond support [2][18]. - Key recommendations include companies like China Railway, China State Construction, and China Communications Construction, which are expected to show stable growth [2][18].