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建筑行业第350期周报：地产推荐销售开发/竣工装饰/设计/施工等龙头
Guotai Junan Securities·2024-05-20 05:32

Investment Rating - The report maintains an "Overweight" rating for the construction industry [1] Core Viewpoints - The report highlights the implementation of policies aimed at reducing real estate inventory and ensuring housing delivery, with expectations for continued progress before the third plenary session [2] - The central bank has established a 300 billion yuan re-loan for affordable housing, which is expected to stimulate 500 billion yuan in bank loans [2] - The report anticipates a narrowing improvement in the real estate fundamentals due to a low base in 2023 [2] Summary by Sections Industry Overview - The report recommends leading companies in various segments of the construction industry, including sales development, completion decoration, design, and construction [2] - Key companies recommended include China State Construction, China Railway, China Railway Construction, Anhui Construction, and Shanghai Construction, with respective price-to-book (PB) ratios and dividend yields provided [2] Real Estate Market Insights - In April, real estate investment decreased by 10.5% year-on-year, with sales area down by 22.8% and sales amount down by 30.4% [2] - The report notes a decline in new residential sales prices in first-tier cities, with a month-on-month decrease of 0.6% [2] - The report indicates that the area of unsold commercial housing increased by 15.7% year-on-year by the end of April [2] Low-altitude Economy - The report discusses the ongoing policies promoting the low-altitude economy, with significant developments in various provinces [2] - Companies like Huase Group are highlighted for their competitive advantages in the low-altitude economy, with various projects and initiatives underway [2] Recommendations - The report recommends specific companies based on their performance and market positioning, including: - China State Construction (PB 0.56, dividend yield 4.3%) - China Railway (PB 0.58, dividend yield 2.9%) - China Railway Construction (PB 0.48, dividend yield 3.1%) - Anhui Construction (PB 0.87, dividend yield 4.8%) - Shanghai Construction (PB 0.71, dividend yield 2.0%) [2][5]