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天风证券:25H1建筑板块业绩承压 重视高股息及细分高景气赛道
智通财经网· 2025-09-13 10:00
Core Viewpoint - The construction sector experienced revenue and profit declines in the first half of 2025, but there is optimism for a marginal recovery in the second half due to accelerated issuance of special bonds supporting infrastructure investment [1][2]. Group 1: Financial Performance - In H1 2025, the construction sector achieved revenue of 39,639 billion yuan, a year-on-year decline of 5.5%, and a net profit of 913 billion yuan, down 6.03% year-on-year [2]. - The gross profit margin decreased by 0.15 percentage points, while the expense ratio increased by 0.23 percentage points to 5.76% [3]. - The overall net profit margin stood at 2.87%, slightly down by 0.04 percentage points year-on-year [3]. Group 2: Subsector Performance - Subsector performance varied, with design consulting, steel structure, and chemical engineering showing better revenue growth than the overall sector, with growth rates of +3.06%, +2.84%, and -1.54% respectively [4]. - The chemical engineering sector saw positive net profit growth, with companies like Donghua Technology and China Chemical reporting increases of 14.6% and 9.3% respectively [4]. Group 3: Resilience of State-Owned Enterprises - Major state-owned enterprises in the construction sector demonstrated resilience, with companies like China State Construction, China Chemical, and China Energy achieving positive net profit growth in H1 2025 [5]. - The market share of new signed orders for the nine major state-owned enterprises increased from 35% in 2019 to 55.5% in H1 2025, indicating a potential for further market share growth [4][5].