智通财经APP获悉，天风证券发布研报称，专项债资金支撑下，四季度基建有望加速，但建筑板块的营收及归母净利润增速承压明显。预计24年广义/狭义基建增速分别为7.88%/5.27%，结构性和区域性特征明显，真实需求主导的水利投资、铁路和航空等重大交通领域建设、城市综合管廊的确定性相对较高，经济发达区域基建仍保持高增长，建议投资者重视三条主线投资机会。Some of the convertible bond funds will be used to repay the debts of construction engineering enterprises, benefiting those enterprises directly.
The scale of the new round of debt replacement may reach 6 trillion to 10 trillion yuan. Industry experts point out that some of the convertible bond funds will be used to repay the debts of construction engineering enterprises, benefiting those enterprises directly; at the same time, infrastructure investment is expected to improve, also benefiting the construction industry.
Everbright Securities research recommends focusing on construction companies with a high proportion of infrastructure business and a long accounts receivable aging.
Zhixun Finance and Economics APP learned that tianfeng Securities released research reports stating that with special bond funds support, infrastructure investment is expected to accelerate in the fourth quarter, but the revenue and net income growth of the construction sector are under significant pressure. It is estimated that in 2024, the broad/narrow infrastructure growth rates will be 7.88%/5.27% respectively, with clear structural and regional features. Real demand-driven water conservancy investment, railroads and aviation, and other major transportation construction areas, as well as urban comprehensive pipe corridors, have relatively high certainty. Infrastructure investment in economically developed regions continues to grow at a high rate. Investors are advised to pay attention to three main investment opportunities.
1) Trend one: Optimizing the supply and demand structure, central state-owned enterprises focusing on high-quality development;
2) Trend two: Layout around the new quality productivity direction, focusing on subdivided high-prosperity pathways;
3) Trend three: Focusing on overseas high-prosperity regions, paying particular attention to the high-quality international engineering sector going overseas.
Architecture engineering related companies listed in Hong Kong:
China State Construction International (03311): Released unaudited financial information for the nine months ended September 30, 2024. The data shows that the group's revenue is approximately 89.291 billion Hong Kong dollars, with an operating profit of about 13.036 billion Hong Kong dollars. In addition, as of September 30, 2024, the group's newly signed contract amount is approximately 167.99 billion yuan, and the unfinished contract amount is about 418.26 billion yuan.
China Communications Construction (01800): Urban construction and performance in new business contracts abroad are impressive, with a fast growth rate. From January to September 2024, the company signed new contracts worth 1280.456 billion yuan, an increase of 9.28% year-on-year. Among them, infrastructure construction business, infrastructure design business, dredging business, and other businesses were 1149.45 billion yuan, 38.716 billion yuan, 84.209 billion yuan, and 80.81 billion yuan respectively, with year-on-year changes of +10.04%, +6.74%, +9.28%, and -41.77%. The company has increased its efforts to explore new business markets and achieved new contracts worth 390 billion yuan in emerging business sectors in the first three quarters, a 27% year-on-year increase. New contracts in urban construction and other sectors in infrastructure construction were 612.786 billion yuan, up 20.1% year-on-year. New contracts in overseas areas were 265.162 billion yuan, a 24.66% year-on-year increase, accounting for about 21% of the company's total new contracts. Among them, infrastructure construction business, infrastructure design business, dredging business, and other businesses were 258.979 billion yuan, 1.785 billion yuan, 3.5 billion yuan, and 8.98 billion yuan.
