1
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Core view: we believe that the construction sector can still continue to pay attention to the undervalued blue chip cost performance at the current time point
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On the whole, the fundamentals of central enterprises, blue chips and local state-owned enterprises in the undervalued sector after the epidemic continued to improve, the trend of increasing the share of leading cities continued to increase, and traditional construction enterprises were also constantly transforming and upgrading, constantly breaking through the traditional business mode under the industrial background of “carbon neutralization” and “green building”, We believe that the concept of “construction +” not only covers the main hot spots of the current market for the construction industry, but also reflects the new trend of the development of the construction industry
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“Construction + industry”, “construction + double carbon” and “construction + endogenous efficiency improvement” are the three main lines of the reform of traditional construction enterprises: 1) “construction + industry” two wheel drive, Significantly improve performance elasticity: “construction + industry” mainly develops along the chemical industry chain and mineral resources
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The profit model of traditional construction companies mainly obtains profits through their own construction management and project operation ability
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In the years of rapid development of China’s construction industry, central enterprises have accumulated rich technology and project resources
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Two types of enterprises providing chemical engineering services and possessing mineral resources have obvious first mover advantages
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Chemical engineering companies usually serve petrochemical enterprises
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With the active research and development of new products by upstream enterprises, companies represented by China chemical, Donghua technology and three-dimensional chemistry continue to use their own industrial chain advantages to develop related industries
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Some construction central enterprises represented by MCC and China Railway have rich mineral resources, We think it can also be used as another path for industrial development
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In general, we believe that the advantages of construction companies in transforming into industries are mainly reflected in: 1) the advantages of production line design and process optimization accumulated in long-term engineering construction services; 2) Low initial investment and relatively low capital cost, and transformation industry can also optimize the quality of financial statements and improve fundamentals of construction companies: 1) chemical and mineral resources companies benefit from the rise of commodity prices and improve the performance elasticity of construction companies; 2) With the increasing development of industrial projects, the industry can still enhance the sustainability of performance
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2) “Building + double carbon” cuts into the field of operation and maintenance, and the business model is expected to be reshaped: “building + double carbon” uses the advantages of traditional professional engineering to transform the traditional production line and cut into the field of operation and maintenance
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Under the guidance of policies such as “carbon neutralization” and “green and low-carbon” development, enterprise emission standards tend to be strict, and there is a demand for technological transformation and upgrading of traditional production lines
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Professional engineering companies such as Sinoma International and Sinosteel international, taking advantage of the project experience and technical strength accumulated in the traditional engineering field, are expected to obtain incremental market space in the process of reconstruction and upgrading of old production lines
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In addition, they are also expected to realize production line management and transformation through digital and intelligent technologies, so as to enter the field of operation and maintenance
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In general, we believe that the advantages of construction companies in operation and maintenance: 1) production line transformation itself is the dominant main business of professional engineering companies
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Large cement plants and steel manufacturers are usually responsible for the technical upgrading and transformation of production lines by professional subsidiaries within the group; 2) The competition pattern is relatively clear and the channel advantage is obvious
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Professional engineering companies have a high market share in the original domestic market segments; The changes brought to the fundamentals of construction companies by cutting into operation and maintenance are mainly reflected in: 1) providing an incremental market for technological transformation in addition to traditional engineering services; 2) If we can cut into the operation and maintenance stage by charging stable operation and management fees, the business model is expected to be reshaped
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3) The internal incentive mechanism of “state-owned enterprises + local construction” is to enhance the internal efficiency of state-owned enterprises and enhance the potential of “state-owned enterprises + local construction”
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For local infrastructure state-owned enterprises in Shandong and other places, the fundamentals of 21h1 continue to improve
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At the same time, sufficient orders on hand also lay a good foundation for the development of the 14th five year plan stage
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The company also has the logic of expanding from the traditional road and bridge construction field to various categories in rail transit, municipal administration, environmental protection and other fields
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We believe that after the incentive mechanism is straightened out from top to bottom, local state-owned enterprises can reduce costs The improvement of efficiency has significantly improved the profits and the quality of financial statements, while the prosperity of regional infrastructure demand in Shandong and other provinces is high, and it is expected to achieve high growth in the 14th Five Year Plan period
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In addition, the further improvement of the shareholding proportion of major shareholders is conducive to the further significant improvement of the market share of the company in the provincial market
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Considering that the undervalued blue chip of central enterprises is close to the historical low due to the elimination of the index and the pessimistic expectation of the market on infrastructure, we expect the fundamentals of blue chip of central enterprises to continue the good trend, and the transformation paths such as “construction + industry” and “construction + Intelligent manufacturing” are also expected to bring significant improvement to the statement level, After the incentive mechanism of local state-owned enterprises is gradually straightened out from top to bottom, the internal development power is stronger, and the follow-up is still expected to show high income and profit elasticity
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2
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“Construction + industry” is driven by two wheels to significantly improve performance elasticity
.
“Construction + industry” mainly develops along the chemical industry chain and mineral resources
.
The profit model of traditional construction companies mainly obtains profits through their own construction management and project operation ability
.
In the years of rapid development of China’s construction industry, central enterprises have accumulated rich technology and project resources
.
Two types of enterprises providing chemical engineering services and possessing mineral resources have obvious first mover advantages
.
Chemical engineering companies usually serve petrochemical enterprises
.
With the active research and development of new products by upstream enterprises, chemical engineering companies represented by China chemical, Donghua technology and 3D chemistry also continue to use their own industrial chain advantages to develop related industries
.
Some construction central enterprises represented by MCC and China Railway have rich mineral resources, We think it can also be used as another path for industrial development
.
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