On the whole, the revenue performance of leading enterprises in all fields is basically in line with expectations, and new orders are generally good.
According to the policy content released by the recent national standing committee, the steady growth policy has continued to increase.
■ at the micro level of the construction industry, the 2022 midterm report has been disclosed.
Affected by the real estate industry, the gross profit margin of some companies fell, the credit impairment loss increased, and the overall net profit attributable to the parent company of the industry increased by 6.14% year-on-year.
The number of companies that have outperformed the industry this week has increased compared with last week.
The top 5 gainers in the industry were Roman shares (19.70%), St Meishang (19.13%), Haibo Heavy Industries (17.52%), Daqian Ecology (12.86%) and Qixin shares (12.05%); The top five industry declines this week were Halsey (- 12.09%), Suwen power (- 12.21%), Sinoma International (- 12.62%), nenghui Technology (- 13.11%) and three-dimensional Chemistry (- 19.38%).
■ weekly quotation of construction industry: the rise and fall of the industry in this week.
This week (8.29-9.2), the building decoration industry (SW) rose 0.20%, stronger than the performance of Shanghai Composite Index (- 1.54%), Shanghai Shenzhen 300 (- 2.04%) and Shenzhen Composite Index (- 2.96%) this week.
The growth rate of infrastructure investment may continue to increase, which is reflected in the improvement of the company’s orders and performance level, The investment plans in water conservancy construction, urbanization and municipal construction, pumped storage and power construction are considerable, and the growth rate is expected to exceed the overall growth rate of the industry.
With the policy increase, the gradual shift to project implementation and acceleration of project construction progress are the key content.
At present, the top five with the lowest industry price earnings ratio (TTM) are China Railway Construction (3.92), China State Construction (3.95), China Railway (4.82), Shaanxi Construction Engineering Group (4.84) and Shandong Road and Bridge (6.03); The top five with the lowest price to book ratio (MRQ) are China Railway Construction (0.47), China Communications Construction (0.56), China Railway (0.60), China Construction (0.62) and Oriental Garden (0.65).
The weekly growth rate ranked 8th among the 31 first-class industries in sw31, and the industry ranking rose 10 places compared with last week (18th).
From the perspective of segment, in terms of revenue growth, in 2022h1, except for the year-on-year decrease in the revenue of decoration (yoy-14.44%) and engineering consulting (yoy-8.35%), the revenue of other sub segments recorded positive growth.
The number of Companies in the construction industry that have recorded an increase this week has increased compared with last week.
This week, a total of 74 companies in the CITIC construction industry recorded an increase, accounting for 50.68%; 74 companies, accounting for 50.68% of the total, have exceeded the industry index by 0.20% this week.
The PMI of the construction industry in August was 56.5%, 2.7 percentage points lower than that of the previous month, still in a relatively high prosperity range, and the production activities of the construction industry continued to expand.
Compared with the first-class SW industry, PE in the construction industry ranks the third lowest, higher than coal and banks; PB’s valuation ranks the penultimate in all first-class industries, higher than that of banks.
Industry Valuation: from the perspective of the overall P / E ratio of the industry, as of September 2, the P / E ratio (TTM) of the building decoration industry was 9.66 times, and the industry price to book ratio (MRQ) was 0.89 times.
Performance of individual stocks in the week.
In 2022h1, the total revenue of the construction industry increased by 10.85% year-on-year.
From the perspective of the industry, the business activity index of the civil engineering construction industry was 57.1%, and the new order index and the business activity expectation index rose to 55.5% and 64.1% respectively, indicating that the construction of infrastructure projects has maintained a rapid progress, market demand continues to rebound, and enterprises’ expectations for recent development are good.
After the national Standing Committee proposed to deploy the successor policies and measures of the package policy of stabilizing the economy last week, this week’s national standing committee again put forward the relevant requirements for policy release and financial support, and proposed: 1) to further promote the effectiveness of the package policy of stabilizing the economy by using the reform method of “releasing management and serving”, to refine and implement the successor policy, and to give full play to the implementation rules in early September, Focus on expanding effective demand; 2) On the basis of making good use of the newly added policy oriented development financial instruments of more than 300 billion yuan, we will expand the scale according to actual needs, meet the capital needs of qualified and mature projects, and avoid projects and other capital situations; 3) New projects started in the first half of the year will be included in the scope of support, and projects that meet the conditions but are not released due to quota restrictions will be automatically included in the support, so as to form more physical workload in the third quarter; 4) We will expand the areas supported by policy oriented and development oriented financial instruments, including the renovation of old residential areas and provincial-level expressways, attract private investment as much as possible, guide commercial banks to expand medium – and long-term loans, and provide adequate financing for key project construction, equipment upgrading and transformation.
Infrastructure investment in the third and fourth quarters is still the key content of steady growth, capital support is superimposed on project promotion, and the follow-up improvement of industry fundamentals is worth paying attention to.
From the perspective of molecular plates, basic municipal engineering (1.77%), garden Engineering (1.34%) and housing construction (1.32%) increased significantly, while international engineering was the weakest (- 7.00%).
■ industry dynamic analysis: Recently, the national Standing Committee twice proposed stabilizing the economy.
Among them, the revenue of professional engineering increased by 16.13% year-on-year, and the revenue of infrastructure (YoY + 9.69%) and housing construction (YoY + 7.15%) grew steadily..
The P / E ratio of the industry was lower than that of last week, and the P / E ratio was the same as that of last week.
