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21q3, the revenue of central construction enterprises increased by 9.10% year-on-year, and 24.18% in the same period in 2020; The growth rate of orders was 0.05%, with a year-on-year increase of -49.97pcts; The gross profit margin was 10.34%, with a year-on-year increase of -1.56pcts; The net interest rate was 2.97%, year-on-year -0.61pcts.
In the first three quarters of 21 years, the fluctuation of steel price gradually narrowed, the downstream demand of steel structure gradually returned to the normal level, and the order receiving of enterprises increased significantly.
By the end of 21q3, the market value of the fund’s positions in the construction and decoration industry (the caliber of the fund’s heavy position stocks) accounted for 0.41% of all positions, 1.38pcts lower than the market industry’s market value of 1.79%, and was further underpaid compared with 21q2.
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At the enterprise level, the profitability of Honglu steel structure, the leader of manufacturing business, remains stable under the change of business structure and steel price fluctuation, and the gross profit of 21q3 tons is the highest level in the last four quarters, further verifying the medium and long-term competitive advantage of the company; The company’s 21q3 orders grew faster month on month, and it is expected that the output of 21q4 will be increased again.
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The fund position in the building decoration industry has remained basically stable for 20 years, maintained at the position level of 0% – 0.5%, and continued to be low allocated.
In the first three quarters of 21 years, the revenue of the survey and design sector increased by 16.17%, with a year-on-year increase of + 7.20pcts; In the same period, the overall gross profit margin of the sector was 35.64%, with a year-on-year increase of -2.97pcts; The net interest rate was 13.24%, year-on-year -1.71pcts.
In the first three quarters of 21 years, the revenue of steel structure plate increased by 36.20%, with a year-on-year growth rate of + 26.12pcts, a significant increase; Orders grew by 18.65%.
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In the first three quarters of the year, the overall asset liability ratio of the building decoration sector was 56.46%, a year-on-year increase of -3.25 PCTs; The turnover days of “two funds” were 270 days, a year-on-year decrease of 143 days; The overall roe of the plate was 2.38%, with a year-on-year increase of -0.17pcts; From the perspective of cash flow, the ratio of net operating cash flow to net profit was -1.58, with a year-on-year increase of 0.10.
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In the same period, the overall gross profit margin of the sector was 16.25%, year-on-year -1.82pcts; The net interest rate was 0.14%, year-on-year -1.39pcts.
The core logic of the construction sector of central enterprises is as follows: 1) the improvement of leading concentration is unstoppable; 2) With the deleveraging of central enterprises coming to an end, the operating efficiency continues to improve; 3) Assets are relatively safe, and the provision for depreciation and credit impairment is at an all-time high; 4) Improved cash flow and bargaining power for upstream and downstream; 5) The order guarantee ratio of central construction enterprises is high, and the risk provision is sufficient.
[construction] the revenue growth of central construction enterprises slowed down, and the downstream demand for steel structures gradually warmed up – Summary of the summary report of the third quarterly report of the construction industry in 2021: in the first three quarters of 21 years, the revenue growth rate of SW building decoration listed companies was 21.37%, year-on-year + 9.96pcts.
In the first three quarters of 21 years, the revenue of construction central enterprises increased by 24.13%, with a year-on-year growth rate of + 13.11pcts; The growth rate of orders was 16.23%; The overall gross profit margin of the sector was 10.26%, with a year-on-year increase of -1.47pcts; The net interest rate was 3.21%, year-on-year -0.21pcts.
In terms of profitability, the overall gross profit margin of the sector in the same period was 13.08%, year-on-year -2.14pcts; The net interest rate was 5.43%, a year-on-year increase of -1.12pcts.
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Risk analysis: macro environment change risk; Real estate investment and infrastructure investment fell more than expected; Risk of large fluctuations in steel prices.
In the same period, the overall gross profit margin of the sector was 20.72%, with a year-on-year increase of + 1.28pcts; The net interest rate was 3.83%, year-on-year + 0.70pcts, and the profit margin of the sector increased.
In the first three quarters of 21 years, the income of the decoration sector increased by 7.11%, with a year-on-year increase of + 16.53pcts; Orders grew by 1.25%.
21q3, the growth rate of segment revenue was 7.22%, and the growth rate in the same period of last year was 21.94%; The gross profit margin was 20.53%, 0.77pcts year-on-year; The net interest rate was -8.22%, a year-on-year increase of -13.48pcts.
