At present, the overall asset liability ratio of central construction enterprises shows a downward trend, which has been controlled below 75% of the control line, and the current ratio is more than 100%
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The growth rate of infrastructure investment during the “14th five year plan” period is slightly faster than that during the “15th five year plan”
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2、 What is the asset quality of construction companies? The construction industry is a typical asset light industry, but it is also a high debt industry
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The current assets of central construction enterprises are also dominated by accounts receivable
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At present, it is in a state of slight floating profit
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Overall, the statements of central construction enterprises are gradually improving
.
With the stabilization and recovery of infrastructure construction and the further strengthening of the competitive advantages of various companies in specific fields, they are optimistic about the value revaluation of construction central enterprises..
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On the liability side, the level of current liabilities / total liabilities of central construction enterprises remains stable throughout the year
.
This year, the financing cost will be further reduced and the company’s financial expenses will be further reduced
The growth rate of infrastructure investment has declined significantly in the past few years and has maintained a low single digit steady growth in recent years
.
It has fallen for more than 6 years
.
After 15 years of bull market, the overall industry has fallen all the way, which is worse than the media mentioned yesterday
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In addition, the financing interest rate trend of central construction enterprises is closely related to the monetary environment
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Among them, MCC’s accounts receivable in 2020 will be withdrawn at the proportion of 4.02%, and the construction central enterprises will fully withdraw the bad debt of accounts receivable
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From the perspective of operating liabilities / adjusted owner’s equity indicators, most central construction enterprises have a strong ability to occupy funds for industrial chain enterprises, among which China Railway and China railway construction have a significantly stronger ability to occupy funds for industrial chain enterprises than other central enterprises
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It is expected that the issuance of new special bonds will increase from August to September, and it is expected to form a physical quantity in the fourth quarter of this year, so as to improve this year’s infrastructure investment to a certain extent
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At present, these central enterprises are at the bottom of valuation as a whole
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The order share and revenue share of the top four and top eight construction central enterprises have increased significantly in the past few years, and the competitiveness of the head company is becoming stronger and stronger
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The accounts receivable structure of central construction enterprises is mainly within one year, accounting for more than 50%
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Central enterprises have significant advantages over private enterprises
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From the perspective of historical valuation alone, it is currently low, but God knows whether it will continue to be a new low? 1、 The market’s concerns about the construction industry mainly lie in the continuous growth of the industry and the quality of the company’s assets
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Moreover, even in the context of the decline in the growth rate of the industry in the previous two years, the central enterprises of head construction still achieved rapid growth
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According to China’s current infrastructure construction level, we judge that there is still about 10 years to continue a slight growth trend
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The traditional infrastructure industry index still accounts for a heavy proportion in my position ratio, nearly 22%
.
From the perspective of bad debt provision, MCC and CSCEC have the highest proportion of bad debt provision
.
