天风证券：看好政策刺激下建筑板块反转机遇

Core Viewpoint - The construction sector in China is experiencing a decline in revenue and net profit for the first three quarters of 2024, but there are expectations for a potential turnaround due to monetary easing and fiscal stimulus measures [1] Group 1: Financial Performance - The CS construction sector achieved revenue of 61,554 billion yuan, a year-on-year decrease of 5.13% [1] - The net profit attributable to shareholders was 1,371 billion yuan, reflecting a year-on-year decline of 12.41% [1] Group 2: Future Outlook - Anticipation of increased fiscal stimulus in the fourth quarter may accelerate the realization of physical projects, suggesting a focus on state-owned enterprises and local construction companies for potential recovery [1] - Continuous efforts by local governments to manage debt and clear accounts receivable may provide opportunities for construction firms to recover from impairments [1] Group 3: Sector Performance - The international engineering, specialized engineering, and large-scale infrastructure segments showed better performance in the construction sector [1] - International engineering is benefiting from increased overseas demand and faster conversion of overseas orders [1] - The specialized engineering sector, particularly cleanroom and chemical engineering, performed well, while the steel structure segment exhibited significant cyclical elasticity [1]