建筑建材行业:大建筑央企投资复盘

西部证券
22 Jul

【核心结论】1、为什么大建筑央企近年估值低?我国人口红利拐点、投资拐点在2010年已经出现,储蓄率与投资增速进入下行通道,影响建筑行业需求。同时,大建筑央企需要承担较多社会责任,毛利率大幅提升可能性较小。此外,资产中“应收类资产+存货”占比高,市场担忧坏账风险。且大建筑央企资产负债率较高,债务负担较大。因此,近年来大建筑央企市盈率、市净率均处于历史低位。2、复盘前几轮行情,大建筑股为什么涨?...

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