The growth rate of revenue performance of construction sector slows down.Trendingp2egamesThe gross margin increased slightly. Total operating income of listed companies in the construction sector in 2023Trendingp2egames.1 trillion, year-on-year + 7.0%Trendingp2egames; return to home net profit 1Trendingp2egames, 99.36 billion, + 10.0% compared with the same period last year; the higher growth rate of performance than the growth rate of revenue is mainly due to a slight increase in gross profit margin. In 2024, the total operating income of the listed companies in the Q1 construction sector was 2.1 trillion, + 1.3% compared with the same period last year, and the net profit was 50.38 billion,-2.5% compared with the same period last year. The pressure of operating cash flow increases. In 2023, the net operating cash flow of the construction sector was 163.77 billion yuan, which decreased by 41.36 billion yuan compared with the same period last year, and the cash flow pressure increased. The net operating cash flow of 2024Q1 construction plate was-437.35 billion yuan, an increase of 99.83 billion yuan over the same period last year; the cash-to-cash ratio of receipts and payments decreased and accounts receivable expanded compared with the same period last year. In 2023, the cash-to-cash ratio of the construction sector is 96.3%, year-on-year-2.3pct, cash-to-cash ratio is 94.1%, year-on-year-1.9pct, cash difference is 2.2%, year-on-year-0.4pct. The cash-to-cash ratio of 2024Q1 construction sector is 102.7%, year-on-year + 2.5pct, cash-to-cash ratio is 122.5%, year-on-year + 7.0pct, cash difference is-19.8%, year-on-year-4.5 pctters2023 total accounts receivable and notes receivable 1.8 trillion, year-on-year + 11.8%, accounting for 19.3% of revenue, year-on-year + 0.8pct, basically stable in the past four years. Infrastructure: the performance of central enterprises is slowing down, state-owned enterprises are growing steadily, and private enterprises are still under great pressure. In 2023, the total operating income of the infrastructure sector was 8.8 trillion, + 7.1% compared with the same period last year, and the net profit was 203.26 billion yuan, + 4.9% compared with the same period last year. According to the type of enterprises, the performance growth rate of central capital construction enterprises slowed down, the performance of state-owned infrastructure enterprises maintained a steady increase, and the decline of private infrastructure enterprises continued to expand. In 2023, the gross profit margin of the infrastructure sector is 10.8%, year-on-year + 0.1pct; the return net profit rate is 2.3%, year-on-year-0.1pct, which continues to decline slowly in recent years; the period rate is 5.9%, year-on-year + 0.1pct, and the overall rate is stable in the past three years. The net operating cash flow of the infrastructure sector in 2023 was 154.5 billion yuan, a decrease of 49.65 billion yuan compared with the same period last year, of which the cash flow pressure of central capital enterprises increased, and the cash flow of infrastructure private enterprises improved with the reduction of scale; the debt ratio of infrastructure sector was high, among which the leverage reduction of infrastructure private enterprises was relatively obvious; the newly signed orders of infrastructure central enterprises were + 7.0% year on year, but the growth rate slowed down. The 2024 Q1 infrastructure sector achieved a total operating income of 2 trillion, + 1.6% year-on-year, and a net profit of 49.93 billion yuan,-1.5% compared with the same period last year. Steel structure: revenue growth, declining performance, slowing orders and improved cash flow. In 2023, the operating income of the steel structure plate reached 81.9 billion yuan, + 12.1% compared with the same period last year, and the net profit returned to the mother was 2.69 billion yuan,-10.6% compared with the same period last year. The gross profit margin of the steel structure plate in 2023 is 12.3%, which is-0.9 pct compared with the same period last year. The net operating cash flow of the steel structure plate in 2023 is-330 million yuan, which is 1.96 billion yuan less than that of the same period last year. The ratio of the net operating cash flow to the net profit of homing mother is-0.12, which is + 0.64 year on year. In 2023, the asset-liability ratio of the plate was 61.6%, year-on-year + 0.5pct, showing a slow upward trend in the past three years, but still lower than the overall debt level of 75.6% of the construction industry; the newly signed contract value of the plate was 82.26 billion yuan, + 3.0% compared with the same period last year, and the growth rate slowed down significantly. 2024Q1 steel structure plate realized operating income of 15.9 billion yuan,-18.1% year-on-year, and net profit of 540 million yuan,-19.8% year-on-year. Decoration, garden, engineering consultation: engineering consultation and decoration bottom repair, garden engineering pressure is still great. In 2023, the operating income of decoration, garden and engineering consulting was 106.54 billion yuan, 20.96 billion yuan and 105.4 billion yuan respectively, which was-0.5%,-25.0% and + 9.5% respectively compared with the same period last year. The net profit of returning home was-160 million yuan,-11.18 billion yuan and 4.74 billion yuan respectively, which was + 7.76 billion yuan, + 1.8 billion yuan and + 930 million yuan respectively. The gross profit margin of decoration, garden and engineering consulting plate was 12.5%, 0.9% and 21.8% respectively, compared with the same period of last year + 1.4pct,-7.8pct and + 0.3pct, respectively. The gross profit margin of decoration and engineering consulting improved, and the gross profit margin of landscape engineering continued to decline. The expenditure rates of decoration, garden and engineering consultation were 11.5%, 32.3% and 12.5% respectively, compared with the same period of last year + 0.1pct, + 8.1pct and-0.4pct, respectively. The expenditure rate of engineering consulting services continued to decline, the rate of decoration and decoration expenses remained stable, and the high rate of garden expenses continued to increase. In terms of cash flow, the cash flow of engineering consulting, garden and decoration has improved, and the restoration of garden cash flow is more obvious. In terms of debt ratio, the marginal improvement of decoration and decoration, the high garden rate, and the relatively healthy engineering consultation. The operating income of 2024Q1 decoration, garden and engineering consulting was 20.36 billion yuan, 3.9 billion yuan and 20.08 billion yuan respectively, which was-1.5%,-22.2% and-0.8% respectively over the same period last year. The net profit of returning to the mother was 190 million yuan,-1.04 billion yuan and 770 million yuan, respectively, which was + 27.3%,-33.0% and-18.7% respectively compared with the same period last year. Risk hint: macroeconomic growth is not as expected, infrastructure funds are not as expected, and rebates are not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.