Guotai Junan Securities: Pressure on the performance of the construction sector in the first half of the year, optimistic about profit recovery in the second half of the year.

Tianfeng Securities released a research report stating that in the first half of 2025, the revenue and performance of the construction sector will be under pressure, but it is optimistic about profit recovery in the second half of the year. In the first half of the year, the gross and net profit margins of the construction sector decreased slightly year-on-year, and the asset-liability ratio increased slightly; the performance of sub-sectors showed differentiation, with steady growth in the performance of chemical engineering and steel structure. Looking at the semi-annual reports of individual stocks in the construction sector, the resilience of central enterprises is evident, with a focus on high dividend stocks and high prosperity in sub-sectors.