Tianfeng Securities: The construction sector's performance was under pressure in the first half of the year, optimistic about profit recovery in the second half

Tianfeng Securities released a research report stating that the revenue and performance of the construction sector will be under pressure and decline in the first half of 2025, but they are 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 slightly decreased year-on-year, while the asset-liability ratio slightly increased; the performance of sub-sectors showed differentiation, with steady growth in chemical engineering and steel structure performance. From the semi-annual reports of individual stocks in the construction sector, the resilience of state-owned enterprises is prominent, with a focus on high-dividend targets and high-prosperity sub-sectors