建筑行業(yè)2023半年報總結(jié)：民企迎結(jié)構(gòu)性修復(fù)央國企延穩(wěn)健向好

目 錄12023半行數(shù)覽建資續(xù)位行簽受Q2項影響有放緩 .-4-22023速轉(zhuǎn)正........................................................................................................................-8-3、2023............................-12-&..............................................................................................................................-12-3.2.............................-15-3.3.........................................................-18-3.4.................................................-20-4、建筑工程行業(yè)展望與投資策略........................................................................-22-4.1、2023年迄今建筑裝飾SW板塊行情回顧................................................-22-、行業(yè)展望及投資策略：堅定推薦“設(shè)計檢測+央國企估值修復(fù)“會..........................................................................................................................-23-5、風險提示............................................................................................................-27-圖目錄12023Q218.45%5-22023Q29.81%5-32023Q2-19.66%..........................................................-5-42023Q25.52%5-52023Q21.4%6-620235.0%6-72023................................................-6-82023Q20.2%6-9、上市建筑企業(yè)季度收入及增速...................................................................-12-10、上市建筑企業(yè)季度凈利潤及增速.............................................................-12-..................................................................-16-12、上市建筑企業(yè)期間費用率.........................................................................-16-13..............................................-17-14、上市建筑企業(yè)分屬性毛利率情況.............................................................-17-15（）..............................................-18-16（）..............................................-18-17）......................................................-21-18（）..................................................-21-19）......................................-21-20）......................................................-21-212015SW（202391）..................................................................................................................-22-22SW（PE_TTM202391）.....-24-表目錄表1、上市建筑企業(yè)按所有制分2023上半年新簽訂單情況（億元）&增速.....-8-表2上建央企2023上半新訂情況億元增速 .-9-32023（）&.................-9-42023億元)&增速....................-10-52023（）&增速...........--6&利潤數(shù)據(jù)匯總....................................................-12-7............................................-13-8、上市建筑企業(yè)分屬性年度業(yè)績情況...........................................................-14-92023..............................-14-10..............................................-15-2023+12、上市建筑工程企業(yè)營運能力匯總.............................................................-18-13、上市建筑企業(yè)資產(chǎn)負債表匯總.................................................................-19-14..........................................-20-15......................................................-21-16（20231191日）.....-23-17（20231191）.................-23-18、城中村改建安市場規(guī)模測算.....................................................................-25-19（202391）....................-26-報告正文12023Q2專項債影響有所放緩：20231-7（為9.399.41%2023Q1-Q23.44元、6.7710.82%9.81%20231-6GDP同Q2612.70%3.10%Q218.5%58.3%②2022126中共中央政治局召開會議指出“把實施擴大內(nèi)需戰(zhàn)略同深化供給側(cè)結(jié)構(gòu)性改”。202212162023位置20234727142022③7500億元特別國債20221120232.1921202320221275002023年圖、2023Q2固定資產(chǎn)資同比下降18.45% 圖、2023Q2基建投資速為9.81%20231-76.778.59%Q1-Q22.603.26-5.80%2022年以來，房地產(chǎn)投資持續(xù)下行，我們判斷主要原因在于“房住不炒”“”20231-714.165.70%。Q1Q23.82萬7.947.00%、5.52%Q2圖、2023Q2房地產(chǎn)投同比增長-19.66% 圖、2023Q2制造業(yè)投同比增長5.52%202315.44在手訂單總額為51.505.0%圖、2023Q2建筑業(yè)新合同同比下降1.4% 圖、2023上半年建筑在手訂單同比增長5.0%圖、各省市2023上半建筑新簽合同額及速 圖、2023Q2建筑業(yè)總值同比增長0.2%2023Q1Q26.938.51分別9.3%-1.4%Q120232.19Q2Q22023202310%2023上半年建筑業(yè)實現(xiàn)總產(chǎn)值13.23萬億元，同比增長5.9%。2023Q1、Q25.487.756.0%、0.2%Q2速有所下滑。22023健增長，民企訂單增速轉(zhuǎn)正SW16920237443.8%74202342446.08SW塊169家公司總營收的97.50%，因此我們認為這74家公司的經(jīng)營情況基本74202388492.889.4%（202375）202374Q1Q242465.6146027.2714.3%、5.2%20232022Q1YOY2022Q2YOY2022Q3YOY2022Q4YOY2022Q1YOY2022Q2YOY2022Q3YOY2022Q4YOY2023Q1YOY2023Q2YOY2023H1YOY央企3319524.0%3941823.7%2899319.3%516418.2%3774013.7%408873.7%786278.3%地方國企34285.1%3881-0.4%342310.2%621352.9%425624.1%461518.9%887121.4%民企516-11.3%460-30.1%546-3.8%511-22.2%470-8.9%52514.2%9952.0%上市建企3713921.3%4375920.1%3296217.8%5836511.3%4246614.3%460275.2%884939.4%建筑企業(yè)633912.1%863435.2%8452912.3%1322185.7%692559.3%85138-1.4%1543943.1%資料來源：各公司公告、?分所有制來看，央企、地方國企與民企之間的分化，建筑央企和地方國企受益基建穩(wěn)增長更為顯著。74家公司中央企、地方國企、民企2023上半年新簽訂單分別為78626.80億元、8870.58億元、995.50億元，同比分別增長8.3%、21.4%2.0%2023建筑央企、地方國企受益于基建穩(wěn)增長更為顯著，民企受地產(chǎn)投資持續(xù)下行拖累，新簽訂單增速明顯低于央國企。央企訂單上半年同比增長2023央企新簽訂單78626.80億元，同比增長8.3%。Q1、Q2新簽訂單分別為37739.8540886.9513.7%、3.7%，PPP2023的5家央企為北方國際、中材國際、中國化學、中國交建、中國建筑，增速97.3%68.0%13.9%10.6%9.5%表2、上市建筑央企2023上半年新簽訂單情況(億元)&增速公司名稱2023H1YOY2022Q1YOY2022Q2YOY2022Q3YOY2022Q4YOY2023Q1YOY2023Q2YOY中國建筑201269.5%835012.6%1003515.9%615812.9%104729.6%971816.4%104083.7%北方國際14797.3%241473.4%503157.4%1311679.5%5220.9%16-35.3%131162.3%中鋼國際94-8.5%45-29.1%5712.4%38-46.4%43-52.3%41-10.0%53-7.3%中工國際90-30.5%5971.9%72-22.6%6-83.2%32250.9%53-9.6%37-47.7%中材國際41575.9%88-16.0%14816.0%77-36.0%20232.0%226103.0%18940.0%中國交建886710.6%43074.9%371235.2%2303-28.4%510195.3%45786.3%428915.5%中國能建645921.2%2441-2887-161948.4%354426.5%297722.0%348220.6%中國核建655-6.6%29119.4%4105.1%254-15.7%43573.7%35421.7%301-26.7%中國電建60364.6%24767.0%3296118.3%195941.6%2362-9.1%322430.2%2813-14.7%中國中鐵127385.1%605784.0%6062-13.9%771178.2%10493-16.9%667410.2%60640.0%中國鐵建135912.1%46591.5%865345.3%51240.1%1401311.8%539615.8%8194-5.3%中國化學185013.9%103990.1%585-24.2%73180.5%614-37.0%10460.7%80437.3%中國中冶722611.7%319113.7%3279-2.0%288310.0%408325.1%32582.1%396821.0%中國海誠411.4%2464.3%16-13.9%3555.1%24129.8%22-7.7%1815.2%東華科技59-29.8%33619.4%51112.8%12-84.1%69369.0%17-48.4%42-17.5%中鋁國際2348.7%11050.3%105-5.0%701.5%101-45.1%14026.9%94-10.5%各公司公告、注：中國能建2022Q3完成葛洲壩收購并進行并表，故2022Q1、2022Q2未計算同比增速。2023上半8870.5821.4%Q1Q24255.614614.9724.1%18.9%5799.70%147.41%141.34%102.12%72.39%2022公司名稱2023H1YOY2022Q1YOY2022Q2YOY2022Q3公司名稱2023H1YOY2022Q1YOY2022Q2YOY2022Q3YOY2022Q4YOY2023Q1YOY2023Q2YOY上海建工205425.7%10064.6%628-45.7%918-5.7%196547.3%10080.2%104666.5%重慶建工289-15.4%18740.7%155-18.9%106-10.1%29052.0%156-19.2%133-14.6%寧波建工75-31.1%45-21.1%6433.7%7874.5%50-27.7%32-29.2%43-32.4%浙江建投9238.1%42714.5%427-1.2%3579.6%3957.0%4587.1%4669.0%陜西建工00.0%00.0%00.0%00.0%00.0%00.0%00.0%龍建股份11113.5%48379.9%49-58.5%79182.3%163427.9%5411.8%5715.2%隧道股份4235.7%1984.1%202123.9%161-33.7%2758.4%2117.0%2114.5%四川路橋73933.6%14428.6%40911.3%9516.6%67452.9%288100.6%45010.1%浦東建設(shè)156102.1%5448.9%23-54.1%24-39.3%50182.2%9780.0%59153.7%北新路橋86-22.3%58354.3%53-13.7%22-69.9%7829.9%44-22.9%41-21.6%安徽建工74810.6%33085.1%34780.7%27543.3%37690.7%38516.6%3644.9%山東路橋531141.3%75-71.0%145-36.8%28767.8%41598.8%203170.2%328126.4%粵水電420799.7%27103.7%200.0%47118.4%193738.6%192621.5%2281036.6%棕櫚股份2731.5%710.7%14-57.9%2289.9%2330.2%15113.4%12-11.1%文科園林2-45.8%1-83.2%418.3%1-74.8%170.1%1-28.1%2-50.1%東湖高新172147.4%56.6%652404.6%381012.1%119643.1%641221.0%10967.6%中化巖土6-17.2%2-90.7%5-76.3%16279.4%5-72.6%478.7%2-60.9%建藝集團1472.4%3-74.5%682.7%7253.8%6-42.5%10300.6%4-29.3%寶鷹股份2240.5%8-47.7%7-55.5%9-17.7%7-42.9%1237.2%1044.6%美芝股份2-73.5%266.3%7174.6%2-54.0%2-54.5%1-71.8%2-74.0%華建集團6130.4%29-5.6%18-44.1%3531.6%3826.4%25-13.4%3698.3%各公司公告、2023995.50Q2470.15525.34-8.9%、+14.2%2023105288.75%42.25%34.45%20192018公司名稱2023H1YOY2022Q1YOY2022Q2YOY2022Q3YOY2022Q4公司名稱2023H1YOY2022Q1YOY2022Q2YOY2022Q3YOY2022Q4YOY2023Q1YOY2023Q2YOY龍元建設(shè)50.5-1.8%27.0-32.9%24.4-62.1%19.2-45.0%30.5-39.4%21.2-21.6%29.320.2%東南網(wǎng)架75.25.4%31.364.6%40.0-24.3%64.0108.0%10.9-72.5%34.410.0%40.81.8%杭蕭鋼構(gòu)84.03.9%46.285.1%34.60.0%44.411.2%39.0-22.9%38.8-16.1%45.230.7%精工鋼構(gòu)111.934.4%44.612.1%38.6-29.3%63.032.5%41.34.8%55.023.3%56.947.3%富煌鋼構(gòu)36.542.3%14.0-52.6%11.788.2%17.452.1%49.8-10.9%16.417.3%20.172.2%鴻路鋼構(gòu)150.617.8%60.114.7%67.728.0%67.90.0%55.60.7%72.119.8%78.516.0%騰達建設(shè)33.5112.0%14.0-20.5%1.8-59.5%3.7-54.6%14.964.3%18.431.6%15.1722.3%成都路橋4.232.9%2.5-68.0%0.6-95.4%2.0-58.9%6.71655.3%3.016.9%1.2101.7%宏潤建設(shè)10.3-22.1%7.6-44.4%5.7-64.7%15.6-37.5%27.1-31.9%1.0-86.9%9.364.6%普邦股份9.2-28.3%5.863.4%7.0-30.5%7.232.4%4.5-7.6%3.4-42.6%5.8-16.3%大千生態(tài)0.6-29.3%0.8-59.7%0.1-95.4%0.2-31.3%0.02-96.2%0.6-25.3%0.0-68.9%天域生態(tài)0.8350.8%0.1-88.1%0.1-96.3%0.1-2.2%0.1-63.1%0.1-39.3%0.71380.0%花王股份1.3230.4%0.3-92.4%0.1-76.7%0.674.7%0.5100.6%0.444.0%0.9800.0%元成股份1.6-70.4%3.542.7%1.8129.9%0.1-81.1%0.3231.1%0.2-94.2%1.4-23.7%東珠態(tài) 0.0 -100.0%

17.3 262.0% 3.5 -49.4% 0 -100.0%

0 -100.0% 0 -100.0%

0 -100.0%美麗生態(tài)0.0-100.0%3.0-51.5%2.2-87.9%1.8-85.0%0-100.0%0-100.0%0-100.0%誠邦股份4.086.2%0.9-0.5%1.3-19.6%0.9-76.3%0.6-81.7%2.8221.8%1.2-6.3%乾景園林7.2348.0%1.22975.0%0.4137.5%0.1-70.8%0.1-92.1%0.002-99.8%7.21797.4%園林股份15.2288.7%2.1103.8%1.827.0%1.0-37.8%5.3-72.0%14.5581.6%0.8-58.1%金埔園林4.8-40.8%1.3-6.9-2.8-6.9-4.1220.3%0.7-89.4%中巖大地4.68.5%1.1-59.3%3.1-9.0%1.8-63.7%3.0-43.7%0.6-43.1%4.026.4%時空科技3.6-0.3%1.0-18.9%2.6-30.1%0.6-34.7%1.3-53.2%2.3132.3%1.3-50.8%金螳螂120.54.0%71.7-16.9%44.2-43.9%55.8-34.9%50.0-12.7%60.1-16.1%60.336.6%亞廈股份73.67.3%33.5-31.6%35.1-19.8%25.4-19.6%46.2-4.7%34.53.1%39.111.2%ST廣田0.9-91.1%4.7-72.9%5.0-85.3%1.4-89.2%0.8-92.4%0.6-86.4%0.2-95.6%中裝建設(shè)14.9-44.2%13.5-26.7%13.3-32.3%11.6-31.6%9.2-46.9%6.9-48.9%8.1-39.5%柯利達12.1-3.8%4.2-26.1%8.4-0.7%7.9168.7%9.914.0%2.4-42.8%9.715.7%名雕股份2.53.8%0.9-35.3%1.5-23.4%1.2-22.8%1.1-33.6%1.223.8%1.3-8.9%東易日盛15.3-9.6%8.7-23.3%8.2-38.3%7.5-28.0%5.3-42.1%7.3-16.6%8.0-2.1%瑞和股份3.4-56.4%3.2-67.9%4.7-25.1%2.6-61.7%8.0-15.5%1.7-45.1%1.7-64.0%洪濤股份3.1-31.2%2.7-76.3%1.7-67.2%2.1-31.3%0.8-86.0%1.2-58.0%1.911.7%全筑股份0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%江河集團113.0-6.9%60.45.3%61.0-14.3%75.01.0%39.1-36.4%49.0-19.0%64.05.0%鄭中設(shè)計6.4-19.5%3.0-40.8%5.0-13.4%5.220.3%5.944.9%2.6-12.9%3.8-23.5%中天精裝1.6-84.4%4.8-32.7%5.1-53.0%4.5-44.0%2.1-69.6%1.4-70.8%0.1-97.2%嘉寓股份0.0-1.10.0%0.4-86.4%0.5-63.2%0.3-58.6%0-0-100.0%100.0%100.0%100.0%100.0%蘇文電能- -6.5100.9%7.079.9%9.2119.5%9.3-9.037.5%- -注：表中訂單“-”表示公司未公布當期訂單，同比“-”表示由于本期或上一期訂單數(shù)據(jù)確實，無法計算同比情況37.4%17.8%14.9%14.5%12.6%。裝2023表5、上市建筑企業(yè)分板塊2023上半年新簽訂單情況（億元）&增速公司名稱2023H1YOY2022Q1YOY2022Q2YOY2022Q3YOY2022Q4YOY2023Q1YOY2023Q2YOY房建工程255269.2%1081610.3%1256710.5%848010.5%1429116.0%1238914.5%131374.5%鋼結(jié)構(gòu)45817.8%19618.4%193-4.3%25729.9%1971.7%21710.4%24125.4%國際工程74537.4%21628.7%32626.1%134-40.9%33012.7%33655.3%41025.6%路橋工程1170814.9%52376.0%494827.3%3267-20.0%717985.5%588312.3%582417.7%水利電力1357014.5%523438.5%6613123.3%387938.7%653515.2%674728.9%68243.2%鐵路工程263283.5%1071736.0%1471513.2%1283635.9%24506-2.6%1207012.6%14258-3.1%園林工程75-13.9%4417.7%42-46.1%38-13.0%43-41.8%42-5.5%33-22.7%專業(yè)工程959712.6%440726.7%4112-4.4%378718.1%501911.4%45543.3%504222.6%裝修工程415-8.4%236-28.4%217-33.6%240-13.2%218-33.4%194-17.9%2211.9%資料來源：公司公告、3、2023年半年報總結(jié)：毛利率止降回升，現(xiàn)金流改善明顯、收入&加速筑底202342820.77.0%，316.6%1655.94.8%，31.1109.97.37.1。表6、上市建筑企業(yè)年度收入&利潤數(shù)據(jù)匯總2017H12018H12019H12020H12021H12022H12023H1營業(yè)總收入（億元）19889.821961.625430.727025.135779.140030.942820.7YOY11.3%10.4%15.8%6.3%32.4%11.9%7.0%營業(yè)總成本（億元）19032.820976.624359.725975.334375.738572.641237.3YOY17.2%10.2%16.1%6.6%32.3%12.2%6.9%營業(yè)利潤（億元）940.51085.21189.51143.11507.91580.21655.9YOY27.9%15.4%9.6%-3.9%31.9%4.8%4.8%利潤總額（億元）964.51094.71203.31154.71518.11597.11665.8YOY19.5%13.5%9.9%-4.0%31.5%5.2%4.3%歸母凈利潤（億元）632.7706.2742.1679.5940.01013.71090.9YOY16.1%11.6%5.1%-8.4%38.3%7.8%7.6%圖、上市建筑企季收入及增速 圖、上市建筑企業(yè)季凈利潤及增速2023年上半年上市建筑公司實現(xiàn)營業(yè)收入42820.7億元，較去年同期增長7.7%，3年平均增速為16.6%。分季度來看，上市建筑工程公司在2023年Q1、Q220076.322744.48.8%25.6%10.4%2023“穩(wěn)（建筑行業(yè)Q1Q236.0%2023年上市建筑公司實現(xiàn)歸母凈利潤1090.9億元，較去年同期增長7.6%，3年平均增速為17.12023年Q1Q2分517.4573.515.1%2.5%。Q12023483.9231.55435.427.824.0%、12.8%24.0%現(xiàn)新興開拓，推動收入實現(xiàn)高增。從歸母凈利潤角度來看，2023年上半年國325.7%24.4%、19.3%。房建鋼結(jié)構(gòu)國際設(shè)計路橋房建鋼結(jié)構(gòu)國際設(shè)計路橋水利鐵路園林專業(yè)裝修工程工程檢測工程電力工程工程工程工程營業(yè)總收入 12937.9388.7483.9231.55122.25456.211318.3169.25435.4435.2YOY 7.3%11.6%27.8%24.0%6.2%10.8%2.8%-6.0%12.8%1.4%歸母凈利潤（億元） 295.221.524.518.5194.8106.4298.9-19.3132.1-3.3YOY 4.7%-6.2%25.7%24.4%16.4%4.1%4.5%--19.3%--（億元）? 分屬性來看，央企增速有所放緩，地方國企實現(xiàn)修復(fù)，民企業(yè)績加速筑底；202320236.0%23.0%16.2%17.7%1.4%表8、上市建筑企業(yè)分屬性年度業(yè)績情況營業(yè)收入（億元）2017H12018H12019H12020H12021H12022H12023H1央企17295.918930.621885.323447.230365.734674.936759.3YOY10.8%9.5%15.6%7.1%29.5%14.2%6.0%地方國企1767.12057.42441.02578.13462.93421.94208.7YOY16.0%16.4%18.6%5.6%34.3%-1.2%23.0%民企810.2953.81068.2968.01178.61063.41010.4YOY12.4%17.7%12.0%-9.4%21.8%-9.8%-5.0%歸母凈利潤（億元）2017H12018H12019H12020H12021H12022H12023H1央企523.1582.5615.8573.9777.7898.2952.2YOY14.7%11.4%5.7%-6.8%35.5%15.5%6.0%地方國企56.763.357.752.477.752.790.4YOY24.6%11.6%-8.8%-9.2%48.3%-32.2%71.6%民企52.359.767.152.764.742.126.9YOY21.1%14.3%12.3%-21.4%22.7%-35.0%-36.1%注：地方國企歸母凈利潤增速較高主要系受裝修、設(shè)計檢測公司兩年利潤均為負，虧損惡化影響中國建筑中國中鐵中國鐵建中國交建中國中冶中國電建中國建筑中國中鐵中國鐵建中國交建中國中冶中國電建中國能建中國化學營業(yè)總收入（億元）11,133.15,907.75,410.63,657.93,344.62,817.51,921.2909.3YOY5.0%5.4%0.1%0.5%15.7%5.9%21.4%21.6%歸母凈利潤（億元）289.7162.4136.5114.072.267.826.629.5YOY1.6%7.4%1.2%2.7%22.9%11.2%-5.3%11.2%、盈利能力：毛利率觸底回升，期間費用率有所增加2023年上半年上市建筑工程企業(yè)盈利能力保持相對平穩(wěn)。實現(xiàn)毛利率10.03%，較0.033.16%0.03點；實現(xiàn)ROE0.070.16表10、上市建筑工程企業(yè)年度盈利能力數(shù)據(jù)匯總2017H12018H12019H12020H12021H12022H12023H1ROE（平均）5.57%5.41%5.11%4.21%5.16%5.00%4.93%同比變動-0.15pct-0.16pct-0.31pct-0.90pct0.95pct-0.15pct-0.07pct毛利率11.35%11.67%11.18%10.90%10.39%10.00%10.03%同比變動-4.41pct0.32pct-0.48pct-0.29pct-0.50pct-0.39pct0.03pct期間費用率5.72%5.91%5.90%5.83%5.46%5.22%5.38%同比變動0.80pct0.18pct-0.01pct-0.07pct-0.38pct-0.23pct0.16pct凈利率3.72%3.84%3.71%3.30%3.39%3.20%3.16%同比變動0.25pct0.12pct-0.13pct-0.41pct0.09pct-0.19pct-0.03pct4Q1Q29.38%變動+0.06-0.022023+0.56+0.47個百+0.38+0.11-0.40-0.55-1.04-1.12-2.88-3.742023年上9.80%10.62%16.87%，+0.03+0.12-0.37繼續(xù)下滑，主要原因系一定比例的民營建筑上市企業(yè)地產(chǎn)鏈業(yè)務(wù)占比較高，相關(guān)業(yè)務(wù)仍受部分地產(chǎn)企業(yè)流動性風險傳導(dǎo)。上半年年同比下滑0.04下降，主要是期間費用率上升所致。變動-0.04+0.51-1.35下滑較多，主要是由于流動性偏緊下，借款增加引起財務(wù)費用率有所升高所致。分季度來看，2023年Q1Q23.05%3.26%-0.130.430.380.100.100.050.160.190.281.057.33個百分點。上市建筑企業(yè)2023信用減值損失占收入端的比重為同比下降0.11個百分點。-0.13+0.21-0.35-0.18-0.38+0.03-0.84+0.07+0.03個-0.18+0.02+0.03-1.27圖、上市建筑企業(yè)毛率及凈利率 圖、上市建筑企業(yè)期費用率圖、上市建筑企業(yè)細板塊毛利率及變動況 圖、上市建筑企業(yè)分性毛利率情況工程工程咨詢工程電力工程工程工程租賃工程工程咨詢工程電力工程工程工程租賃工程資產(chǎn)+信用減值損失占收 0.54%0.01%0.71%2.10%0.73%0.67%0.36%2.71%0.73%0.84%8.71%入端比重同比變動 -0.18-0.380.03-0.840.070.03-0.180.020.03-1.27-11.23房建房建鋼結(jié)構(gòu)國際工程路橋水利鐵路園林專業(yè)材料裝修（pct）、營運能力：應(yīng)收賬款周轉(zhuǎn)天數(shù)拉長2023年上半年上市建筑工程企業(yè)營運能力下滑。應(yīng)收賬款周轉(zhuǎn)天數(shù)為151.08天，較去年同期增長11.09天；存貨周轉(zhuǎn)天數(shù)為76.14天，較去年同期減少3.94天；總資產(chǎn)周轉(zhuǎn)天數(shù)為542.09天，較去年同期增長22.89天；運營周期為227.22天，2017H12018H12019H12020H12021H12022H12023H12017H12018H12019H12020H12021H12022H12023H1應(yīng)收賬款周轉(zhuǎn)天數(shù)（天）85.40105.84118.41136.37130.64139.99151.08同比變動（天）-1.8620.4412.5717.95-5.739.3511.09應(yīng)付賬款周轉(zhuǎn)天數(shù)（天）150.73158.63151.90157.49137.37143.87155.19同比變動（天）6.927.90-6.735.58-20.116.5011.32存貨周轉(zhuǎn)天數(shù)（天）161.47150.77124.37113.9485.9780.0876.14同比變動（天）-8.35-10.71-26.39-10.43-27.98-5.88-3.94總資產(chǎn)周轉(zhuǎn)天數(shù)（天）543.56571.89559.21593.98513.26519.19542.09同比變動（天）19.4628.34-12.6834.77-80.725.9422.89運營周期（天）246.88256.61242.79250.31216.60220.07227.22同比變動（天）-10.229.73-13.827.52-33.703.467.15? 20232023151.0811.092023+11-80Q2圖、建筑企業(yè)分屬性收賬款周轉(zhuǎn)天數(shù)（） 圖、建筑企業(yè)分屬性付賬款周轉(zhuǎn)天數(shù)（）20237591個百分點。75%項目2017H12018H12019H1項目2017H12018H12019H12020H12021H12022H12023H1資產(chǎn)負債率77.08%76.55%75.89%75.32%74.58%75.13%75.91%同比變動-0.53pct-0.53pct-0.67pct-0.56pct-0.74pct0.55pct0.77pct流動資產(chǎn)/總資產(chǎn)69.06%69.89%66.29%65.00%64.41%63.36%61.99%同比變動-0.44pct0.83pct-3.60pct-1.29pct-0.58pct-1.05pct-1.37pct流動比率122.71%119.03%115.18%115.54%115.97%114.22%110.18%同比變動-1.66pct-3.68pct-3.85pct0.36pct0.43pct-1.76pct-4.03pct速動比率71.74%81.38%79.40%86.15%87.69%88.80%87.05%同比變動-2.31pct9.64pct-1.97pct6.75pct1.54pct1.10pct-1.74pct、現(xiàn)金流狀況：建筑企業(yè)現(xiàn)金流大幅改善2023年上半年上市建筑企業(yè)實現(xiàn)經(jīng)營性現(xiàn)金流凈額-2307.84億元，同比增加452.061.451.17表14、上市建筑企業(yè)年度經(jīng)營活動現(xiàn)金流情況匯總2017H12018H12019H12020H12021H12022H12023H1經(jīng)營現(xiàn)金流凈額（億元）-1829.5-2301.8-2732.7-2889.7-3346.4-2759.9-2307.8較上一年增減（億元）-1202.2-472.2-431.0-156.9-456.7586.5452.1經(jīng)營現(xiàn)金流凈額/凈利潤-247.22%-273.17%-289.63%-324.47%-276.13%-215.67%-170.36%較上一年增減-146.23pct-25.95pct-16.46pct-34.84pct48.34pct60.47pct45.31pct收現(xiàn)比96.70%98.22%98.81%96.21%96.38%90.72%92.17%較上一年增減7.65pct1.52pct0.59pct-2.61pct0.18pct-5.67pct1.45pct付現(xiàn)比92.12%99.66%99.74%97.60%96.60%90.40%89.23%較上一年增減7.44pct7.55pct0.07pct-2.13pct-1.00pct-6.21pct-1.17pct20232023-2307.84452.06Q1、Q2-3295.19987.35億元，+505.17-33.08其中Q1分屬性來看，建筑央企、地方國企、民企經(jīng)營性現(xiàn)金流同比分別增加350.73億元、-9.77億元、60.79億元，建筑央企、民企現(xiàn)金流均有所改善。1.45比下降1.17個百分點。202391.19%88.54%+1.04-1.47+3.53-0.96+6.62-1.39圖、上市建筑企業(yè)經(jīng)性現(xiàn)金流（億元） 圖、上市建筑企業(yè)季經(jīng)營現(xiàn)金流（億元）圖19上市建筑企業(yè)有制經(jīng)營性現(xiàn)金（億元） 圖、八大建筑央企經(jīng)性現(xiàn)金流（億元）表15、上市建筑企業(yè)分屬性收、付現(xiàn)比情況收現(xiàn)比2017H12018H12019H12020H12021H12022H12023H1央企96.34%97.96%98.85%95.70%96.48%90.14%91.19%YOY8.49pct1.62pct0.89pct-3.15pct0.78pct-6.34pct1.04pct地方國企101.27%105.11%103.35%100.66%95.43%95.45%98.99%YOY1.94pct3.83pct-1.76pct-2.70pct-5.23pct0.03pct3.53pct民企94.91%88.92%88.45%97.17%101.49%99.30%105.91%YOY1.48pct-5.99pct-0.47pct8.73pct4.32pct-2.20pct6.62pct付現(xiàn)比2017H12018H12019H12020H12021H12022H12023H1央企91.76%100.33%100.82%97.60%96.79%90.02%88.54%YOY7.72pct8.57pct0.49pct-3.22pct-0.81pct-6.77pct-1.47pct地方國企98.42%101.47%98.59%102.40%98.85%97.29%96.33%YOY4.81pct3.05pct-2.87pct3.81pct-3.55pct-1.56pct-0.96pct民企86.52%82.52%80.36%85.53%90.60%88.74%87.35%YOY7.21pct-4.00pct-2.16pct5.17pct5.07pct-1.86pct-1.39pct4、建筑工程行業(yè)展望與投資策略、2023年迄今建筑裝飾SW板塊行情回顧2023年1月1日至2023年9月1SW指數(shù)跑贏大盤。202391SW3.90%A300-1.20%-2.48%0.54%。建筑裝飾SW行業(yè)指數(shù)跑贏全部A3005.10pct6.38pct、3.36pct。A6.48pct-9.75pct44.76pct16.17pct21.81pct-12.38pct21.01pct、5.33pct10.38pct2.05pctA（、*ST天沃、*ST圍海、永福股份。圖21、2015年以來建筑裝飾SW行業(yè)指數(shù)與大盤相對表現(xiàn)（數(shù)據(jù)截至2023年9月1日）表16、建筑行業(yè)各子板塊超額收益分析（2023年1月1日至9月1日）細分板塊漲跌幅相對建筑行業(yè)指數(shù)超額收益相對全A超額收益相對滬深300超額收益國際工程44.76%40.86%45.96%47.24%設(shè)計檢測21.81%17.91%23.01%24.29%鐵路工程21.01%17.11%22.21%23.49%路橋工程16.17%12.27%17.37%18.65%專業(yè)工程10.38%6.48%11.58%12.86%房建工程6.48%2.58%7.68%8.96%園林工程5.33%1.43%6.53%7.81%裝修工程2.05%-1.85%3.25%4.53%鋼結(jié)構(gòu)-9.75%-13.65%-8.55%-7.27%水利工程-12.38%-16.28%-11.18%-9.90%表17、建筑行業(yè)漲跌前五名公司（2023年1月1日至9月1日）漲幅前五公司簡稱漲跌幅（%）跌幅前五公司簡稱漲跌幅（%）1山水比德104.151奇信退（退市）-93.632蕾奧規(guī)劃86.482*ST弘高-76.403深圳瑞捷84.883*ST天沃-41.914北方國際79.834*ST圍海-39.415上海港灣73.865永福股份-32.40、行業(yè)展望及投資策略：堅定推薦設(shè)計檢測央國企估值修復(fù)大主線機會、行業(yè)評級：維持建筑工程行業(yè)“推薦”評級203從供給