高盛：2013年1月中国建筑行业研究报告（免费）

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Table of contents
Construction outlook muted, diversification is key: Buy CRCC (A); Sell CRG (H) 3
Railway: Relatively underinvested; 10%+ growth in 2013E, weaker momentum beyond 8
Metro: Poised to accelerate, we expect Rmb1.9trn investment in 2012-15 11
Road: Relatively saturated in certain regions, we expect low single digit growth only 14
Port: Low investment growth in 2013-15E 16
International Business: Still small but strong potential 18
Unexciting top-line; margin improvement is the key to earnings growth 20
CRG and CRCC still trade on railway order trend 23
We prefer railway equipments to railway construction companies 25
Valuation: We use separate DC framework for A/H shares 27
CRCC: Higher margin, stronger balance sheet & lower BOT risks; Buy A, Neutral H 33
CRG: Active diversification; however valuation appears full: Sell H; Neutral on A 42
CCCC: Less rail but more road/port construction/BOT/dredging; Neutral for both A/H 51
Disclosure Appendix 61
The prices in the body of this report are based on the market close of January 17, 2013, unless otherwise indicated.
Gao Hua Securities acknowledges the role of Tian Lu of Goldman Sachs in the preparation of this product

2013-01-21_北京高华_收入增长乏力，利润率提升是关键；首次覆盖，买入中铁建（A），卖.pdf (1.11 MB)

2013-1-22 10:20:23 上传

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关键词：行业研究报告 中国建筑 研究报告 建筑行业 行业研究 investment 中国建筑 potential 研究报告 Business

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