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雷达卡
中信证券：建筑和工程行业专题报告之－建筑钢结构子行业
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目 录
投资聚焦···························································································································································································1
建筑钢结构概况···································································································································································1
本篇报告的逻辑结构及投资要点········································································································································1
建筑工程行业处在景气上升通道为建筑钢结构行业的发展营造了良好的外部环境····························································1
建筑工程行业依然处在景气上升通道································································································································1
建筑钢结构行业的发展面临良好的外部环境····················································································································2
朝阳行业，构筑未来······································································································································································2
我国建筑钢结构行业发展历程············································································································································2
钢铁工业的成熟为建筑钢结构行业发展奠定了坚实的基础·····························································································3
“追赶效应”和“替代效应”打开行业发展空间···············································································································3
行业集中度稳步提升，并购整合浪潮汹涌··································································································································5
行业整体集中度低，但高端市场集中度较高····················································································································5
并购整合浪潮汹涌·······························································································································································6
建筑钢结构细分子行业分析··························································································································································6
子行业景气不均···································································································································································6
重钢结构发展空间大，空间钢结构利润高························································································································7
建筑钢结构住宅市场悄然启动············································································································································7
行业估值及评级···············································································································································································8
估值方法··············································································································································································8
估值水平··············································································································································································8
行业评级··············································································································································································9
行业投资策略···················································································································································································9
投资策略··············································································································································································9
重点公司推荐·····································································································································································10
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