20230203_招商证券_建筑钢铁行业证券研究报告：从信评角度看大建筑央企_32页.pdf

|2023 02 03/2022 10 3060 AAA/ABS 2022 2023%193 3.9 24771 2.9 21781 3.0%1m 6m 12m 8.5-2.0-3.5 0.1-2.2 4.6 1 2023-02-02 S1090521050002 S1090521050001 S1090522090001-30-20-10010Feb/22 May/22 Sep/22 Jan/23(%)建筑钢铁 沪深300 2.5 1.5 2.9 3.12 4.15 5.18 6 PPN.22 7.24 8.25.27.30.30 1.5 2 22H1.6 3 22H1.6 4 22H1.7 5 22H1 ROE.7 6 22H1.10 7 22H1.10 8 22H1.11 9 22H1 ROE.11 10 22H1.13 11 22H1.13 12 22H1.14 13 22H1 ROE.14 14 22H1.16 15 22H1.16 XVBYyRtOmPpOtNpMrMtMmNbRbPbRtRpPsQpMkPpPmOkPnNoN9PoPsPvPrRmQuOpPvM 3 16 22H1.16 17 22H1 ROE.16 18 22H1.20 19 22H1.20 20 22H1.20 21 22H1 ROE.20 22 22H1.24 23 22H1.24 24 22H1.25 25 22H1 ROE.25 26 22H1.23 27 22H1.23 28 22H1.23 29 22H1 ROE.23 30 22H1.26 31 22H1.26 32 22H1.27 33 22H1 ROE.27 1.5 2.7 3.8 4.8 5.9 6.9 7.11 8.11 9.12 10.12 11.14 12.14 13.15 4 14.17 15.17 16.17 17.18 18.18 19.21 20.21 21.22 22.22 23.22 24.24 25.24 26.25 27.25 28.26 29.27 30.27 31.28 32.28 33 22H1.29 34 22H1.29 5 1 5(00688.HK)(03311.HK)(2669.HK)(002302.SZ)(00830.HK)4 51.32%64.81%56.02%1 iFinD 2022 10207.3 187.23 1 1989 100.00%(00688.HK)1979 56.09%(03311.HK)1979 64.81%(2669.HK)2006 61.18%()1953 100.00%1952 100.00%1965 100.00%1962 100.00%6 1965 100.00%1953 100.00%1952 100.00%1952 100.00%1950 100.00%1986 100.00%2014 100.00%()2001 85.00%(002302.SZ)2001 57.79%1992 100.00%1995 80.00%(00830.HK)1969 45.87%1981 70.00%2015 100.00%2012 100.00%1991 100.00%1952 100.00%2008 100.00%2015 100.00%1983 100.00%iFinD 11 2022H1 8263.21 2000 2778.1 2739.2 1847.3 635.50 618.2 70%80%85%PPP 62.6%2 22H1 3 22H1 2022 148.19 19.4%2022 01,0002,0003,0004,0005,0006,0007,0008,0009,0000%10%20%30%40%50%60%70%80%90%100%7 59.26 49.38 20 0.33 21 86.64%2022 4.76 34.25%1.83 2022 8.67%8.61%7%0.16%4 22H1 5 22H1 ROE AAA AA+2022 4 25 Baa1/2022 7 20()A-/BBB+/2 A-2022/7/20 AAA 2022/6/24()AAA 2022/6/23 AAA 2022/6/28 AAA 2022/7/28 AAA 2022/7/28 AAA 2022/7/29 AAA 2022/6/20 AAA 2022/9/23 AAA 2022/6/22()AA+2021/7/29 iFinD 402.6 103.9 90 2.52%0204060801001201401600%1%2%3%4%5%6%7%8%9%10%8 2.63%3 22H1 13 54.94+20 4.87%4 12.25+20 5.62%4 45 4.33%6 75 4.64%5 72 2.63%6 90 6.26%3 65 3.74%3 23 3.62%3 50 4.12%3 70 2.52%iFinD 2022 SCP 2020 2021 2021 605 2020 26.98%10%2022 SCP 10%15%2022 445 2021 16.88%2022 2021 2022 SCP 50 300 6 2021 2.98%2022 14.91%SCP 4 2021 2022 80 8.05%145 14.54%105 8.48%85 5.98%50 2.89%300 14.91%60 4.07%50 3.08%20 3.37%65 10.81%115 12.80%70 6.05%605 26.98%445 16.88%iFinD 2022 11 12 9 20 40 33 473 6 65 2022 5 200 9 5 AA+2022/6/29 AA+2022/7/27 AA+2022/7/28 AA+2022/5/17 AA+2022/6/16 AA+2022/6/17 AA+2022/6/30 AA 2022/7/29 A+()2022/9/19 AAA 2022/12/7 AAA 2022/7/1 iFinD 2 600528.SH(300374.SZ)(688285.SH)2017 2022 3 26.51%30.62%2021 6 1950 100.00%1950 100.00%1952 100.00%1950 100.00%1950 100.00%2004 100.00%2003 100.00%2003 100.00%2003 100.00%1953 100.00%1953 100.00%1978 100.00%1958 100.00%2001 100.00%1953 100.00%2016 100.00%1988 100.00%2010 100.00%2008 100.00%1987 100.00%1952 100.00%2014 100.00%2004 100.00%2003 70.00%10 2014 100.00%1992 100.00%1994 65.00%1995 66.00%(600528.SH)1999 49.12%2007 100.00%2016 100.00%2007 100.00%2008 100.00%2014 100.00%2011 100.00%2014 100.00%()2016 100.00%1986 100.00%2017 100.00%2002 93.00%2014 95.00%2016 100.00%2008 100.00%2010 100.00%()2016 100.00%2019 53.37%iFinD 10 14 17 6 22H1 7 22H1 1580.0 1182.4 993.3 941.7 241.02 229.91 90.14%2019-2021 89.57%92.95%89.71%21 75%6 80%86.60%02004006008001,0001,2001,4001,6001,800 0%10%20%30%40%50%60%70%80%90%100%11 52.51%75%8 22H1 9 22H1 ROE 2022 27.32 21 85.36%14.87 10 13.15 11.46 0.10 2021 2022 2021 3.51 1 2022 19.81%21 2.77 20 8.94 8%0.16%0.07%2022 7 AAA 2022/9/22 AA+2022/6/27 AAA 2022/7/29 AA+2022/6/24 AA+2016/1/14 iFinD 8 22H1 1 20 3.13%2 15 1.51%4 22 4.70%iFinD 2022 AAA/AA+/2020 20 2022 12 22H1 2.12%4.70%1.51%2016 051015202530 0%5%10%15%20%25%12 51 852.5 AA 7 2022 12 25.5 21 10 7 10 5 9 AAA 2022/5/23 AA+2022/9/13 AA+2022/6/27 AA+2022/7/22 AA 2022/7/20 iFinD 3(688425.SH)(1786.HK)2021 6 2015 80%10 1979 100.00%1940 81.26%1948 100.00%1948 100.00%1951 100.00%1984 100.00%1952 100.00%1952 100.00%1958 100.00%1949 100.00%1949 100.00%2004 100.00%1998 100.00%2004 100.00%2004 100.00%2004 100.00%1979 85.64%2013 100.00%2005 100.00%2011 100.00%2004 100.00%2007 100.00%1953 100.00%1953 100.00%1958 100.00%1953 100.00%13 1992 100.00%(688425.SH)2006 72.00%(1786.HK)1954 65.00%2011 87.34%2016 70.77%2016 100.00%2020 100.00%1988 94.00%iFinD 2022 10 22H1 11 22H1 2022 2196.1 1000 1594.7 1058.19 700 260.74-237.6 16 80%8 85%90%80%76.90%38.20%05001,0001,5002,0002,500 0%10%20%30%40%50%60%70%80%90%100%14 12 22H1 13 22H1 ROE 16.28 2022 10 1.25 1.10 ROE 10.61%ROE 1.57%1.50%11 AAA 2022/7/19 AA+2021/7/19 AA+2019/1/9 AA 2020/6/18 AA+-2018/12/5 AAA 2022/7/27 AAA 2022/12/27 AAA 2022/5/11 iFinD AAA/AA+/313 2022 14.25%2022 79.36%215.19%10 1.48%23 378 12 22H1 3 25 3.97%1 10 1.48%2 14 4.75%23 313 14.25%12 142 8.90%iFinD 2022 024681012141618 0%2%4%6%8%10%12%15 4 2022 9(600720.SH)13 2005 100.00%2005 100.00%1945 86.06%1950 76.66%1954 89.31%1951 86.23%1963 87.25%1964 74.76%2004 70.00%1981 74.02%2012 74.28%2007 100.00%2015 90.49%2014 100.00%2012 100.00%2016 100.00%2015 100.00%1951 100.00%1954 100.00%1958 100.00%1958 100.00%1958 100.00%1964 100.00%1952 100.00%1964 100.00%1992 100.00%2003 100.00%2015 100.00%2013 100.00%1989 100.00%2021 100.00%2013 95.00%2010 100.00%iFinD 11 16 14 22H1 15 22H1 500-1000 2022 2073.1 2018 1414.2 1389.1 1373.6 408.1 80%3 80%85.91%80%5 75%-80%5 65%-70%58.21%16 22H1 17 22H1 ROE 10 2022 8-14 21.38 5.87 3.18 2022 0.54 2019 ROE 4%ROE 6.60%ROE 5.30%2022 ROE 0.94%05001,0001,5002,0002,500 0%10%20%30%40%50%60%70%80%90%100%0510152025 0%1%2%3%4%5%6%7%17 14 AAA 2022/6/24 AAA 2022/6/27 AAA 2022/7/28 AAA 2022/6/23 AAA 2022/9/19 AAA 2022/6/27 AA+2022/10/25 AAA 2022/10/12 AAA 2022/10/24 AAA 2022/8/15 AAA 2022/7/15 AA+2022/7/6 iFinD 10 AAA/2 AA+/12 5%148 10.77%PPP 4.80%40 15 22H1 5 59.5 6.53%7 76.3 5.49%4 60 7.57%3 40 5.30%10 110 5.31%3 49.5 5.66%2 24 5.88%8 66 8.55%5 40 4.80%5 90 6.36%13 148 10.77%6 37.7 6.83%iFinD 2022 2019 SCP 9 2021 SCP 11.23%10.69%SCP 1.42%2022 SCP 11.88%11.65%16 2021 2022 20 2.48%10 1.20%15 1.42%35 2.74%80 11.23%59 8.67%180 10.69%150 8.88%25 3.96%26 3.49%18 2021 2022-50 7.52%39.3 6.76%83 11.65%40 3.42%30 2.44%10 2.24%55 11.88%iFinD 2022 10 50 20 2022 28 410 17 AA+2022/9/26 AAA 2022/7/26 AAA 2022/6/28 iFinD 5 16 8 18 1958 71.46%1958 100.00%1950 76.37%1958 85.55%1954 80.33%1958 74.03%1965 79.66%1952 82.72%1958 100.00%1954 100.00%1955 83.46%1956 79.31%1992 80.12%1954 80.86%1952 84.37%1955 100.00%1980 78.79%2010 100.00%2006 77.44%2007 100.00%2006 86.43%19 2004 100.00%2004 99.97%2016 100.00%2011 100.00%2012 100.00%1989 100.00%1993 100.00%1995 76.86%1994 100.00%1950 85.34%1997 71.04%1994 100.00%2015 97.00%2015 94.29%2017 70.00%2018 100.00%-100.00%2020 20.00%2020 20.00%2012 100.00%2021 100.00%2022 100.00%1958 100.00%2015 100.00%1985 100.00%1988 100.00%1993 50.00%1991 100.00%1990 100.00%2001 90.00%1993 100.00%1958 100.00%1988 100.00%1985 100.00%1993 100.00%1990 100.00%2014 100.00%1984 100.00%1980 100.00%1990 100.00%iFinD 2022 20 18 22H1 19 22H1 2157.8 2000 678.08 4 500 100-500 90 71.5 12 75%2 80%89.64%84.06%PPP 4 70%60.92%67.83%20 22H1 21 22H1 ROE 2022 15 5 6 1 13.76 8.48 2021 12 0.69 0.40 2022 ROE 8%7%05001,0001,5002,0002,500 0%10%20%30%40%50%60%70%80%90%100%0246810121416 0%1%2%3%4%5%6%7%8%21 12 7 ROE 5%-8%12 ROE 5%ROE 0.77%0.51%PPP 19 AA+2022/7/27 AA+2022/7/26 AA+2022/6/17 AA+2022/8/22 AA+2022/6/15 AA+2022/7/27 AA+2022/5/31 AA+2022/6/1 AA 2017/3/27 AAA 2022/9/15 iFinD AAA/AA+/2017 9 5.05%1.41%160 150 40.4 35 5 99.0 31.9 AA+/20 22H1 2 5 1.41%2 11 4.73%1 20 4.06%5 18.8 3.73%2 10 3.13%1 7 2.51%3 13 1.92%1 5 5.05%10 87 4.03%iFinD 2022 SCP 2020 2021 2019 SCP 2021 2022 12.42%12.21%22 21 2021 2022 10 3.45%-213 12.42%229 12.21%iFinD 12.9 5 EPC AA/AA+/221.9 100 22 AA+2022/10/19 AA+2022/7/28 AA+2021/8/24 AA+2021/7/28 AA 2020/10/30 AAA 2022/7/12 iFinD 6 PPN 9 9 21 10%2022 23 1948 98.58%1955 83.08%1954 98.73%2007 67.02%1957 72.39%1954 98.26%1989 80.34%1990 100.00%1965 100.00%1951 88.89%1980 100.00%2006 98.53%1992 100.00%1966 100.00%1978 100.00%1955 100.00%2005 100.00%1957 92.61%1973 73.14%23 2004 87.81%2001 100.00%iFinD 22 22H1 23 22H1 200 540.6 535.6 60 94.9 7 80%PPP 87.13%67.88%24 22H1 25 22H1 ROE 11.53 2022 ROE 59.78%ROE 11.72%10.93%10.48%ROE 1.38%01002003004005006000%10%20%30%40%50%60%70%80%90%100%024681012140%10%20%30%40%50%60%70%24 24 AAA 2018/5/25 iFinD 2022 13 PPN AAA/15 11 ABS 2022 10 150.2 7 2022 7 42.71%2021 9 57.16%42.84%25 1970 100%2018 100%2012 100%2018 100%2018 100%2017 100%2018 100%iFinD 26 22H1 27 22H1 3125.77 1000 358.3 153.1 05001,0001,5002,0002,5003,0003,5000%10%20%30%40%50%60%70%80%90%100%25 80%88.32%PPP 67.79%28 22H1 29 22H1 ROE 2022 2022 21.48 16.90 1-1.42-1.63 ROE 5.24%ROE 1%26 AAA 2022/11/11 AAA 2022/7/26 iFinD AAA/2022 6 2022 8 285 9.12%5 90 27 22H1 6 110 3.52%9 175 5.63%iFinD 2022 8 17 9 1 6 2007(5)0510152025-4%-3%-2%-1%0%1%2%3%4%5%6%26 9 6 10%28 1953 100%1958 100%1992 100%1958 100%1965 51%2021 100%1958 100%1956 100%1950 76%-90%1953 100%1962 100%1953 100%1965 100%1964 100%1962 100%1963 100%1966 100%1965 100%2011 80%2012 90%2017 100%2019 100%2019 100%2021 100%2012 60%(002140.SZ)2001 58%iFinD 30 22H1 31 22H1 213.9 200 2020 30 5 100-200 9 100 58.1 050100150200250 0%10%20%30%40%50%60%70%80%90%27 80%85.19%84.19%21 10 70%-80%1 70%66.91%32 22H1 33 22H1 ROE 2022 1-2 3 3.16 3.03 0.94 ROE 14.19%2021 ROE 10%ROE 3.78%23 AA+2022/9/28 iFinD AA+7 3.27%3 24 22H1 1 7 3.27%iFinD 2022 2022 10 0.00.51.01.52.02.53.03.5 0%2%4%6%8%10%12%14%16%28 25 200.0 8.86%2057.0 91.14%2257.0 852.5 76.48%262.1 23.52%1114.6 378.0 42.86%504.0 57.14%882.0 410.0 31.76%881.0 68.24%1291.0 100.0 33.93%194.7 66.07%294.7 150.2 100.00%0.0 0.00%150.2 90.0 24.00%285.0 76.00%375.0 0.0 0.00%7.0 100.00%7.0 iFinD 2022 3060 32(402.6+454 37.95%)200 8.86%852.5 76.48%378.0 42.86%313 35.49%142 16.10%410 31.76%148 11.46%110 8.52%90 6.97%100 33.93%87 29.52%150.2 100%285 76%7 100%iFinD 2022 AAA/ABS 29 AAA/AA+/2022 10 6%30 26 22H1()()ROE()AAA 1039.45 77.59%20.20 8.67%AAA 1616.38 80.50%17.19 5.45%AAA 2739.20 76.66%49.38 7.72%AAA 1738.32 79.17%20.33 5.61%AAA 1214.65 80.52%9.16 3.87%AAA 2778.12 75.22%59.26 8.61%AAA 1847.26 70.46%38.35 7.03%AAA 639.37 78.74%11.46 8.43%AAA 993.30 78.91%13.15 6.28%AAA 514.25 53.88%9.20 3.88%AAA 630.33 76.90%8.09 5.55%AAA 772.43 83.90%6.31 5.07%AAA 294.87 57.41%13.33 10.61%AAA 2196.06 83.70%8.40 2.35%AAA 1594.70 75.38%16.28 4.15%(688425.SH)237.62 38.20%10.15 6.91%395.58 62.29%10.80 7.24%AAA 1389.10 79.92%13.55 4.86%AAA 755.20 66.55%13.38 5.30%AAA 2073.09 82.21%10.40 2.82%AAA 874.43 77.99%9.54 4.95%AAA 772.02 75.18%9.00 4.70%AAA 832.91 76.38%8.27 4.20%AAA 1414.17 65.57%10.95 2.25%AAA 1373.63 65.25%21.38 4.48%AA+552.23 68.34%11.53 6.60%AAA 2157.81 77.39%7.19 1.47%AAA 3125.77 72.87%21.48 2.53%535.55 81.63%11.53 11.72%AA+213.85 70.02%3.03 4.73%iFinD 2022 2 2%AAA/2022 941.7 1580.0 10 34 22H1()()ROE 229.91 77.95%0.60 1.19%241.02 86.60%0.33 1.03%530.36 84.96%1.25 1.57%AA+408.13 85.91%0.54 0.94%30()()ROE 437.32 88.32%(1.63)-3.19%358.25 83.32%(1.42)-2.37%172.98 82.94%0.14 0.48%AA+503.79 79.84%0.78 0.77%AA+678.08 76.21%0.81 0.51%AA+99.03 67.83%0.55 1.74%iFinD 2022 2023 1 2 3 4 31 13 2021 CPA 8 2021 CFA FRM 2021 6-12 A 300 500 20%5-20%5%5%前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告