Tianfeng Securities Co.Ltd(601162) maintain China Communications Construction Company Limited(601800) buy rating: benefit more from steady growth. REITs catalyzes the revaluation target price of operating assets of 15.54 yuan

According to the research report released on January 28, the purchase rating of China Communications Construction Company Limited(601800) (601800.sh, latest price: 9.03 yuan) was maintained, and the target price was 15.54 yuan. The reasons for rating mainly include: 1) infrastructure engineering is the core business of the company, which benefits from 22h1 infrastructure investment and has good upward elasticity; 2) The company's investment projects precipitate a considerable amount of operating assets, and the first REITs promotes or catalyzes the revaluation of value. Risk tip: the growth rate of infrastructure investment is lower than expected, the repair rhythm of profit margin is lower than expected, and the landing rhythm and implementation of REITs supporting policies are lower than expected.