智通财经APP获悉，花旗发布研报称，在中国联塑(02128)业绩缄默期前与公司CFO及副CFO接洽。该行 降联塑2026至28年盈测介乎11%至18%，反映非核心项目减值。不过，其内地核心业务呈现企稳迹象， 住宅业务的拖累减少，并被非住宅业务如农业、工业、医疗及市政等业务强劲增长所抵销。该行以预测 今年市盈率9倍为估值基础(较历史均值高0.5个标准差)，目标价相应由6.5港元升至7港元，评级"买 入"。 花旗认为，联塑海外渠道业务有望成为未来增长的主要驱动力，今年销售增幅料逾五成。该行料联塑去 年下半年核心纯利同比跌10%至9.38亿元人民币，按半年则跌13%，并料下半年净利润率由去年上半年 的8.7%微降至7.4%。该股近期在正面情绪下累升约20%，认为如有任何回调将属入市机会。不过，在中 国基建产业链的选股顺序上，该行首选中联重科(01157)，随后为杭叉集团(603298.SH)，随后为联塑。 ...

Core Viewpoint - China Lesso (02128) has seen a stock price increase of over 4%, currently trading at HKD 5.96 with a transaction volume of HKD 66.518 million, indicating positive market sentiment towards the company amid favorable real estate policies [1] Group 1: Market Analysis - Huatai Securities reports that positive real estate policies are expected to accelerate the stabilization of the real estate market, with current data reflecting in the stock prices and valuations of building materials companies [1] - Companies are improving their domestic market share, expanding overseas operations, and diversifying product categories, with some showing early signs of revenue improvement [1] Group 2: Financial Projections - Citigroup has downgraded Lesso's earnings forecasts for 2026 to 2028 by 11% to 18%, citing impairment of non-core projects [1] - Despite this, the core business in mainland China shows signs of stabilization, with reduced drag from residential business offset by strong growth in non-residential sectors such as agriculture, industry, healthcare, and municipal services [1] - Citigroup anticipates that Lesso's overseas pipeline business will become a major growth driver, with sales expected to increase by over 50% this year [1]

Core Viewpoint - China Liansu (02128) has seen a stock price increase of over 4%, currently trading at HKD 5.96 with a transaction volume of HKD 66.518 million, reflecting positive sentiment in the market [1] Group 1: Market Analysis - Huatai Securities reports that positive real estate policies are expected to accelerate the stabilization of the real estate market, with current data adequately reflected in the stock prices and valuations of building materials companies [1] - Companies are improving revenue through increased domestic market share, expansion of overseas business, and diversification of product categories, with some companies starting to show signs of revenue improvement [1] Group 2: Investment Recommendations - Huatai Securities suggests focusing on a balanced allocation of traditional cyclical and emerging technology growth opportunities within the building materials sector, recommending China Liansu among others [1] - Citigroup has lowered its earnings forecast for Liansu for 2026 to 2028 by 11% to 18% due to impairment of non-core projects, but notes that the core business in mainland China shows signs of stabilization [1] Group 3: Business Performance - The drag from residential business is decreasing, offset by strong growth in non-residential sectors such as agriculture, industry, healthcare, and municipal services [1] - Citigroup anticipates that Liansu's overseas pipeline business will become a major growth driver in the future, with sales expected to increase by over 50% this year [1]

Summary of Conference Call on Building Materials Industry Industry Overview - The building materials industry is showing signs of recovery, with significant increases in second-hand housing transaction volumes in early 2026 compared to the same period in 2025, indicating a rebound in market demand [1][3] - The real estate sector's contribution to cement demand has decreased to 18.9%, while the industrial glass sector's share has risen to 41.3%, suggesting a reduced sensitivity of traditional building materials to real estate demand [1][5] Key Points and Arguments - **Market Recovery Indicators**: - Core area housing prices in Beijing, Shanghai, and Shenzhen are recovering despite minimal policy changes, indicating an increased probability of the industry hitting a natural bottom [1][4] - The seasonal effect from March to April, traditionally a peak period for real estate, is expected to further enhance market sentiment [3] - **Supply Chain Dynamics**: - New construction starts have seen a significant decline, surpassing historical levels, leading to a contraction in capital expenditures in the building materials sector [1][8] - The waterproofing sector is experiencing the most severe supply-side clearing, with a high exit rate of companies and significant revenue declines among major players [2][7] - **Future Outlook**: - The building materials sector is at the beginning of a new cycle, with expectations of profitability bottoming out and stabilizing from 2026 onwards [2][12] - The industry has been in a downturn for five years, nearing a bottoming window, with historical data suggesting that real estate downturns typically last 4-7 years [5][8] Additional Important Insights - **Investment Opportunities**: - Focus on leading companies like 东方雨虹 (Dongfang Yuhong) and 科顺股份 (Keshun) for potential recovery opportunities, as well as undervalued stocks like 北新建材 (Beixin Building Materials) [2][11] - The waterproofing sector is highlighted as having the highest probability of recovery due to the severe supply-side clearing [10] - **Sector-Specific Trends**: - The engineering pipeline sector has maintained stable production levels, showing resilience compared to the more volatile waterproofing sector [9] - The waterproofing industry has seen a cumulative revenue decline of approximately 38% since 2021, reflecting significant profitability pressures [8] - **Strategic Recommendations**: - Investors are advised to avoid premature selling, as the cyclical nature of the market suggests that profitability will continue to improve with changing expectations [12]

Group 1: Industry Trends - The pipeline industry is experiencing a "infrastructure-driven, increasing differentiation" trend in bidding participation [1] - Market and policy are driving forces, with large infrastructure projects like national water network construction and urban renewal being key factors [1] - The competitive landscape is increasingly polarized, with leading companies leveraging full industry chain capabilities and brand reputation to dominate major project bids [1] - The bidding threshold has significantly increased, with emphasis on certifications and past project performance as core evaluation factors [1] Group 2: Company Highlights - Guangdong Xiong Plastic Technology Group Co., Ltd. ranked first in the bidding evaluation activity, known for its extensive product range and strong market presence [6] - Hubei Dayang Plastic Co., Ltd. focuses on high polymer plastic pipeline systems and has established itself as a key player in central China [7] - Guangdong Liansu Technology Industrial Co., Ltd. is a leading building materials group with a comprehensive product system and a strong brand influence [8] - Zhejiang Zhongcai Pipeline Technology Co., Ltd. is recognized for its complete product range and participation in national standard formulation [9] - Gu Di Technology Co., Ltd. is a well-known listed company in the plastic pipeline industry, maintaining a strong market position in central and southwestern China [10] - Gongyuan Co., Ltd. is a leading supplier of high-quality plastic pipeline systems, actively participating in national and industry standard formulation [11] - Chongzhou Minjiang Plastic Co., Ltd. has evolved into a significant player in the plastic pipeline industry with a diverse product range [12] - Anyang Steel Group Yongtong Ductile Iron Pipe Co., Ltd. is a prominent manufacturer of ductile iron pipes with a strong focus on quality and innovation [13] - Hubei Kaike Plastic Industry Co., Ltd. specializes in plastic pipeline systems and has established a good brand reputation in central China [14] - Shandong Dongxin Plastic Co., Ltd. is a high-tech enterprise focusing on plastic pipeline systems, known for its stable product performance and regional service network [15]

Core Viewpoint - China Lesso (2128.HK) has seen a significant price increase, reaching a new high since May 2023, driven by positive real estate policies and improving market conditions [1] Company Summary - China Lesso's stock price rose over 6% during trading, peaking at 5.8 HKD, marking a year-to-date increase of approximately 25% [1] - The company is benefiting from an increase in domestic market share, expansion of overseas business, and diversification of product categories, which are starting to show signs of revenue improvement [1] Industry Summary - Huatai Securities has indicated that positive real estate policies are likely to accelerate the stabilization of the real estate market, which is reflected in the stock prices and valuations of building materials companies [1] - The report suggests a balanced investment strategy in the building materials sector, focusing on both traditional cyclical opportunities and emerging technology growth [1]

Group 1 - China Liansu (02128.HK) experienced a significant increase in stock price, rising over 7% [1] - As of the report, the stock price reached 5.41 HKD, marking a 7.13% increase [1] - The trading volume amounted to 93.17 million HKD [1]

Core Viewpoint - China Lesso (02128) has seen a stock price increase of over 7%, with a cumulative rise of more than 10% over the past three trading days, indicating positive market sentiment towards the company [1] Group 1: Company Performance - As of the latest update, China Lesso's stock is up 7.13%, trading at HKD 5.41, with a transaction volume of HKD 93.17 million [1] Group 2: Market Outlook - Shenwan Hongyuan expresses optimism for the real estate construction sector by 2026, noting that market expectations for construction starts are low, which could lead to better-than-expected performance for construction materials like waterproofing and plastic pipes [1] - The long-term outlook for renovation demand is positive, as residents' desire to improve living conditions is expected to gradually manifest with improved income expectations [1] - GF Securities highlights the stable long-term demand for consumer building materials, the continuous increase in industry concentration, and the favorable competitive landscape for quality leading companies, indicating significant long-term growth potential [1]

Group 1 - China Liansu (02128) has seen a stock price increase of over 7%, with a cumulative rise of more than 10% over the past three trading days, currently priced at 5.41 HKD and a trading volume of 93.17 million HKD [1] - Shenwan Hongyuan expresses optimism for the real estate construction sector by 2026, noting that market expectations for construction starts are low, which could lead to better-than-expected performance for construction materials like waterproofing and plastic pipes [1] - Long-term demand for consumer building materials is expected to remain stable, with industry concentration continuing to rise, indicating significant growth potential for quality leading companies in the sector [1]

Group 1 - China Liansu (2128.HK) opened high and continued to rise, currently up 3.96% at HKD 5.25, with a total market capitalization of HKD 16.288 billion [1] - The stock has seen a cumulative increase of nearly 10% over the last three trading days [1]