行业报告 | 行业研究周报 建筑材料 证券研究报告 城市更新政策春风再起，管材/涂料等消费建材有望 受益 行情回顾 过去五个交易日（0519-0523 ）沪深 300 跌 0.175% ，建材（中信）跌 0.906% ，其中管材、水 泥板块取 得小幅正收 益。个股 中，天安 新材 （+25.9%），金刚光伏（+11.7%），赛特新材（+10.7%），万里石（+9.4%）， 立方数科（+7.0%），涨幅居前。上周我们重点推荐组合的表现：中材科技 （+2.9%）、三棵树(-3.2%)、西部水泥（-4.7%）、华新水泥(0.0%)、华润建材 科技（-1.8 %）、高争民爆（+1.2%）。 城市更新政策春风再起，管材/涂料等消费建材有望受益 据 Wind，0517-0523 一周，30 个大中城市商品房销售面积 191.15 万平 米，同比-4.44%。5 月 20 日，央行公布最新贷款市场报价利率，1 年期 LPR 和 5 年期以上 LPR 分别下降至 3.0%和 3.5%，这是 2025 年来的首次降 息，距离上次降息已经过去 7 个月。同时，个人住房贷款利率也处于历史 低位，六大银行的存款利率也迎来了新一轮的下 ...

Investment Rating - The industry rating is "Outperform the Market" and has been maintained [6] Core Viewpoints - The recent urban renewal policies are expected to benefit consumption building materials such as pipes and coatings, with a focus on companies like SanKeTree and Beixin Materials [3][18] - The central government has set up a special budget for urban renewal, which will support projects related to underground pipelines and facilities, benefiting leading companies like Weixing New Materials [3][18] - The cement sector is experiencing a slight increase in kiln shutdown rates due to seasonal adjustments, with some regions seeing price increases despite overall demand weakening [19][20] Summary by Sections Market Review - In the past five trading days (May 19-23), the CSI 300 index fell by 0.18%, while the building materials sector (CITIC) declined by 0.91%. However, the pipe and cement sectors showed slight positive returns [13][19] - Notable individual stock performances included Tianan New Materials (+25.9%) and Jingan Photovoltaics (+11.7%) [13] Urban Renewal Policy - The recent urban renewal policy aims to enhance the utilization of existing buildings and promote the renovation of old neighborhoods and factories, which is expected to benefit consumer building materials [3][18] - The central government plans to issue a special budget for urban renewal by the end of June 2025, which will further support the sector [3][18] Cement Sector Insights - The national clinker line shutdown rate has increased, particularly in northern provinces, with some regions implementing peak-shaving plans [19][20] - Despite some price increases in specific areas like Hubei, overall cement demand has weakened, leading to a decrease in average shipment rates [20] Recommended Stocks - The report recommends a focus on companies such as Zhongcai Technology, Weixing New Materials, SanKeTree, Xibu Cement, Huaxin Cement, Sait New Materials, and Zaiseng Technology as key investment opportunities [22]

Core Viewpoint - The company, Zaiseng Technology, has demonstrated strong growth in revenue and profit, driven by its focus on advanced materials and a robust market demand for clean air and energy-efficient products [2][3]. Group 1: Company Performance - In 2024, Zaiseng Technology achieved a revenue of 1.476 billion yuan, with a year-on-year growth of 12.90% after excluding the impact of Yuyuan Environment [2] - The net profit attributable to shareholders reached 90.75 million yuan, marking a significant increase of 137.99% year-on-year [2] - In Q1 2025, the company reported a revenue of 324 million yuan, a decrease of 4.59% compared to the same period last year, but the gross margin increased by 3.95 percentage points [2] Group 2: Product and Innovation - The company specializes in ultra-fine fiber cotton, with a comprehensive integration of research, production, and application, and has established itself as a champion in the glass microfiber manufacturing sector [1] - Zaiseng Technology has been recognized as a "National Intellectual Property Demonstration Enterprise" and "National Enterprise Technology Center," holding 200 valid patents, including 90 invention patents [2] - In 2024, the company obtained 17 new authorized patents, including 8 invention and 9 utility model patents, enhancing its position in high-end materials and promoting technological advancement [2] Group 3: Market Outlook and Strategy - The industry is experiencing positive growth, with increasing market demand for clean air and energy-efficient products, as well as rising domestic substitution rates [3] - In 2025, the company plans to adjust its industrial structure and focus on three main categories: clean air materials, energy-efficient materials, and dust-free air conditioning products [3] - The company aims to enhance its technological innovation capabilities and expand application scenarios to create a high-quality living space characterized by energy efficiency, quietness, and cleanliness [3]

Meeting Overview - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 22, 2025, via video live stream and online interaction [1] - Key executives, including the Vice Chairman and General Manager, participated in the meeting to address investor inquiries [1] Financial Performance - In 2024, the company achieved a revenue of 1.476 billion yuan, representing a year-on-year growth of 12.90% after excluding the impact of a subsidiary [2] - The net profit attributable to shareholders was 90.75 million yuan, a significant increase of 137.99% year-on-year, while the net profit excluding non-recurring items reached 56.25 million yuan, up 192.52% [2] - For Q1 2025, the company reported a revenue of 324 million yuan, a decrease of 4.59% compared to the same period last year, but the gross margin increased by 3.95 percentage points [3] - The net profit for Q1 2025 was 33.56 million yuan, reflecting a year-on-year growth of 3.69% [3] Strategic Focus and Opportunities - The company aims to restore its operational performance to levels seen around 2020 by focusing on team building, technological innovation, and high-quality development [2] - The strategic focus will be on three main product categories: "clean air materials," "energy-efficient materials," and "dust-free air conditioning products," with an emphasis on domestic breakthroughs and core technology advancements [2][3] - The company plans to leverage national strategic emerging industry opportunities to enhance product value and expand into new application areas [2][3] Patent and Industry Position - As a "National Intellectual Property Demonstration Enterprise," the company holds 200 valid patents, including 90 invention patents, and has recently obtained 17 new patents [3] - The company has established itself as a leader in high-end materials, particularly in sectors like aviation and nuclear power, and has achieved domestic substitution for advanced materials [3] Industry Outlook - The industry is expected to continue its positive trajectory, driven by expanding market demand, technological advancements, and increasing domestic substitution rates [3]

二、投资者提出的主要问题及公司回复情况 公司就投资者在本次业绩说明会提出的普遍关心的问题给予了回答，主要问 答情况如下： 问题 1：总经理好：公司未来 1-2 年是否有能力恢复到 2020 年左右的经营 业绩？是哪些机会能提高公司营收和利润？ | 证券代码：603601 | 证券简称：再升科技 公告编号：临 2025-048 | | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | 重庆再升科技股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重庆再升科技股份有限公司（以下简称"公司"）于 2025 年 5 月 22 日上午 10:30-11:30，以视频直播和网络文字互动的方式在上海证券交易所上证路演中 心（网址：http://roadshow.sseinfo.com/）召开了公司 2024 年度暨 2025 年第 一季度业绩说明会，现将说明会召开情况公告如下： 一、本次说明会召开情况 公司于 2025 年 ...

| | | 22 转债 | | | | --- | --- | --- | --- | --- | | 证券代码：603601 债券代码：113657 | | | | | | | 债券简称：再 | 证券简称：再升科技 | | | | | | | 公告编号：临 | 2025-047 | 重庆再升科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 15 日 (二)股东大会召开的地点：重庆市渝北区回兴街道婵衣路 1 号重庆再升科技股份 有限公司五楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 309 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 387,293,733 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） ...

国浩律师（重庆）事务所 关于 法律意见书 国浩律师（重庆）事务所 关于重庆再升科技股份有限公司 重庆再升科技股份有限公司 2024 年年度股东大会的 法律意见书 中国重庆市江北区江北城西大街 25 号平安财富中心 8 楼 邮编：400023 8th Floor, Pingan Fortune Centre, No.25 West Avenue, Jiangbei Town, Jiangbei District, Chongqing, P.R.China 电话/Tel: +8623 8679 8588 6775 8383 传真/Fax: +8623 8679 8722 网址/Website: http://www.grandall.com.cn 二〇二五年五月 2024 年年度股东大会的 法律意见书 2025 意字第 02302545 号 致：重庆再升科技股份有限公司 国浩律师（重庆）事务所（以下简称"本所"）系经重庆市司法局批准成立的法 律服务执业机构，持有重庆市司法局颁发的《律师事务所执业许可证》。现根据贵公司的 委托，指派本所律师列席贵公司于2025 年 5 月 15 日召开的 2024 年年度股东大会（ ...

| 证券代码：603601 | 证券简称：再升科技 | | 公告编号：临 | 2025-046 | | --- | --- | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 | 转债 | | | 重庆再升科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 重庆再升科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 24 日发 布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2024 年度和 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 22 日（星期四）10:30-11:30 举行 2024 年度暨 2025 年第一季度业绩说 明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年度和 2025 年第一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 ...

| 证券代码：603601 | 证券简称：再升科技 公告编号：临 2025-045 | | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | 特此公告。 重庆再升科技股份有限公司 董事会 2025 年 5 月 13 日 重庆再升科技股份有限公司 关于股东大会开设网络投票提示服务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重庆再升科技股份有限公司（以下简称"公司"或"再升科技"）拟于 2025 年 5 月 15 日 14:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投 票相结合的表决方式，股东大会的股权登记日为 2025 年 5 月 8 日。具体内容详 见公司 2025 年 4 月 24 日在上海证券交易所网站披露的《重庆再升科技股份有限 公司关于召开 2024 年年度股东大会的通知》（临 2025-042）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息公司"） 提供的股东 ...

盈利预测与投资建议。预计2025-2027 年EPS 分别为0.10 元、0.14 元、0.17元，对应PE 分别为34 倍、24 倍、20 倍。公司综合竞争力强劲，增长动力多源，成长空间广阔，看好公司长期成长性，给予公司 2026 年30 倍估值，对应目标价4.20 元，首次覆盖给予"买入"评级。 风险提示：宏观经济波动风险；贸易摩擦风险；业务开拓进度或不及预期。 毛利率持平，费用率下降。24 年：1）毛利率：在下游需求疲软背景下，公司持续优化产品结构，较大 程度对冲需求下行影响，毛利率同比基本持平。2）费用率：公司持续推进降本增效，销售费用率同比 下降0.3 个百分点至3.0%、管理费用率同比下降0.6 个百分点至6.2%、财务费用率同比下降0.4 个百分点 至0.8%；公司持续加大研发投入，不断强化核心竞争力，研发费用率同比增加0.5个百分点至6.0%，综 合费用率同比下降0.8个百分点。3）2024 年减值计提同比减少0.35 亿元，综上影响，销售净利率同比增 加4.3 个百分点至7.1%，盈利能力改善显著。 长期聚焦干净空气，战略布局无尘空调。公司战略聚焦无尘空调，持续深耕"干净空气材料"、"高效节 ...