证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑材料 预计建材需求旺季不旺，淡季不淡 2025 年 5 月 6 日至 5 月 9 日建筑材料板块（SW）上涨 0.92%，其中水泥 （SW）上涨 0.57%，玻璃制造（SW）上涨 0.38%，玻纤制造（SW）下 跌 0.39%，装修建材（SW）上涨 1.85%，本周建材板块相对沪深 300 超 额收益-0.07%。本期建筑材料板块（SW）资金净流入额为-0.14 亿元。 【周数据总结和观点】 本周国新办发布会发布一揽子金融政策支持稳市场稳预期，总量方面，降 低存款准备金率 0.5 个百分点，下调政策利率 0.1 个百分点，地产方面， 降低个人住房公积金贷款利率 0.25 个百分点，5 年期以上首套房利率由 2.85%降至 2.6%，其他期限的利率同步调整，此外，会议还指出加快 出台与房地产发展新模式相适配的系列融资制度，助力持续巩固房地产市 场稳定态势。根据 wind 统计，2025 年 4 月地方政府债总发行量 6932.91 亿元，发行金额同比 2024 年 4 月增长 101.6%，截至目前，2025 年一般 债 ...

天津银龙预应力材料股份有限公司 2024 年年度股东大会 会议材料 二 O 二五年五月 | | | 天津银龙预应力材料股份有限公司 2024 年年度股东大会参会须知 各位股东及股东代表： 为维护天津银龙预应力材料股份有限公司（以下简称"公司"）投资者的合 法权益，保障股东在公司 2024 年年度股东大会期间依法行使权利，确保股东大 会的正常秩序和议事效率，根据《公司法》《证券法》《上市公司股东大会规则》 《公司章程》公司《股东大会议事规则》等有关规定，特制定本须知： 一、请按照本次股东大会会议通知，详见公司 2025 年 4 月 25 日刊登于《中 国证券报》《上海证券报》及上海证券交易所网站（www.sse.com.cn）的《关于 召开 2024 年年度股东大会的通知》（公告编号：2025-015）中规定的时间和登 记方法办理参加会议手续，证明文件不齐或手续不全的，谢绝参会。 二、本公司董事会办公室具体负责股东大会的各项有关事宜。 三、本次股东大会以现场投票、网络投票相结合的方式召开。 四、为保证本次大会的严肃性和维持会议的正常秩序，切实维护股东的合 法权益，务必请出席大会的股东或股东代理人（以下统称"股东 ...

根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）和《天津 银龙预应力材料股份有限公司章程》（以下简称"《公司章程》"）的相关规定， 公司对 2025 年限制性股票激励计划（以下简称"本次激励计划"）激励对象的姓 名和职务在公司内部进行了公示。公司监事会结合公示情况对激励对象进行了核 查，相关公示情况及核查情况如下： 一、公示情况及核查方式 1. 激励对象名单的公示情况 公司于2025年4月25日至2025年5月4日通过公司内部公示栏张贴了《2025 年限制性股票激励计划激励对象名单》，将公司本次激励计划激励对象名单予以 公示，公示期间不少于 10 天。公示期内，公司员工可通过口头或电话方式向公 司监事会提出意见。 证券代码：603969 证券简称：银龙股份 公告编号：2025-020 天津银龙预应力材料股份有限公司 监事会关于 2025 年限制性股票激励计划激励对象名 单的核查意见及公示情况说明 本公司监事会及全体监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个别及连带责任。 天津银龙预应力材料股份有限公司（以下简称"公司"）于 2025 年 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-over-year growth in both revenue and net profit, indicating robust operational resilience and effective cost management [1][2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 585 million yuan, representing a year-over-year increase of 23.70%, marking the highest quarterly revenue growth since 2022 [1][2]. - The net profit attributable to shareholders reached 70 million yuan, reflecting a substantial year-over-year increase of 76.97%, driven by improved gross margins and effective control of operating expenses [1][2]. Profitability Metrics - The gross margin for Q1 2025 was 23.82%, an increase of 1.92 percentage points year-over-year, attributed to an optimized business structure and a higher proportion of high-value products [3]. - The net profit margin improved significantly to 12.48%, up 4.06 percentage points year-over-year, benefiting from both gross margin enhancement and a notable reduction in the expense ratio, which decreased by 5.58 percentage points to 9.76% [3]. Growth Outlook - The company is positioned as a leading player in the prestressed steel and track slab sectors, with a comprehensive product matrix and strong technical and brand capabilities [4]. - The company is expected to continue its growth trajectory, with projected revenues of 3.651 billion yuan, 4.222 billion yuan, and 4.804 billion yuan for 2025-2027, reflecting year-over-year growth rates of 19.6%, 15.6%, and 13.8% respectively [4]. - Net profit forecasts for the same period are 331 million yuan, 433 million yuan, and 525 million yuan, with year-over-year growth rates of 39.8%, 30.8%, and 21.2% respectively [4].

Financial Performance - The company's operating revenue for Q1 2025 was ¥584,782,881.53, representing a 23.70% increase compared to ¥472,746,618.92 in the same period last year[3]. - Net profit attributable to shareholders for Q1 2025 was ¥69,632,278.02, a significant increase of 76.97% from ¥39,345,865.46 in the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥70,282,924.60, reflecting a 79.28% increase year-on-year[3]. - Basic earnings per share for Q1 2025 increased to ¥0.08, up 60.00% from ¥0.05 in the same period last year[3]. - The weighted average return on equity rose to 2.81%, an increase of 1.07 percentage points compared to 1.74% at the end of the previous year[3]. - Total operating revenue for Q1 2025 reached ¥584,782,881.53, a 23.6% increase from ¥472,746,618.92 in Q1 2024[17]. - Net profit for Q1 2025 was ¥73,001,963.32, representing an increase of 83.5% compared to ¥39,804,346.66 in Q1 2024[18]. - Earnings per share for Q1 2025 were ¥0.08, compared to ¥0.05 in Q1 2024[18]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥105,538,919.65, a decline of 178.80% compared to a positive cash flow of ¥133,936,092.30 in the same period last year[3]. - Cash received from sales of goods and services in Q1 2025 was ¥726,258,420.28, an increase from ¥590,949,826.32 in Q1 2024[19]. - The company’s cash flow from operating activities shows a strong upward trend, indicating robust operational performance[19]. - Cash inflow from operating activities totaled 807,785,112.74, up from 671,619,909.69, reflecting a growth of approximately 20.2%[20]. - Cash outflow from operating activities increased to 913,324,032.39 from 537,683,817.38, representing a rise of about 69.9%[20]. - The ending balance of cash and cash equivalents was 137,977,587.03, slightly up from 134,194,060.58[21]. - The company received 1,450,000.00 from minority shareholders as part of investment inflow[21]. - The total cash outflow related to financing activities was 133,235,564.69, down from 338,594,972.25, indicating a reduction in financing costs[21]. Assets and Liabilities - Total assets at the end of Q1 2025 were ¥3,997,974,861.26, a 2.18% increase from ¥3,912,590,958.35 at the end of the previous year[4]. - Shareholders' equity attributable to shareholders increased to ¥2,508,665,643.95, up 2.77% from ¥2,441,087,494.41 at the end of the previous year[4]. - Total liabilities increased to RMB 3,997,974,861.26 from RMB 3,912,590,958.35, marking a growth of about 2.2%[13]. - The total liabilities as of the end of the reporting period were ¥1,457,177,870.77, slightly up from ¥1,444,243,364.87 in the previous year[16]. Operational Efficiency - The increase in net profit was primarily driven by higher sales volume of prestressed products and growing market demand in sectors such as high-speed rail and wind power[6]. - The company reported a decrease in sales expenses from ¥30,839,909.85 in Q1 2024 to ¥12,790,259.21 in Q1 2025, reflecting improved cost management[17]. - Research and development expenses for Q1 2025 totaled ¥24,629,597.86, up from ¥19,615,595.28 in Q1 2024, indicating a focus on innovation[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,221[8]. - The company has not reported any significant changes in the top 10 shareholders or any new strategies during the reporting period[11].

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Puhua Co., China Jushi, Beixin Building Materials, and Yuhua Co. [8] Core Insights - The construction materials sector has shown a slight increase of 1.27% from April 21 to April 25, 2025, with specific segments like glass manufacturing and fiberglass manufacturing performing well [1][12] - The report emphasizes the impact of second-hand housing transactions on the demand for building materials, suggesting a positive correlation with consumption stimulus policies [2] - The report highlights the ongoing challenges in the cement industry, with prices fluctuating around breakeven levels due to increased production cuts [3][17] - Seasonal improvements in glass demand are noted, but there are still supply-demand contradictions, particularly with expectations of declining demand post-2025 [2][28] - The report recommends focusing on companies with strong growth potential and solid performance, such as Puhua Co. and Yuhua Co. [2][8] Summary by Sections Cement Industry Tracking - As of April 25, 2025, the national cement price index is 388.22 CNY/ton, showing a slight decrease of 0.17% week-on-week [3][17] - The cement output reached 3.5205 million tons, an increase of 4.85% from the previous week, indicating some recovery in demand [3][17] - The report notes a current market structure of "infrastructure support, housing drag, and civil supplement," with short-term demand unlikely to see significant improvement [17] Glass Industry Tracking - The average price of float glass is 1331.75 CNY/ton, reflecting a week-on-week increase of 0.24% [28] - Inventory levels for raw glass in 13 provinces decreased by 60,000 boxes, indicating a slight improvement in demand [28] - The report anticipates price fluctuations in the short term due to stable supply and weak demand [28] Fiberglass Industry Tracking - The fiberglass market is experiencing a stabilization in prices, with the report suggesting that the price war has ended and prices are beginning to recover [2][6] - The demand for wind power fiberglass is expected to increase significantly in 2025, driven by a surge in installation capacity [2][6] Consumer Building Materials - The consumer building materials segment is benefiting from favorable second-hand housing transactions and consumption stimulus policies, with a recommendation for companies like Beixin Building Materials and Weixing New Materials [2][8] - The report indicates a weak recovery in demand for consumer building materials, with upstream raw material prices showing mixed trends [7]

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Puhua Co., China Jushi, Beixin Building Materials, and Yuhua Co. [8] Core Insights - The construction materials sector has shown a slight increase of 1.27% from April 21 to April 25, 2025, with specific segments like glass manufacturing and fiberglass manufacturing performing well [1][12] - The report emphasizes the impact of second-hand housing transactions on the demand for building materials, suggesting a positive correlation with consumption stimulus policies [2] - The report highlights the ongoing challenges in the cement industry, with prices fluctuating around break-even levels due to increased production cuts and a focus on cost advantages among leading firms [2][3] Summary by Sections Cement Industry Tracking - As of April 25, 2025, the national cement price index is 388.22 CNY/ton, showing a slight decrease of 0.17% week-on-week, while the cement output increased by 4.85% to 352.05 million tons [3][17] - The cement market is characterized by strong infrastructure demand but weak residential construction, leading to a challenging environment for cement producers [17][23] Glass Industry Tracking - The average price of float glass is 1331.75 CNY/ton, reflecting a week-on-week increase of 0.24%, with inventory levels showing a slight decrease [28][31] - The report notes a seasonal improvement in glass demand, although supply-demand imbalances persist, particularly with expectations of declining demand post-2025 [2][28] Fiberglass Industry Tracking - The fiberglass market is showing signs of recovery, with prices stabilizing after a period of decline, and demand from the wind power sector is expected to increase significantly in 2025 [2][6] - The report recommends focusing on companies like China Jushi and Zhongcai Technology due to their growth potential in the fiberglass market [2][8] Consumer Building Materials - The consumer building materials segment is experiencing a weak recovery, with prices of upstream raw materials like asphalt remaining stable [7] - The report suggests that consumer building materials will benefit from favorable second-hand housing transactions and consumption stimulus policies [2][7] Carbon Fiber Market - The carbon fiber market is stabilizing, with production rates improving and a slight increase in demand expected from sectors like wind energy and hydrogen storage [2][6] - The report highlights the importance of monitoring price stabilization in the context of economic recovery [2][6]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 7.74 CNY [6]. Core Views - The company reported a significant year-on-year increase in performance, with total revenue reaching 3.054 billion CNY, up 11.10%, and net profit attributable to shareholders at 237 million CNY, up 37.94% [2][4]. - The company is positioned as a leading player in the prestressed steel materials and track slab sectors, with a focus on high-value-added products, which has led to improved profitability [10]. - The company is expected to benefit from ongoing infrastructure investments in China, with projected revenues of 3.651 billion CNY, 4.222 billion CNY, and 4.804 billion CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 19.6%, 15.6%, and 13.8% [10][12]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 18.46%, an increase of 3.39 percentage points year-on-year, driven by improvements in both the prestressed materials and concrete products segments [4]. - The net profit margin for the company was 8.23%, up 1.60 percentage points year-on-year, with net profit reaching 237 million CNY [4]. Business Segments - The prestressed materials segment generated revenue of 2.425 billion CNY, up 6.03%, while the concrete products and related services segment saw revenue of 400 million CNY, up 31.07% [3]. - The high-speed rail track slabs and intelligent equipment within the concrete products segment experienced substantial growth, with revenues increasing by 125.83% and 148.87% respectively [3]. Cash Flow and Financial Health - The company reported a net operating cash flow of -106 million CNY, indicating an increase in cash outflows compared to the previous year [5]. - The financing cash flow improved significantly, reaching a net inflow of 206 million CNY, compared to a net outflow of 90 million CNY in the previous year [5]. Future Outlook - The company is expected to maintain a strong growth trajectory, with net profits projected to reach 331 million CNY, 433 million CNY, and 525 million CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 39.8%, 30.8%, and 21.2% [10][12].

天津银龙预应力材料股份有限公司 （李真） 本人作为天津银龙预应力材料股份有限公司（以下简称"公司"）的独立董 事，本人能够严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上 海证券交易所股票上市规则》等法律法规、公司章程和《银龙股份独立董事工作 制度》的规定，忠实、勤勉、尽责地履行独立董事职责，客观、公正、审慎地发 表意见，维护公司整体利益和全体股东尤其是中小股东的合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及任职情况 李真，1960 年 4 月出生，女，中国国籍，无永久境外居留权，硕士学历。 2007 年至 2010 年，任天津商业大学校长助理、财务处长；2010 年至 2018 年， 任天津商业大学总会计师、校长助理；2018 年至 2020 年，任天津商业大学审计 处长。2023 年 5 月至今，任公司独立董事。2023 年 9 月，参加上海证券交易所 举办的独立董事履职能力学习，2023 年 12 月参加上海证券交易所举办的上市公 司独立董事后续培训。 （二）是否存在影响独立性的情况说明 本人作为独立董事具备独立性，不属于下列情形 ...

天津银龙预应力材料股份有限公司 2024 年度独立董事述职报告 （张跃进） 本人作为天津银龙预应力材料股份有限公司（以下简称"公司"）的独立董 事，本人能够严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上 海证券交易所股票上市规则》等法律法规、公司章程和银龙股份独立董事工作制 度的规定，忠实、勤勉、尽责地履行独立董事职责，客观、公正、审慎地发表意 见，维护公司整体利益和全体股东尤其是中小股东的合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及任职情况 张跃进：1957 年 10 月出生，男，中国国籍，无永久境外居留权，硕士学历， 中共党员。2013 年至 2014 年，任中国铁路通号股份公司工业和物资设备部、中 国铁路通号物资集团部长、董事长；2014 年至 2017 年，任中国铁路通号股份有 限公司副总经济师；2014 年至 2017 年（兼任）中国铁路通号物资集团、中国铁 路通号电务公司董事长。2020 年 5 月至今，任公司独立董事。2020 年 7 月，参 加上海证券交易所举办的独立董事资格培训并取得独立董事资格证书。2023 年 ...