兔宝宝 20260320 摘要 2025 年兔宝宝本部收入同比微增 0.7%，净利受汉高投资收益（2.5 亿 元）驱动增长超 20%，但受裕丰汉唐亏损 2.35 亿元拖累，扣非净利出 现下滑。 板材业务去库存完成，2026 年"A+B"口径目标设定为 155 亿元 （2025 年约 118 亿元）；1-2 月销量增长显著，预计 Q1 整体实现增 长。 家具厂渠道渗透率达 40%，2026 年重点发力刨花板，目标销量从 1,600 万张增至 2,500 万张，中高端系列盈利能力有望超过生态板。 裕丰汉唐全面转向代理/服务模式，2026 年收入控制在 1 亿元内并大幅 减亏，预计 2027 年基本盈亏平衡，存量应收账款通过工抵房处置。 辅材业务强化配比考核，目标封边皮配比由 12 米升至 16 米/张板，五 金业务通过与汉高合作向 B/C 端渗透，作为利润增量来源。 行业价格已探底，预计 2026 年低位震荡且中枢缓慢上移；公司采用成 本加成定价模式，原材料波动对自身利润影响有限。 公司维持高比例分红政策，计划发布 2026-2028 年三年分红规划；渠 道重心转向家具厂（占比近 60%）及门店定制化转型。 Q& ...

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 成本涨价超预期，消费建材龙头有望加速提份额 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 持有 前次评级 持有 报告日期 2026-03-22 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 陈琳云 SAC 执证号：S0260526010002 021-38003622 chenlinyun@gf.com.cn -10% 2% 14% 26% 38% 50% 03/25 06/25 08/25 10/25 01/26 03/26 建筑材料 沪深300 请注意，张乾,陈琳云并非香港证券及期货事务监察委员会 的注册持牌人，不可在香港从事受监管活动。 | ...

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector, as well as for building materials [10]. Core Insights - The report highlights a price increase chain in the building materials sector, which is now extending to carbon fiber and architectural coatings due to rising raw material costs and the onset of the regular demand peak season [1][12]. - The domestic carbon fiber market has seen a breakthrough in the T1200 grade, with leading companies initiating a new round of price increases, indicating high industry demand [1][12]. - The report emphasizes the importance of monitoring whether price increases during the regular peak season exceed expectations, recommending companies such as Yaxiang Integration, China National Materials, Sichuan Road and Bridge, and others [1][12][15]. Summary by Sections Building Materials Sector - Recent price increases have been observed in various building materials, including waterproofing materials and gypsum boards, with architectural coatings and ceramics following suit [1][12]. - The report notes that the average price of cement has decreased by 0.3% week-on-week, with a 24.7% shipment rate, reflecting a 9.5% increase month-on-month but a 20.1% decrease year-on-year [2][22]. - The average price of domestic float glass is reported at 63 yuan per weight box, showing a 1.2% increase week-on-week but a 10.4% decrease year-on-year [2][23]. Key Companies and Dynamics - Yaxiang Integration reported a revenue of 4.907 billion yuan for the year, with a net profit of 892 million yuan, reflecting a year-on-year increase of 40.3% [3]. - The report recommends several companies for investment, including Yaxiang Integration, Sichuan Road and Bridge, China National Materials, and others, all rated as "Buy" [10][34]. - The report indicates that the construction sector is experiencing a recovery in demand, particularly in the renovation market, with significant increases in second-hand housing transactions in Shanghai [15]. Price Trends and Market Dynamics - The report outlines two pricing scenarios: seasonal price increases driven by demand recovery post-holidays and off-season price increases reflecting stronger supply dynamics [13]. - The report anticipates that the construction materials sector will see a "L"-shaped recovery, with waterproof materials likely to stabilize in terms of volume and price [16][17]. - The carbon fiber market has seen a price increase of 5,000 yuan per ton for wet-process products due to strong demand [2][21]. Future Outlook - The report suggests that the construction materials industry must accelerate its transformation and upgrade to capture long-term growth opportunities, particularly in technology-driven segments [14]. - The report also highlights the potential for growth in sectors related to cleanroom engineering and special electronic fabrics, driven by high demand in AI technology [14]. - The overall sentiment remains positive for the renovation market, with expectations of continued demand for building materials in the coming months [15].

Investment Rating - The report rates the construction materials industry as "Overweight" [2] Core Insights - The consumer building materials sector is experiencing strong price increases, with significant price hikes announced by major companies in the waterproofing and coatings industries [4] - The core contradiction for the consumer building materials sector in 2026 will be price transmission and profit improvement, driven by rising international oil prices affecting raw material costs [4] - Demand recovery is supported by the traditional peak construction season and active second-hand housing market, which aids companies in passing on costs [4] - The report highlights three major changes in demand: increased importance of non-housing scenarios, a significant rise in second-hand home transactions, and the anticipated growth of stock renovations [4] - The report emphasizes the importance of industry structure and company willingness to raise prices, with a focus on the waterproofing sector [4] Summary by Sections Price Increases - In March, the consumer building materials sector saw strong price increases, with companies like Nippon Paint and Skshu Paint announcing price hikes of 3-10% and 5-15% respectively [4][5] - Major companies in the waterproofing sector, such as Oriental Yuhong and Keshun, have also announced price increases for various products [5] Demand and Supply Dynamics - The report notes that the demand for building materials is expected to rise due to the peak construction season and increased activity in the real estate market [4] - The report suggests that the supply side has been constrained due to capacity reductions in cement and glass, which may lead to further price increases [4] Investment Recommendations - The report recommends focusing on the waterproofing sector, specifically companies like Keshun and Oriental Yuhong, which have demonstrated strong growth potential [4] - Other recommended companies include Hanhigh Group, Sanke Tree, and Weixing New Materials, which have stable cash flows and performance [4][6]

Investment Rating - The report maintains a positive outlook on energy engineering and energy materials, suggesting potential for revaluation in the sector [2][13]. Core Insights - The transition of engineering companies from traditional construction to renewable energy infrastructure is significantly altering revenue structures. For instance, China Energy Engineering's renewable energy business revenue is projected to exceed 32% by the first half of 2025, up from 22.7% in 2022. The total new contracts signed in 2025 are expected to reach 1.45 trillion yuan, with renewable energy contracts accounting for over 40% [2][13]. - The business model is shifting towards integrated investment, construction, and operation. Companies like North International and China Power Construction are leading examples, with projects such as the Croatian wind farm demonstrating this model. The average project size in renewable energy has increased to 360 million yuan, compared to 220 million yuan in 2021 [3][14]. - The international expansion of energy engineering is becoming a hallmark of Chinese infrastructure. For example, China Energy Engineering's overseas revenue share is projected to be 15% in the first half of 2025, up from 12.8% in 2022 [4][15]. Summary by Sections Weekly Discussion - The report emphasizes the ongoing transformation in energy engineering and materials, highlighting the structural changes in revenue and order composition within companies like China Energy Engineering [2][13]. Cycle Linkage - The report provides insights into various materials, noting that the national average price of cement is 337 yuan per ton, down 60 yuan year-on-year, with an average shipment rate of 24.7% [5][17]. - The average price of float glass is reported at 1177.42 yuan per ton, reflecting a slight increase, while the inventory days for monitored provinces have decreased [5][17]. Market Performance - The construction materials index has shown a decline of 1.33%, with specific segments like glass manufacturing and cement showing varied performance [20][21]. Price Changes in Construction Materials - Cement prices have seen a slight decrease, with regional variations noted, while float glass prices have been supported by rising costs, particularly due to geopolitical events affecting energy prices [30][40].

证 券 研 究 报 告 兔宝宝（002043）2025 年业绩快报点评 推荐（维持） 营收微降，看好乡镇渠道兑现+定制业务盈利 修复 公司发布 2025 年业绩快报：2025 年公司实现营收 88.87 亿元，同比减少 3.29%； 归母净利润 7.22 亿元，同比增加 23.29%；扣非归母净利润 3.92 亿元，同比减 少 20.06%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 9,189 | 8,887 | 9,697 | 10,628 | | 同比增速(%) | 1.4% | -3.3% | 9.1% | 9.6% | | 归母净利润(百万) | 585 | 722 | 783 | 895 | | 同比增速(%) | -15.1% | 23.4% | 8.4% | 14.3% | | 每股盈利(元) | 0.71 | 0.87 | 0.94 | 1.08 | | 市盈率(倍) | 22 | 18 | 17 | 1 ...

Core Insights - The report highlights that the escalation of the US-Iran conflict has led to a surge in oil prices, which in turn has caused a price increase in various construction materials. Brent crude oil prices have risen by 64.6% since the beginning of the year, reaching $101 per barrel, the highest since the Russia-Ukraine conflict in 2022 [12][13] - The report suggests that the construction materials sector is experiencing a price recovery, with leading companies benefiting from improved pricing power and a consensus on price increases within the industry [13][14] Group 1: Impact of US-Iran Conflict - The US-Iran conflict has resulted in the temporary closure of the Strait of Hormuz, disrupting oil supply chains and causing significant price increases in raw materials such as natural gas (up 41%), asphalt (up 9.3%), and acrylic acid (up 134.8%) [12][13] - Leading companies in the construction materials sector are expected to have better pricing power due to rising raw material costs, which can enhance their profit margins [13][14] Group 2: Construction Materials Market Trends - The report indicates that the construction materials market is witnessing a price recovery, with companies like Sanhe Tree, Rabbit Baby, and Oriental Yuhong being highlighted as key players to watch [12][14] - The cement market has seen a slight decrease in prices, with a 0.3% drop reported recently. The average price of cement is currently 337 RMB per ton, which is down 1.00 RMB from the previous period [22][23] - The glass market is showing stable price trends, with float glass prices increasing by 1.4% recently, while photovoltaic glass trading remains steady [27][28] Group 3: Financial Performance and Valuation - The report provides a detailed financial analysis of key companies in the construction materials sector, indicating that many leading firms are expected to see improved earnings as market conditions stabilize [5][22] - The valuation of the construction materials sector is currently at historical lows, suggesting potential investment opportunities as the market begins to recover [22][23] Group 4: Consumer Construction Materials - The consumer construction materials segment is showing signs of recovery, with leading companies demonstrating resilience in their operations despite ongoing challenges in the real estate market [22][23] - The report notes that the long-term demand for consumer construction materials remains stable, supported by the renovation of existing properties and an increase in market concentration among leading firms [22][23]

2025 年度业绩快报 证券代码：002043 证券简称：兔 宝 宝 公告编号：2026-004 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 特别提示： 本公告所载 2025 年度的财务数据仅为初步核算数据，已经公司内部审计部门审计，未 经会计师事务所审计，与年度报告中披露的最终数据可能存在差异，请投资者注意投资风 险。 一、2025 年度主要财务数据和指标 单位：万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（%） | | --- | --- | --- | --- | | 营业总收入 | 888,668.73 | 918,883.94 | -3.29% | | 营业利润 | 94,156.19 | 78,092.88 | 20.57% | | 利润总额 | 96,960.29 | 79,627.06 | 21.77% | | 归属于上市公司股东的净利润 | 72,155.14 | 58,525.37 | 23.29% | | 扣除非经常性损益后的归属于上市 公司股东的净利润 | 39,171.11 | 48,999.94 | -20.06 ...

Core Viewpoint - The report released by "Yiyipin" evaluates four listed companies: Three Gorges Energy, Tubao, Sungrow Power Supply, and Ganfeng Lithium, focusing on their growth potential, profitability trends, industry landscape, and competitive advantages [1] Group 1: Company Ratings - Tubao is rated 4.5 stars due to its strong brand and channel advantages, indicating a deep economic moat [1] - Sungrow Power Supply receives a 4-star rating, attributed to its excellent performance in offline channels and technological advantages in energy storage systems [1] - Ganfeng Lithium is awarded a 5-star rating, reflecting its significant growth potential driven by the future applications of lithium batteries [1] Group 2: Evaluation Methodology - "Yiyipin" employs a comprehensive qualitative assessment and quantitative scoring across four dimensions: growth space, profitability trends, industry landscape, and economic moat [1] - The intrinsic value of the companies is assessed using Dividend Discount Model (DDM) and dynamic valuation models [1]

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][18]. Core Insights - The overall view on building materials is that EPS is becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector, leading to a focus on stocks with solid fundamentals [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][14]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and Zhongcai Technology being highlighted for their potential profitability [4][5][15]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, benefiting companies in the waterproof, plastic pipeline, and gypsum board sectors [3][14]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][14]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases, and larger companies expected to follow [5][15]. - The report notes that if price increases are successfully implemented, profitability for leading companies could improve significantly [5][7]. Cement - The cement industry is entering a phase where price increases are anticipated, with companies like Conch Cement and Huaxin Cement being highlighted for their growth potential [18][46]. - The report emphasizes the importance of overseas expansion for cement companies, particularly in light of stable exchange rates and improving profitability from international operations [24][27]. Glass - Leading companies in the glass sector, such as Xinyi Glass, are showing better-than-expected profitability, driven by structural optimization and increased overseas sales [10][12]. - The report suggests that the glass industry is at a valuation low point, with significant upside potential as demand stabilizes [16][17]. Investment Recommendations - The report recommends a focus on companies with independent growth or valuation advantages, particularly in the waterproof materials sector and traditional fiberglass products [34][38]. - Specific stock picks include China Jushi, Jiantao Laminated Board, and Zhongcai Technology, which are expected to benefit from price increases and market demand [9][22][39].