证券研究报告：建筑材料|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 5362.85 | | 52 周最高 | 5449.43 | | 52 周最低 | 4167.51 | 行业相对指数表现 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《地产政策托底需求，关注反内卷落地 情况》 - 2025.12.29 建材行业报告 （2025.12.27-2026.01.04） 地产政策持续落地，关注建材龙头估值修复机遇 发布时间：2026-01-05 投资要点 上周财政部、国家税务总局于 2025 年 12 月 30 日联合发布《关 于个人销售住房增值税政策的公告》，明确个人销售住房的增值税征 收细则，个人将购买不足 2 年的住房对外销售的，按照 3%的征收率全 额缴纳增值税，个人将购买 2 年以上（含 2 年）的住房对外销售的， 免征增值税。此次政策能够有效减轻房东经济压力，也使得房屋出售 的成本快速下降、促进市场流通。 地产政策持续释放，一方面托底需求，另一方面 ...

南方财经1月5日电，中材科技(002080.SZ)近日推出2025年股票期权激励计划，拟向358名激励对象授予 1540万份股票期权，约占公司总股本的0.92%。其中首次授予1393万份，预留147万份。激励对象包括 公司董事、高级管理人员、核心管理与技术骨干，约占2024年末在职员工总数的1.79%。本次首次授予 的股票期权行权价格为每股36.65元，计划有效期为72个月。 该计划设定了分三批次行权的公司层面业绩考核目标。2026年首个行权期需达成：净资产收益率不低于 8.00%，以2024年净利润为基数的净利润复合增长率不低于107.00%，且经济增加值改善值（△EVA） 大于零。2027年，净资产收益率目标提升至8.30%，净利润复合增长率要求不低于73.00%。2028年，净 资产收益率目标进一步提高至9.40%，净利润复合增长率要求不低于62.50%。所有业绩指标均需不低于 同行业对标企业75分位值水平或行业平均水平。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected dynamic PE ratios of 30x, 23x, and 20x for the years 2025, 2026, and 2027 respectively [5] Core Insights - The company announced a stock option incentive plan for 2025, proposing to grant a total of 15.4 million stock options, accounting for 0.92% of the total share capital prior to the announcement [2] - The performance targets for the stock option plan are set with a base of the net profit attributable to the parent company for 2024, aiming for a CAGR of at least 107%, 73%, and 62.5% for the years 2026, 2027, and 2028 respectively [3] - The company is positioned as a "Grand Slam" player in the specialty glass fiber market, with accelerated capacity expansion and market share growth expected from the successful implementation of a private placement to fund specialty glass fiber projects [4] Financial Projections - The projected net profits attributable to the parent company for 2025, 2026, and 2027 are estimated at 2.002 billion, 2.608 billion, and 3.060 billion RMB respectively, reflecting a significant recovery from a low of 892 million in 2024 [5] - Revenue is expected to grow from 23.984 billion RMB in 2024 to 30.073 billion RMB in 2025, representing a growth rate of 25.39% [9] - The company anticipates a return on equity (ROE) of 10.19%, 12.30%, and 13.28% for the years 2025, 2026, and 2027 respectively, indicating improving profitability [9]

Core Insights - The report maintains a "Hold" rating for the construction materials industry, reflecting cautious optimism amid ongoing market challenges [2][3] - Key companies like China Jushi and China National Materials have initiated stock incentive plans, indicating confidence in long-term growth [6][21] Group 1: Stock Incentives and Market Management - China Jushi announced a stock incentive plan for 2025, proposing to grant up to 34.52 million shares (approximately 0.86% of total shares), with performance targets set for net profit growth [6][17] - China National Materials also introduced a stock option plan, aiming to grant 15.4 million options (about 0.92% of total shares), with ambitious profit growth targets [6][18] - An article in "Qiushi" magazine emphasized the need for improved management of real estate market expectations, suggesting that timely policy measures could stabilize the market [22][23] Group 2: Industry Fundamentals Tracking - The construction materials sector is experiencing a downturn, with leading companies showing early signs of revenue and profit recovery [34] - In the cement sector, national prices fell by 0.3% week-on-week, with an average price of 353 RMB/ton as of January 2, 2026 [6][35] - The glass market is mixed, with float glass prices showing slight declines, while photovoltaic glass remains stable [6][39] Group 3: Financial Performance and Valuation - The report highlights that the construction materials industry is at a historical valuation low, suggesting potential investment opportunities in leading companies [6][34] - Key companies such as Huaxin Cement, Conch Cement, and China Jushi are noted for their strong market positions and potential for profit recovery [6][35][36] - The report provides detailed financial metrics for various companies, indicating a range of price-to-earnings (PE) ratios and expected earnings per share (EPS) for 2025 and 2026 [7]

Group 1: Metal Sector - Yun Aluminum Co. (000807.SZ) is projected to achieve a net profit of CNY 44.12 billion in 2024, increasing to CNY 75.75 billion by 2026, with a PE ratio decreasing from 25.82 to 15.04[9] - The company has a comprehensive production capacity of 305,000 tons of green aluminum and 140,000 tons of alumina, positioning it as a leader in the green aluminum sector[18] - The company's debt-to-asset ratio is expected to decrease to 23% by 2024, maintaining a strong ROE of 15.6%[24] Group 2: Construction Materials - Huaxin Cement (600801.SH) is forecasted to have a net profit of CNY 24.16 billion in 2024, growing to CNY 36.58 billion by 2026, with a PE ratio dropping from 18.60 to 12.29[9] - China National Materials (002080.SZ) is expected to see its net profit rise from CNY 8.92 billion in 2024 to CNY 25.87 billion in 2026, with a PE ratio decreasing from 68.38 to 23.57[9] Group 3: Transportation Sector - SF Holding (002352.SZ) is projected to achieve a net profit of CNY 101.70 billion in 2024, increasing to CNY 124.78 billion by 2026, with a PE ratio declining from 18.82 to 15.34[9] - The Beijing-Shanghai High-Speed Railway (601816.SH) is expected to see a slight increase in profit, with a PE ratio of 1973.38 in 2024, dropping to 1758.94 by 2026[9] Group 4: Chemical Sector - Senqcia (002984.SZ) is forecasted to have a net profit of CNY 21.86 billion in 2024, with a PE ratio of 10.03, expected to rise to CNY 21.26 billion by 2026[9] - Yara International (000893.SZ) is projected to achieve a net profit of CNY 9.50 billion in 2024, increasing to CNY 39.34 billion by 2026, with a PE ratio decreasing from 46.64 to 11.27[9]

格隆汇1月4日丨中材科技(002080.SZ)公布2025年股票期权激励计划，本激励计划拟授予激励对象的股 票期权数量为1,540.00万份，约占本激励计划草案公告日公司总股本167,812.3584万股的0.92%。本激励 计划拟首次授予的激励对象为358人，本激励计划首次授予的股票期权的行权价格为每份36.65元。 ...

格隆汇1月4日丨中材科技(002080.SZ)公布2025年股票期权激励计划，本激励计划拟授予激励对象的股 票期权数量为1,540.00万份，约占本激励计划草案公告日公司总股本167,812.3584万股的0.92%。本激励 计划拟首次授予的激励对象为358人，本激励计划首次授予的股票期权的行权价格为每份36.65元。 ...

中材科技股份有限公司 2025 年股票期权激励计划激励对象名单 | 姓名 | 职务 | 授予股票期 权数量合计 | 占授予股票 期权总量的 | 占目前总股 本的比例 | | --- | --- | --- | --- | --- | | | | （万份） | 比例 | | | 一、董事、高级管理人员 | | | | | | 黄再满 | 党委书记、董事长 | 8.00 | 0.52% | 0.005% | | 陈雨 | 党委副书记、总裁、董事 | 8.00 | 0.52% | 0.005% | | 史可平 | 纪委书记 | 6.00 | 0.39% | 0.004% | | 何思成 | 副总裁、董事会秘书 | 6.00 | 0.39% | 0.004% | | 段星亮 | 副总裁 | 6.00 | 0.39% | 0.004% | | 陈钊新 | 财务总监 | 6.00 | 0.39% | 0.004% | | 王欣 | 副总裁 | 6.00 | 0.39% | 0.004% | | 白耀宗 | 副总裁 | 6.00 | 0.39% | 0.004% | | 张恒 | 副总裁 | 6.00 | 0.39% | ...

证券简称：中材科技 证券代码：002080 中材科技股份有限公司 2025 年股票期权激励计划 （草案）摘要 二〇二五年十二月 声明 本公司及全体董事保证本激励计划及其摘要不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关 信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励 计划所获得的全部利益返还公司。 3、激励对象不存在《上市公司股权激励管理办法》规定的不得成为激励对 象的情形： （1）最近12个月内被证券交易所认定为不适当人选； 特别提示 1、《中材科技股份有限公司 2025 年股票期权激励计划（草案）》（以下 简称"本激励计划"）由中材科技股份有限公司（以下简称"公司"或"本公 司"）依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 股权激励管理办法》《国有控股上市公司（境内）实施股权激励试行办法》 （国资发分配〔2006〕175 号）、《关于规范国有控股上市公司实施股权激励 制度有关问题的通 ...

证券简称：中材科技 证券代码：002080 中材科技股份有限公司 2025 年股票期权激励计划 （草案） 二〇二五年十二月 声明 本公司及全体董事保证本激励计划及其摘要不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关 信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励 计划所获得的全部利益返还公司。 1 特别提示 1、《中材科技股份有限公司 2025 年股票期权激励计划（草案）》（以下简称 "本激励计划"）由中材科技股份有限公司（以下简称"公司"或"本公司"） 依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励 管理办法》《国有控股上市公司（境内）实施股权激励试行办法》（国资发分配 〔2006〕175 号）、《关于规范国有控股上市公司实施股权激励制度有关问题的 通知》（国资发分配〔2008〕171 号）、《中央企业控股上市公司实施股权激励工 作指引》（国资考分〔2020〕178 号）及国资委关 ...