证券研究报告 | 行业周报 gszqdatemark 2025 04 20 年 月 日 建筑材料 关注内需刺激主线，等待政策落地 2025 年 4 月 14 日至 4 月 18 日建筑材料板块（SW）下跌 0.02%，其中 水泥（SW）下跌 0.09%，玻璃制造（SW）下跌 0.15%，玻纤制造（SW） 下跌 1.79%，装修建材（SW）上涨 0.73%，本周建材板块相对沪深 300 超额收益-0.38%。本期建筑材料板块（SW）资金净流入额为 0.02 亿元。 【周数据总结和观点】 本周国常会指出"要持续稳定股市，持续推动房地产市场平稳健康发展"， "扩大有效投资，大力提振民间投资积极性"等，后续内需刺激有望加码。 根据 wind 统计，2025 年 3 月地方政府债总发行量 9788.03 亿元，发行金 额同比 2024 年 3 月增长 55.5%，截至目前，2025 年一般债发行规模 0.47 万亿元，同比-0.10 万亿元，专项债发行规模 2.78 万亿元，同比+1.61 万 亿元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复的 空间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the year 2024, indicating challenges in the steel industry and a shift towards growth in new materials [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 5.19 billion, a decrease of 5.1% year-on-year, with net profit attributable to shareholders at 140 million, down 45.5% [2]. - The cash flow from operating activities was 430 million, reflecting a year-on-year increase of 12.4% [2]. - For Q4, the company reported revenue of 1.19 billion, a decline of 16.4%, with net profit at 10 million, down 69.7% [2]. Group 2: Segment Performance - The steel refractory materials segment generated revenue of 4.43 billion, down 7.8%, while the new materials segment saw a significant increase of 40.3%, reaching 820 million [3]. - The new materials division successfully entered multiple clients' approved supplier lists, including Greenmeadow, and has begun bulk supply of high-efficiency sedimentation agents [3]. - Domestic revenue was 3.74 billion, down 6.6%, while overseas revenue was 1.45 billion, down 1.2% [3]. Group 3: Cost and Margin Analysis - The gross margin for 2024 was 19.0%, a decrease of 0.9 percentage points, attributed to weak downstream demand and intensified competition [4]. - The total expense ratio increased to 16.9%, up 2.5 percentage points, with sales, management, financial, and R&D expense ratios rising [4]. - The net profit margin for 2024 was 2.5%, down 2.1 percentage points, while Q4 net profit margin was 0.9%, down 2.3 percentage points [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company is expected to face operational pressure in 2024 due to a decline in the steel industry, but performance is anticipated to gradually improve in 2025 as orders from the U.S. factory accelerate and the company makes progress in the wet metallurgy sector [1][4] - In 2024, the company achieved revenue of 5.192 billion yuan, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 135 million yuan, down 45.48% year-on-year [1][6] - The company’s main refractory products saw a decline in revenue and gross margin in 2024, primarily due to cost-cutting measures and production reductions in the steel industry [2] - The company’s comprehensive gross margin for 2024 was 18.99%, a decrease of 0.94 percentage points year-on-year, with an increase in operating cash flow compared to the previous year [3] Financial Performance Summary - Revenue from functional, shaped, unshaped, and other refractory materials in 2024 was 1.36 billion, 1.87 billion, 1.07 billion, and 890 million yuan respectively, with year-on-year changes of +8.5%, -10.4%, -3.4%, and -13% [2] - The company’s net profit for 2025 is projected to be 300 million yuan, with a significant recovery expected in subsequent years [1][6] - The company’s cash flow from operations (CFO) for 2024 was approximately 431 million yuan, an increase of 48 million yuan year-on-year [3][12] Market and Strategic Developments - The company’s overseas revenue remained stable, with significant sales in countries along the "Belt and Road" initiative, totaling 1.063 billion yuan [4] - The company has signed a strategic cooperation framework agreement with a partner to supply efficient precipitation agents for nickel extraction, which is expected to enhance profitability [4] - The company’s raw materials division reported revenue of 817 million yuan in 2024, a year-on-year increase of 40.3%, indicating strong growth in the wet metallurgy market [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company reported a revenue of 5.19 billion yuan for 2024, a decrease of 5.1% year-on-year, with a net profit attributable to shareholders of 135 million yuan, down 45.5% year-on-year [1][2]. - The decline in overall revenue is attributed to weak demand in the steel industry, while the new materials segment showed significant growth, with a 40.3% increase in revenue [2]. - The company is expected to benefit from the ramp-up of its active magnesium oxide business and the flexibility of its U.S. plant, leading to an upward revision of net profit forecasts for 2025 and 2026 [4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 19.0%, a slight decline of 0.9 percentage points year-on-year, primarily due to weak downstream demand and intensified competition [3]. - The net profit margin for Q4 was 0.9%, down 2.3 percentage points year-on-year, reflecting the impact of increased R&D expenses related to the active magnesium oxide business [3]. Revenue Breakdown - The revenue from the steel refractory materials segment was 4.43 billion yuan, down 7.8% year-on-year, while the new materials segment generated 820 million yuan, up 40.3% [2]. - Domestic revenue was 3.74 billion yuan, a decrease of 6.6%, while overseas revenue was 1.45 billion yuan, down 1.2% [2]. Profitability and Cost Structure - The report indicates an increase in the R&D expense ratio to 4.9%, up 1.3 percentage points year-on-year, which is linked to the development of the active magnesium oxide business [3]. - The overall expense ratio increased to 16.9%, up 2.5 percentage points year-on-year, driven by higher sales and management expenses due to revenue decline [3]. Future Outlook - The net profit forecast for 2025 has been raised to 341 million yuan, a 152.5% increase from 2024, and for 2026, it is projected at 557 million yuan, a 63.2% increase [4]. - The company is expected to see a recovery in profitability as the prices of raw materials, particularly alumina, have started to decline from their peak levels [4].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 6.00 [8][9]. Core Views - The company reported a revenue of RMB 519 million and a net profit attributable to the parent of RMB 14 million for the year 2024, representing a year-on-year decline of 5.1% and 45.5% respectively. The fourth quarter saw revenues of RMB 119 million and a net profit of RMB 1 million, down 16.4% and 69.7% year-on-year. The lower net profit was attributed to a significant increase in expense ratios [1]. - The company’s product segments showed varied performance, with non-shaped refractory materials, shaped refractory materials, and functional refractory materials generating revenues of RMB 1.07 billion, RMB 1.87 billion, and RMB 1.36 billion respectively, reflecting year-on-year changes of -3.4%, -10.4%, and +8.5%. The overall gross margin decreased by 0.9 percentage points to 19.0% due to weak downstream demand and falling prices, although the gross margin improved to 20.2% in Q4 [2]. - The company’s operating expenses increased, with a total expense ratio of 16.9%, up 2.5 percentage points year-on-year. The financial expense ratio rose mainly due to exchange losses, while the R&D expense ratio increased due to the development of active magnesium oxide. However, the company maintained a healthy operating cash flow of RMB 430 million, up 12.4% year-on-year [3]. - The overseas operations are stabilizing, with overseas revenue reaching RMB 1.45 billion, accounting for 28.0% of total revenue, an increase of 1.1 percentage points year-on-year. The U.S. factory's revenue grew by 72% year-on-year, and the Serbian factory is also performing well. The company is expanding its market for efficient precipitation agents in nickel and cobalt extraction, which is expected to contribute to revenue growth in 2025 [4]. - Due to the pressure on traditional steel industry demand, the company has adjusted its sales volume assumptions, forecasting net profits of RMB 260 million, RMB 300 million, and RMB 350 million for 2025-2027, down 11% and 9% for 2025 and 2026 respectively. The target price has been raised to RMB 6.00 based on a 24x PE for 2025 [5]. Summary by Sections - **Revenue and Profitability**: The company reported a revenue of RMB 519 million and a net profit of RMB 14 million for 2024, with significant declines in Q4 [1]. The product revenue breakdown showed mixed results, with overall gross margin declining to 19.0% [2]. - **Expenses and Cash Flow**: The total expense ratio increased to 16.9%, with a healthy operating cash flow of RMB 430 million [3]. - **Overseas Operations and Growth Potential**: Overseas revenue reached RMB 1.45 billion, with significant growth in the U.S. and Serbia, and new product lines expected to drive future growth [4]. - **Forecast and Valuation**: Adjusted profit forecasts for 2025-2027 reflect a cautious outlook, with a revised target price of RMB 6.00 [5].

Group 1 - The actual controller, chairman, and CEO of Juran Smart Home, Wang Linpeng, has been detained, but the company's operations remain normal and unaffected [1] - Juran Smart Home reported a total revenue of 12.966 billion yuan in 2024, a decrease of 4.04% year-on-year, and a net profit of 883 million yuan, down 32.08% year-on-year, primarily due to economic fluctuations and increased competition in the home furnishing market [3][4] Group 2 - China Bank plans to raise up to 165 billion yuan through a private placement of A-shares, with the funds aimed at increasing its core tier one capital [4] - The issuance price for China Bank's shares is set at 6.05 yuan per share, which is 80% of the average trading price over the previous 20 trading days [4] - The Bank of Communications also plans to raise up to 120 billion yuan through a private placement, with the funds also designated for core tier one capital [5] Group 3 - SANY Heavy Industry reported a total revenue of 78.383 billion yuan in 2024, an increase of 5.9% year-on-year, and a net profit of 5.975 billion yuan, up 31.98% year-on-year [6][7] - The company's international main business revenue reached 48.513 billion yuan, accounting for 63.98% of total revenue, with significant growth in various regions [6][8] - SANY Heavy Industry has established 37 lighthouse factories and is recognized for its advanced smart manufacturing capabilities [8] Group 4 - East China Pharmaceutical achieved a total revenue of 41.906 billion yuan in 2024, a growth of 3.16%, and a net profit of 3.512 billion yuan, up 23.72% year-on-year [10][11] - The company has a robust pipeline of over 80 innovative drugs, focusing on diabetes and oncology [11][12] Group 5 - EVE Energy reported a total revenue of 48.615 billion yuan in 2024, a slight decrease of 0.35%, with a net profit of 4.076 billion yuan, an increase of 0.63% [13][14] - The company has seen significant growth in its energy storage business, with a shipment volume of 50.45 GWh, a year-on-year increase of 91.90% [15] Group 6 - China Unicom reported a revenue of 103.35 billion yuan in Q1 2025, a growth of 3.9%, and a net profit of 2.61 billion yuan, up 6.5% year-on-year [19] - Lens Technology achieved a revenue of 17.063 billion yuan in Q1 2025, a growth of 10.10%, with a net profit of 429 million yuan, up 38.71% year-on-year [20] Group 7 - Fuyao Glass reported a revenue of 9.910 billion yuan in Q1 2025, a growth of 12.16%, with a net profit of 2.030 billion yuan, up 46.25% year-on-year [21] - Zhuye Group reported a revenue of 4.803 billion yuan in Q1 2025, a growth of 8.50%, with a net profit of 277 million yuan, up 74.07% year-on-year [23] Group 8 - Cailong Technology reported a net profit growth of 87.55% in 2024, with total revenue of 11.664 billion yuan [32] - Ziyan Food reported a revenue of 3.363 billion yuan in 2024, with a net profit growth of 4.5% [33] Group 9 - Shunyi Environmental reported a revenue of 12.678 billion yuan in 2024, with a net profit growth of 41.58% [35] - Shougang Group turned a profit in Q1 2025, reporting a revenue of 26.533 billion yuan, down 10.18%, with a net profit of 328 million yuan [36] Group 10 - Keda Li reported a revenue of 12.030 billion yuan in 2024, with a net profit growth of 22.55% [38] - Betta Pharmaceuticals reported a revenue of 2.892 billion yuan in 2024, with a net profit growth of 15.67% [40] Group 11 - New Australia reported a revenue of 4.841 billion yuan in 2024, with a net profit growth of 5.96% [41] - Fawer reported a revenue of 16.468 billion yuan in 2024, with a net profit growth of 11.93% [42] Group 12 - Zhongwei Company reported a revenue of 9.065 billion yuan in 2024, with a net profit decrease of 9.53% [43] - Changying Precision reported a revenue of 16.934 billion yuan in 2024, with a net profit growth of 800% [44] Group 13 - Stanley reported a revenue of 10.263 billion yuan in 2024, with a net profit growth of 17.89% [45] - Puyang reported a revenue of 5.192 billion yuan in 2024, with a net profit decrease of 45.48% [46] Group 14 - Huangshi Group received a notice of administrative penalty for failing to disclose significant contracts, with potential fines for the company and responsible individuals [47] - Baosteel announced plans to acquire a 49% stake in Maanshan Steel through a combination of cash purchases and capital increases, with an estimated total investment of 9 billion yuan [48][49] Group 15 - Shengquan Group reported a revenue of 2.459 billion yuan in Q1 2025, with a net profit growth of 50.46% [50]

Core Viewpoint - Puyang Refractories Co., Ltd. (002225.SZ) released its 2024 annual report, indicating significant institutional investor interest and changes in shareholding patterns [1][2]. Group 1: Institutional Investor Holdings - As of April 17, 2025, 46 institutional investors disclosed holdings in Puyang Refractories, totaling 106 million shares, which represents 10.47% of the company's total share capital [1]. - The top ten institutional investors collectively hold 9.37% of the shares, with a decrease of 1.83 percentage points compared to the previous quarter [1]. Group 2: Public Fund Holdings - Two public funds increased their holdings in the current period, with a total increase in holdings of 0.58% [2]. - A total of 41 new public funds disclosed their holdings this quarter, including notable funds such as Huashan Cultural and Health Flexible Allocation Mixed A and Huashan Industry Selection Mixed A [2]. - Two public funds from the previous quarter did not disclose their holdings this period, namely Huaxia Hope Bond A and Golden Eagle Xinrui Mixed A [2].

Summary of the Conference Call for Puyang Refractories Co., Ltd. Company Overview - The conference call discusses Puyang Refractories Co., Ltd. (古耐股份), focusing on its financial performance, industry challenges, and future growth prospects. Key Points Financial Performance - In 2024, Puyang Refractories achieved a sales revenue of 5.192 billion yuan, a year-on-year decrease of 5.13% [2] - Net profit attributable to shareholders was 135 million yuan, down 45% year-on-year [2] - Operating cash flow reached 431 million yuan, an increase of 12.39% year-on-year [2] Revenue Growth Sources - The raw materials division generated approximately 810 million yuan in revenue in 2024, a nearly 40% increase, primarily from high-purity magnesium oxide [1][3] - The company expects large-scale supply of high-activity magnesium oxide to commence in 2025 [3] Industry Challenges - The refractory materials industry faced significant challenges in 2024, with overall revenue, production, and profits declining, particularly in Q3 and Q4 [9] - The domestic refractory business was impacted by steel industry production restrictions, leading to a 6-7% average price drop and over 1 billion yuan in profit loss [1][8] - Many small and medium-sized enterprises exited the market, with over half of the companies in key production areas ceasing or reducing operations [9] Price Trends and Market Dynamics - Refractory material prices have been in long-term decline due to cost-cutting measures by companies, with prices now at a bottom level [10] - Short-term price recovery is challenging until industry consolidation is completed [11] - The price of alumina, a key raw material, is expected to drop significantly in 2025, alleviating cost pressures [8] International Trade and Growth Prospects - The foreign trade business remained stable in 2024, with significant growth expected in 2025, driven by increased output from the U.S. factory [1][14] - The impact of U.S.-China tariffs is minimal due to exemptions for key raw materials like magnesite and corundum [14][15] - Global steel production growth is expected to drive demand for refractory materials, with increased overseas orders [16] Production and Capacity Plans - The U.S. factory's sales volume in 2024 was below budget, with a production target of over 20,000 tons for 2025 [19][22] - The company plans to supply the U.S. market from its Serbian factory if China restricts magnesite exports [21] Cost Management and Cash Flow - Puyang Refractories' cash flow management is superior to many peers due to a diversified market presence and effective cash collection strategies [5][6] - The company emphasizes cash payments over invoices, improving cash flow [6] Research and Development - R&D expenses increased significantly in 2024, primarily related to high-activity magnesium oxide projects [32] - The company anticipates continued growth in R&D spending in 2025 due to new projects [32] Government Support - Government subsidies for advanced manufacturing are expected to continue in 2025, providing additional tax benefits [33] Future Outlook - Puyang Refractories is poised for a turning point in 2025, with positive changes expected across traditional, overseas, and new materials businesses [34] - The company anticipates that high-activity magnesium oxide products will contribute positively to performance starting in Q1 2025 [34] Additional Insights - The logistics cost in Tibet is expected to significantly reduce overall costs due to local processing [28] - The price of magnesite in Liaoning has increased due to new electricity pricing methods, impacting market dynamics [29] - The company plans to initiate construction on the Xinjiang magnesite project regardless of market conditions [31]

Core Viewpoint - Puyang Puna High-Temperature Materials (Group) Co., Ltd. reported significant declines in multiple financial metrics for the year 2024, including a 45.48% drop in net profit and a 75.94% increase in financial expenses, indicating challenges in profitability and cost management [1][3][5]. Revenue and Profit - The company achieved operating revenue of approximately 5.19 billion yuan in 2024, a decrease of 5.13% from the previous year [2]. - The steel division's revenue fell by 7.77%, while the environmental materials division saw a 23.49% decline; conversely, the raw materials division (renamed new materials division in 2025) experienced a 40.30% increase in revenue [2]. Net Profit - The net profit attributable to shareholders was approximately 135 million yuan, down 45.48% from about 248 million yuan in 2023 [3]. - The net profit excluding non-recurring gains and losses was approximately 75.79 million yuan, a decrease of 63.29% compared to the previous year [3]. Earnings Per Share - Basic earnings per share were 0.14 yuan, a decline of 44.00% from 0.25 yuan in 2023; the diluted earnings per share also decreased significantly [4]. Expense Analysis - Financial expenses surged by 75.94% to approximately 64.30 million yuan, primarily due to increased foreign exchange losses from currency fluctuations [5][8]. - Sales expenses grew by 3.05% to approximately 264 million yuan, indicating ongoing investment in market promotion despite revenue decline [6]. - Management expenses remained stable, suggesting a need for improved operational efficiency [7]. Cash Flow - The net cash flow from operating activities was approximately 431 million yuan, reflecting a 12.39% increase, indicating enhanced cash generation from core operations [11]. - Investment activities resulted in a negative cash flow of approximately 229 million yuan, while financing activities also saw a significant decrease in net cash flow [11]. International Trade Risks - The company’s overseas business has grown to nearly 30%, but it faces challenges from international trade friction, despite efforts to enhance competitiveness through investments in the U.S. and Serbia [12]. Management Compensation - Management compensation is linked to company performance, with various executives receiving fixed salaries and performance-based bonuses, reflecting an incentive mechanism tied to company results [13].

证券代码：002225 证券简称：濮耐股份 公告编号：2025-019 濮阳濮耐高温材料（集团）股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"） 根据中华人 民共和国财政部（以下简称"财政部"）颁布的《关于印发<企业会计准则解释第 17 号>的通知》（财会〔2023〕21 号，以下简称"《准则解释第 17 号》"）、《关于 印发<企业会计准则解释第 18 号>的通知》（财会〔2024〕24 号，以下简称"《准 则解释第 18 号》"）及《关于印发(企业数据资源相关会计处理暂行规定)的通知》 的要求对相关会计政策进行变更。 本次会计政策变更无需提交公司董事会和股东大会审议，不会对公司财务状 况、经营成果和现金流量产生重大影响。现将相关事项公告如下： 一、本次会计政策变更概述 2023年8月，财政部发布了《关于印发(企业数据资源相关会计处理暂行规定) 的通知》，明确了数据资源会计处理以及相关列示和披露要求，自2024年1月1日 起施行，该项会计政策变更对公司财务报表无重大 ...