| | | | | 【国泰海通建材】市场一致预期估值表 (鲍雁辛团队) 20250723 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 证券代码 | 证券名称 | 总市值(亿元) | | 归母净利(亿元) | PE | | PB | | | | | | 2025E | 2026E | 2025E | 2026E | (MRQ) | | | 600585.SH | 海螺水泥 | 1381 | 90.0 | 100.0 | 15.3 | 13.8 | 0.76 | | | 600801.SH | 华新水泥 | 319 | 25.0 | 30.0 | 12.7 | 10.6 | 1.08 | | | 000672.SZ | 上峰水泥 | 100 | 8.0 | વે છ | 12.6 | 10.6 | 1.11 | | | | 塔牌集团 | 104 | 7.5 | | 13.9 | 13.0 | 0.86 | | | 002233.SZ | | | | 8.0 | | | | | | 000877.SZ | 天山股份 | ...

根据《广东塔牌集团股份有限公司第二期员工持股计划》的相关规定，第二期员工持股计 划锁定期为 12 个月，自公司公告标的股票登记至当期员工持股计划之日起计算，即自 2020 年 7 月 28 日起至 2021 年 7 月 27 日止；第二期员工持股计划基本存续期为 60 个月，自公司公 告标的股票登记至当期员工持股计划之日起计算，即自 2020 年 7 月 28 日起至 2025 年 7 月 27 日止。 广东塔牌集团股份有限公司（以下简称"公司"）于2025年7月22日召开了第六届董事会 第十八次会议，审议通过了《关于第二期员工持股计划延期的议案》，同意将公司第二期员工 持股计划的存续期延长6个月，即延长至2026年1月27日。现将相关情况公告如下： 一、第二期员工持股计划的基本情况 第二期员工持股计划股票来源于公司回购， 2020 年 7 月 22 日，中国证券登记结算有限 责任公司深圳分公司以非交易过户形式将公司回购专用证券账户所持有公司股票 1,900.49 万 股过户至 "广东塔牌集团股份有限公司－第二期员工持股计划"专户，占公司总股本的 1.59%， 过户价格为 5.38 元/股。具体情况详见公司于 ...

与会董事经认真审议并表决通过如下决议： 一、以 9 票同意、0 票反对、0 票弃权审议通过《关于第二期员工持股计划延期的议案》。 根据《第二期员工持股计划》相关规定，本计划的存续期届满前，由员工持股计划管理委 员会提出，经公司董事会根据股东大会的授权审议通过后，本计划的存续期可以延长。鉴于第 二期员工持股计划的存续期将于 2025 年 7 月 27 日届满，截至本公告披露日，第二期员工持股 计划所持股票尚未全部出售，第二期员工持股计划尚持有公司股票 905.54 万股，占公司现有 总股本的 0.76%。基于对公司未来发展的信心，结合资本市场环境和公司股价情况，董事会同 意将公司第二期员工持股计划存续期延长 6 个月，即延长至 2026 年 1 月 27 日。 《关于第二期员工持股计划延期的公告》（公告编号：2025-031）详见 2025 年 7 月 23 日中国证券报、上海证券报、证券时报、证券日报及巨潮资讯 http://www.cninfo.com.cn。 特此公告 证券代码：002233 证券简称：塔牌集团 公告编号：2025-030 广东塔牌集团股份有限公司 第六届董事会第十八次会议决议公告 本公司 ...

证券代码：002233 证券简称：塔牌集团 公告编号：2025-031 广东塔牌集团股份有限公司 关于第二期员工持股计划延期的公告 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。 广东塔牌集团股份有限公司（以下简称"公司"）于2025年7月22日召开了第六届董事会 第十八次会议，审议通过了《关于第二期员工持股计划延期的议案》，同意将公司第二期员工 持股计划的存续期延长6个月，即延长至2026年1月27日。现将相关情况公告如下： 一、第二期员工持股计划的基本情况 公司于2019年3月10日召开的第四届董事会第十八次会议和2019年4月2日召开的2018年年 度股东大会审议通过《关于〈广东塔牌集团股份有限公司第二期员工持股计划〉的议案》，同 意公司实施第二期员工持股计划。具体内容详见公司于巨潮资讯（ http://www.cninfo.com.cn ） 发布的相关公告。 第二期员工持股计划股票来源于公司回购， 2020 年 7 月 22 日，中国证券登记结算有限 责任公司深圳分公司以非交易过户形式将公司回购专用证券账户所持有公司股票 1,900.49 万 股过户至 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 稳经济措施加码，重大水电项目落地 2025 年 07 月 21 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -13% -9% -5% -1% 3% 7% 11% 15% 19% 23% 2024/7/22 2024/11/19 2025/3/19 2025/7/17 建筑材料 沪深300 相关研究 价格上涨的主要是湖南省，幅度 10 元/吨。七月中旬，随着天气好转， 下游市场需求环比略有提升，全国重点地区水泥企业平均出货率维持约 46%，环比增加 2.4 个百分点。价格方面，由于整体市场需求依旧较弱， 以及多数地区错峰生产执行力度不够，供需矛盾无明显缓解，导致部分 地区价格仍在小幅下探，预计后期价格将延续 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 07 月 20 日 [Table_Title] 中国雅江集团成立，重点关注岩土工程、民 爆板块投资机会 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的：（1）中国雅江集团成立，标志着世纪工程、 标杆工程有序推进，推荐重点工程中岩大地；民爆需求高景 气，行业供给有望再集中，高争民爆、广东宏大、雪峰科技、 国泰集团等受益；（2）传统行业"反内卷"，推荐水泥龙头海 螺水泥、华新水泥，上峰水泥和塔牌水泥受益；推荐防水提价 的东方雨虹、科顺股份等；推荐具备强α的三棵树、北新新 材，推荐估值低位且具备高分红的兔宝宝、伟星新材等；（3） 国产替代：推荐麦加芯彩，关税缓和航运需求提升，船舶涂 料、海工涂料取证加速未来有望持续国产替代；推荐松井股 份，车身漆国产替代需求旺盛。 ►第 29 周（07/12-07/18）新房、二手房市场成交量趋势走 弱。（1） 30 城大中城市商品房交易数据：今年第 29 周国内 30 大中城市新房成交面积 120.35 万㎡，同比-25%，环比- 12.88%；累计交易面积 4967.30 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **consumption building materials industry** and its performance in 2024, highlighting a **7.2% year-on-year decline** in revenue for the sector [1] - The **real estate demand** remains weak, impacting the consumption building materials sector, which has seen continuous revenue pressure over the past few quarters [1] Key Points and Arguments - **Revenue Trends**: The revenue growth for the consumption building materials sector is expected to decline in 2024, with quarterly comparisons showing fluctuations: **0.2% growth**, **5.3% decline**, **10.7% decline**, **10.9% decline**, and **5.7% decline** from Q1 2024 to Q1 2025 [1] - **Profitability Issues**: The industry faces challenges such as **declining gross margins** due to reduced demand and increased expense ratios. Some companies have reported increased impairments on goodwill and assets [2] - **Improvement in Profitability**: In Q1 2024, some companies managed to stabilize and improve profitability through better gross margins and expense control, with half of the consumption building materials companies reporting year-on-year gross margin increases [2] - **Net Profit Performance**: Among 26 analyzed companies, **10 reported year-on-year net profit increases**, and **9 showed improvements in net profit margins** both year-on-year and quarter-on-quarter, particularly in waterproofing and coating sectors [3] - **Market Resilience**: Despite the downturn in new housing demand, the sector shows resilience supported by the high demand for second-hand housing, which could lead to revenue growth if new housing demand stabilizes [4] Additional Insights - **Future Growth Potential**: Companies with strong brand and channel capabilities are expected to have significant growth potential. Key players mentioned include **Sanhe Tree, Tubaobao, Beixing Building Materials, and others** [5] - **Cement Industry Outlook**: The cement sector is projected to see a bottoming out in Q1 2024, with expectations of gradual improvement in profitability throughout the year. The industry experienced a **35% year-on-year decline** in scale in 2024 [5] - **Price Trends**: Cement prices are expected to rise after a period of decline, with a **1.4% year-on-year drop** in demand noted in Q1 2024, but a recovery is anticipated post-Chinese New Year [6] - **Cost Management**: The decline in coal prices is expected to stabilize industry profitability, with a projected **6% year-on-year decline** in cement demand for 2025 [7] - **Investment and Dividends**: Companies with low cash flow and stable investment returns, such as **Tapai Group and Ningxia Building Materials**, are highlighted for their significant profit contributions [8] Conclusion - The consumption building materials and cement industries are navigating through challenging market conditions, with signs of potential recovery in profitability and demand stabilization. Key players are expected to leverage their market positions for future growth opportunities.

Summary of Conference Call on Urban Development and Industry Insights Industry and Company Involved - **Industry**: Real Estate, Building Materials, Energy Drinks - **Companies Mentioned**: Dongpeng Beverage, Conch Cement, Taipai Group, Huaxin Cement, China Resources, Binjiang, Greentown, Jianfa Zhonghai Key Points and Arguments Urban Development and Real Estate Policy - The Central Urban Work Conference emphasizes a shift from large-scale expansion to improving existing urban stock, indicating a focus on urban renewal rather than large-scale stimulus, which benefits post-cycle industries like building materials and home appliances [1][2][3] - The policy aims to steadily advance the renovation of urban villages and dilapidated housing, avoiding a return to the monetization of shantytown renovations seen in 2015-2016, suggesting limited demand for incremental cyclical products [1][3][5] - The real estate market is transitioning from expansion to quality enhancement, focusing on improving existing housing quality and surrounding environments rather than new construction [1][6][7] Regional Market Performance - The real estate markets in first and second-tier core cities and their metropolitan areas are expected to outperform the national average, with regional developers like China Resources, Binjiang, Greentown, and Jianfa Zhonghai being noteworthy [1][8] Energy Drink Consumption Trends - Population movement significantly impacts energy drink consumption, with higher preferences in first and second-tier cities. As population density increases, energy drink consumption is expected to rise, making Dongpeng Beverage a recommended investment [1][9][10] - The consumption of energy drinks varies across provinces, with Guangdong leading in market share for Red Bull and Dongpeng, which is projected to maintain a 35% revenue growth rate [1][11] Building Materials Industry Insights - Urban renewal and village renovation will have limited demand pull for the building materials industry, with the consumption of building materials being most affected, particularly in segments like waterproofing, piping, and coatings [2][12][15] - The cement sector is expected to benefit from demand growth and supply-side reforms, with recommendations for Conch Cement, Taipai Group, and Huaxin Cement as investment targets due to their strong market positions and profitability [2][15][16] Market Outlook and Investment Strategy - The overall sentiment from the conference indicates a cautious approach to large-scale stimulus, with the market expected to remain within a relatively stable range [3][5] - Investment strategies should focus on a "barbell" approach, balancing technology and military sectors with dividend-paying assets like bank stocks and high-dividend service sector stocks [3] Conclusion - The conference highlights a significant policy shift in urban development and real estate, with implications for various industries. The focus on quality over quantity in housing and urban infrastructure suggests a need for investors to adapt their strategies accordingly, particularly in the building materials and consumer goods sectors.

Group 1 - Morning Light Biological expects a net profit of 202.0 million to 232.0 million yuan for the first half of 2025, representing a year-on-year increase of 102.33% to 132.38% [1] - Northern Rare Earth anticipates a net profit of 900.0 million to 960.0 million yuan for the first half of 2025, with a significant year-on-year growth of 1882.54% to 2014.71% [1] - Youfa Group forecasts a net profit of 277.0 million to 307.0 million yuan for the first half of 2025, reflecting a year-on-year increase of 151.69% to 178.93% [1] Group 2 - Torch Electronics projects a net profit of approximately 247.0 million to 280.0 million yuan for the first half of 2025, indicating a year-on-year growth of 50.36% to 70.45% [3] - Zhiwei Intelligent expects a net profit of 91.98 million to 112.43 million yuan for the first half of 2025, with a year-on-year increase of 62.85% to 99.06% [4] - Youhao Group anticipates a net profit of 12.0 million yuan for the first half of 2025, representing a year-on-year growth of 51% [5] Group 3 - Nami Technology expects a net profit of 61.0 million to 73.0 million yuan for the first half of 2025, with a year-on-year increase of 35% to 62% [7] - Xinda Co. forecasts a net profit of 130.0 million to 150.0 million yuan for the first half of 2025, reflecting a substantial year-on-year growth of 2443.43% to 2834.73% [8] Group 4 - Shaanxi Coal Industry reported a coal production of 14.36 million tons in June, a year-on-year decrease of 5.07% [9] - Huanxu Electronics announced a consolidated revenue of 4.587 billion yuan in June, a year-on-year decline of 1.23% [10] Group 5 - Huadian International successfully issued 2.0 billion yuan in medium-term notes with a maturity of 3+N years and a coupon rate of 1.89% [20] - Zhongmin Energy reported a total power generation of 1.405 billion kilowatt-hours in the first half of 2025, a year-on-year decrease of 0.89% [20] Group 6 - Huaxia Biotech passed the FDA inspection with zero deficiencies, covering six major systems [21] - Ruikeda's application for convertible bond issuance has been accepted by the Shanghai Stock Exchange [22] Group 7 - Dafu Technology plans to invest no more than 100 million yuan in Anhui Yunta [42] - Tongda Co. won a bid for a project valued at 180.3 million yuan from the Southern Power Grid [46]

Core Viewpoint - Cement concept stocks have shown strong fluctuations, with Fujian Cement hitting the daily limit, indicating positive market sentiment in the cement industry [1] Group 1: Company Performance - Fujian Cement announced an earnings forecast on July 8, expecting a net profit attributable to shareholders of 20.67 million yuan for the first half of 2025, marking a turnaround from losses [1] - Tapai Group projected a net profit attributable to shareholders of 407 million to 452 million yuan for the first half of 2025, representing a year-on-year growth of 80% to 100% [1] Group 2: Market Reaction - Following the announcements, Tapai Group's stock rose over 5%, while other cement stocks such as Shangfeng Cement, Huaxin Cement, Wanniangqing, Jinyu Group, Jianfeng Group, and Jidong Cement also experienced gains [1]