Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Huaming Equipment, Changshu Bank, Guangdian Yuntong, Yunnan Baiyao, and BYD. In the last five days, the most visited companies were Mankalon, Zhou Dasheng, Stable Medical, Zhujiang Beer, and Shenghe Resources. Among the top twenty companies in the past 30 days, 11 companies had 10 or more rating agencies, including BYD, Huali Group, Weixing New Materials, Changshu Bank, and Weixing Co., Ltd. [2][11][12] - Companies such as BYD, Huali Group, Changshu Bank, Weixing Co., Ltd., Weichai Power, Yunnan Baiyao, Tuobang Co., Ltd., Huaming Equipment, and Zhongji United are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [2][11][12]. Group 2: Shareholder Increase Activities - From May 5 to May 9, 2025, a total of 13 companies announced significant shareholder increases, with three companies having 10 or more rating agencies. The companies with an average proposed increase amount exceeding 1% of the latest market value include *ST Gengxing, Hainan Development, China Railway Industry, Huamao Technology, and Linglong Tire [3][14][15]. - From January 1 to May 11, 2025, 297 companies announced significant shareholder increases, with 203 having 10 or more rating agencies. Among these, 15 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xinjie Energy, Sailun Tire, Rongsheng Petrochemical, Wanrun Co., Ltd., CNOOC Engineering, and Xin Fengming [5][16][17]. Group 3: Company Buyback Activities - From May 5 to May 9, 2025, a total of 312 companies announced buyback progress, with 84 companies having 10 or more rating agencies. Companies expected to have a buyback amount exceeding 1% of the market value on the announcement date include Pingmei Co., Ltd., Huafa Co., Ltd., Changhong Meiling, XGIMI Technology, and Xugong Machinery [4][19][20]. - From January 1 to May 11, 2025, 1,456 companies announced buyback progress, with 297 having 10 or more rating agencies. Among these, 82 companies had a buyback amount exceeding 1% of the market value on the announcement date, including Changhong Meiling, Qianwei Central Kitchen, Baolong Technology, Shantui Co., Ltd., Wanrun Co., Ltd., Midea Group, BOE A, and Goldwind Technology [6][22][23].

Summary of Conference Call Notes Industry Overview - The conference call discusses the construction materials industry, particularly focusing on cement and glass products, amidst recent monetary policy changes by the central bank [1][2]. Key Points and Arguments - **Monetary Policy Impact**: The central bank announced a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in policy interest rates, expected to inject approximately 1 trillion yuan into the market [3]. - **Cement Market Performance**: As of May 9, the national cement shipment rates were reported at 48%, with regional rates in East and South China at 52% and 54% respectively, showing a month-on-month decline of 1.5%, 0.9%, and 7.2 percentage points [1]. - **Price Trends**: The average price of cement decreased by 4.5 yuan per ton to 387 yuan per ton, marking a 15 yuan drop since early April [1]. - **Glass Market Update**: The average price of float glass was reported at 1318 yuan per ton, down 14 yuan from the previous week, with inventory levels at 58.17 million heavy boxes, an increase of 3.4% [1]. - **Fiber Market**: The average price of alkali-free glass fiber yarn in East China was 3650 yuan per ton, down 50 yuan from before the May Day holiday [1]. Investment Opportunities - **Excess Return Potential**: Historical data suggests that the construction materials sector has a high probability of achieving excess returns compared to the CSI 300 index when the real estate market shows signs of stability and improvement [3][4]. - **Real Estate Market Indicators**: As of April 28, the second-hand housing price index for first and second-tier cities was 196.84 and 145.02 respectively, indicating a stabilization trend. Notably, the investment amount from 30 monitored real estate companies reached 87.6 billion yuan in April, a year-on-year increase of nearly 100% [3]. Recommended Investment Lines - **Main Line One**: Focus on large-scale construction materials with improving supply-demand dynamics, emphasizing price elasticity and high dividend yields [5]. - **Main Line Two**: Favorable outlook on leading consumer building material companies with long-term growth potential, highlighting performance elasticity in high-demand consumer segments [7]. - **Main Line Three**: Interest in companies transitioning or expanding into high-growth sectors such as semiconductors, AI, and robotics [7]. Recommended Companies - **Cement Companies**: Conch Cement, Huaxin Cement, China Jushi, TPI Cement, Shangfeng Cement, Changhai Co. [6]. - **Consumer Building Materials**: Sankeshu, Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Tubao, with a focus on Jianlang Hardware, Qinglong Pipeline, and Longquan Co. [7]. - **High-Growth Companies**: Quartz Co., Planet Graphite, with attention to Zhongqi New Materials [8]. Risk Factors - Potential risks include demand falling short of expectations, gross margins not meeting forecasts, and delays in receivables [8].

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 ...

证券代码：002372 证券简称：伟星新材 公告编号：2025-017 浙江伟星新型建材股份有限公司 2024 年度股东大会决议公告 浙江伟星新型建材股份有限公司(以下简称"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： 本次股东大会无新增、变更及否决提案的情况。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间： 现场会议时间：2025 年 5 月 7 日（星期三）14:30 开始。 网络投票时间：2025 年 5 月 7 日。其中，通过深圳证券交易所（以下简称"深交所"） 交易系统进行网络投票的具体时间为：2025 年 5 月 7 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过互联网投票系统（wltp.cninfo.com.cn）进行网络投票的具体时间为： 2025 年 5 月 7 日 9:15-15:00。 （2）会议召开地点：浙江省临海市崇和路 238 号远洲国际大酒店二楼会议厅。 （3）会议召开方式：以现场表决和网络投票相结合的方式召开。 （4）会议召集人：公司董事会。公司第六届董事会第十三次 ...

北京雍行律师事务所 关于浙江伟星新型建材股份有限公司 2024 年度股东大会的法律意见书 致：浙江伟星新型建材股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（下称"《公司法》"） 《中华人民共和国证券法》（下称"《证券法》"）《上市公司股东会规则》（下称 "《股东会规则》"）《律师事务所从事证券法律业务管理办法》（下称"《证券法 律业务管理办法》"）等相关法律、法规和规范性文件以及《浙江伟星新型建材股 份有限公司章程》（下称"《公司章程》"）的规定，北京雍行律师事务所（下称 "本所"）委派律师出席浙江伟星新型建材股份有限公司（下称"伟星新材"或"公司"） 2024 年度股东大会（下称"本次股东大会"），并出具本法律意见书。 本所律师已经按照《股东会规则》的要求对本次股东大会的真实性、合法性 进行了核查和验证（下称"查验"）并发表法律意见，本法律意见书中不存在虚假 记载、误导性陈述及重大遗漏，否则本所律师将承担相应的法律责任。 本所律师根据《证券法律业务管理办法》和《股东会规则》的要求，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，对本次股东大会的相关文件 和有关事实进行了查验，现出 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The new housing market is showing signs of recovery, with a notable increase in new home transactions in major cities, indicating a potential boost in demand for construction materials [2][20] - The cement market is experiencing a slight price decline, but demand is expected to improve as weather conditions stabilize and construction activities pick up [3][23] - The report emphasizes the importance of domestic consumption and infrastructure investment, particularly in light of the "equal tariff" environment, which is expected to strengthen domestic demand [7][9] Summary by Sections Housing Market - In the 18th week of the year, new home transaction area in 30 major cities reached 165.19 million square meters, up 21% year-on-year and 6.19% month-on-month [2][20] - The total transaction area for new homes in these cities is 29.32 million square meters, showing no year-on-year change [2][20] - Second-hand home transactions in 15 monitored cities increased by 56% year-on-year but saw a significant month-on-month decline [21] Cement Market - The national average cement price is 390.83 yuan per ton, down 0.8% from the previous week, with price increases mainly in Liaoning and Jilin [3][23] - The cement market is expected to stabilize as demand improves and companies engage in peak-shifting production practices [23] Investment Recommendations - Recommended companies include: - **Oriental Yuhong**, **Weixing New Materials**, and **Tubaobao** for their strong operational resilience and high dividends [7] - **China Construction** and **China Communications Construction** as beneficiaries of increased infrastructure investment [7] - **Jinchengxin** for its strong performance in copper resource development [7] - **Heilongjiang Hongda** and **Xuefeng Technology** in the civil explosives sector due to high demand [7] Industry Trends - The report highlights the ongoing trend of domestic substitution in various sectors, particularly in ship coatings and industrial coatings, with companies like **Maijia Xincai** and **Songjing Coatings** positioned to benefit [7] - The "Belt and Road" initiative is expected to gain momentum, benefiting international engineering companies such as **China Construction** and **China Metallurgical** [7]

Group 1 - The company reported a total revenue of 895 million yuan in Q1 2025, a year-on-year decrease of 10.20% [1] - The net profit attributable to shareholders was 114 million yuan, down 25.95% year-on-year, with a basic EPS of 0.07 yuan per share, a decline of 30.00% [1] - Investment income saw a significant drop of 295.63% to -5.56 million yuan, primarily due to reduced fair value changes in financial assets [1] Group 2 - The gross profit margin for Q1 2025 was 40.45%, a decrease of 1.03 percentage points year-on-year, while the net profit margin was 12.95%, down 2.82 percentage points [2] - Operating cash flow improved significantly, with a net cash flow of 85 million yuan, an increase of 148.13% year-on-year, driven by reduced raw material procurement expenses [2] - The industry is experiencing increased concentration as smaller companies exit the market, with the company expanding its overseas market presence [2] Group 3 - The company is advancing its "Concentric Circle Strategy" to enhance customer experience and drive average revenue per user growth through new product categories [3] - The company maintains its earnings forecast for 2025-2027, expecting EPS of 0.64 yuan, 0.71 yuan, and 0.76 yuan, with corresponding PE ratios of 18.3x, 16.6x, and 15.6x [3]

Core Viewpoint - The company,伟星新材, reported a decline in retail sales revenue and net profit in Q1 2025, attributed to high base effects from the previous year and weak market demand, while emphasizing a focus on high-quality positioning and price stability. Group 1: Financial Performance - In Q1 2025, the company's main revenue was 895 million yuan, a year-on-year decrease of 10.2% [10] - The net profit attributable to the parent company was 114 million yuan, down 25.95% year-on-year [10] - The company's debt ratio stood at 19.16%, with investment income at -5.56 million yuan and financial expenses at -2.47 million yuan [10] - The gross profit margin was reported at 40.45% [10] Group 2: Retail Business Insights - The decline in retail sales revenue was primarily due to a high base from 2024 and overall weak market demand [2] - The company is focusing on a "three high" positioning strategy to stabilize its pricing system [2][7] - The demand for home decoration is closely linked to economic conditions, with rigid demand remaining stable while improvement demand is suppressed [5] Group 3: Industry Competition - The plastic pipe industry remains highly competitive, with intensified competition among brand enterprises and difficulties for small and medium-sized companies [3] Group 4: Business Development - The waterproof business saw a slight decline in sales revenue, but brand influence is gradually increasing, with a good growth in service customers [4] - The water purification business is undergoing adjustments and optimizations, focusing on organizational changes, product innovation, and channel empowerment [5] - The integration of Zhejiang Kairui and Guangzhou Hexin is ongoing, with efforts to enhance operational quality through resource sharing and management optimization [6] Group 5: Market Strategy - The company aims to stabilize its pricing system through improvements in product and service quality, while engineering business pricing is market-driven [7] - The retail business's main sales channels include home decoration companies, project managers, and self-purchasing by homeowners, with a growing share from home decoration companies in first and second-tier cities [10] Group 6: Future Outlook - The company maintains a stable and transparent dividend policy, planning to follow its articles of association and future shareholder profit distribution plans [8] - The company sees potential for market share growth in various regions, influenced by local consumption habits and economic development [8]

Group 1: Retail Business Performance - The retail business sales revenue in Q1 2025 decreased year-on-year due to a high base in 2024 and overall weak market demand [2] - The company emphasizes a "three high" positioning to stabilize the pricing system, impacting some market sales [2] - The demand for retail business is closely linked to economic conditions, with rigid demand less affected while improvement demand is suppressed [2] Group 2: Industry Competition - The plastic pipe industry remains highly competitive, with intensified competition among brand enterprises and difficulties for small and medium-sized companies [2] - Industry concentration is continuously increasing as weaker players are eliminated [2] Group 3: Business Development and Strategy - The waterproof business saw a slight decline in sales revenue, but brand influence is gradually increasing, with a good growth in service households [3] - The water purification business is in a phase of adjustment and optimization, focusing on organizational change and product innovation [3] - The company will enhance integration with acquired companies to improve operational quality [3] Group 4: Pricing and Market Strategy - The retail business stabilizes pricing through product and service enhancement, while engineering business pricing is market-driven [3] - The company maintains a stable and transparent dividend policy, considering various factors for profit distribution [3] Group 5: Market Potential and Sales Channels - The company’s market share varies across regions, influenced by local consumption habits and economic development [3] - The main sales channels for retail business include home decoration companies, project managers, and self-purchasing by homeowners, with a growing share from home decoration companies in first and second-tier cities [4]

Group 1: External Environment - The global economic growth is insufficient, with rising unilateralism and protectionism, leading to increased uncertainty in international trade and geopolitical conflicts [3] - The domestic economy is stable overall, but faces challenges such as insufficient effective demand, weak consumption, and investment [3] Group 2: Company Performance Overview - In 2024, the company achieved revenue of 6.267 billion CNY, a decrease of 1.75% year-on-year, and a net profit of 0.953 billion CNY, down 33.49% [4] - The decline in profit is attributed to increased marketing expenses (116.71 million CNY), reduced investment income from joint ventures (166.94 million CNY), and increased goodwill impairment (73.97 million CNY) [4] Group 3: Key Initiatives for 2024 - Focus on retail business to strengthen market presence and adapt to changes [5] - Enhance risk control and quality in engineering business [5] - Accelerate internationalization and improve brand image [5] Group 4: Highlights and Shortcomings of the Annual Report - Sales revenue remained relatively stable despite market challenges, with retail business showing resilience [6] - The company maintained a high return on equity compared to peers, and effectively controlled accounts receivable and cash flow [6] - Shortcomings include a decline in market prices and gross margins, slow transformation in engineering business, and ongoing adjustments in the water purification business model [6] Group 5: 2025 Development Plan - The company aims for a revenue target of 6.580 billion CNY in 2025, with a cost control target of around 5.350 billion CNY [8] - Strategic focus on sustainable development and high-quality growth, with an emphasis on retail and engineering business improvements [8] Group 6: Market and Competitive Landscape - The company’s PPR business maintained stable gross margins through product upgrades and service combinations [9] - The competitive landscape remains intense due to the influx of engineering competitors into the retail market and ongoing price wars [11] Group 7: Future Outlook and Challenges - The company acknowledges the difficulty in achieving a 5% revenue growth target in 2025 due to a challenging external environment [9] - Plans to control sales expenses while maintaining necessary investments in brand promotion and market development [12]