每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 王瀚黎） 每经AI快讯，伟星新材（SZ 002372，最新价：11.01元）发布公告称，2025年8月21日，伟星新材接受 长江证券等投资者调研，公司董事长兼总经理金红阳，董事、董秘兼副总经理谭梅，财务总监陈安门， 证券事务代表章佳佳等参与接待，并回答了投资者提出的问题。 2025年1至6月份，伟星新材的营业收入构成为：制造业占比99.08%，其他业务占比0.92%。 ...

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

证券代码：002372 证券简称：伟星新材 浙江伟星新型建材股份有限公司投资者关系活动记录表 编号：2025-020 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 √其他：投资者接待日活动 | | 参与单位名称及人 | 长江证券：李浩；西南证券：笪文钊；华泰证券：樊星辰；中信证券：李家明；东 | | | 吴证券：房大磊；利檀投资：郭瑜、毛志伟；高盛：郑睿丰；招商证券：郑晓刚、 | | | 袁定云；国泰海通：花健祎、冯晨阳；中泰证券：万静远；广发证券：吴红艳；中 | | | 金公司：刘嘉忱；光大证券：鲁俊；兴业证券：陈宣屹；国投证券：陈依凡；天风 | | | 证券：王雯；方正证券：黄雪茹；平安证券：郑南宏；财通证券：陈琳云；西部证 | | | 券：陈默婧；国联民生：朱思敏；国金证券：罗逸然；华源证券：唐志玮；国盛证 | | 员姓名 | 券：陈冠宇；博时基金：王凌霄；工银瑞信：文杰；摩根基金：杨文超；天井投资： | | | 吴海云、张汉卿；鑫元基金：汪壑；长城财富保险资管： ...

Investment Rating - Industry Rating: Recommended [4] Core Viewpoints - The construction materials sector is experiencing a favorable investment moment due to the "anti-involution" trend and the arrival of peak season, leading to accelerated self-discipline in the cement industry. Recommended stocks include Huaxin Cement and Conch Cement, among others [1][5] - The cement market price is stabilizing at 364.15 CNY/ton, with an average shipment rate of 45.7% in key regions. The price is expected to maintain a steady upward trend [2][22] - The photovoltaic glass industry is witnessing price increases at the bottom level, with mainstream order prices for 2.0mm coated panels rising to approximately 11 CNY/sqm, reflecting a 2.33% increase [2][75] - The real estate market shows signs of marginal improvement, with new home transaction areas in 30 major cities reaching 154.48 million sqm, a 24.22% increase from the previous week [3][18] Summary by Sections Cement Industry - The national cement market price is 364.15 CNY/ton, showing stability amid tight funding and adverse weather conditions affecting demand recovery. The average shipment rate in key regions is around 45.7% [2][22] - Regions like Jiangsu and Anhui are seeing price increases of 20-30 CNY/ton, while areas like Fujian are experiencing price declines of 10-50 CNY/ton due to weak demand [22][48] Photovoltaic Glass - The market for photovoltaic glass is showing positive trading activity, with prices for 2.0mm coated panels increasing by 2.33% to around 11 CNY/sqm. The inventory levels are decreasing, indicating a tightening supply [75][76] Real Estate Market - The transaction volume for new homes in 30 major cities has improved, with a total area of 154.48 million sqm sold, reflecting a 24.22% week-on-week increase. The second-hand housing market also shows a 9% increase in transaction volume [3][18] Recommended Stocks - Recommended stocks include Huaxin Cement, Conch Cement, and others in the cement sector, as well as companies like Dongfang Yuhong and Keshun Co., which are benefiting from price increases in waterproofing products [1][5] - In the photovoltaic glass sector, stocks such as Qibin Group and Fuyao Glass are highlighted for their potential gains from price increases [1][5]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4]. Core Viewpoints - The construction materials sector is experiencing weak demand due to the real estate market, but there are expectations for more supportive policies to stabilize the industry [2]. - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal projects [2]. - The supply-demand imbalance in the float glass market is anticipated to ease as photovoltaic glass manufacturers begin self-regulated production cuts [2]. - The report recommends focusing on consumer building materials, which are expected to benefit from favorable second-hand housing transactions and consumption stimulus policies [2]. - Cement production is being adjusted through staggered shutdowns, with a focus on improving supply-side conditions [2]. - The fiberglass market is showing signs of recovery, particularly with increasing demand from the wind power sector [2]. Summary by Sections Cement Industry Tracking - As of August 22, 2025, the national cement price index is 341.46 CNY/ton, with a week-on-week increase of 1.7% [3]. - The national cement output reached 2.6815 million tons, up 2.82% from the previous week [3]. - The cement market is characterized by weak demand, high inventory, and low prices, with expectations for continued weakness in the coming week [18]. Glass Industry Tracking - The average price of float glass is 1205.78 CNY/ton, reflecting a week-on-week decline of 2.42% [3]. - Inventory levels for float glass are increasing, indicating pressure on manufacturers [3]. Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight improvements in demand observed in certain areas [6]. - The report notes that the demand for electronic fiberglass is strong, particularly for high-end products [6]. Consumer Building Materials - The demand for consumer building materials is showing signs of weak recovery, with fluctuations in raw material prices [6]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs reported at 106,700 CNY/ton and a negative gross margin [7]. - Import and export data for carbon fiber indicate a net import of 444.33 tons in July 2025 [7].

国信证券8月21日发布研报称，给予伟星新材（002372.SZ，最新价：10.96元）优于大市评级。评级理 由主要包括：1）需求不足叠加竞争加剧，收入利润同步承压；2）聚焦核心、强化协同，国际化战略持 续推进；3）Q2毛利率环比提升，现金流同比提升。风险提示：地产竣工不及预期；新业务拓展不及预 期；原材料价格大幅上涨。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22]. Core Views - The company is facing pressure on revenue and profit due to insufficient demand and intensified competition, with H1 2025 revenue at 2.08 billion yuan, down 11.3% year-on-year, and net profit at 270 million yuan, down 20.2% year-on-year [1][7]. - The company is focusing on core products and strengthening collaboration while continuing to advance its international strategy, with revenue from PPR, PE, PVC, and other products showing varying degrees of decline [2][11]. - The gross margin for Q2 has improved sequentially, and operating cash flow has significantly increased year-on-year, indicating a positive trend in cash management [3][17]. Financial Performance Summary - For H1 2025, the company achieved a gross margin of 40.5%, with a slight year-on-year decrease of 1.6 percentage points, while Q2 gross margin was 40.53%, showing a sequential increase [3][17]. - The company plans to distribute a mid-term dividend of 1 yuan per 10 shares, reflecting a commitment to shareholder returns with a dividend payout ratio of 58% [22]. - The earnings per share (EPS) forecast for 2025-2027 has been adjusted to 0.52, 0.58, and 0.62 yuan per share, respectively, with corresponding price-to-earnings (PE) ratios of 21.0, 19.0, and 17.6 times [22][4].

Investment Rating - The report maintains a rating of "Accumulate" for the company [3]. Core Views - The company's operational quality is stable and improving, with ongoing optimization of its "concentric circle" business model. Despite a decline in revenue and net profit due to weak downstream demand, the overall operational quality is on an upward trend. The retail business remains robust, and the waterproofing segment shows steady growth, while overseas operations have turned profitable [2][3]. Financial Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue of 6,378 million, net profit of 1,432 million - 2024A: Revenue of 6,267 million, net profit of 953 million - 2025E: Revenue of 5,872 million, net profit of 878 million - 2026E: Revenue of 6,289 million, net profit of 963 million - 2027E: Revenue of 6,780 million, net profit of 1,079 million - Revenue growth rates are projected at -8.3% for 2023, -1.8% for 2024, -6.3% for 2025, followed by positive growth of 7.1% and 7.8% in 2026 and 2027 respectively [1][2][7]. - **Profitability Metrics**: - The company's return on equity (ROE) is projected to decline from 25.4% in 2023 to 16.7% in 2025, before recovering to 20.4% by 2027. The latest diluted earnings per share (EPS) are expected to decrease from 0.90 yuan in 2023 to 0.55 yuan in 2025, with a gradual recovery to 0.68 yuan by 2027 [1][2][7]. - **Market Position**: - The company has seen a steady increase in market share for its PPR products, with a slight decline in service households being less than the overall industry demand drop. The PVC product's gross margin has increased despite a decrease in sales volume, attributed to improved product strength and brand recognition [2][3]. - **Cash Flow and Dividends**: - Operating cash flow has increased by 99.10% year-on-year, reaching 581 million. The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 157 million, which represents 58% of the net profit attributable to shareholders [2][3].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but managed to improve its PVC gross margin through enhanced product and service offerings [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 2.078 billion, 271 million, and 268 million yuan, respectively, representing year-on-year declines of 11.33%, 20.25%, and 21.06% [1]. - In Q2 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.183 billion, 157 million, and 154 million yuan, respectively, with year-on-year declines of 12.16%, 15.55%, and 22.25% [1]. - The company’s PPR business gross margin was 57.5% in H1 2025, a decrease of 1.6 percentage points year-on-year, indicating stable performance despite competitive pressures [2]. Group 2: Product and Service Development - The company focused on deepening its product and service model, leading to a gross margin increase for PVC products to 23.5%, up 2.6 percentage points year-on-year, attributed to systematic sales and enhanced service value [1]. - The waterproof business showed steady growth in H1 2025, with an increase in service users and matching rates, while the net water business is undergoing a strategic transition and is expected to face ongoing pressure [2]. Group 3: Cash Flow and Dividends - The company achieved a record high in net cash from operating activities of 580 million yuan in H1 2025, an increase of 290 million yuan year-on-year, primarily due to reduced raw material expenditures [2]. - The company proposed a mid-term dividend of 160 million yuan, with a dividend payout ratio of 58% [2]. Group 4: Future Outlook and Recommendations - The company is expected to see net profits attributable to shareholders of 732 million, 864 million, and 950 million yuan for 2025-2027, with corresponding year-on-year changes of -23.13%, +17.98%, and +10.00% [3]. - Given the company's strong barriers to entry, expected earnings elasticity, and high dividend yield, a "strong buy" rating is recommended [3].

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].