Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

| 证券代码：002791 证券简称：坚朗五金 公告编号：2025-032 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 广东坚朗五金制品股份有限公司 | | | | | | | | | | 股东赵键先生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。 | | | | | | | | | | 本公司及董事会全体成员保证公告内容与信息披露义务人提 | | | | | | | | | | 供的信息一致。 | | | | | | | | | | 广东坚朗五金制品股份有限公司（以下简称"公司"）于 2025 年 | | | | | | | | | | （公告编号：2025- | | | | | | | | | | 个月内（即自 2025 年 5 月 28 日至 2025 年 8 月 27 日）以集中 | | | | | 后的 | | | 3 | | 竞价方式减持本公司股份不超过 151,221 股（占本公司总股本比例 | | | | | | | | ...

广东坚朗五金制品股份有限公司（以下简称"公司"）于 2025 年 5 月 7 日披露了《关于董事减持股份的预披露公告》（公告编号：2025- 028）。公司董事赵键先生计划自减持公告披露之日起 15 个交易日之 后的 3 个月内（即自 2025 年 5 月 28 日至 2025 年 8 月 27 日）以集中 竞价方式减持本公司股份不超过 151,221 股（占本公司总股本比例 0.04%）。 证券代码：002791 证券简称：坚朗五金 公告编号：2025-032 广东坚朗五金制品股份有限公司 关于股东减持股份实施完成的公告 股东赵键先生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。 本公司及董事会全体成员保证公告内容与信息披露义务人提 供的信息一致。 近日，公司收到赵键先生的《关于股份减持计划实施完成的告知 函》。现将有关情况公告如下： 一、股东减持情况 1、股东减持股份情况 | 股东名称 | 减持方式 | | 减持期间 | | | | 减持均价 | 减持股数 | 减持占总 | | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

证券代码：002791 证券简称：坚朗五金 公告编号：2025-031 广东坚朗五金制品股份有限公司 关于股东部分股份质押的公告 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。 广东坚朗五金制品股份有限公司（以下简称"公司"）近日收到 公司股东白宝萍女士的通知，获悉其所持公司的部分股份办理了质 押业务，具体事项如下： 注：本次质押股份不存在负担重大资产重组等业绩补偿义务。 股东 名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次质 押数量 （股） 占其 所持 股份 比例 占公 司总 股本 比例 是否 为限 售股 是否 为补 充质 押 质押 开始 日 质押到 期日 质权 人 质押 用途 白宝 萍 是 700,000 2.93% 0.20% 否 是 2025 年 5 月 28 日 申请解 除质押 登记日 招商 证券 股份 有限 公司 个人资 金需求 一、 股东股份质押基本情况 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

一、担保情况概述 广东坚朗五金制品股份有限公司（以下简称"公司"）于2025年3 月26日、2025年4月18日分别召开第四届董事会第二十六次会议、2024 年年度股东会，审议通过了《关于2025年度为子公司提供担保额度预 计的议案》，同意公司为全资子公司广东坚朗建材销售有限公司（以 下简称"坚朗建材"）等向银行融资等其他业务提供担保，预计担保 总额度合计不超过人民币400,000.00万元。具体内容详见公司披露于 巨潮资讯网（www.cninfo.com.cn）的《关于2025年度为子公司提供 担保额度预计的公告》（公告编号：2025-014）等相关公告。 二、担保进展情况 近日，公司全资子公司坚朗建材向珠海华润银行股份有限公司东 莞分行（以下简称"华润银行"）申请不超过2亿元人民币综合授信 额度，公司为坚朗建材申请综合授信额度相关事项提供最高额保证担 1 / 3 证券代码：002791 证券简称：坚朗五金 公告编号：2025-030 广东坚朗五金制品股份有限公司 关于为全资子公司向银行申请综合授信提供担保的 进展公告 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 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in water, electricity, fuel, and thermal investments, as well as water conservancy investments, which have seen year-on-year growth rates of +25.5% and +30.7% respectively in the first four months of 2025 [1][2] - The issuance of special bonds has accelerated, with a cumulative increase of 1,190.4 billion yuan in special bonds in the first four months of 2025, an increase of 467.9 billion yuan year-on-year, leading to optimism about the conversion of physical workload in infrastructure [1] - The report emphasizes the cyclical investment opportunities in coal chemical industries and suggests paying attention to the transformation opportunities of certain small and medium-sized construction companies [1] Summary by Sections Real Estate and Construction Data - From January to April 2025, real estate sales area decreased by 2.8% year-on-year, with new construction area down by 23.8% and construction area down by 9.7% [2] - In the same period, the completion area saw a year-on-year decline of 16.9% [2] Cement Industry - Cement production in the first four months of 2025 was 495 million tons, a decrease of 2.8% year-on-year, with April's production down by 5.3% [3] - The average cement shipment rate was 36%, remaining stable year-on-year, but the price pressure continues due to weak market demand [3] Glass Industry - Flat glass production from January to April 2025 was 31.86 million weight boxes, down 4.8% year-on-year, with April's production also declining [4] - The market demand for float glass was weak, leading to increased inventory levels among producers [4]

证券代码：002791 证券简称：坚朗五金 公告编号：2025-029 广东坚朗五金制品股份有限公司 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： 年度利润分配。 股份 4,413,388 股后的 349,471,625 股为基数，向全体股东每 10 股派 发现金红利 2.00 元（含税）。公司本次实际现金分红总额（元）= （353,885,013 股-4,413,388 股）/10 股×2.00 元=69,894,325.00 元， 以现金分红总额不变的原则进行相应调整。 算的每 10 股现金红利（含税）=实际现金分红总额÷公司总股本×10 股=69,894,325.00 元÷353,885,013 股×10 股=1.975057 元。 盘价-按公司总股本折算的每股现金红利（0.1975057 元/股）。 广东坚朗五金制品股份有限公司（以下简称"公司"）2024 年度 利润分配方案已获 2025 年 4 月 18 日召开的 2024 年年度股东会审议通 过，具体内容详见 2025 年 4 月 19 日在巨潮资讯网 （www.cninfo.com ...

3、本次权益分派实施后除权除息参考价计算时，按公司总股本折 算的每 10 股现金红利（含税）=实际现金分红总额÷公司总股本×10 股=69,894,325.00 元÷353,885,013 股×10 股=1.975057 元。 2024 年年度权益分派实施后除权除息参考价=股权登记日股票收 盘价-按公司总股本折算的每股现金红利（0.1975057 元/股）。 广东坚朗五金制品股份有限公司（以下简称"公司"）2024 年度 利润分配方案已获 2025 年 4 月 18 日召开的 2024 年年度股东会审议通 1 / 5 证券代码：002791 证券简称：坚朗五金 公告编号：2025-029 广东坚朗五金制品股份有限公司 2024 年年度权益分派实施公告 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： 1、公司回购专用证券账户中的股份 4,413,388 股不参与 2024 年 年度利润分配。 2、公司 2024 年年度权益分派方案以公司现有总股本剔除已回购 股份 4,413,388 股后的 349,471,625 股为基数，向全体股东每 10 股派 发 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a focus on expanding overseas markets to counteract domestic challenges [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 6.638 billion yuan, a year-on-year decrease of 14.92%, and a net profit of 90 million yuan, down 72.23% [1]. - Q4 2024 revenue was 1.727 billion yuan, a decline of 23.33%, with net profit of 57 million yuan, down 68.22% [1]. - For Q1 2025, revenue was 1.206 billion yuan, a decrease of 11.70%, with a net loss of 41 million yuan compared to a loss of 46 million yuan in the same period last year [1]. Revenue Breakdown - Domestic revenue faced pressure, totaling 5.754 billion yuan, down 18.17% year-on-year, while overseas revenue was 884 million yuan, up 14.72%, accounting for 13.32% of total revenue [2]. - Key product categories saw significant declines, particularly in real estate-related items, with window and door hardware systems revenue at 2.924 billion yuan (down 18.50%) and home products at 1.083 billion yuan (down 21.99%) [2]. - Public construction products showed relative stability, with point-supported glass curtain wall components revenue at 442 million yuan (up 11.35%) [2]. Profitability and Cost Management - The overall gross margin for 2024 was 31.65%, a slight decrease of 0.61 percentage points, primarily due to reduced scale effects from declining revenue [3]. - The company’s net profit margin fell to 1.83%, down 2.66 percentage points year-on-year, influenced by increased expense ratios and asset impairment losses totaling 207 million yuan [3]. - The company maintained a strong cash flow position, with net cash flow from operating activities at 394 million yuan and a collection ratio of 104.67% [3]. Strategic Outlook - The company aims to position itself as a "building component integrated supplier," focusing on risk control and expanding into overseas markets and new domestic applications [4]. - Future revenue growth is expected from overseas markets and new domestic scenarios, with projected revenues of 6.689 billion yuan, 6.799 billion yuan, and 6.934 billion yuan for 2025-2027 [4]. - Profitability is anticipated to improve with enhanced internal efficiency and a higher proportion of high-margin overseas business [4].

Investment Rating - The report highlights a "Buy" rating for seven selected stocks within the property value chain, indicating a positive outlook for these companies as they are well-positioned to benefit from recovering housing upgrade needs and building renovation demand [3][34]. Core Insights - The property value chain is expected to see a significant shift towards domestic demand, driven by potential policy support aimed at mitigating external uncertainties. This shift is projected to create a total addressable market (TAM) of Rmb5.7 trillion by 2035, representing a 70% increase compared to 2024 [3][34]. - The report anticipates an average 5% compound annual growth rate (CAGR) in topline revenue for the property value chain companies through 2035, with a notable improvement in profitability and dividend yields due to operational efficiencies and disciplined capital expenditures [5][34]. Summary by Sections Property Value Chain Stocks - The report identifies seven stocks (CRL, Yuhong, BNBM, Kinlong, Robam, KE, and Greentown Service) as beneficiaries of domestic stimulus, all rated as "Buy" [3][34][18]. Executive Summary - The property construction value chain, which constitutes approximately 30% of China's GDP, has faced challenges due to the downturn. However, potential policy support for domestic demand is expected to accelerate housing upgrades and boost secondary market transactions [29][34]. Implications for the Value Chain - The report outlines three main implications for the value chain: a decline in demand for building products, a consolidation of the developer industry, and a significant shift towards secondary market transactions, which are projected to account for 66% of total housing transactions by 2035 [31][32][51]. Housing Market Outlook - By 2035, housing demand is expected to be 40% below peak levels, with a significant portion coming from Tier-1 and Tier-2 cities. The secondary market is projected to overtake the primary market in terms of transaction volume and value [42][51]. Renovation Demand - Renovation demand is anticipated to nearly double by 2035, contributing approximately 60% of total construction gross floor area (GFA), which will help offset the decline in new builds [54][36].