科顺股份 20260123 Q&A 科顺股份近期发出涨价函的背景是什么？ 科顺股份近期发出涨价函主要有两个背景。首先，公司自 2025 年起一直在强 调恢复盈利能力，2025 年 7 月和此次的涨价函都是围绕这一目标进行的。尤 其是卷材产品，由于其毛利率较低，公司率先对其进行了涨价，并逐步在各区 域、产品和客户中落实，预计 2026 年的毛利率将更加明显地反映这一调整。 其次，自 2026 年 1 月以来，一些涂料原材料如丙烯酸、乳液等价格有所上涨， 公司希望将原材料成本上升传导出去。因此，在年初价格制定过程中，公司及 时发出了涨价函，以便确定全年的经销指导价和市场指导价。 摘要 科顺股份计划通过对苯丙体系防水产品提价 5%-10%，以应对原材料上 涨 5-6 个百分点带来的成本压力，预计 2026 年毛利率将因此提高 2 个 百分点。此次提价主要涉及占公司整体业务 20%的苯丙体系防水产品， 卷材产品（占比 60%）已于 2025 年 7 月提价。 公司预计 2026 年收入增长 10%，约 6 亿元，其中民建板块（C 端零 售）预计增长 30%（约 3 亿元），海外业务预计增长 50%（约 2 亿 元）， ...

防水渠道专家交流 20260123 近期科顺公司发布了涨价通知，能否介绍一下此次涨价的背景和原因？ 此次涨价主要有几个方面的原因。首先是原材料价格上涨，尤其是沥青价格在 去年 12 月中旬止跌回升，涨幅约为 5%。其次，传统销售旺季即将到来，经销 商通常会在年底囤货，以应对年后工厂复工前的需求。最后，国家政策导向也 起到了推动作用，今年开始国家要求防水质保期延长至 25 年以上。这些因素 综合作用下，我们决定从 2026 年 2 月 1 日起对部分产品进行提价。 涨价传导到下游客户的接受度如何？预计何时能在财务报表中体现？ 与去年 7 月份的涨价不同，此次涨价效果更好。首先，市场需求有所回暖，特 别是在疏散板块和光伏板块，这两个板块增长显著。此外，国家政策引导也起 到了积极作用。预计此次涨价将在春节后基本落实，并将在 2027 年底的财务 科顺公司客户结构发生变化，房地产板块占比已从 70%-80%降至 40%-50%，同时非房板块如基建、光伏屋面、C 端民用等占比提升， 修缮板块约占 10%，光伏和检格证各占 20%左右，TPO 约占 10%。 科顺公司在民用领域市占率已提升至百分之十几，工程领域降至 40 ...

没有一个春天不会到来，迎接建材新周期的起点 20260125 摘要 2026 年初二手房成交量显著高于 2025 年同期，表明市场需求回升， 但前期增值税和购房资格政策影响未立即显现，市场存在预期差，为后 续发展埋下伏笔。 北京核心区房价和二手房成交量在政策力度较小的情况下依然回升，预 示行业自然见底概率增加，未来上海和深圳若跟进政策，市场预期有望 持续回暖。 水泥需求中房地产占比降至 18.9%，玻璃工业用占比升至 41.3%，传 统建材对地产需求脱敏，行业韧性增强。地产下行周期已历时 5 年，接 近触底时间窗口。 新开工降幅超历史水平，建材资本开支连续下滑，供给端收缩，新开工 链条上的水泥、防水、管道等细分领域盈利见底概率增加。 防水行业供给端出清剧烈，企业退出数量多，规模以上企业营业收入显 著下降，全行业盈利压力大，龙头企业盈亏平衡，行业或面临亏损甚至 现金流紧张。 Q&A 近期建材板块表现强劲的原因是什么？ 建材板块近期的强劲表现并非偶然，主要原因包括以下几点： 防水卷材是供给端出清最剧烈的建材细分领域，在资本开支负增长背景 下，防水行业资本开支和供给收缩幅度最大、企业退出率最高，胜率最 高。 看好建 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [2] Core Views - A new round of urban renewal is beginning, which is expected to provide significant opportunities in the consumer building materials sector, effectively countering the decline in new housing market demand [8] - The report highlights that after a prolonged downturn in the real estate sector, profitability in various segments of the construction supply chain is starting to recover, particularly for leading companies that have undergone strategic adjustments [8] - The report emphasizes the potential for price increases in certain segments, such as waterproofing and coatings, as companies respond to improved market conditions [8] Summary by Sections Cement - The cement market is entering a seasonal downturn, with demand expected to decline. The average shipment rate for major regions has dropped to 29%, a decrease of approximately 10 percentage points [27][34] - The national average price for cement remains stable at around 353 RMB per ton, with minor fluctuations observed in specific regions [28][34] - The report suggests that after the Spring Festival, demand may recover as new key projects are expected to commence, potentially stabilizing prices [34] Glass - The glass market is also experiencing a decline in demand, with production capacity decreasing to approximately 14.95 million tons, the lowest in recent years [53] - The average price for float glass has increased slightly to 1,139 RMB per ton, with inventory levels decreasing [38] - The report indicates that the glass industry is facing profitability challenges, leading to accelerated production line cold repairs, which may help stabilize the market [53] Fiberglass - The fiberglass market is seeing stable pricing for both roving and electronic fabrics, with the price of 7628 electronic fabric currently at approximately 4.4-4.85 RMB per meter [55] - The report anticipates continued high demand for electronic fabrics, supported by structural adjustments and a shortage of high-end products [55] - Key recommendations include focusing on leading companies like China Jushi, with additional attention on International Composite Materials and Zhongcai Technology [55] Carbon Fiber - Carbon fiber prices are expected to remain stable in the short term, with the rapid development of commercial aerospace potentially driving new demand [55] - The report notes that the current price stability is a necessary step for increased market penetration, with significant growth expected in the aerospace sector [55] Consumer Building Materials - The report highlights the resilience of consumer building materials, with leading companies like Sanke Tree and Rabbit Baby showing strong growth potential as they emerge from profitability challenges [8] - The urban renewal initiative is expected to create substantial market opportunities, particularly for high-quality consumer building materials [8]

Investment Rating - The report maintains a positive outlook on the price increase chain, particularly for traditional electronic fabrics, indicating a bullish sentiment for the sector [1][13]. Core Insights - The report highlights a significant price increase in 7628 electronic fabrics, rising from 4.15 CNY/m to 4.75 CNY/m since late September 2025, driven by supply constraints due to AI demand and copper price fluctuations [1][13]. - The waterproof coating sector is also experiencing price hikes, with a 5-10% increase announced by Keshun for certain products starting February 2026, reflecting a trend of consolidation and structural demand in non-real estate sectors [2][14]. - The report emphasizes the potential of UTG and TCO glass in the space photovoltaic sector, with SpaceX and Tesla aiming for an annual solar manufacturing capacity of 100GW within three years [3][15]. - In the AI-PCB upstream materials segment, there is a positive outlook for substrate materials driven by CPU shortages and price increases, with a notable 30% price hike planned by a leading Japanese company [4][16]. Summary by Sections Weekly Discussion - The report anticipates the continuation of the price increase chain through Q1 2026, particularly for traditional electronic fabrics, with a notable price increase observed since Q4 2025 [1][13]. - The electronic fabric market is transitioning to a supply-demand gap pricing model, with low inventory levels and bullish expectations for future prices [1][13]. Price Changes in Construction Materials - The report notes that the national average price for cement remains stable at 348 CNY/ton, with a significant drop in average shipment rates to 29.5% [5][17]. - The average price for float glass is reported at 1138.82 CNY/ton, with a slight increase observed, while the inventory levels are decreasing [5][17]. Market Performance - The construction materials index showed a strong performance with an 8.82% increase, outperforming the Shanghai Composite Index [20][23]. - Specific sectors such as glass manufacturing and fiberglass also reported significant gains, indicating robust market conditions [20][23]. Important Developments - The waterproof coating sector is seeing price increases, with Keshun announcing a price hike for certain products [6][14]. - The report highlights the ongoing expansion in solar energy production capabilities by major companies, indicating a shift towards renewable energy solutions [6][15].

内容概要：在我国，水泥基渗透结晶型防水材料从80年代末期开始应用，目前此类材料的应用已经比较 广泛，并且国家对此类材料已经制定了明确的标准，即GB18445-2001。由于此类防水材料在其防水性 能和施工工艺上有其他种类防水材料所不可替代的优点，所以这类材料必将被越来越多的人所接受。数 据显示，2020-2021年中国水泥基渗透结晶型防水材料市场规模呈现上升趋势，但2022年受房地产市场 持续调整影响，水泥基渗透结晶型防水材料行业需求显著下降，市场规模同比下降4.8%。随后2023年 在国家政策积极推动老旧小区改造，以及全国基础设施建设投资增加影响，行业需求逐渐回升，市场规 模逐渐上涨。2024年中国水泥基渗透结晶型防水材料市场规模达到96.60亿元，同比上涨3.8%。 相关上市企业：东方雨虹（002271）、三棵树（603737）、科顺股份（300737）、凯伦股份（300715） 等。 相关企业：北京城荣防水材料有限公司、盐城雨辰新型建材有限公司、璞耐特（大连）科技有限公司、 张家港市福明防水防腐材料有限公司、江苏诺亚建材科技有限公司、广东福地斯绿色环保科技有限公 司、领浮实业(上海)有限公司、北京德昌伟 ...

近期防水行业涨价解读及后市展望 20260122 摘要 科顺公司在东北市场面临激烈的低价竞争，为提升品牌形象和利润空间， 逆势采取提价策略，并计划开发高端项目及与实力代理商合作，以实现 可持续发展。 行业内其他企业对科顺提价反应不一，部分企业维持或降低价格。经销 商普遍抵触涨价，但因长期合作关系和产品质量，预计将逐步接受，并 通过缓冲期将价格传导至终端客户。 受整体经济环境影响，付款条件和回款周期恶化，经销商虽盈利水平下 降，但仍可通过薄利多销维持。科顺公司对经销商的年度指标与 2025 年基本持平，完成率要求有所放松。 科顺公司认为当前市场挑战与机遇并存，虽市场规模缩小，但提升市场 占有率仍可维持利润。公司对未来市场持乐观态度，并希望通过竞争淘 汰小型企业，避免恶性价格竞争。 科顺公司与经销商的价格落实依据授信时间长短决定，授信期短、回款 快则价格较低。防水涂料已基本涨价，卷材涨幅较小。涨价策略非全国 统一实施，效果需进一步观察。 当前市场环境下，各行各业的利润率普遍下降，但经销商仍能通过薄利多销等 方式维持一定盈利水平。如果项目选择得当，回款情况良好，他们依然可以获 得可观利润。然而，如果回款周期长、付款 ...

科顺股份 20260122 摘要 科顺股份 2025 年计提历史减值损失，旨在优化 2026 年财务报表，为 新一年轻装上阵，预计此举将大幅减少 2026 年应收账款计提，使报表 更清晰地反映经营成果。 公司发布丙烯酸类涂料涨价函，预计 2026 年毛利率提升约两个百分点。 原材料沥青价格预计同比下降 8~10%，采购均价降至 3,100~3,200 元/吨，显著改善成本结构，提升盈利水平。 地产市场两极分化，央国企积极拿地开工，利好科顺股份。市政基建项 目因政府资金改善而加速，工商建筑板块高端项目增多，民建领域保持 30%增长，共同推动业务增长。 海外市场采取"小步快跑"策略，预计 2026 年收入接近 7 亿元，未来 三到四年内计划布置 3 至 4 个工厂。转型升级包括扩充协同性强的新业 务、投资前沿技术和收并购，构建第二增长曲线。 公司积极管理应收账款和工抵房，全面核算地产项目，实现动态平衡。 预计 2025 年清理所有风险点，2026 年应收账款计提大幅减少，财务 状况逐步改善。 Q&A 2025 年科顺股份的整体经营情况如何？近期涨价函的覆盖范围和涨幅如何？ 2025 年，科顺股份的全年收入趋势与前 ...

Core Viewpoint - The renovation and building materials sector experienced a slight increase of 0.24% on January 23, with Luoyang Energy leading the gains. The Shanghai Composite Index rose by 0.33%, while the Shenzhen Component Index increased by 0.79% [1]. Group 1: Stock Performance - The top-performing stocks in the renovation and building materials sector included: - Luoyang Energy (002088) with a closing price of 12.87, up 10.00% and a trading volume of 198,000 shares, totaling 247 million yuan [1]. - Youbang Ceiling (002718) closed at 67.38, up 6.99% with a trading volume of 30,700 shares, totaling 200 million yuan [1]. - Zhonggang Luonai (611889) closed at 7.52, up 6.67% with a trading volume of 755,000 shares, totaling 562 million yuan [1]. Group 2: Market Trends - The overall market saw a net outflow of 48.64 million yuan from the renovation and building materials sector, with retail investors contributing a net inflow of 233 million yuan [2]. - The main funds showed a mixed trend, with significant outflows from several stocks, including: - Zhonggang Luonai (611889) with a net inflow of 73.53 million yuan from main funds but a net outflow of 15.64 million yuan from speculative funds [3]. - Luoyang Energy (002088) had a net inflow of 52.05 million yuan from main funds, while speculative funds saw a net outflow of 20.99 million yuan [3].

消息面上，据上海证券报，当地时间1月21日，有消息爆料称，马斯克正积极推进SpaceX的IPO计划， 其目标是在今年7月之前完成IPO。消息称，马斯克近年来一直抵制SpaceX上市，但是最近突然开始推 进IPO进程，一个主要原因是他想率先实现在太空建立数据中心。马斯克希望SpaceX成为首家在太空建 数据中心的公司。如果没有IPO一次性带来的数十亿美元资金，就很难尝试这样的壮举。马斯克还认 为，SpaceX IPO将有助于他的AI公司xAI追赶上竞争对手。 （文章来源：21世纪经济报道） 1月22日，A股市场午后震荡回升，三大指数集体翻红，创业板指走势较强。从板块来看，商业航天概 念爆发，27只成分股涨停，腾景科技、科顺股份、三角防务均20CM涨停，巨力索具2连板，顺灏股 份、中超控股、西部材料等涨停。天力复合、中泰股份、钢研高纳、天银机电等涨超10%。 ...