国泰海通：建材行业基本面确定性优势凸显 盈利修复最快在25Q1或可逐步兑现

Group 1: Cement Industry - The cement industry is expected to see a slowdown in demand decline, with significant internal demand potential from ongoing key projects [1] - The pricing strategy for cement is progressing smoothly, with successful peak-shifting and price increases observed [1] - The profitability of the cement sector is anticipated to improve by Q1 2025, driven by cost reductions from coal and stable demand [1] Group 2: Consumer Building Materials - The main focus for consumer building materials in 2025 is on profit margin recovery rather than price increases [2] - The expectation of lower raw material costs due to OPEC+ production increases is likely to enhance cost optimization [2] - The industry is expected to experience a more moderate price competition, leading to a potential recovery in net profit margins [2] Group 3: Glass Fiber Industry - The glass fiber industry shows strong expectations regarding the ability to pass on tariff costs to downstream markets [3] - Major companies like China Jushi have established production capacities in key overseas markets, mitigating the impact of tariffs [3] - The industry's leading firms maintain a high willingness and ability to increase prices, indicating strong profitability recovery prospects [3]