东方证券:国内建材市场需求仍然低迷 企业出海值得重点关注
智通财经网·2025-10-31 06:56

Group 1 - The domestic building materials market demand remains sluggish, with significant declines in construction activity and cement production [1][2] - In the first three quarters of 2025, Huanxin Cement and Keda Manufacturing reported impressive financial results, with Huanxin Cement achieving a net profit of 2.0 billion yuan, up 76.0%, and Keda Manufacturing achieving a net profit of 1.15 billion yuan, up 63.5% [2][3] - The successful overseas expansion of companies like Huanxin Cement and Keda Manufacturing serves as a model for other building materials firms, highlighting the potential for growth in international markets [3][4] Group 2 - Huanxin Cement has established production bases in 12 countries, with an overseas cement grinding capacity of 24.7 million tons per year, contributing 41.3 billion yuan in revenue, which accounts for 45.1% of total revenue [2] - Keda Manufacturing's overseas business, primarily in sub-Saharan Africa, has seen a significant increase in production, with ceramic products reaching approximately 100 million square meters and revenue from overseas building materials reaching 3.77 billion yuan, up 90.1% [2][3] - The focus on international markets is seen as a crucial strategy for building materials companies to navigate the challenges posed by a declining domestic market [3]