中国联塑再涨超4% 内地核心业务呈现企稳迹象 海外业务有望驱动未来增长

Core Viewpoint - China Liansu (02128) has seen a stock price increase of over 4%, currently trading at HKD 5.96 with a transaction volume of HKD 66.518 million, reflecting positive sentiment in the market [1] Group 1: Market Analysis - Huatai Securities reports that positive real estate policies are expected to accelerate the stabilization of the real estate market, with current data adequately reflected in the stock prices and valuations of building materials companies [1] - Companies are improving revenue through increased domestic market share, expansion of overseas business, and diversification of product categories, with some companies starting to show signs of revenue improvement [1] Group 2: Investment Recommendations - Huatai Securities suggests focusing on a balanced allocation of traditional cyclical and emerging technology growth opportunities within the building materials sector, recommending China Liansu among others [1] - Citigroup has lowered its earnings forecast for Liansu for 2026 to 2028 by 11% to 18% due to impairment of non-core projects, but notes that the core business in mainland China shows signs of stabilization [1] Group 3: Business Performance - The drag from residential business is decreasing, offset by strong growth in non-residential sectors such as agriculture, industry, healthcare, and municipal services [1] - Citigroup anticipates that Liansu's overseas pipeline business will become a major growth driver in the future, with sales expected to increase by over 50% this year [1]