建材行业2024年三季报业绩前瞻：需求筑底复苏可期，关注提价进程

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a potential recovery in demand and a focus on price increases [2]. Core Insights - The industry is currently at a low point, but a recovery is expected due to increased policy support. The construction materials sector remains under pressure, but improvements are anticipated in Q4 and beyond, driven by policy changes aimed at stabilizing the real estate market and enhancing consumer demand [2][3]. - Key segments such as cement, fiberglass, and glass are experiencing varying degrees of price adjustments and demand pressures, with expectations of gradual recovery in profitability [2][3]. Summary by Relevant Sections Demand and Market Conditions - The construction materials industry is still at a relative bottom, with key metrics from January to August showing significant year-on-year declines in real estate activities: property sales down 18.6%, new construction down 22.5%, and completed housing down 23.6% [2]. - The report anticipates a gradual recovery in demand due to policy shifts and improved consumer sentiment, particularly in the renovation sector [2]. Segment Analysis - Cement: The average price of cement in Q3 was 395 RMB per ton, showing a year-on-year increase of 31 RMB per ton. The report notes a strong collaborative effort among leading companies to maintain profitability through coordinated production adjustments [2]. - Fiberglass: The average price for non-alkali fiberglass yarn in Q3 was 4666 RMB per ton, reflecting a stable market with some price increases expected due to supply adjustments [2]. - Glass: The glass industry faced significant pressure in Q3, with average prices dropping to 1487.5 RMB per ton. However, recent price increases in October suggest a potential recovery in Q4 [2]. Investment Recommendations - For construction materials, the report recommends companies such as Beixin Building Materials, Weixing New Materials, and Tubao, while suggesting to pay attention to Dongfang Yuhong [2]. - In the cement sector, companies like Conch Cement and Huaxin Cement are highlighted as potential investment opportunities due to expected profitability improvements [2]. - The fiberglass sector is recommended for investment in China Jushi, while the glass sector suggests monitoring Q4 performance for potential recovery [2][3].