建筑材料行业专题研究：24Q3水泥等有亮点，关注Q4供需共振机会

Investment Rating - Investment recommendation: Outperform the market (maintained) [5] Core Insights - The construction materials industry is experiencing a contraction in demand, with intense competition leading to continued pressure on revenue and profits. However, there are bright spots in cement and other materials, particularly in Q4 as supply and demand dynamics may resonate positively [2][5][6]. Summary by Sections 1. Construction Materials Overview - In Q3 2024, the overall demand for construction materials is weak, with most companies facing revenue and profit declines. Some companies with stronger consumer characteristics, such as Beixin and Tubao, continue to show stable growth [10][11]. 1.1 Renovation Materials - Total revenue for renovation materials in Q1-Q3 2024 was 111.8 billion yuan, down 7% year-on-year. Net profit attributable to shareholders was 6.9 billion yuan, down 31% year-on-year. In Q3 2024, total revenue was 38.3 billion yuan, down 11% year-on-year, and net profit was 2.3 billion yuan, down 42% year-on-year [6][10]. 1.2 Glass Sector - The pharmaceutical glass leader, Shandong Yaoboa, continues to grow rapidly, while the float and photovoltaic glass sectors are under pressure. In Q3 2024, the float glass sector is experiencing declining profitability, and photovoltaic glass companies are facing losses [6][10][19]. 1.3 Fiberglass and Cement - In Q3 2024, fiberglass prices improved, and major companies showed a sequential improvement in profits. The cement sector reported revenues of 76.6 billion yuan, down 20% year-on-year, but the decline in profits is narrowing, indicating a "not-so-dull" off-season [6][10]. 1.4 Other New Materials - The demand for civil explosives and silicon materials is on the rise, while refractory materials face increasing pressure. Companies in the civil explosives sector are experiencing rapid revenue and profit growth [6][10]. 2. Investment Recommendations - For the real estate chain, focus on leading companies in cement and renovation materials. For non-real estate chains, pay attention to fiberglass, pharmaceutical packaging materials, civil explosives, and silicon materials, particularly the molded bottle leader Shandong Yaoboa [6][10].