建材行业跟踪报告：塑料管承压，PCCP管量利齐升

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report highlights that the revenue of pipeline material listed companies reached approximately 15.35 billion yuan in the first three quarters of 2024, showing a year-on-year decline of 1.0% [2]. - The overall gross profit margin of the sector slightly decreased by 0.7 percentage points to 26.1% in the first three quarters of 2024, with a total net profit of 970 million yuan, representing a significant year-on-year decline of 27.1% [3]. - In Q3 2024, the total revenue of pipe listed companies was about 5.57 billion yuan, reflecting a year-on-year growth of approximately 4.7%, while plastic pipe companies experienced a revenue decline of 8.6% [4]. - The report indicates a divergence in revenue performance between plastic pipes and PCCP pipes, with PCCP companies seeing a substantial revenue increase of 78.6% [4]. Summary by Sections Revenue Performance - In Q1 to Q3 2024, the total revenue of pipeline material companies was approximately 15.35 billion yuan, down 1.0% year-on-year, with notable declines from companies like Public Company A and Public Company B [2]. - In Q3 2024, the total revenue for the sector was around 5.57 billion yuan, with plastic pipe companies generating 4.12 billion yuan, down 8.6% year-on-year, while PCCP companies achieved 1.45 billion yuan, up 78.6% [4]. Profitability Metrics - The overall gross profit for the pipe sector in Q3 2024 was about 1.5 billion yuan, a decrease of 2.3% year-on-year, with plastic pipe companies experiencing a decline in gross profit margin [5]. - The net profit for the sector in Q3 2024 totaled approximately 410 million yuan, down 6.9% year-on-year, with significant contributions from key players like Public Company A [5]. Subsector Analysis - The plastic pipe sector's net profit in Q3 2024 was around 300 million yuan, reflecting a year-on-year decline of 42.1%, while PCCP companies reported a net profit of 110 million yuan, a remarkable increase of 260.2% [6].