建材行业专题研究：头部企业压力中表现更优，看好估值修复+Q4价格弹性两条主线

Investment Rating - The report maintains a "Strong Buy" rating for the construction materials sector, indicating a positive outlook for recovery in valuations and price elasticity in Q4 [6]. Core Insights - The construction materials sector is experiencing pressure on overall performance due to weak downstream demand, particularly in real estate and infrastructure funding delays. For the first three quarters of 2024, the sector reported revenues of 487.92 billion yuan, a year-on-year decline of 11.8%, and a net profit of 14.66 billion yuan, down 51.7% [1][22]. - The report highlights two main investment themes: the potential recovery of undervalued consumer building material leaders and the price elasticity of cyclical commodities in Q4 [7]. Summary by Sections 1. Basic Review of the First Three Quarters of 2024 - Fixed asset investment growth slowed to 3.4% in the first three quarters compared to 3.9% in H1, with infrastructure investment (excluding power) growing by 4.1%, down from 5.4% in H1 [13]. 2. Overview of the Construction Materials Sector in Q3 - The construction materials sector's overall performance remains under pressure, with a revenue of 487.92 billion yuan and a net profit of 14.66 billion yuan for the first three quarters of 2024, reflecting significant declines [22][24]. 3. Cement Sector - The cement sector faced a decline in both volume and price, with a cumulative production of 1.33 billion tons, down 10.7% year-on-year. The average price of high-standard cement decreased by approximately 28 yuan per ton [29][30]. 4. Glass Sector - The glass industry saw worsening supply-demand dynamics, with prices dropping by 222 yuan per ton. The sector reported revenues of 38.783 billion yuan, down 7.55% year-on-year, and a net profit of 1.739 billion yuan [3]. 5. Fiberglass Sector - The fiberglass sector experienced price fluctuations, with revenues of 39.833 billion yuan, a decline of 4.23% year-on-year, and a net profit of 2.202 billion yuan, down 58.41% [4]. 6. Consumer Building Materials Sector - The consumer building materials sector reported revenues of 117.28 billion yuan, a decrease of 2.25% year-on-year, with net profits of 7.689 billion yuan, down 15.28%. The cash flow situation improved, indicating resilience in consumer demand [4]. 7. Investment Recommendations - The report suggests focusing on undervalued consumer building material leaders and cyclical commodities with price recovery potential in Q4, recommending companies such as Dongfang Yuhong and Huaxin Cement [7].