建材行业2024年三季报总结：Q3景气下行，供给收缩静待需求恢复

Investment Rating - The industry investment rating is "Hold" [4] Core Views - The construction materials industry is experiencing a downward trend in demand, with a notable decline in profitability across various segments. The consumer building materials sector has seen a revenue decrease of 5.8% year-on-year in the first three quarters of 2024, with quarterly changes of +0.2%, -5.3%, and -10.7% respectively. The pressure from construction completions is increasing, and while the consumer segment is performing better than the business segment, retail growth is beginning to face challenges in Q3 [2][3] - In the cement sector, weak demand has led to a significant profit decline, with net profit for the first three quarters of 2024 at 3.16 billion yuan, down 75.3% year-on-year. However, there have been positive changes on the supply side, with companies increasing production cuts to improve profitability [2][3] - The glass industry is facing losses across both float and photovoltaic glass sectors, with the float glass sector's net profit down 38% year-on-year and the photovoltaic glass sector down 59%. The industry is waiting for demand recovery while accelerating production cuts [3] - The fiberglass sector has shown a slight improvement in Q3, with a year-on-year net profit decline of 63% in the first three quarters of 2024. The leading companies in this sector continue to perform better than their peers [3] Summary by Sections Consumer Building Materials - The consumer building materials sector is experiencing a sequential decline in revenue, with a notable drop in net profit of 30% year-on-year for the first three quarters of 2024. The leading companies are expected to see cash flow improvements first [2][3][22] - The competitive landscape is intensifying due to increased pressure on margins from raw material costs and heightened competition, although signs of a price war bottoming out are emerging [2][3] Cement - The cement industry is facing weak demand, resulting in a significant profit decline. The net profit for the first three quarters of 2024 is reported at 3.16 billion yuan, a 75.3% decrease year-on-year. However, companies are actively reducing production to stabilize prices and improve profitability [2][3][22] Glass - The float glass sector has seen a 38% year-on-year decline in net profit, while the photovoltaic glass sector has experienced a 59% drop. The industry is currently in a loss-making phase, with production cuts being implemented to await demand recovery [3][22] Fiberglass - The fiberglass sector has shown a slight recovery in Q2, with a year-on-year net profit decline of 63% in the first three quarters of 2024. Leading companies are maintaining a competitive edge despite the overall sector challenges [3][22]