Investment Rating - The report maintains a "Recommended" rating for the building materials industry, indicating an expected recovery in demand driven by favorable real estate policies [2][6]. Core Insights - Recent significant real estate policies have been introduced, which are expected to improve the fundamentals of the building materials industry. The stabilization of the real estate market is likely to enhance demand for building materials, leading to a recovery in industry valuations [2][5]. - The cement sector has experienced a decline in demand due to adverse weather conditions, with a national average shipment rate dropping by 2 percentage points to 48%. Despite this, companies are expected to adopt price stabilization strategies to maintain profitability [2][17]. - The glass industry has seen a decline in transaction prices, with the average price of float glass dropping to 1367 yuan/ton. The market is experiencing mixed performance, with some regions seeing price increases due to tight supply [2][44]. Summary by Sections Cement Industry - The cement market has faced a slight price decline of 0.1% nationally, with specific regions like Fujian and Chongqing seeing price drops of 20-30 yuan/ton. Conversely, prices in Henan have increased by 40 yuan/ton [2][17]. - The report highlights that the northern regions are experiencing a significant drop in demand, while southern regions maintain stable demand levels. Companies are expected to continue implementing price increases to stabilize their current profit levels [2][17][18]. Glass Industry - The average price of float glass has decreased, with a notable drop in transaction prices across various regions. The market is characterized by a lack of significant improvement in demand, leading to price adjustments by some companies to stimulate sales [2][44][50]. - The report indicates that the production capacity remains stable, with no significant increase in output expected in the near term. However, the demand side remains weak, with a potential risk of further price declines [2][50]. Consumer Building Materials - Following the central government's directive to stabilize the real estate market, there has been a noticeable increase in housing viewings and transactions, particularly in first- and second-tier cities. This trend is expected to positively impact the demand for consumer building materials [2][55]. - The report suggests focusing on key companies in the consumer building materials sector, such as Weixing New Materials and Beixin Building Materials, which are likely to benefit from the improving market conditions [2][6].
建筑材料行业周报:地产利好政策密集出台,关注政策落地带来的基本面改善
CHINA DRAGON SECURITIES·2024-12-02 08:10