建筑材料行业点评报告：玻纤年内二次复价，行业盈利能力有望进一步改善

Investment Rating - The investment rating for the building materials industry is "Recommended (Maintain)" [1] Core Viewpoints - The industry is expected to see further improvement in profitability due to the second price increase of glass fiber within the year. Major companies have announced price adjustments for various products, including a 15-20% increase for wind power yarn and a 10-15% increase for thermoplastic short-cut products [1] - The first price increase earlier in the year led to a rebound in glass fiber prices, with significant increases noted in various product categories. For instance, the price of 2400tex winding direct yarn rose by 430 RMB/ton, G75 yarn by 1680 RMB/ton, and 7628 electronic cloth by 0.6 RMB/m compared to March prices [1] - Demand for glass fiber in mid-to-high-end sectors, such as automotive and wind power, continues to grow, which is expected to drive profitability improvements in the industry. For example, the production of new energy vehicles in October 2024 reached 1.428 million units, a year-on-year increase of 48.6%, and wind power installed capacity grew by 20.3% year-on-year [1] Summary by Relevant Sections Price Adjustments - Multiple leading glass fiber manufacturers have issued price adjustment notices, with increases ranging from 10% to 20% across various product types, including wind power yarn and thermoplastic short-cut products [1] Profitability Improvement - The second price increase is anticipated to further enhance industry profitability, following a recovery in glass fiber prices after the first price adjustment in March 2024 [1] Demand Growth - The recovery in downstream demand, particularly in the automotive and wind power sectors, is expected to boost the demand for glass fiber products. The growth in new energy vehicle production and wind power installations is a key driver [1] Investment Recommendations - Investors are advised to focus on the potential profitability improvements from price increases in mid-to-high-end products. Specific companies to watch include China Jushi (600176.SH), China National Materials (002080.SZ), Changhai Co., Ltd. (300196.SZ), and Shandong Glass Fiber (605006.SH) [1]