建筑材料行业投资策略周报：节前稳价为主，业绩预告风险陆续释放

Investment Rating - The industry investment rating is "Hold" [2] Core Views - The construction materials industry is experiencing a downturn, with companies reporting significant declines or losses in their 2024 earnings forecasts. This is attributed to the industry's bottoming out in 2024, characterized by weak profitability in cement and fiberglass, and continuous price declines in float glass. However, the report anticipates a recovery in 2025, driven by improved retail demand and a gradual release of uncertainty in earnings [7][16]. Summary by Sections Section 1: Price Stability and Earnings Forecast Risks - Construction material companies are releasing 2024 earnings forecasts, showing widespread declines or losses due to the industry's downturn. The report suggests that 2025 may be a year of stabilization, with retail construction materials recovering first and risks related to historical receivables gradually diminishing [16]. Section 2: Consumer Building Materials - Policies are continuously supporting the sector, with retail construction materials showing early signs of recovery. Leading companies exhibit strong operational resilience. The long-term demand for consumer building materials remains stable, with significant growth potential for quality leaders in the sector [7]. Section 3: Cement - The national cement market price has decreased by 0.1% week-on-week. As of January 17, the average cement price is 411 RMB/ton, reflecting a year-on-year increase of 40.17%. The report highlights that the industry valuation is at historical lows, with a positive outlook for companies like Conch Cement and Huaxin Cement [7]. Section 4: Glass - The trading atmosphere for float glass is acceptable, while photovoltaic glass transactions are average. As of January 17, the average price for float glass is 1392 RMB/ton, down 31.7% year-on-year. The report indicates that leading glass companies are undervalued, with a favorable outlook for companies like Xinyi Glass and Shandong Yaobang [7]. Section 5: Fiberglass and Carbon-Based Composites - The market price for fiberglass remains stable, with electronic yarn prices holding steady. The report notes that the fiberglass sector is experiencing a bottoming out, with leading companies showing significant advantages. Companies like China Jushi and Zhongtai Technology are highlighted as having strong potential [7].