建筑材料&新材料行业周报：2024年地产延续调整，新材料关注电子材料龙头业绩释放

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report emphasizes the expectation for the real estate market to stabilize in 2025, following a decline in 2024, with a focus on the potential recovery driven by financial policy adjustments and city-specific measures [4][9] - In the new materials sector, the report highlights the strong performance of Dinglong Co., with a projected net profit growth of 120.71%-138.73% in 2024, particularly in the semiconductor materials segment [5][9] Summary by Sections Real Estate Sector - The report outlines significant declines in various real estate metrics for 2024, including: - Development investment down 10.6%, with residential investment down 10.5% - Construction area down 12.7%, with residential construction area down 13.1% - New construction area down 23%, with residential new construction area down 23% - Completion area down 27.7%, with residential completion area down 27.4% - Sales area down 12.9%, with residential sales area down 14.1% and sales revenue down 17.1%, with residential sales revenue down 17.6% [4] Cement Industry - The average national cement price was 520.68 RMB/ton, with a week-on-week decline of 1.2% [6] - Cement dispatch volume was 2.6878 million tons, with a week-on-week decrease of 9.8%, marking six consecutive weeks of decline [6] Flat Glass Industry - The national flat glass price decreased by 1.4% as of January 10, with inventory levels increasing by 15.1 thousand weight boxes [7] - The daily production of float glass was 157,400 tons, with a week-on-week decrease of 0.22% [7] Photovoltaic Glass Industry - The average prices for photovoltaic glass (2.0mm and 3.2mm) were 12 RMB/square meter and 19.5 RMB/square meter, respectively, with stable week-on-week performance [26] Fiberglass and Carbon Fiber - Fiberglass prices remained stable, while carbon fiber prices also showed stability during the reporting period [8][27] Investment Recommendations - The report suggests focusing on resilient consumer building material leaders such as Beixin Building Materials and Weixing New Materials, as well as companies benefiting from cash flow improvements due to debt restructuring [9]