建筑材料行业周报：“以旧换新”政策落地，关注建材更新需求

Investment Rating - The report maintains an "Overweight" rating for key companies in the building materials sector, including Dongfang Yuhong, Sankeshu, Senying Windows, Weixing New Materials, Keshun Co., Jianlang Hardware, Rabbit Baby, China Jushi, and Beixin Building Materials [1]. Core Viewpoints - The report emphasizes two main investment strategies for 2024: selecting leading companies with continuous market share growth and focusing on companies at the bottom of the cycle, particularly in the fiberglass and cement sectors [1][19]. - North New Materials is highlighted as a key recommendation due to its acquisition of Jiaboli, which positions the company as a leader in the coatings industry and enhances its growth potential through high stock incentive conditions [2][7]. - The report suggests paying attention to high dividend yield stocks within the building materials sector, as the sector's dividend payout in 2022 was 22.953 billion yuan, with an average dividend yield of 2.30% [11]. Summary by Sections Industry Insights and Investment Recommendations - North New Materials is recommended for its strategic acquisition of Jiaboli, which will significantly enhance its market position in the coatings sector [2][7]. - The report advises focusing on high dividend yield stocks, particularly Rabbit Baby and Senying Windows, which are expected to perform well due to stable earnings and low valuations [11]. - The report notes that cement prices have shown a slight increase of 0.4% recently, while the average price for February 2024 was 365.91 yuan per ton, reflecting a year-on-year decrease of 61.91 yuan [27]. Market Performance - The building materials index increased by 2.85% during the period from March 11 to March 15, outperforming the Shanghai Composite Index, which rose by 0.28% [20]. - The report indicates that the cement market is experiencing a downturn, with production levels at their lowest since 2012, and suggests that high-quality cement companies may offer attractive dividend yields [17][18]. Price Changes - The report details that the national average price for fiberglass is currently 3074.50 yuan per ton, showing a slight decrease of 0.10% from the previous week and a year-on-year decline of 24.28% [2][27]. - The average price for glass is reported at 1939 yuan per ton, down 78 yuan from the previous period, with the industry operating at an average capacity utilization rate of 85.15% [2][27].