建材行业2023年报&2024一季报综述：业绩周期底部承压，玻纤提价静待回暖

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [6] Core Insights - The building materials industry is currently under pressure at the bottom of the performance cycle, with resilient performance in renovation materials while the cement sector faces profit pressure. In 2023, the industry's revenue decreased by 1.66% year-on-year, and net profit attributable to shareholders dropped by 32.45%. For Q1 2024, the revenue decline expanded to 18.46%, and net profit fell by 90.62% [6][17][22] Summary by Sections 1. Industry Overview - The building materials industry remains under pressure, with a notable decline in both revenue and profit. The revenue for 2023 was 799.81 billion, and net profit was 36.51 billion, marking a significant decrease compared to previous years [17][19] 2. Cement Sector - The cement sector is experiencing a downturn due to insufficient demand, with a total production of 2.023 billion tons in 2023, a decrease of 0.7% year-on-year. The total profit for the sector was 31.03 billion, the lowest in five years, down 54.8% year-on-year. For Q1 2024, revenue fell by 28.63%, and net profit dropped by 504.55% [22][23] 3. Glass Sector - The glass sector showed improvement in profitability, supported by a 17% increase in construction area in 2023, leading to a revenue increase of 17.68% and a net profit increase of 8.20%. For Q1 2024, revenue grew by 4.59%, and net profit surged by 107.01% [32] 4. Glass Fiber Sector - The glass fiber sector is at a cyclical bottom, with revenue declining by 10.42% in 2023 and net profit down by 51.79%. However, recent price increases are expected to improve profitability [6][32] 5. Renovation Materials - The renovation materials sector demonstrated resilience, achieving a revenue growth of 3.73% in 2023 and a net profit increase of 7.50%. For Q1 2024, revenue and net profit continued to grow, albeit at a slower pace [7][8]