从“十五五”看中国联塑(2128.HK)：政策驱动需求放量，管网基建核心受益者

Core Viewpoint - The recent surge in China Liansu's stock price is attributed to the announcement of the "14th Five-Year Plan," which includes plans to construct and renovate over 700,000 kilometers of underground pipelines, leading to an investment demand exceeding 5 trillion yuan [2][3]. Group 1: Policy-Driven Growth Opportunities - China Liansu is positioned to benefit from the "14th Five-Year Plan" through its leading market share in plastic pipes, which are essential for underground pipeline construction [2][3]. - The plan emphasizes regional coordinated development, new urbanization, and land-sea integration, all of which will drive demand for underground pipelines [3][4]. - The focus on new urbanization will create a clear blueprint for investment in underground pipelines, providing long-term growth momentum for the plastic pipe industry [6][7]. Group 2: Industry Dynamics and Competitive Landscape - The plastic pipe industry is shifting from reliance on real estate growth to demand-driven strategies, with competition moving towards technology, quality, and comprehensive solutions [6][8]. - The marine economy, which has surpassed 10 trillion yuan, opens new application scenarios for plastic pipes, enhancing growth opportunities for companies that can meet marine environment requirements [7][8]. Group 3: Competitive Advantages of China Liansu - China Liansu has a competitive edge through its extensive production capacity and supply chain, with over 30 production bases across 19 provinces and advanced smart manufacturing technologies [10][12]. - The company has a strong R&D team with nearly 3,500 patents and plays a key role in setting industry standards, allowing it to avoid low-end competition and enhance its premium product offerings [13][14]. - The diversification of products enables China Liansu to cover various application scenarios, which helps mitigate cyclical fluctuations and supports robust revenue growth [15][16]. Group 4: Financial Performance and Future Outlook - In the first half of the year, China Liansu achieved a gross margin of 28.2%, with a net profit margin of 7.5%, indicating strong cost control and profitability [18]. - The company is expected to benefit from favorable policies and industry trends, leading to improved profitability and valuation in the long term [18].