证券日报网2月2日讯，隆达股份在接受调研者提问时表示，公司致力于加强研发创新，保持产品优异的 质量，同时兼并收购作为上市公司做大、做强的主要手段，尤其是结合国家政策对这块的支持力度，公 司一直在积极研究并购工作，寻找产业相关的优质标的。 ...

Core Viewpoint - The construction materials industry is expected to maintain high investment attractiveness in 2025 due to structural highlights, despite ongoing pressure from traditional domestic real estate and infrastructure sectors [1][2]. Group 1: Cement - Cement demand is under pressure, with a structural adjustment expected; by 2025, the demand distribution is projected to be 30% from real estate, 50% from infrastructure, and 20% from rural areas [3]. - The industry is anticipated to experience a gradual improvement in supply-demand balance as excess capacity is addressed and supply-side constraints are implemented [3]. Group 2: Glass Fiber - The glass fiber sector is poised for significant profit release in 2026, driven by demand from AI electronic cloth; the focus will be on high-end fabric price elasticity [4]. - The glass fiber industry has established a global pricing structure, with both domestic and international demand being crucial for growth [4]. Group 3: Glass - The glass sector is facing demand pressure and a slowdown in cold repair processes, with a net reduction of approximately 4000 tons per day expected by the end of 2025 [5]. - The industry is experiencing weak profitability, with over 60% of natural gas production lines expected to incur losses; however, there may be opportunities for supply-demand mismatches in 2026 [5]. Group 4: Consumer Building Materials - The consumer building materials sector has shown signs of stabilization since Q3 2025, with narrowing revenue declines and reduced price competition, indicating that the most challenging phase has passed [6]. - Despite ongoing pressures in new housing demand, the increase in second-hand housing and renovation projects is expected to provide strong support, creating structural opportunities [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to achieve revenue and profit growth through both organic and external development strategies, particularly in the industrial coatings business [3] - The company is accelerating its mergers and acquisitions pace to enhance its market position and is actively expanding into overseas markets [5] - Despite facing pressure in its main business, the company is optimistic about its gypsum board segment and the high growth potential in waterproofing and coatings [5] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 19.905 billion yuan, a year-on-year decrease of 2.25%, and a net profit attributable to shareholders of 2.586 billion yuan, down 17.77% year-on-year [5] - The company's gross margin for the first three quarters of 2025 was 29.53%, a decline of 1.12 percentage points year-on-year [5] - The company’s operating income for 2023 is projected at 22.426 billion yuan, with a growth rate of 12%, while the net profit is expected to be 3.524 billion yuan, also reflecting a 12% growth [3] Earnings Forecast - The company’s earnings forecasts for 2025 to 2027 are as follows: net profit of 3.278 billion yuan in 2025, 5.471 billion yuan in 2026, and 5.960 billion yuan in 2027 [5][6] - The projected P/E ratios for the company are 12.3 for 2025, 7.4 for 2026, and 6.7 for 2027, indicating a favorable valuation outlook [5][6] Market Conditions - The company faces increased competition in the gypsum board market, with a 15.30% year-on-year decline in housing completion area in China during the first nine months of 2025 [5] - The manufacturing sector's fixed asset investment grew by 4.00% year-on-year, but this was lower than the previous year's growth rates [5] Strategic Initiatives - The company announced its intention to acquire 100% equity in an overseas building materials company, which aligns with its core business and is expected to create synergies [5] - The company is focusing on maintaining stable growth in its gypsum board business while pursuing high growth in waterproofing and coatings through strategic acquisitions [5]