Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the building materials industry [4] Core Insights - The building materials industry is facing significant downward pressure due to a continued contraction in downstream demand, particularly in the real estate sector, leading to a substantial year-on-year decline in revenue and profit for 2024. However, there are signs of improvement in Q1 2025, with a notable recovery in profitability [1][19][20] Summary by Sections 1. Building Materials Industry Overview - In 2024, the building materials industry achieved revenue of 587.88 billion yuan, a year-on-year decrease of 15.10%, and a net profit attributable to shareholders of 19.51 billion yuan, down 47.94% year-on-year. The decline in net profit was more pronounced than the revenue drop, primarily due to an increase in expense ratios and credit impairment losses [1][19] - The overall gross margin for the building materials sector in 2024 was 19.93%, a slight decrease of 0.03 percentage points year-on-year, while the expense ratio increased to 14.10%, up 1.87 percentage points year-on-year [1][28] 2. Consumer Building Materials - The consumer building materials segment experienced a revenue of 127.64 billion yuan in 2024, down 7.01% year-on-year, with a net profit of 4.89 billion yuan, a decline of 45.08%. The drop in net profit was greater than the revenue decline due to a decrease in gross margin and an increase in expense ratios [2][45] - In 2025 Q1, the consumer building materials sector showed signs of recovery, with a notable improvement in operating cash flow and gross margins for certain sub-segments, such as boards and coatings [2][12] 3. Fiberglass Sector - The fiberglass sector reported revenue of 55.60 billion yuan in 2024, a decrease of 2.06% year-on-year, with a net profit of 3.30 billion yuan, down 46.99%. However, the decline in profit was less severe than in previous years, indicating a gradual recovery [3][13] - In 2025 Q1, the fiberglass sector saw a revenue increase of 25.24% year-on-year, with net profit soaring by 165.66%, attributed to price adjustments and improved demand [9][12] 4. Cement Sector - The cement sector faced a revenue drop of 21.81% in 2024, totaling 308.27 billion yuan, with a net profit of 9.83 billion yuan, down 40.49%. However, by 2025 Q1, the sector's revenue decline narrowed to 6.93%, and net profit increased by 119.22% [10][14] - The gross margin for the cement sector improved in 2025 Q1, reaching 15.75%, an increase of 4.49 percentage points year-on-year [10][54] 5. Glass Sector - The glass sector's revenue in 2024 was 51.15 billion yuan, a decrease of 11.59%, with a net profit of 0.29 billion yuan, down 93.22%. The sector continued to struggle with high inventory levels and declining prices [11][12] - In 2025 Q1, the glass sector's revenue was 10.52 billion yuan, down 19.51% year-on-year, but net profit improved to 0.45 billion yuan, a decrease of 56.16% [11][12] 6. Investment Recommendations - The report suggests focusing on leading companies in the consumer building materials sector, which are expected to see improvements in demand and profitability. Key companies to watch include Sanhe Tree, Rabbit Baby, Weixing New Materials, Beixin Building Materials, and Oriental Yuhong [12][14] - For the fiberglass sector, the report highlights the potential for significant earnings growth in 2025, particularly for companies with overseas production lines [13][14] - In the cement sector, the report notes that prices are still at historical lows, but improvements in supply-side policies could alleviate industry supply-demand imbalances [14]

Group 1: Macroeconomic Insights - The core conclusion of the report indicates that the US May CPI and core CPI were both below expectations, suggesting that overall inflationary pressure remains moderate. Following the data release, the market slightly adjusted its expectations for Fed rate cuts, anticipating two cuts within the year, with the first expected in September. It is noted that tariffs have not yet fully manifested their impact on inflation, and risks of inflationary pressure still exist in the US [3]. Group 2: Fixed Income Strategy - The report emphasizes a "barbell strategy" in fixed income investments, focusing on both technology and domestic demand defensive themes. The previous period's barbell strategy yielded a return of 15.98% for selected convertible bonds, with all holdings generating positive returns. The report suggests maintaining high-rated large base bonds while increasing holdings in mid-to-low priced convertible bonds and quality targets in popular themes [4]. Group 3: Construction Materials Industry - The construction materials sector is currently in a bottoming process, with cement companies experiencing a 16.99% decline in revenue and a 19.99% drop in net profit in 2024. The industry is relying on staggered production halts to stabilize prices, which often leads to increased average losses before prices recover. The glass industry also faced significant declines, with revenues down 11.1% and net profits down 88.6% in 2024. However, there are signs of potential recovery in 2025, particularly in the glass fiber sector, which has shown improved profitability in recent quarters [5][6][7]. Group 4: Electronics Sector - The report on Zhaoyi Innovation (603986.SH) highlights its diversified layout in storage, MCU, and sensor fields, with storage revenue expected to exceed 70% in 2024. The company is positioned as the second-largest player in the global NOR Flash market and is anticipated to see significant growth in its DRAM business. Revenue projections for 2025, 2026, and 2027 are 9.36 billion, 11.46 billion, and 13.55 billion yuan respectively, with corresponding net profits of 1.46 billion, 1.94 billion, and 2.38 billion yuan [8].

股票研究 /[Table_Date] 2025.06.09 6 月开始逐步迎来低基数期 [Table_Industry] 建材 [Table_Invest] 评级： 增持 [table_Authors] 鲍雁辛(分析师) 花健祎(分析师) 巫恺洋(研究助理) | 021-38676666 | 021-38676666 | 021-38676666 | | --- | --- | --- | | 登记编号 S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读： 水泥行业价格调整后开始出现企稳信号，消费建材改善竞争环境和盈利还在继续。 投资要点： 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 [Table_Summary] 水泥：本周(0531-0606)全国水泥市场价格环比回落 1.2%。价格回落 区域主要是山西、上海、江苏、安徽、湖北、湖南和广东等地，幅 度 10-20 元/吨；价格推涨地区有江苏、上海、浙江和广西地区，幅 度 20-30 元/吨。六月初，受高考、农忙和高温等多重不利因素影响， 国内 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The sales of the top 100 real estate companies are weak, with a year-on-year decline of 10.4% in sales amount and 23.6% in sales area in May 2025, indicating a need for continued policy support for the real estate sector [5][6] - The report recommends focusing on the domestic substitution chain and the African building materials chain, with leading companies in the existing market being the main focus for the year [9] Summary by Sections Real Estate Sales - In May 2025, the total sales amount of the top 100 real estate companies decreased by 10.4% year-on-year, while the sales area dropped by 23.6%. The month-on-month sales amount increased by 4.2%, and the sales area rose by 2.7%, but these figures are still below the average from 2018 to 2024 [5][6] Central Government Support - The central government plans to provide over 20 billion yuan to support urban renewal actions in 20 cities, focusing on areas such as underground pipeline updates, sewage treatment, and the renovation of historical and old districts [6][21] Cement Market - The cement shipment rate remained stable month-on-month at approximately 48%, with a year-on-year decline of 2.3 percentage points. The average price of cement was 368.55 yuan per ton, down 4.19 yuan from the previous week [7][26] Glass Market - The domestic float glass market showed weak transactions, with prices continuing to decline. The average price was 71.59 yuan per weight box, down 1.25 yuan from the previous week [8][40] Recommended Companies - For domestic substitution, companies such as China National Materials, Meijia Xincai, and Puyang Huicheng are recommended due to their strong positions in the special glass fiber market. For the African chain, Keda Manufacturing is highlighted as a local leader with advantages in production and branding [9]

Group 1 - The report from Guotai Junan Securities indicates that starting from June 2024, there will be a significant decline in building materials demand, primarily due to the pressure from local government debt in developed regions [1] - The glass processing sector shows resilience, with leading companies having high competitive barriers, advantageous valuations, and dividends, indicating a continuous value recovery [1] - In the fiberglass sector, long-term contract price increases are gradually being implemented, with leading companies having a higher sales proportion in high-end roving and electronic yarn, which enhances demand and market structure [1]

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 家庭消费仍有潜力，期待服务消费刺激 2025 年 06 月 08 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 2024/6/11 2024/10/9 2025/2/6 2025/6/6 建筑材料 沪深300 相关研究 《建筑业 PMI 底部区间波动，推荐消 费建材》 2025-06-03 《继续推荐消费建材》 2025-05-25 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.6.3–2025.6.6，下同）：本周建筑材料板块（SW）涨跌幅 0.63%， 同期沪深 300、万得全 A 指数 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The report highlights an increase in infrastructure expectations in the western region, with significant opportunities emerging in the building materials sector [2][3] - The real estate market is expected to stabilize with government support, as indicated in the 2025 Government Work Report, which aims to promote a recovery in the real estate market [2][14] - The report identifies key projects that will drive demand for building materials, including the Three Gorges New Channel and the Mêdog Hydropower Station, which are expected to significantly boost cement demand [3][19] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.88%, while the building materials sector (CITIC) increased by 0.59% this week, with most sub-sectors showing positive returns [12] - Notable stock performances included Shandong Glass Fiber (+18.4%) and Quartz Shares (+14.1%) [12] Western Infrastructure Expectations - The report notes a significant increase in special bond issuance in central and western regions, with Sichuan (+162%), Chongqing (+35%), and Shaanxi (+1162%) showing remarkable growth [3][16] - Fixed asset investments in Tibet and Xinjiang also increased by 16.5% and 17.2% respectively, indicating a positive outlook for the region [3] Key Recommendations - The report recommends several stocks based on project involvement: Huaxin Cement, Xizang Tianlu, and Qingsong Jianhua, among others, which are expected to benefit from upcoming infrastructure projects [3][19] - The focus is on traditional building materials companies that are expected to see long-term value, as well as new energy materials that are likely to continue their growth trajectory [19] Building Materials Sub-Sector Tracking - Cement prices have shown a slight decline of 1.2% this week, with regional variations in price adjustments [17] - The glass market, particularly photovoltaic glass, is experiencing price drops due to weak demand, with significant inventory levels reported [17][18]

证券研究报告 | 2025年06月05日 重点板块数据跟踪： 1）水泥：上周全国水泥价跌 0.8%，沪苏浙粤桂黔降 10-20 元/吨，云南 昆明涨 20 元/吨。5 月底需求略增，出货率升至 47.8%。需求偏弱致多 地价格续跌，但长三角熟料涨价，计划 6 月水泥涨价，鄂赣等地跟涨， 后期价格或企稳反弹。2）玻璃：上周国内浮法玻璃均价 1270.96 元/吨， 环比跌 0.58%，供应端新增产线加剧市场观望，需求受高温多雨抑制， 行业亏损扩大，短期价格或继续承压。光伏玻璃市场交投清淡，终端需 求疲软致组件开工率下滑，厂家库存累积，2.0mm/3.2mm 镀膜面板价格 分别跌至 13 元/㎡和 21 元/㎡，环比跌幅扩大。纯碱价格走弱使成本支 撑不足，利润空间进一步压缩，市场整体维持弱势运行态势。3）玻纤： 上周无碱粗纱市场延续跌势，2400tex 缠绕纱主流价 3500-3800 元/吨， 均价 3696.5 元/吨，周跌 0.62%，同比降 4.3%。北方低价成交增多，市 场灵活议价。电子纱 G75 报价 8800-9200 元/吨，电子布 3.8-4.4 元/米。 投资建议： 建材方面，国际贸易冲突加剧 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index by more than 10% [5][77]. Core Viewpoints - The price of cement clinker in the Yangtze River Delta has increased by 30 CNY/ton, with plans for a similar increase in cement prices in early June. This price hike is expected to stabilize market expectations and lead to price recovery in the following months [1][3]. - The issuance of special bonds reached 1.63 trillion CNY from January to May 2025, a year-on-year increase of 40.7%, completing 37.1% of the annual quota. The issuance in May alone was 443.17 billion CNY, a month-on-month increase of 92.6% [1]. - The construction materials sector is expected to benefit from domestic demand expansion policies amid escalating international trade conflicts, with limited further deterioration anticipated in the sector [3][4]. Summary by Sections Cement - National cement prices fell by 0.8% last week, with regional variations showing declines of 10-20 CNY/ton in several areas, while prices in Kunming, Yunnan, increased by 20 CNY/ton. The average shipment rate rose to 47.8% due to slight demand increases [2][23]. - The Yangtze River Delta's clinker price increase may lead to a stabilization or slight rebound in cement prices in the near future [24]. Glass - The average price of domestic float glass was 1270.96 CNY/ton, down 0.58% from the previous period. The market remains weak due to high temperatures and rain affecting demand, leading to increased industry losses [2][35]. - The photovoltaic glass market is experiencing weak trading activity, with prices for 2.0mm and 3.2mm coated panels dropping to 13 CNY/m² and 21 CNY/m², respectively [43]. Fiberglass - The market for non-alkali fiberglass continues to decline, with mainstream prices for 2400tex winding yarn at 3500-3800 CNY/ton, averaging 3696.5 CNY/ton, a week-on-week decrease of 0.62% [2][45]. - The electronic yarn G75 is priced between 8800-9200 CNY/ton, with stable pricing expected in the short term [45]. Investment Recommendations - The report suggests focusing on resilient consumer building material leaders, particularly those benefiting from second-hand housing and renovation demands, such as Sanke Tree, Beixin Building Materials, and others [3][4]. - The report highlights potential opportunities in the construction sector, particularly for state-owned enterprises involved in major engineering projects, such as China Railway Construction and China Communications Construction [4].

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - There is a shortage of high-end special glass fiber, and the report continues to recommend African building materials [2][6] - Cement prices are expected to rise, while glass inventory has slightly accumulated [8] - The report recommends focusing on the African supply chain and domestic substitution chain, with leading companies being the main focus for the year [10] Summary by Sections Special Glass Fiber - Low CTE glass fiber fabric is in short supply, with major manufacturers like Mitsubishi Gas Chemical issuing delayed delivery notices, extending lead times to 4-5 months [6] - The demand for advanced packaging materials, particularly for AI GPUs, is driving supply constraints in high-end Low CTE glass fiber fabric [6] - China National Materials Technology is expected to benefit significantly due to rapid capacity expansion and product upgrades, with an anticipated monthly capacity of approximately 6 million meters by the end of 2026 [6] Cement Market - The domestic cement market saw a slight increase in demand, with an average shipment rate of 48% in key regions, up by about 1.4 percentage points month-on-month but down 5.5% year-on-year [8][24] - The national average cement price decreased by 0.8% month-on-month, with some regions planning to increase prices in June [8][25] Glass Market - The domestic float glass market is experiencing weak demand, with prices continuing to decline [9][36] - The production capacity utilization rate is at 81.65%, with a total of 285 production lines and a daily melting capacity of 159,205 tons [9][36] - Inventory levels have increased slightly, with a total of 57.89 million weight boxes in key monitored provinces, reflecting a 0.26% increase [9][36] Recommendations - The report actively recommends companies like Keda Manufacturing in the African supply chain, which has advantages in production, channels, and brand [10] - For domestic substitution, companies such as China National Materials Technology, Mega Chip Color, and Puyang Huicheng are highlighted due to their strong positions in the market [10] - The report emphasizes the potential for growth in the existing building materials sector, particularly in renovation and public construction [10]