Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 23.984 billion RMB for 2024, a decrease of 7.36% year-on-year, and a net profit attributable to shareholders of 0.892 billion RMB, down 59.90% year-on-year [1] - The report indicates that the company’s performance exceeded the mid-point of prior forecasts [1] - The company is expected to see a recovery in net profit with projections of 1.562 billion RMB, 2.016 billion RMB, and 2.319 billion RMB for 2025, 2026, and 2027 respectively [4] Segment Analysis Fiberglass - The fiberglass segment achieved sales of 136,000 tons in 2024, with revenue of 7.74 billion RMB and a net profit contribution of 0.37 billion RMB [2] - The average selling price per ton for fiberglass was 5,692 RMB, a decrease of 247 RMB year-on-year, while the cost per ton increased by 573 RMB to 4,686 RMB [2] Wind Power Blades - The wind power blade segment sold 24 GW in 2024, generating revenue of 8.57 billion RMB and a net profit of 0.318 billion RMB [3] - The average price per GW was 3.57 billion RMB, down 0.82 billion RMB year-on-year, with a unit cost of 3.09 billion RMB [3] Lithium Membranes - The lithium membrane segment sold 1.9 billion square meters in 2024, achieving revenue of 1.47 billion RMB and a net profit of 0.044 billion RMB [3] - The selling price per square meter was 0.77 RMB, a decrease of 0.64 RMB year-on-year [3]

Investment Rating - The report maintains a "Buy" rating for Beike-W, highlighting its long-term positive trend despite short-term performance fluctuations [9][10][12]. Core Insights - Beike-W achieved record highs in revenue and market share in the brokerage sector, with a total transaction volume (GTV) of 3.35 trillion yuan in 2024, reflecting a year-on-year increase of 6.6% [10][11]. - The company’s revenue reached 93.5 billion yuan in 2024, up 20.2% year-on-year, with a significant increase of 54.1% in Q4 [10][11]. - The brokerage business's market share reached a historical high of 31% in the existing housing market, with a transaction volume of 2.25 trillion yuan, up 10.8% year-on-year [11][12]. Summary by Sections Financial Performance - Beike-W's 2024 net income was 4.06 billion yuan, down 30.9% year-on-year, primarily due to declining gross margins in the brokerage business [10][11]. - The company plans to return value to shareholders through a stock buyback of 716 million USD and a cash dividend of 400 million USD, representing 5% of the market capitalization at the end of 2024 [10][12]. Business Segments - The home decoration and rental segments showed strong growth, with revenues increasing by 36% and 135% year-on-year, respectively [12][13]. - The company’s home decoration GTV reached 16.9 billion yuan, up 27.3% year-on-year, while rental services managed over 430,000 properties, significantly up from 210,000 the previous year [12][13]. Market Position and Strategy - Beike-W is focused on enhancing its platform capabilities and expanding its business scope through data-driven customer insights, aiming for a more comprehensive service offering [10][12]. - The report emphasizes the company's strong market position and the potential for future growth in home decoration and rental services, which are expected to become significant revenue streams [10][12].

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Views - The real estate beta factor has turned positive, indicating a favorable environment for retail building materials, with leading companies expected to enhance operational quality and market share through channel optimization and retail category expansion [2][7] - Cement demand is expected to continue declining in 2024, but there are signs of price stabilization and potential profit recovery in 2025, with leading cement companies recommended for their cost advantages and high dividend yields [2][11][14] - The building materials sector has a cash dividend ratio of 43.71% and a 12-month dividend yield of 2.22%, suggesting strong investment value in high-dividend stocks [15] Summary by Sections Industry Outlook and Investment Strategy - The report emphasizes the importance of retail building materials and suggests actively positioning in leading companies as the market shows signs of recovery [2][7] - The cement industry is expected to experience a bottoming out, with price stabilization and profit recovery anticipated in 2025 [11][14] - The focus is on identifying products with high price elasticity and improving market share, particularly in the retail segment [23] Market Performance - The building materials index showed a 1.18% increase, with specific sectors like consumer building materials performing well [24] - Cement prices increased by 1.6% during the reporting period, with a cumulative production of 1.825 billion tons in December 2024, reflecting a 9.5% year-on-year decline [30] Price Changes - The average price of cement in February 2025 was 399.41 yuan/ton, up 34.68 yuan/ton year-on-year [30] - The average price of float glass decreased by 20% to 1293 yuan/ton, with a production capacity utilization rate of 76.43% [37] - The price of non-alkali fiberglass increased slightly, with the average market price reaching 3824 yuan/ton, a 24.38% year-on-year increase [52]

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 低估值的消费细分龙头具有较高胜率 2025 年 03 月 17 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 -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 2024/3/18 2024/7/16 2024/11/13 2025/3/13 建筑材料 沪深300 相关研究 《政策刺激力度符合预期》 2025-03-10 《建筑业 PMI 低位大幅反弹》 2025-03-03 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.3.10–2025.3.14，下同）：本周建筑材料板块（SW）涨跌幅 1.18%，同期沪深 300、万得全 A ...

Investment Rating - The industry rating is "Recommended" [5] Core Views - The construction materials industry is entering a peak season, with increasing downstream demand and effective implementation of staggered production, benefiting companies like Conch Cement, Huaxin Cement, and Tapai Group [1][7] - The recovery of second-hand housing transactions and government initiatives to boost consumption are expected to drive demand for consumer building materials, recommending companies such as Sankeshu and Weixing New Materials [1][8] - The government's focus on low-altitude economy development presents opportunities for companies like Huase Group and Design Institute [1][8] - Major engineering projects, such as the Yarlung project, are anticipated to commence, benefiting companies like Zhongyan Dadi [1][9] - The domestic demand for automotive coatings is expected to grow due to strong domestic substitution demand, recommending companies like Songji Coatings [1][11] Summary by Sections Market Overview - In the 11th week of 2025, new home transactions in 30 major cities showed a 2% year-on-year increase, with a total transaction area of 1,733.17 million square meters, up 11% year-on-year [2] - Second-hand housing transactions in 15 monitored cities increased by 42% year-on-year, indicating a robust market [2] Cement Market - The national average cement price rose to 393.86 yuan/ton, a 1.6% increase from the previous week, with significant price hikes in East, Central, and Southwest regions [3][24] - The operating load of cement mills increased to 37.12%, reflecting a recovery in demand [32] Investment Recommendations - Recommended companies include: - Conch Cement and Huaxin Cement for benefiting from rising cement prices [1][7] - Sankeshu and Weixing New Materials for their strong consumer building materials attributes [1][8] - Huase Group and Design Institute for low-altitude economy opportunities [1][8] - Zhongyan Dadi for potential orders from the Yarlung project [1][9] - Songji Coatings for growth in automotive coatings [1][11]

Investment Ratings - The report provides a "Buy" rating for China Jushi (中国巨石) and United Imaging Healthcare (联影医疗), indicating expected strong performance relative to the market [17][21] - The report maintains a "Buy" rating for Baofeng Energy (宝丰能源) and Kunming Pharmaceutical (昆药集团), suggesting positive growth prospects [33][24] Core Insights - The report highlights the recovery potential of the Hong Kong stock market from the perspective of the AH premium, which has decreased significantly, indicating room for valuation recovery [5][8] - The agricultural sector is experiencing adjustments in global crop production forecasts, with increased corn and wheat production, while rice production is slightly reduced [12][14][15] - China Jushi is positioned to benefit from emerging demand in the fiberglass industry despite traditional demand weaknesses, with expected revenue growth as prices stabilize [17][19] - United Imaging Healthcare is breaking the monopoly in the medical imaging sector, with a strong domestic market share and rapid overseas expansion [21][22] Summary by Sections AH Premium Analysis - The AH premium has gone through three distinct phases since 2010, with significant events influencing its trajectory, such as the launch of the Shanghai-Hong Kong Stock Connect [5][6] - As of March 11, 2025, the AH premium rate is at 132.79, indicating a significant decline from previous highs, suggesting a potential for recovery in Hong Kong valuations [8][9] Agricultural Sector Insights - USDA's March report indicates a global corn production increase of 1.7 million tons to 1.214 billion tons for 2024/2025, driven by favorable conditions in India and other countries [12] - Global wheat production is forecasted to rise by 3.44 million tons to 797 million tons, attributed to improved weather conditions in Australia and other regions [14] - Rice production is slightly adjusted down by 10,000 tons to 533 million tons, with consumption expected to rise [15] China Jushi Overview - China Jushi is the largest fiberglass producer globally, with a comprehensive product range and a recovery in revenue expected as prices stabilize [17][19] - The company is leveraging its cost advantages and global presence to enhance competitiveness in the fiberglass market [19] United Imaging Healthcare Overview - United Imaging Healthcare is rapidly expanding its market share in medical imaging, with a diverse product portfolio and strong growth in both domestic and international markets [21][23] - The company is expected to continue its growth trajectory, driven by increasing demand for imaging services and technological advancements [22][23] Kunming Pharmaceutical Overview - Kunming Pharmaceutical is optimizing its product layout and expanding its market presence, with projected net profits increasing from 6.48 billion yuan in 2024 to 7.45 billion yuan in 2025 [24][25] - The company is focusing on innovation and international expansion to drive future growth [26] Baofeng Energy Overview - Baofeng Energy reported a revenue increase of 13.2% to 32.98 billion yuan in 2024, with net profits rising by 12.2% [33] - The company is expected to benefit from new projects in Inner Mongolia and Xinjiang, enhancing its growth potential [35]

[Table_Title] 建材行业周报 政策稳中求进、水泥持续复价，继续关 注建材春季躁动及数字化转型机会 2025 年 03 月 09 日 [Table_Author] 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：姚旭东 证书编号：S1160525010001 [Table_PicQuote] 相对指数表现 -21.64% -13.20% -4.75% 3.69% 12.13% 20.58% 3/7 5/7 7/7 9/7 11/7 1/7 3/7 建筑材料 沪深300 [Table_Summary] 【投资要点】 【配置建议】 【风险提示】 需求不及预期，毛利率不及预期，回款不及预期。 挖掘价值 投资成长 强于大市（维持） [Table_Report] 相关研究 《立邦 2024 年 TUC 业务逆势增长， 指引乐观，2025 行业或迎向上拐点》 2025.03.03 《实物量和二手销售景气修复，水泥 玻纤龙头竞合策略改善，重视建材春 季躁动》 2025.03.02 《复工实物量温和回升、华东水泥开 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index by over 10% [1][52]. Core Views - The construction materials sector is experiencing an upward trend due to the approaching construction peak season and accelerated infrastructure funding, with a historical high in policy funding expected in 2025 [1]. - The report highlights the ongoing high demand for coal chemical projects in Xinjiang, with over 700 billion yuan in investments planned for 2025, indicating a robust outlook for leading companies in this sector [1]. - The report suggests a gradual recovery in demand for construction materials as the peak season approaches, with a focus on fiscal policy and real estate policy effects [3]. Summary by Sections Construction Materials - Cement prices increased by 0.7% week-on-week, with a 7% rise in shipment rates in key regions, indicating a slow recovery in demand [2][21]. - Glass prices decreased by 2.07% week-on-week, reflecting weak demand and slow processing plant operations [2][28]. - The fiberglass market shows a slight price increase, with the average price for non-alkali yarn rising by 0.63% week-on-week [2][35]. Investment Recommendations - The report recommends focusing on resilient consumer building material leaders such as Sanke Tree, Beixin Building Materials, and others, while also highlighting opportunities in cement and glass sectors [3][6]. - It emphasizes the importance of monitoring fiscal policy and real estate market developments for potential investment opportunities [3][6]. Market Trends - The construction materials index outperformed the market index by 4.6% during the last reporting period, with a 30.2% increase over the past six months [11]. - The report notes that the construction sector is currently facing insufficient effective demand, with low leverage willingness among residents and enterprises [3][6].

Investment Rating - The report indicates a positive investment outlook for the building materials industry, emphasizing price increases and improved shipping conditions as key drivers for growth in 2025 [1][3]. Core Insights - Price increases are the main theme for the building materials industry in spring 2025, signaling a return to rational competition after a period of aggressive price wars [3][32]. - The cement sector is experiencing price hikes driven by low inventory levels, with a consensus among companies to avoid destructive competition, leading to a gradual recovery in profitability [3][11]. - The consumer building materials segment is witnessing price increases across various categories, indicating a potential turning point for the industry [3][32]. - The fiberglass industry is seeing multiple rounds of price increases, suggesting a recovery in profitability, while the glass sector faces challenges related to construction completions [3][32]. Summary by Sections Cement - Low inventory levels are driving price increases, with significant hikes reported in various regions starting from March 2025 [7][8]. - The industry has reached a consensus to prevent destructive competition, which is expected to lead to a gradual recovery in profitability [11][12]. - Major companies such as Conch Cement are highlighted for their cost and scale advantages, with profitability expected to improve [18][19]. Consumer Building Materials - The demand for consumer building materials is improving due to active second-hand housing transactions, which are expected to boost shipments [36][49]. - Price increases in categories like gypsum board and coatings are signaling a shift towards profitability recovery [36][39]. - Companies such as Beixin Building Materials and Weixing New Materials are recommended for their strong market positions and growth potential [37][40]. Fiberglass - The fiberglass sector is experiencing a recovery in prices, with electronic yarn and cloth prices showing upward trends [52][53]. - The industry is expected to continue benefiting from new application scenarios and sustained demand growth [53][54]. Glass - The flat glass sector is under pressure due to declining construction completions, necessitating close monitoring of supply-side adjustments [32][49]. - Companies like Qibin Group and South Glass A are recommended for their market positions amid these challenges [32][49].

中信证券近期 系列电话会 掘金香港金融股的攻守 中信证券金融产业系列电话会 3月10日-3月13日 参会密码：942617 3月11日 周二 19:00 3月12日 周三 15:30 港交所： 市场新高助推贝塔, 资金-资产共振演绎阿尔法 主讲：田良 薛姣 参会密码：796633 3月13日 周四 15:30 招商银行： 稳健增长，稳定回报 主讲：肖悲斐 林楠 参会密码：079047 | 3月12日 周三 15:30 | 3月13日 周四 15:30 | | --- | --- | | 友邦保险： | 中金公司： 低估值贝塔适逢行业供给侧改革 | | 淘金港股保险 | 主讲： | | 主讲： | 田良 陆昊 | | 童成墩 薛姣 张君翔 | 参会密码：265727 | 红利为锚，成长为帆 基础设施和现代服务产业系列电话会 3月10日-3月19日 3月10日 周一 19:00 贝壳： 居住服务入口 主讲：陈聪 张全国 川投能源： 估值具备吸引力，电价冲击有限 主讲：荣浩翔 参会密码：352675 3月12日 周三 19:00 3月13日 周四 19:00 参会密码：850703 | 申通快递： | 中国巨石：玻 ...