证券研究报告 | 行业周报 gszqdatemark 2025 05 18 年 月 日 建筑材料 预计需求延续旺季不旺，淡季不淡 2025 年 5 月 12 日至 5 月 16 日建筑材料板块（SW）下跌 0.49%，其中 水泥（SW）下跌 0.96%，玻璃制造（SW）下跌 0.88%，玻纤制造（SW） 上涨 2.01%，装修建材（SW）下跌 0.92%，本周建材板块相对沪深 300 超额收益-0.45%。本期建筑材料板块（SW）资金净流入额为 0.76 亿元。 【周数据总结和观点】 根据 wind 统计，2025 年 4 月地方政府债总发行量 6932.91 亿元，发行金 额同比 2024 年 4 月增长 101.6%，截至目前，2025 年一般债发行规模 0.65 万亿元，同比-0.04 万亿元，专项债发行规模 3.18 万亿元，同比+1.71 万亿元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复 的空间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量有 望加快落地，关注龙泉股份、青龙管业、中国联塑、震安科技。玻璃需求 季节性环比改善，但供需仍有矛盾：2025 年后玻璃需求持续下滑，3 ...

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Puhua Co., China Jushi, Beixin Building Materials, and Yuhua Co. [8] Core Insights - The construction materials sector is experiencing a mixed demand environment, with seasonal demand not significantly boosting activity, leading to a decline in stock performance [1][13] - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal engineering projects [2] - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand observed since March 2025, but overall demand is expected to decline post-2025 [2][35] - The cement industry is in a bottoming phase, with companies increasing production cuts to stabilize prices, while the fiber glass market shows signs of recovery due to rising demand in the wind power sector [2][3][18] Summary by Sections Cement Industry Tracking - As of May 16, 2025, the national cement price index is 374.69 CNY/ton, down 0.5% week-on-week, while cement output increased by 7.48% to 3.5835 million tons [3][18] - The cement market is characterized by strong infrastructure demand but weak residential construction demand, leading to a "price for volume" strategy [18] Glass Industry Tracking - The average price of float glass is 1306.73 CNY/ton, down 0.82% from the previous week, with inventory levels rising [35] - The market sentiment is pessimistic, with weak demand and declining prices affecting sales [35] Fiber Glass Industry Tracking - The fiber glass market is stabilizing after a price war, with demand from the wind power sector expected to increase significantly in 2025 [2][6] - The report recommends focusing on companies like China Jushi and Zhongcai Technology due to their growth potential [2] Other Construction Materials - The report emphasizes the importance of consumer building materials benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - Key stocks recommended include Beixin Building Materials and Weixing New Materials, with a focus on companies with strong growth potential [2][8]

Report Summary 1. Reported Industry Investment Rating - No information provided about the industry investment rating. 2. Core View of the Report - No clear - cut core view is presented in the provided content. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Luoyang Energy - Saving, belonging to the decoration and building materials industry. The reception time was May 15, 2025, and the listed company's reception staff included Financial Director Yao Yonghua and Deputy General Manager and Board Secretary Cui Zirao [16]. 3.2. Detailed Research Institutions - The reception object was investors who participated online in the 2025 Shandong - jurisdiction listed companies' online collective reception day for investors, and the reception object type was "other" [19]. 3.3. Research Institutions' Proportion - No information about research institutions' proportion is provided. 3.4. Main Content Data - **Automation Production**: Automation production involves comprehensively promoting the equipment upgrade and automation transformation of ceramic fiber production lines, focusing on processes like palletizing and packaging to reduce labor intensity, cut staff, and increase efficiency [23]. - **Product Promotion**: The SuBang casting material and hot micro - crystal products have achieved initial market penetration through technological breakthroughs in niche areas, with ongoing market promotion and plans to expand application scenarios [23]. - **MX Product**: It is a refractory fiber product with excellent temperature - resistance, environmental - friendliness, and high cost - effectiveness, solving multiple pain points of refractory fiber products used in industrial kilns with a long - term use temperature in the 1250 - 1320°C range [25]. - **Sales Region**: The company firmly believes that China is the most important market, and there are no restrictions on domestic product sales [25]. - **EBITDA**: Regarding the question about last year's EBITDA, investors are advised to follow the company's subsequent announcements [26]. - **Rapidstar Product**: It is a high - efficiency diffusion furnace heating system currently in the market promotion and trial - use stage [26]. - **Information Release**: The company will gradually increase the frequency of releasing business dynamic information to facilitate investors' access to company information [26]. - **Customer Information**: The company cannot disclose whether it supplies automotive substrates to Tesla due to customer information confidentiality [27].

Group 1: General Information - The research object is Wanli Stone, belonging to the decoration and building materials industry, and the reception time was May 15, 2025 [17] - The listed company's reception staff included the company's chairman Hu Jingpei, the deputy general manager and financial controller Zhu Zhuxiang, the company's board secretary Yin Yilun, and the independent director Chen Zeyi [17] Group 2: Research Institutions - The research institutions included investors' online questions and others [20] Group 3: Main Content - Wanli Stone participated in the "2024 Annual Report Performance Briefing and Online Collective Reception Day for Investors in Xiamen Listed Companies" to communicate with investors [24] - According to the "Cooperation Framework Agreement" signed between Wanli Stone Hong Kong and Hafu Mining in August 2024, Hafu Mining will inject relevant uranium assets into the listed company after fulfilling necessary procedures, and the acquisition in Namibia is still in the due - diligence stage [24] - The salt lake lithium extraction business of Wanli New Energy is advancing steadily; the natural uranium acquisition projects in Kazakhstan and Namibia by Wanli Stone Hong Kong are progressing normally; and Wanli Stone Mining Resources Recycling Company has signed a strategic cooperation agreement with China National Uranium Corporation (Namibia) Mining Co., Ltd. for the extraction experiment of low - grade natural uranium tailings [24]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][64]. Core Views - The company is undergoing a transformation from its traditional waterproof materials business to the display panel and semiconductor testing equipment sectors, which are expected to provide significant growth opportunities [2][13]. - The acquisition of Suzhou Jiazhi Technology is anticipated to enhance the company's performance, with a commitment to achieve a cumulative net profit of no less than 240 million yuan from 2025 to 2027 [1][51]. - The report highlights the potential for a turnaround in the company's main business after reaching a low point, alongside the expected growth in the newly acquired testing equipment business [64]. Summary by Sections Company Overview - The company has historically focused on waterproof materials but is now shifting towards the display panel and semiconductor testing equipment markets, with a diversified shareholding structure [2][13][16]. - The company has faced challenges in its waterproof business since 2021, with a projected loss of 540 million yuan in 2024 [2][18]. Jiazhi Technology - Jiazhi Technology, established in 2017, is positioned in the second tier of the panel testing equipment market and has begun sales in semiconductor testing equipment [3][32]. - The market for panel testing equipment is expected to recover gradually, with a projected demand of 9.6 billion yuan in 2024 [39][40]. Financial Projections - The company's revenue from waterproof materials is projected to reach 2.4 billion yuan in 2025, with a growth rate of 4% [63]. - Jiazhi Technology's revenue is expected to grow significantly, reaching 511 million yuan by 2027, with a compound annual growth rate of 34% [64][51]. Market Dynamics - The report notes that the display panel testing equipment market is currently dominated by two leading companies, with Jiazhi holding approximately 6% market share [47]. - The semiconductor testing equipment segment is still in the early stages, with limited volume production expected in the short term but significant long-term potential [50].

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 服务消费再贷款落地 2025 年 05 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 周观点：（1）央行落实此前刺激政策，创设 5000 亿服务消费和养老再 贷款，激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费 重点领域和养老产业的金融支持。4 月 CPI 相对平稳，PPI 下行压力加 大，但 4 月房企拿地情况有所好转，整体而言，地产链复苏的方向不变。 在以旧换新补贴和服务消费刺激政策的推动下，我们期待 25 年 Q3 家 装产业链也会迎来明显加速。地产链出清已近尾声，供给格局大幅改善， 25 年需求平稳且企业增长预期较低，板块具备较高的胜率。首选低估值 的消费龙头和扩张型公司，例如北新建材、三棵树、兔宝宝、奥普科技、 欧普照明、伟星新材、欧派家居、箭牌家居等。其次，如果外部需求快 速回落，中西部基建很有可能成为救急的方向，关注华新水泥、四川路 桥、海螺水泥、中国交建、坚朗五金、东方雨虹等。最后，在 25 年流 动性充裕的背景下，科技属性强的公司仍有较高关注度，例如上海港湾、 鸿路钢构、 ...

Supply and Demand Dynamics - Two industry categories are highlighted: "supply clearance" industries with significant inventory and capacity reduction, and "strong expansion" industries with high revenue growth and capacity expansion[2] - Industries exhibiting "supply clearance" characteristics include plastics, general equipment, gaming, agriculture, small metals, optical electronics, and communication services[2] - Industries showing "strong expansion" characteristics include other electronics, leisure food, motorcycles, precious metals, and shipping ports[2] Export Chain Analysis - Key export chain industries with high overseas revenue proportions include other home appliances, consumer electronics, shipping ports, small appliances, and engineering machinery[3] - Industries with high revenue exposure to the U.S. face uncertainty until trade relations improve, with potential valuation recovery for sectors like entertainment products and textiles if tariffs ease[3] High Dividend Yield Insights - High dividend yield sectors identified include coal mining, oil and gas extraction, refining and trading, shipping ports, and white goods[4] - Notable increases in dividend yields for transportation and consumer sectors compared to the previous year, particularly in shipping ports, logistics, and white goods[4] Market Strategy and Outlook - The A-share market shows resilience, with ETF net outflows indicating reduced support from protective funds, yet maintaining a steady upward trend with transaction volumes above 1 trillion[5] - The market is at a turning point, with key factors to monitor including U.S.-China trade talks and domestic economic indicators[5] - A broad fluctuation is expected in the A-share market, with strong support likely at lower levels, suggesting potential for increased positions if support levels are tested[5] Investment Recommendations - Balanced asset allocation is advised to navigate uncertainties, with a focus on technology sectors potentially regaining momentum[6] - Transitioning trading strategies from exceeding expectations to focusing on high-growth industries such as feed, motorcycles, plastics, and animal health[6] - Defensive assets like banks, insurance, and utilities remain viable as core holdings, with attention to sectors with rising dividend yields[6]

Group 1: Supply and Demand Dynamics - Two categories of industries are highlighted: "supply clearing" industries with significant inventory and capacity reduction, and "strong expansion" industries with high revenue growth and capacity expansion [2][15]. - Industries exhibiting "supply clearing" characteristics include plastics, general equipment, gaming, agriculture, small metals, optical electronics, and communication services [2][15]. - Industries showing "strong expansion" characteristics include other electronics, leisure food, motorcycles, precious metals, and shipping ports [2][17]. Group 2: Export Chain Analysis - Industries with high overseas revenue ratios are expected to maintain independent growth despite domestic demand pressures, including other home appliances, consumer electronics, shipping ports, small appliances, and engineering machinery [3][20]. - The report notes that industries with high revenue from the U.S. face uncertainties until U.S.-China trade relations improve, with potential valuation recovery for sectors like entertainment products, textile manufacturing, and lighting equipment if tariff issues ease [3][23]. Group 3: High Dividend Yield Industries - High dividend yield industries identified include coal mining, oil and gas extraction, refining and trading, shipping ports, and white goods [4][26]. - Notably, the dividend yield for transportation and consumer sectors has significantly increased compared to the previous year, particularly in shipping ports, logistics, and white goods [4][26]. Group 4: Market Performance and Strategy - The A-share market shows resilience, with a net outflow of ETFs indicating reduced support from protective funds, yet the market remains stable with transaction volumes exceeding 1 trillion [5][29]. - The report suggests a cautious approach to position management due to ongoing uncertainties, with a focus on potential support levels for the index [5][29]. - A balanced allocation strategy is recommended to navigate uncertainties, with a renewed interest in technology sectors, particularly in AI, and a shift towards high-growth industries such as feed, motorcycles, and plastics [5][30].

证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑材料 预计建材需求旺季不旺，淡季不淡 2025 年 5 月 6 日至 5 月 9 日建筑材料板块（SW）上涨 0.92%，其中水泥 （SW）上涨 0.57%，玻璃制造（SW）上涨 0.38%，玻纤制造（SW）下 跌 0.39%，装修建材（SW）上涨 1.85%，本周建材板块相对沪深 300 超 额收益-0.07%。本期建筑材料板块（SW）资金净流入额为-0.14 亿元。 【周数据总结和观点】 本周国新办发布会发布一揽子金融政策支持稳市场稳预期，总量方面，降 低存款准备金率 0.5 个百分点，下调政策利率 0.1 个百分点，地产方面， 降低个人住房公积金贷款利率 0.25 个百分点，5 年期以上首套房利率由 2.85%降至 2.6%，其他期限的利率同步调整，此外，会议还指出加快 出台与房地产发展新模式相适配的系列融资制度，助力持续巩固房地产市 场稳定态势。根据 wind 统计，2025 年 4 月地方政府债总发行量 6932.91 亿元，发行金额同比 2024 年 4 月增长 101.6%，截至目前，2025 年一般 债 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23][28] Core Views - The company demonstrates balanced development through both organic growth and acquisitions, with its "One Body, Two Wings" strategy continuing to deliver growth [23][5] - The company maintains a leading position in the gypsum board industry, with significant contributions from its waterproof and coating businesses [23][8] - The company plans to establish a new industrial coating production base with an annual capacity of 20,000 tons, further enhancing its growth prospects [23][8] Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 6.246 billion yuan, a year-on-year increase of 5.09% and a quarter-on-quarter increase of 14.45% [8][3] - The net profit attributable to the parent company was 842 million yuan, up 2.46% year-on-year and 67.82% quarter-on-quarter [8][3] - The company reported a comprehensive gross margin of 28.94%, an increase of 0.29 percentage points year-on-year and 1.96 percentage points quarter-on-quarter [2][13] - The net profit margin for Q1 2025 was 13.68%, slightly down by 0.27 percentage points year-on-year but up 4.01 percentage points quarter-on-quarter [2][13] Cash Flow and Operational Efficiency - The company experienced a net cash outflow from operating activities of 222 million yuan in Q1 2025, compared to a net outflow of 26 million yuan in the same period last year [20][3] - Accounts receivable and notes stood at 5.11 billion yuan, showing a slight year-on-year decrease of 0.3%, indicating effective risk management and high-quality development [20][3] - The accounts receivable turnover rate was 1.69 times, and the inventory turnover rate was 1.65 times, reflecting steady operational efficiency improvements [20][3] Earnings Forecast and Valuation - The company forecasts earnings per share (EPS) of 2.61, 3.00, and 3.38 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 11.2, 9.8, and 8.7 times [4][23] - Projected operating revenues for 2025, 2026, and 2027 are 28.144 billion, 31.556 billion, and 34.810 billion yuan, respectively, with growth rates of 9.0%, 12.1%, and 10.3% [4][23]