Group 1 - The emphasis on urban renewal actions has increased from "vigorously implement" to "intensify implementation," indicating a stronger governmental focus on this initiative [2] - Urban renewal actions are expected to release rigid and improved housing demand, positively impacting the consumption of building materials [2] - The renovation of urban villages and dilapidated housing is anticipated to create new housing demand, further boosting the consumption of waterproofing materials, coatings, and gypsum boards [2] Group 2 - Xinxing Ductile Iron Pipes, a leading company in the domestic ductile iron pipe industry, is expected to benefit from urban pipeline renovation and water conservancy facility construction [3] - Donghong Co., a leading consumer building materials company, primarily collaborates with state-owned enterprises and local governments, positioning it well for upcoming projects [4]

证券研究报告 核心观点 请务必参阅正文之后的重要声明 1 周专题：建筑建材行业年报一季报表现如何？ ——建材、建筑及基建公募REITs周报（5月6日-5月9日） 2025年5月13日 孙伟风，光大建筑建材首席分析师，执业证书编号：S0930516110003 陈奇凡，光大建筑建材分析师，执业证书编号：S0930523050002 5、高频数据跟踪 6、风险提示 2、主要覆盖公司盈利预测与估值 3、周行情回顾 4、总量数据跟踪 周专题：建筑建材行业年报一季报表现如何？水泥行业：24Q4-25Q1，行业基本面出现好转；后续重点关注企业自 律及错峰生产落地情况、水泥价格走势。玻璃行业：24Q4普遍亏损，25Q1环比改善，光伏玻璃价格是核心变量。玻 纤行业：24Q4-25Q1，玻纤企业盈利普遍环比改善。消费建材：24Q4-25Q1，消费建材企业收入利润仍在下行；预 计未来1年竣工端企业下游需求将持续承压，新开工企业下游需求或仍下滑，但降幅有望收窄。建筑企业：24Q4- 25Q1，建筑行业主要领域龙头公司收入利润下滑家数仍然较多，经营数据较为疲软。 本周热点：中美双方发布《中美日内瓦经贸会谈联合声明》，本次中美经贸高层 ...

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The central theme of the report emphasizes that the recent reduction in the reserve requirement ratio and interest rates by the central bank is expected to stabilize the real estate market, thereby creating investment opportunities in the construction materials sector. The measures aim to support rigid housing demand and alleviate the financial burden on homebuyers, which could lead to a recovery in construction materials demand [3][4]. Summary by Sections Market Overview - The construction materials index increased by 2.55% during the week of May 5 to May 9, outperforming the CSI 300 index by 0.55 percentage points. Over the past three months, the construction materials index rose by 1.77%, while the CSI 300 index fell by 1.88%, indicating a 3.65 percentage point outperformance [5][14]. - In the past year, the CSI 300 index increased by 4.91%, whereas the construction materials index decreased by 4.27%, resulting in a 9.18 percentage point underperformance [5][14]. Cement Sector - As of May 9, the average price of P.O42.5 bulk cement nationwide was 323.68 yuan/ton, reflecting a 2.75% decrease from the previous period. The clinker inventory ratio was 63.24%, down by 0.56 percentage points [7][24]. - Regional price trends showed mixed results, with Northeast China experiencing a 5.83% increase, while other regions like East China saw a decrease of 6.84% [24]. Glass Sector - The average price of float glass as of May 9 was 1319.00 yuan/ton, down by 0.90%. The inventory of float glass increased by 199 million weight boxes, marking a 3.54% rise [7][84]. - The average price of photovoltaic glass was 135.16 yuan/weight box, reflecting a 2.81% decrease [87]. Fiberglass Sector - The report highlights that the fiberglass sector is gaining attention, particularly in relation to applications in 5G communication and AI, with companies like China Jushi being recommended [4]. Consumer Building Materials - The report recommends several companies in the consumer building materials sector, including Sankeshu (for channel expansion) and Dongfang Yuhong (for waterproofing) [4]. Valuation Metrics - As of May 9, the average price-to-earnings (PE) ratio for the construction materials sector was 26.28 times, ranking it 17th lowest among all A-share industries. The price-to-book (PB) ratio was 1.11 times, ranking it 5th lowest [20][23].

行业报告 | 行业专题研究 建筑材料 证券研究报告 建材行业财报总结：24 年深蹲筑底，25Q1 曙光已现 建材行业 24 年经营持续承压，25Q1 曙光已现 我们跟踪的建材行业上市公司总计营收同比下降 15%达 5920 亿元，其中 Q1/Q2/Q3/Q4 分别实现 1260/1621/1485/1556 亿元，同比降幅均在 15%上下。 2024 年归母净利润同比下降 46%达 223 亿元，所有子板块均有下降，其中 Q1/Q2/Q3/Q4 分别实现 31/84/65/41 亿元，Q2 利润表现最优，且自 Q2 开始 同比降幅逐季收窄。2025 年 Q1 来看，全行业营收同比-6%达 1188 亿元，归母 净利润同比+7%达 34 亿元，实现自 21Q3 以来（近 14 个季度）的首次正增长。 子板块：24 年全部子行业利润下滑，25Q1 水泥、玻纤利润显著增长 风险提示：下游基建、地产需求不及预期，原材料、煤炭涨价超预期，产能投放超预期等。 2025 年 05 月 05 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 ...

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Views - The recent Politburo meeting emphasized the need for proactive macro policies to stabilize the real estate market, which is expected to create investment opportunities in building materials [3] - The report highlights the importance of local government bond issuance and the acceleration of urban renewal actions to support the industry [3] - Recommendations for consumer building materials include companies like Sankeshu, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, while beneficiaries include Beixin Building Materials [3] Market Performance - The building materials index increased by 0.22% in the week from April 21 to April 25, 2025, underperforming the CSI 300 index, which rose by 0.38% [4][13] - Over the past three months, the building materials index has risen by 3.00%, outperforming the CSI 300 index by 4.19% [4][13] - In the past year, the building materials index has increased by 2.03%, underperforming the CSI 300 index by 3.63% [4][13] Cement Sector - As of April 25, 2025, the average price of P.O42.5 bulk cement was 332.84 RMB/ton, a slight decrease of 0.03% [6][26] - The clinker inventory ratio reached 63.80%, an increase of 2.46 percentage points [6][26] - Regional price variations were noted, with Northeast prices increasing by 7.14% while prices in other regions like North China and South China saw declines [26][28] Glass Sector - The spot price of float glass remained stable at 1331.00 RMB/ton as of April 25, 2025, while the price of photovoltaic glass was 139.06 RMB/weight box, also stable [6][90] - The inventory of float glass decreased by 6,000 weight boxes, a decline of 0.11% [84][85] Fiberglass Sector - The report indicates a growing interest in the LowDk electronic cloth supply chain, which is primarily used in 5G communication and AI applications [3] - Recommendations for the fiberglass sector include China Jushi, with beneficiaries being Zhongcai Technology and Changhai Co [3] Valuation Metrics - The average PE ratio for the building materials sector is 27.25, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.10, ranking it 5th lowest [21][24]

建筑材料 2025 年 04 月 27 日 政治局会议巩固地产稳定态势，关注建材投资机会 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 建筑材料 沪深300 相关研究报告 《提振内需预期加强，关注建材投资 机会—行业周报》-2025.4.20 《对等关税利空落地，内需刺激值得 期待—行业周报》-2025.4.13 《建材出口区域多元化，"对等关 税"实际影响有限 —行业周报》- 2025.4.6 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 政治局会议巩固地产稳定态势，关注建材投资机会 4 月 25 日，中共中央政治局召开会议，分析研究当前经济形势和经济工作，会议强 调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽 松的货币政策。加快地方政府专项债券、超长期特别国债等发行使用。兜牢基层 "三保"底线。会议并指出，继续实施地方政府一揽子化债政策，加快解决地方政 府拖欠企业账款问题。加力实施城市更新行动，有力有序推进 ...

Investment Rating - The investment rating for the building materials industry is "Recommended" [3][38]. Core Views - The impact of the tariff policy on the building materials industry is limited, and the real estate sector is expected to drive domestic demand, leading to industry valuation recovery [5][38]. - In March 2025, the average cement shipment rate increased by approximately 26 percentage points month-on-month and 8 percentage points year-on-year, indicating seasonal recovery in demand [16][38]. - The glass industry is experiencing slow demand recovery, with overall market prices expected to remain weak in April 2025 [39][40]. - The fiberglass sector is seeing strong demand from wind power and new energy vehicles, with the tariff policy having a limited impact on the industry [30][31][38]. Summary by Sections Cement Industry - In March 2025, the national cement production reached 158 million tons, a year-on-year increase of 2.5%, showing better-than-expected performance [10]. - The average price of cement in March 2025 was 394.92 yuan per ton, a decrease of 4.5 yuan from February [16][38]. - Key stocks to watch include Shangfeng Cement (000672.SZ), Huaxin Cement (600801.SH), and Conch Cement (600585.SH) [16][38]. Glass Industry - The flat glass production in the first quarter of 2025 was 234 million weight boxes, a year-on-year decrease of 6.4% [23]. - The overall market demand is expected to improve in April, but the growth pace remains slow [39][40]. - Key stocks to consider are Qibin Group (601636.SH) and Jinjing Technology (600586.SH) [39][40]. Fiberglass Industry - The fiberglass industry is experiencing a slight increase in PPI, with strong demand from the wind power and new energy vehicle sectors [30][31]. - The tariff policy has a limited impact on the fiberglass and products industry, with a focus on expanding domestic markets [31][38]. - Key stocks to monitor include China Jushi (600176.SH) and Zhongcai Technology (002080.SZ) [31][38]. Consumer Building Materials - The consumer building materials sector is expected to benefit from real estate policies aimed at stabilizing the market, with limited impact from the tariff policy [9][40]. - Key stocks to focus on include Weixing New Materials (002372.SZ), Beixin Building Materials (000786.SZ), and Dongfang Yuhong (002271.SZ) [9][40].

Group 1: Company Analysis - Lu'an Huanneng is identified as a leading enterprise in the blowing coal sector, characterized by pure business operations and high elasticity. Despite being in a downward coal price cycle, the company's current price-to-book (PB) ratio presents value, with projected net profits for 2024-2026 at 2.62 billion, 2.14 billion, and 3.03 billion yuan, translating to earnings per share (EPS) of 0.87, 0.71, and 1.01 yuan respectively. The current price-to-earnings (PE) ratios are 13, 16, and 11 times, leading to an "overweight" rating [2] - Bailing Co., Ltd. reported a revenue of 27.675 billion yuan in 2024, a decrease of 9.32% year-on-year, while net profit attributable to shareholders increased by 292.73% to 1.567 billion yuan. The company is expected to benefit from the ongoing recovery in consumer spending, with net profit forecasts for 2025 and 2026 adjusted to 473 million and 519 million yuan, respectively, and a new forecast for 2027 set at 565 million yuan [19] Group 2: Industry Insights - The impact of the US-China tariff conflict on domestic electricity consumption is deemed limited. The electric machinery and equipment manufacturing sector, which has a significant export volume to the US, shows that tariff changes will not substantially affect overall electricity demand. Historical data from July 2018 to January 2020 indicates that the hydropower sector outperformed, while thermal power slightly lagged but still surpassed wind, solar, and nuclear power sectors. Recommended stocks include Yangtze Power and Sichuan Investment Energy in the hydropower sector, and Huadian International and Anhui Energy in the thermal power sector [6] - The recent tariff imposition by the US has led to a preemptive increase in consumer purchasing behavior, with March retail sales in the US showing a month-on-month growth of 1.4%, a significant rise from February's 0.2%. However, this surge may lead to a potential weakening of future retail demand, prompting the Federal Reserve to maintain a cautious stance in the short term [15]

Summary of the Conference Call on the Building Materials Industry Q1 2025 Industry Overview - The conference call discusses the building materials industry, particularly focusing on the consumption building materials sector in Q1 2025, highlighting various sub-sectors such as waterproofing, gypsum board, coatings, cement, glass, and photovoltaic glass [2][3][4][5][6][10][11][12]. Key Points and Arguments General Market Conditions - In Q1 2025, the consumption building materials industry showed stable B-end demand, with significant central government leverage and verified demand for key projects. However, C-end demand is expected to have limited growth due to high base effects from previous years [2][3][8]. - Municipal infrastructure is under pressure from local debt, but the low base from 2024 supports decent performance in engineering [2][3]. Sub-sector Performance - **Waterproofing Industry**: Revenue faced pressure due to price declines, but high-end products saw significant price increases. The strategy focuses on controlling channel inventory, with potential recovery in profitability if asphalt prices stabilize [3][4][9]. - **Gypsum Board Industry**: The sector performed well with low channel inventory, leading to expected sales growth. Despite a year-on-year price decline, lower costs for paper and coal helped maintain profitability [5][9]. - **Coatings Industry**: Major C-end companies achieved double-digit growth, while B-end remained stable. Some companies expanded channels to drive growth, resulting in a relatively strong overall performance [6][9]. - **Cement Industry**: Price increases in East China were successful, with prices higher than the previous year. Despite a projected demand decline of 5-10%, supply-side inventory levels are reasonable, maintaining profitability [10][14]. - **Glass Industry**: The sector faced significant average losses due to overcapacity and price corrections. Short-term recovery is unlikely without improvements in supply-demand dynamics [11]. - **Photovoltaic Glass Industry**: The first quarter exceeded expectations due to strong demand and price increases. However, concerns exist for Q3 as demand may decline [12][13]. Financial and Strategic Insights - The overall logic for the consumption building materials industry in 2025 indicates no expected volume growth, leading to reduced competition in price wars and lower management and sales expenses. This shift is anticipated to enhance net profit margins despite stagnant volume [8]. - Companies are advised to focus on product differentiation and high-end product pressures while monitoring export impacts on low-end product pricing [15]. Additional Important Insights - The building materials industry is experiencing a transition with a focus on managing costs and inventory levels, which may lead to improved profitability despite lower sales volumes [8][9]. - The performance of various sub-sectors reflects a mixed outlook, with some areas showing resilience while others face challenges due to market conditions and external pressures [3][4][5][6][10][11][12][14].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The impact of the "reciprocal tariffs" is limited, and there is an expectation for domestic demand stimulation. The tariffs primarily affect fiberglass and its products, with 202,000 tons of fiberglass exported in 2024, accounting for 26.7% of total production. A complete halt in exports to the U.S. could reduce domestic GDP by 1.5 percentage points, necessitating increased investment and consumption to achieve a 5% GDP growth target. The construction materials sector is expected to benefit from ongoing macroeconomic policies and fiscal stimulus [3][5][12] - Recommended stocks in the consumer construction materials sector include: Sankeshu (channel expansion, retail growth), Dongfang Yuhong (waterproof leader, optimized operations), Weixing New Materials (high-quality operations, significant retail business), and Jianlang Hardware. Beneficiary stocks include: Beixin Building Materials (gypsum board leader, diversified expansion in coatings and waterproofing) [3][5] - The National Development and Reform Commission has issued a plan to control cement clinker capacity at around 1.8 billion tons by the end of 2025, with a target to reduce energy consumption per unit of cement clinker by 3.7% compared to 2020 levels, accelerating energy-saving and carbon reduction efforts [3][5] Market Performance - The construction materials index fell by 2.42% during the week of April 7 to April 11, 2025, outperforming the CSI 300 index, which fell by 2.87%, by 0.46 percentage points. Over the past three months, the CSI 300 index rose by 0.48%, while the construction materials index increased by 4.81%, outperforming the CSI 300 by 4.32 percentage points. However, over the past year, the construction materials index rose by only 1.64%, underperforming the CSI 300 index, which increased by 7.90% [3][12][19] Cement Sector - As of April 11, 2025, the average price of P.O42.5 bulk cement nationwide was 341.69 CNY/ton, a decrease of 1.82% from the previous period. The clinker inventory ratio was 57.52%, an increase of 4.24 percentage points [5][24][26] - Regional price trends show mixed results: Northeast (+0.90%), North China (-5.46%), East China (-0.89%), South China (-1.30%), Central China (-9.81%), Southwest (+4.40%), and Northwest (0.00%) [24][26] Glass Sector - The spot price of float glass as of April 11, 2025, was 1324.00 CNY/ton, reflecting a week-on-week increase of 10.00 CNY/ton (0.76% rise). The futures price decreased by 5.10% to 1154 CNY/ton [5][77][79] - National float glass inventory decreased by 83 million weight boxes, a decline of 1.45%, with key provinces also showing reduced inventory levels [80][84] Fiberglass Sector - The market for fiberglass shows varied pricing, with no-alkali 2400tex direct yarn priced between 3800-4500 CNY/ton, and other fiberglass products showing flexible pricing based on regional demand [5][14] Consumer Construction Materials - As of April 11, 2025, the price of crude oil was 66.16 USD/barrel, down 1.08% week-on-week, and asphalt was priced at 4390 CNY/ton, down 1.13% week-on-week. Prices for acrylic acid and titanium dioxide showed slight increases [5][19]