证券研究报告 建筑材料 | 装修建材 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 28 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 联系人 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | | 2025 | 年 | 04 | 月 日 | 25 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | 12.26 | | 年 内 低 | 最 | 高 | / | 最 | | | | | | 一 | | | （元） | | | | | | | | 18 ...

公司报告 | 年报点评报告 垒知集团（002398） 证券研究报告 业绩短期承压，积极分红回购回报股东 业绩短期承压，积极分红回购回报股东 公司发布 24 年年报，全年实现收入/归母净利润 26.17/0.49 亿元，同比 -14.43%/-68.99%，全年实现扣非归母净利润 0.27 亿元，同比-77.95%。其 中 Q4 单季度实现收入 7.68 亿元，同比-6.57%，实现归母净利润/扣非归母 净利润-0.47/-0.53 亿元，同比增亏。公司拟向全体股东每 10 股派发现金 红利 0.80 元，合计派发现金股利约 5506 万元，分红率高达 111.8%。公司 于 24 年亦实施股份回购，累计回购 2168.82 万股，并已注销 1192.85 万股， 剩余 975.97 万股拟用于后续员工持股计划或股权激励。 双主业协同推进，成本优化+出海布局显韧性 公司 24 年综合技术服务业务实现营业收入同比-21.80%达 3.29 亿元，实现 净利润 3792.25 万元。受益于成本控制（营业成本同比下降 28.74%），毛利 率同比+6pct 达 38.60%。24 年公司重大工程及交通工程检测业务实现 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 建筑材料 持续关注二手房对建材需求的影响 2025 年 4 月 21 日至 4 月 25 日建筑材料板块（SW）上涨 1.27%，其中 水泥（SW）下跌 0.94%，玻璃制造（SW）上涨 1.36%，玻纤制造（SW） 上涨 3.70%，装修建材（SW）上涨 2.48%，本周建材板块相对沪深 300 超额收益 0.90%。本期建筑材料板块（SW）资金净流入额为-2.36 亿元。 【周数据总结和观点】 本周政治局会议指出"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"，"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，有力有序推进城中 村和危旧房改造。加快构建房地产发展新模式，加大高品质住房供给，优 化存量商品房收购政策，持续巩固房地产市场稳定态势。持续稳定和活跃 资本市场"等，后续内需刺激有望加码。根据 wind 统计，2025 年 3 月地 方政府债总发行量 9788.03 亿元，发行金额同比 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 增持（维持） 行业走势 -30% -20% -10% 0% 10% 20% 2024-04 2024-08 2024-12 2025-04 建筑材料 沪深300 作者 分析师 沈猛 执业证书编号：S0680522050001 邮箱：shenmeng@gszq.com 分析师 陈冠宇 执业证书编号：S0680522120005 邮箱：chenguanyu@gszq.com 分析师 张润 建筑材料 持续关注二手房对建材需求的影响 2025 年 4 月 21 日至 4 月 25 日建筑材料板块（SW）上涨 1.27%，其中 水泥（SW）下跌 0.94%，玻璃制造（SW）上涨 1.36%，玻纤制造（SW） 上涨 3.70%，装修建材（SW）上涨 2.48%，本周建材板块相对沪深 300 超额收益 0.90%。本期建筑材料板块（SW）资金净流入额为-2.36 亿元。 【周数据总结和观点】 本周政治局会议指出"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 ...

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [6] Core Views - The company's performance is supported by its "two wings" strategy, which includes gypsum board and other businesses, as well as coatings and waterproofing, contributing to revenue growth [8] - The company is positioned as a leading player in the domestic gypsum board industry, with a strong competitive moat and is transitioning towards a comprehensive consumer building materials manufacturer and service provider [8] - The company is expected to benefit from domestic demand policies and has the potential for valuation uplift due to its growth trajectory and defensive attributes [8] Financial Summary - The company achieved a revenue of 6.246 billion yuan in Q1 2025, representing a year-on-year growth of 5.09%, and a net profit of 842 million yuan, up 2.46% year-on-year [8] - Revenue projections for 2025-2027 are estimated at 27.344 billion yuan, 28.961 billion yuan, and 31.137 billion yuan, respectively, with corresponding net profits of 4.025 billion yuan, 4.362 billion yuan, and 4.805 billion yuan [7][9] - The company's earnings per share (EPS) is projected to be 2.38 yuan in 2025, increasing to 2.84 yuan by 2027 [7][9] - The price-to-earnings (P/E) ratio is expected to decrease from 12.40 in 2025 to 10.38 in 2027, indicating a favorable valuation trend [7][9]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a strong start in Q1 2025, with revenue of 6.25 billion yuan, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 840 million yuan, up 2.5% year-on-year [1] - The gypsum board segment faced a revenue decline of 6.1% year-on-year, attributed to intense industry competition, while the waterproof materials segment grew by 10.5% year-on-year [2] - The company is expanding its industrial coatings business, with plans to establish a production base in Anqing, Anhui Province, which will enhance its market competitiveness [2] Financial Performance - The company's gross margin for Q1 2025 was 28.9%, a slight increase of 0.3 percentage points year-on-year, while the net profit margin was 13.7%, a minor decrease of 0.3 percentage points [3] - Accounts receivable increased significantly by 93.9% compared to the beginning of the year, primarily due to the implementation of annual credit sales policies [3] - The company expects to achieve revenue of 28.865 billion yuan, 32.138 billion yuan, and 35.453 billion yuan for 2025, 2026, and 2027 respectively, with a compound annual growth rate of 8.3% [4] Business Segments - The gypsum board segment generated revenue of 4.28 billion yuan in Q1 2025, while the waterproof materials segment achieved 1.05 billion yuan, reflecting a robust growth trajectory [2] - The industrial coatings segment reported revenue of 908 million yuan, with plans for further expansion following the restructuring of the Carpoly business [2] Future Outlook - The company is expected to maintain a strong market position due to its cost advantages and brand strength, which will help mitigate price wars and protect profit margins [4] - The projected earnings per share (EPS) for 2025 is 2.71 yuan, with a price-to-earnings (P/E) ratio of 11 [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a strong Q1 performance in 2025, with revenue of 6.25 billion yuan, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 840 million yuan, up 2.5% year-on-year [1] - The gypsum board segment experienced a revenue decline of 6.1% year-on-year, attributed to intense industry competition, while the waterproof materials segment grew by 10.5% year-on-year [2] - The company is expanding its industrial coatings business, with plans to establish a new production base in Anqing, Anhui Province, which will enhance its market competitiveness [2] Financial Performance - The company's gross margin for Q1 2025 was 28.9%, a slight increase of 0.3 percentage points year-on-year, while the net profit margin was 13.7%, a minor decrease of 0.3 percentage points [3] - Accounts receivable increased significantly to 5.31 billion yuan, up 93.9% from the beginning of the year, primarily due to annual credit sales policies [3] - The company expects to achieve revenue of 28.865 billion yuan, 32.138 billion yuan, and 35.453 billion yuan for 2025, 2026, and 2027 respectively, with a compound annual growth rate of 8.3% [4] Business Segments - The gypsum board segment generated 4.28 billion yuan in revenue, while the waterproof materials segment achieved 1.05 billion yuan, reflecting a robust growth trajectory [2] - The industrial coatings segment reported revenue of 908 million yuan, with plans for further expansion following the restructuring of the Carpoly business [2] Future Outlook - The company is expected to maintain a strong market position due to its cost advantages and brand strength, which will help mitigate price wars and protect profit margins [4] - The projected earnings per share (EPS) for 2025 is 2.71 yuan, with a price-to-earnings (P/E) ratio of 11 [5]

亿利达：拟3000万–5000万元回购公司股份 4月24日，亿利达（002686）发布公告称，公司拟3000万-5000万元回购公司股份，用于股权激励计划或 员工持股计划，回购价格不超过6.5元/股（含）。 资料显示，亿利达成立于1995年7月，主营业务是中央空调风机、建筑通风机及中央空调其他配件的设 计、制造与销售。 所属行业：机械设备–通用设备–制冷空调设备 英联股份：两股东拟合计减持不超5%公司股份 4月24日，英联股份（002846）发布公告称，持股5%以上股东翁伟炜计划通过集中竞价、大宗交易方式 合计减持不超2.5%公司股份；持股3.02%的股东蔡沛侬计划通过集中竞价、大宗交易方式合计减持不超 2.5%公司股份。 资料显示，英联股份成立于2006年1月，主营业务是金属包装产品研发、生产和销售。 所属行业：轻工制造–包装印刷–金属包装 中兵红箭：2024年净亏损3.27亿元 4月24日，中兵红箭（000519）发布2024年度报告，公司2024年实现营业收入45.69亿元，同比下降 25.29%；实现归属于上市公司股东的净亏损3.27亿元,同比由盈转亏；基本每股收益为亏损0.2351元/ 股。 资料显 ...