近期华东水泥企业开始执行错峰生产(8月错峰15天，减产50%)并推涨价格，推涨时间相较于2024年提早 1个月左右，同时错峰力度也较2024年旺季有所提升(2024年10月错峰12天，减产40%)，同时由于长江沿 岸湖北、重庆等地也出台了错峰生产计划，对华东外来冲击预计有限，因此判断华东地区旺季涨价基础 较好。关注反内卷背景下，阶段性供需错配带动大宗建材价格弹性。 基本面：水泥需求略有改善，浮法玻璃价格环比下降。 根据数字水泥网，8月22日全国/华东/华南水泥发货率46%/52%/49%，周环比-0.1pct/+0.9pct/+0.6pct，需 求环比提升;全国含税均价348元/吨，价格环比+2.3元/吨。根据卓创，8月21日浮法玻璃均价1206元/吨， 周环比-30元/吨，库存5636万重箱，较上周+0.5%，浮法玻璃价格环比下降，供给环比提升。8月22日， 华东无碱玻纤粗纱均价3400 元/吨，环比下降;G75 电子纱、7628 电子布价格延续平稳。根据Choice，上 周石油沥青装置开工率30.7%，环比-2.2pct。 配置建议 智通财经APP获悉，东方财富证券发布研报称，西部开发意义重大，叠加近期雅 ...

行 业 研 究 / 建 筑 材 料 / 证 券 研 究 报 建筑材料行业周报 看好西部开发建设，关注旺季反内卷下 大宗建材价格弹性 2025 年 08 月 25 日 【投资要点】 【配置建议】 挖掘价值 投资成长 强于大市（维持） 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 2025.08.11 《政治局会议定调积极，继续重视周期底 部向上机会》 2025.08.04 《行业供需两端利好频出，关注建材板块 底部位置趋势向上投资机会》 2025.07.28 《提示雅下水电工程开工催化，继续关注 重点行业稳增长和"反内卷"组合拳》 2025.07.21 相对指数表现 -10% 2% 14% 26% 38% 50% 2024/8 2025/2 2025/8 建筑材料 沪深300 相关研究 《继续关注头部企业周期底部机会》 2025.08.19 《新疆地区十五五建设有望提速，关注相 关板块机会》 告 习主席出席西藏 60 周年庆祝活动，继续看好西部开发高景气赛道。本 周习主席出席西藏 60 周年庆祝活动，期间习主席强调"中央 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.456 billion yuan, up 18.96% year-on-year, and net profit of 174 million yuan, up 42.30% year-on-year [8] - The second quarter of 2025 saw revenue of 692 million yuan, an increase of 7.75% year-on-year, and a net profit of 92 million yuan, up 28.42% year-on-year [8] - The company benefits from a favorable demand structure, particularly in the wind power and home appliance sectors, which has led to a good performance in production and sales [8] - The report anticipates continued growth in net profit for 2025-2027, with expected figures of 408 million yuan, 506 million yuan, and 583 million yuan respectively, representing growth rates of 49%, 24%, and 15% [8] Financial Performance Summary - Revenue for 2023 was 2.607 billion yuan, with a projected increase to 3.215 billion yuan in 2025, reflecting a growth rate of 20.80% [7] - The net profit for 2023 was 296 million yuan, with an expected increase to 408 million yuan in 2025, indicating a growth rate of 48.50% [7] - The company's earnings per share (EPS) is projected to rise from 0.72 yuan in 2023 to 1.00 yuan in 2025 [7] - The price-to-earnings (PE) ratio is expected to be 16.69 in 2025, indicating a reasonable valuation compared to historical performance [7] Market Performance - The company's stock has shown a strong performance compared to the CSI 300 index, with a notable increase of 54% over the past 12 months [4]

Summary of Conference Call Notes Industry Overview - The conference call discusses the construction materials industry, particularly focusing on cement and glass products, amidst recent monetary policy changes by the central bank [1][2]. Key Points and Arguments - **Monetary Policy Impact**: The central bank announced a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in policy interest rates, expected to inject approximately 1 trillion yuan into the market [3]. - **Cement Market Performance**: As of May 9, the national cement shipment rates were reported at 48%, with regional rates in East and South China at 52% and 54% respectively, showing a month-on-month decline of 1.5%, 0.9%, and 7.2 percentage points [1]. - **Price Trends**: The average price of cement decreased by 4.5 yuan per ton to 387 yuan per ton, marking a 15 yuan drop since early April [1]. - **Glass Market Update**: The average price of float glass was reported at 1318 yuan per ton, down 14 yuan from the previous week, with inventory levels at 58.17 million heavy boxes, an increase of 3.4% [1]. - **Fiber Market**: The average price of alkali-free glass fiber yarn in East China was 3650 yuan per ton, down 50 yuan from before the May Day holiday [1]. Investment Opportunities - **Excess Return Potential**: Historical data suggests that the construction materials sector has a high probability of achieving excess returns compared to the CSI 300 index when the real estate market shows signs of stability and improvement [3][4]. - **Real Estate Market Indicators**: As of April 28, the second-hand housing price index for first and second-tier cities was 196.84 and 145.02 respectively, indicating a stabilization trend. Notably, the investment amount from 30 monitored real estate companies reached 87.6 billion yuan in April, a year-on-year increase of nearly 100% [3]. Recommended Investment Lines - **Main Line One**: Focus on large-scale construction materials with improving supply-demand dynamics, emphasizing price elasticity and high dividend yields [5]. - **Main Line Two**: Favorable outlook on leading consumer building material companies with long-term growth potential, highlighting performance elasticity in high-demand consumer segments [7]. - **Main Line Three**: Interest in companies transitioning or expanding into high-growth sectors such as semiconductors, AI, and robotics [7]. Recommended Companies - **Cement Companies**: Conch Cement, Huaxin Cement, China Jushi, TPI Cement, Shangfeng Cement, Changhai Co. [6]. - **Consumer Building Materials**: Sankeshu, Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Tubao, with a focus on Jianlang Hardware, Qinglong Pipeline, and Longquan Co. [7]. - **High-Growth Companies**: Quartz Co., Planet Graphite, with attention to Zhongqi New Materials [8]. Risk Factors - Potential risks include demand falling short of expectations, gross margins not meeting forecasts, and delays in receivables [8].

Core Viewpoint - The company reported significant growth in Q1 2025, with revenue reaching 763 million yuan, a year-on-year increase of 31.35%, and a net profit attributable to shareholders of 82 million yuan, up 61.78% [1] Financial Performance - In Q1 2025, the company's gross profit margin was 22.59%, an increase of 1.04 percentage points, while the net profit margin was 10.75%, up 2.03 percentage points, primarily driven by product price increases and reduced financial expenses due to exchange rate gains [2] - The company achieved a non-deductible net profit of 87 million yuan in Q1 2025, reflecting a substantial year-on-year growth of 92.63% [1][2] Market Dynamics - The average price of alkali-free glass fiber yarn in Q1 2025 was 4,373 yuan per ton, representing an 18.93% increase year-on-year, driven by strong demand from the home appliance and wind power sectors [1] - The monthly average production in Q1 2025 was 638,900 tons, a 10.76% increase year-on-year, while inventory decreased by 4.77% to 803,200 tons [1] Industry Outlook - Glass fiber is a critical industrial material with limited overseas production capacity, making domestic supply essential. The global demand for glass fiber is approximately tens of millions of tons, with China's production reaching 7.38 million tons in 2024, accounting for over 70% of the total [2] - The industry is expected to be less affected by trade wars due to the high energy consumption, capital intensity, and technological requirements of glass fiber production, with limited capacity expansion outside of China [2] Investment Recommendation - The company is projected to achieve net profits attributable to shareholders of 408 million yuan, 506 million yuan, and 583 million yuan from 2025 to 2027, representing year-on-year growth rates of 48.50%, 24.06%, and 15.12% respectively, with a corresponding PE ratio of 11x, 9x, and 8x [3]