Workflow
防水产品
icon
Search documents
中报逐步披露,关注下半年消费建材盈利改善
China Post Securities· 2025-08-25 09:20
证券研究报告:建筑材料|行业周报 发布时间:2025-08-25 行业投资评级 强于大市|维持 行业相对指数表现 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《俄乌冲突有望结束,关注乌克兰重建 受益标的》 - 2025.08.18 建材行业报告 (2025.08.18-2025.08.24) 中报逐步披露,关注下半年消费建材盈利改善 投资要点 消费建材行业龙头企业已逐步披露中报,行业整体虽然需求仍属 于承压阶段,但我们也观察到积极信号不断出现,如防水、涂料等行 业龙头企业加强协同,开始在底部区域协同提价,各个品类价格竞争 明显缓和,同时如三棵树披露中报,我们看到其产品结构提升、费用 降低带来的盈利改善逻辑如期兑现。 展望下半年,我们认为行业已从左侧逐步进入右侧区域,一方面 先行于行业基本面的地产开工及施工数据有望进入企稳区间,另一方 面,在低基数+竞争缓和背景下,盈利改善逻辑会在更多品类逐步兑 现,建议关注:东方雨虹、三棵树、北新建材、兔宝宝。 | 行业基本情况 | | | --- | --- | | 收盘点位 | 5 ...
伟星新材(002372) - 2025年8月21日投资者关系活动记录表
2025-08-25 02:50
证券代码:002372 证券简称:伟星新材 浙江伟星新型建材股份有限公司投资者关系活动记录表 编号:2025-020 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 √其他:投资者接待日活动 | | 参与单位名称及人 | 长江证券:李浩;西南证券:笪文钊;华泰证券:樊星辰;中信证券:李家明;东 | | | 吴证券:房大磊;利檀投资:郭瑜、毛志伟;高盛:郑睿丰;招商证券:郑晓刚、 | | | 袁定云;国泰海通:花健祎、冯晨阳;中泰证券:万静远;广发证券:吴红艳;中 | | | 金公司:刘嘉忱;光大证券:鲁俊;兴业证券:陈宣屹;国投证券:陈依凡;天风 | | | 证券:王雯;方正证券:黄雪茹;平安证券:郑南宏;财通证券:陈琳云;西部证 | | | 券:陈默婧;国联民生:朱思敏;国金证券:罗逸然;华源证券:唐志玮;国盛证 | | 员姓名 | 券:陈冠宇;博时基金:王凌霄;工银瑞信:文杰;摩根基金:杨文超;天井投资: | | | 吴海云、张汉卿;鑫元基金:汪壑;长城财富保险资管: ...
1-7月水、电固投高增,关注区域基建板块
HUAXI Securities· 2025-08-17 11:05
Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights a significant increase in fixed asset investment in water and electricity sectors, with a focus on regional infrastructure [1][3] - The cement market remains stable, while glass prices are experiencing fluctuations due to competitive dynamics [2] - The real estate market shows a decline in transaction volumes for both new and second-hand homes [3][21] - The report emphasizes the ongoing demand for construction materials driven by major national projects and infrastructure investments [7][8] Summary by Sections Investment Recommendations - Recommended stocks include strong performers like "Three Trees" and high-dividend stocks such as "Weixing New Materials" and "Rabbit Baby" [1] - Cement leaders like "Huaxin Cement" and "Conch Cement" are recommended due to their cost and scale advantages [7] - The report suggests focusing on companies benefiting from major engineering projects, such as "China Power Construction" and "China Energy Construction" [8] Market Trends - The national cement price is reported at 340.33 CNY/ton, showing stability despite low demand [2] - The average price of float glass has decreased to 1235.66 CNY/ton, reflecting a 3.08% decline from the previous week [2][73] - The report notes a 1.6% year-on-year increase in fixed asset investment, with infrastructure investment growing by 3.2% [3][6] Real Estate Market - New home transaction volume in 30 major cities decreased by 12% year-on-year, with a significant 44.7% drop from the previous week [3][21] - Second-hand home transactions in 15 monitored cities showed a slight decline of 1.7% year-on-year [3][21] Sector Performance - The report indicates a robust performance in the industrial sector, with a 9.0% year-on-year increase in industrial investment [6] - The water and electricity sectors are highlighted for their strong investment growth, with electricity supply investment up by 21.5% [6]
新藏铁路公司成立,重大基建工程相继启动
Ping An Securities· 2025-08-11 06:04
行 业 报 告 行业点评 行 业 点 评 相关研究报告 【平安证券】行业动态跟踪报告*建材*雅下水电项目 开工,利好西藏水泥企业——建材洞察系列之三*强 于大市20250721 【平安证券】行业点评*建材*《农村公路条例》公 布,乡村基建持续推进*强于大市20250723 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 事项: 据财联社消息,近日,新藏铁路有限公司成立,法定代表人为马殷军,注册资 本950亿人民币,经营范围含建设工程施工、建设工程监理、铁路运输基础设 备制造、公共铁路运输、餐饮服务、住宿服务、房地产开发经营、旅游业务、 工程管理服务、对外承包工程、信息咨询服务等。股东信息显示,该公司由中 国国家铁路集团有限公司全资持股。 新藏铁路公司成立,重大基建工程相继启动 强于大市( 维持) 平安观点: 建材 2025年08月11日 证 券 | 州)新机场等45个重大项目。4月交通运输部在新闻发布会表示,沪渝蓉 ...
建材周专题:反内卷政策持续推进,关注盈利改善品种
Changjiang Securities· 2025-07-29 01:14
Investment Rating - The industry investment rating is "Positive" and maintained [13] Core Viewpoints - The ongoing anti-involution policies are expected to improve profitability in certain sectors, particularly photovoltaic and float glass industries, while also highlighting the potential in cement and carbon fiber sectors [7][8] - The report emphasizes the importance of monitoring policy developments and market dynamics as they significantly influence industry performance [7] Summary by Sections Basic Situation - Cement prices continue to decline, with a national average price of 345.81 yuan/ton, down 3.06 yuan/ton week-on-week and down 46.94 yuan/ton year-on-year [27] - The average shipment rate for cement companies in key regions dropped to 43%, a decrease of 2.7 percentage points week-on-week and 3.0 percentage points year-on-year [9][26] - Glass inventory continues to decrease, with a total inventory of 5,334 million weight boxes, down 225 million weight boxes week-on-week, reflecting a 4.05% decline [10][39] Recommended Sectors - The report recommends focusing on special fiberglass and African chains, with leading companies being the main investment focus for the year [11] - Key sectors with improving profitability include photovoltaic and float glass, driven by internal changes in leading companies like Qibin Group [8] - The waterproofing industry is also highlighted due to price strategy changes from leading companies, such as Oriental Yuhong [8] Market Dynamics - The report notes that the real estate market continues to show weakness, with a year-on-year decline of 9% in transaction area for new homes across 30 major cities [9] - The float glass market is experiencing a rise in prices due to increased speculative demand and replenishment from downstream sectors, with a production capacity utilization rate of 81.56% [10][36] - The carbon fiber industry is benefiting from cost reductions in leading companies, which is expected to enhance profitability [8]
行业周报:中央城市工作会强调城市更新,关注建材投资机会-20250720
KAIYUAN SECURITIES· 2025-07-20 11:43
Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The central urban work conference emphasized urban renewal, which is expected to drive demand for construction materials such as pipes, waterproofing, and coatings. This will lead to significant improvements in the real estate chain's fundamentals [3] - The report recommends several companies in the consumer building materials sector, including Sankeshu (channel expansion), Dongfang Yuhong (waterproofing leader), Weixing New Materials (high retail business ratio), and Jianlang Hardware. Beneficiary companies include Beixin Building Materials (gypsum board leader) [3] - The National Development and Reform Commission's action plan for the cement industry aims to control cement clinker capacity at around 1.8 billion tons by the end of 2025, which is expected to accelerate energy-saving and carbon reduction efforts [3] Market Performance - The construction materials index fell by 0.23% in the week from July 14 to July 18, 2025, underperforming the CSI 300 index by 1.32 percentage points. Over the past three months, the CSI 300 index rose by 7.17%, while the construction materials index increased by 4.36%, underperforming by 2.82 percentage points. In the past year, the CSI 300 index rose by 14.68%, and the construction materials index increased by 16.62%, outperforming by 1.94 percentage points [4][13] Cement Sector - As of July 18, 2025, the average price of P.O42.5 bulk cement nationwide was 280.87 CNY/ton, down 0.71% month-on-month. The clinker inventory ratio was 67.24%, up 1.35 percentage points [6][27] - The report highlights regional price variations, with Northeast China stable, North China up by 0.74%, and East China down by 1.90% [26] Glass Sector - The spot price of float glass as of July 18, 2025, was 1214.63 CNY/ton, an increase of 0.71% from the previous week. The inventory of float glass nationwide decreased by 175 million weight boxes, a decline of 3.05% [82][84] - The average price of photovoltaic glass remained stable at 116.02 CNY/weight box [89] Fiberglass Sector - The market price for non-alkali 2400tex direct yarn ranged from 3300 to 4100 CNY/ton, with variations depending on the manufacturer [6] Consumer Building Materials - As of July 18, 2025, the price of asphalt was 4570 CNY/ton, stable week-on-week, and up 2.93% year-to-date. The price of titanium dioxide was 13050 CNY/ton, down 1.14% month-on-month [6]
建筑建材行业集体“反内卷”,要向“违规分包”“垫资施工”开刀
第一财经· 2025-07-10 13:19
Core Viewpoint - The construction industry is uniting against "involution" to improve long-term operational quality and resist illegal practices, aiming for sustainable development and enhanced competitiveness [1][2][3]. Group 1: Industry Initiatives - 33 major construction companies have issued a joint initiative to combat industry issues such as illegal subcontracting and low-price bidding, emphasizing compliance and fair competition [2][3]. - The initiative calls for a focus on core responsibilities, technological innovation, and avoiding blind expansion and excessive debt [2][3]. Group 2: Market Conditions - The construction industry is facing intensified competition and a need for transformation due to various domestic and international factors [3]. - Long-standing issues like low-price bidding and a focus on scale over quality have led to high project volumes but low profitability [3][4]. Group 3: Responses from Related Industries - The cement industry is also responding to the "anti-involution" call, with measures to align production capacity with actual output and address overcapacity issues [6][8]. - Major waterproof material companies have announced price increases ranging from 1% to 13% to counter rising costs and thin profit margins [8]. Group 4: Market Impact - The "anti-involution" movement has led to a rally in A-share construction and building materials sectors, indicating a potential recovery in profits for leading companies [8][9]. - Analysts suggest that the initiative will help optimize market ecology, reduce excessive competition, and enhance overall industry competitiveness [9].
建筑建材行业集体“反内卷”,要向“违规分包”“垫资施工”开刀
Di Yi Cai Jing· 2025-07-10 11:00
Group 1 - The construction industry has faced intense competition leading to low profit margins and unsustainable practices, prompting 33 major companies to jointly issue an initiative against "involution" [1][2] - The initiative emphasizes the need for the industry to focus on core responsibilities, enhance competitiveness, and resist illegal practices such as subcontracting and false bidding [2][3] - The construction sector has historically prioritized scale over quality, resulting in high output but low profitability, with issues like low-price bidding and excessive debt prevalent [3][6] Group 2 - The cement industry is responding to the "anti-involution" call by pushing for alignment between registered and actual production capacities, aiming for structural optimization and transformation [5][6] - Major waterproof material companies have announced price increases ranging from 1% to 13% to address rising costs and thin profit margins, indicating a shift towards better profitability [6][7] - The recent "anti-involution" movement has led to a rally in the A-share construction and materials sectors, with expectations of profit recovery for companies involved [6][7]
东方雨虹(002271.SZ):转型红利释放,静待价值重估时刻
Ge Long Hui· 2025-07-07 02:39
Core Viewpoint - The real estate industry is experiencing a downturn, but opportunities are emerging as related sectors begin to recover from the prolonged impact of real estate [1] Group 1: Strategic Transformation and Growth Opportunities - The shift in demand towards existing homes has led to a strategic transformation for the company, moving from a B-end procurement model to focusing on C-end retail and small B engineering channels [2] - In 2024, the combined revenue from retail (C-end) and engineering (small B) channels is projected to reach 23.562 billion, accounting for 83.98% of total revenue [2] - The company is actively optimizing its customer structure and channel transformation, indicating a long-term strategic shift rather than a short-term tactic [2] Group 2: Financial Performance and Cash Flow Improvement - The company has significantly reduced its accounts receivable issues and improved operating cash flow, which is crucial for sustaining high dividend payouts [3] - In 2024, the operating net cash flow reached 3.457 billion, a substantial increase of 64.39% year-on-year [9] - The company has maintained a high dividend yield of nearly 14%, reflecting its financial health and commitment to shareholder returns [10] Group 3: New Growth Engines - The rise of diverse businesses, particularly the mortar powder segment, is contributing to new revenue streams, with non-waterproof business revenue accounting for 26.55% in 2024 [5] - The company is accelerating its overseas expansion, with international market revenue reaching 877 million, a year-on-year growth of 24.73% [6] - The establishment of factories in Malaysia and ongoing projects in the U.S. and Saudi Arabia are part of the company's global growth strategy [6] Group 4: Cost Reduction and Efficiency - The company has achieved a significant reduction in expense ratios, with a 3.4 percentage point decrease to 17% in Q1, driven by a 28% drop in sales expenses and a 57% drop in financial expenses [8] - These cost-cutting measures are expected to enhance profitability and strengthen the company's core competitiveness in the long term [8] Group 5: Future Outlook - The company is positioned at a critical juncture, transitioning from operational to growth and valuation phases, warranting attention to its value growth potential [11] - Short-term focus should be on the benefits of cost reduction, while mid-term attention should be on the explosive growth potential in overseas markets [12][13] - Long-term strategies include building platform barriers through diversified operations, with the mortar powder business emerging as a second core business [12]
周观点:供给端重现预期,需求端关注升级-20250706
Investment Rating - The report maintains a positive outlook on the building materials industry, particularly highlighting the recovery potential in the consumption building materials sector and the cement industry [2][4]. Core Insights - The building materials industry has seen a resurgence in attention since July 1, driven by expectations of supply-side improvements and demand upgrades, particularly in the cement and glass sectors [2][4]. - The cement industry is expected to benefit from policies aimed at limiting overproduction, while the glass industry is experiencing changes due to reductions in production capacity and demand fluctuations [2][9]. - The waterproofing sector has seen unprecedented price increases among leading companies, indicating a potential recovery in profitability [3][5]. - AI demand is reshaping market expectations, particularly in the low dielectric cloth segment, which is expected to see continued product premium during the upgrade process [3][26]. Summary by Sections Consumption Building Materials - The logic of improving market dynamics is beginning to materialize, with price communication among companies becoming more favorable [5]. - The waterproofing industry has seen a significant price increase among leading firms, indicating a recovery in profitability [5][6]. - The report anticipates that profitability recovery will outpace revenue growth in 2025, driven by cost reductions and stabilized pricing [5]. Cement - The cement industry is experiencing a "reverse involution" with policies aimed at limiting overproduction, which is expected to stabilize prices [9][11]. - Demand remains weak, with a notable decline in production and sales, but the industry is expected to see a recovery in profitability as supply-side adjustments take effect [11][12]. - The report likens the supply-demand dynamics in the cement industry to a "tortoise and hare" race, where supply adjustments may lead to improved profitability despite weak demand [12][14]. Glass - The float glass market is currently facing pressure with prices remaining low and demand weak, leading to cash flow challenges for many companies [17][24]. - The report highlights that the photovoltaic glass sector is entering a cash loss zone, prompting accelerated cold repairs among manufacturers [24][25]. - The automotive glass segment is expected to maintain stable profitability due to product structure improvements and cost optimization [21][22]. Fiberglass - The demand for low dielectric cloth is expected to increase due to the AI industry's growth, with companies positioned well for product upgrades [26][27]. - The report notes that mainstream electronic cloth products are performing steadily, with potential price increases anticipated in the future [27][28]. Carbon Fiber - The wind power sector is seeing a recovery in demand, which is expected to lead to improved profitability in Q2 [32].