北新集团建材股份有限公司投资者关系活动记录表 编号：20251223 | | 多年的市场培育，现已遍布全国各大城市及发达地区县级市。五 | | --- | --- | | | 是品牌优势，公司成功打造了全球石膏板行业著名自主品牌"龙 | | | 牌"和"泰山"，同时拥有"禹王""蜀羊""梦牌""灯塔" | | | "嘉宝莉""大桥"等多个知名品牌，产品广泛应用于国家重大 | | | 工程、地标性建筑和现代家居生活。北新建材品牌价值达 1,282.55 | | 亿元，位列中国 | 500 最具价值品牌第 70 位。 | | | 2.石膏板业务未来的需求增长点及价格展望 | | | 答：石膏板行业需求出现结构性分化，二次装修、城市更新、 | | | 家装零售、县乡市场及创新平替等方面是主要需求增长点。公司 | | | 继续坚持"价本利"管理理念，通过"一个价格分头实现"，通 | | 过产品创新与平替，引领行业价格不断修复。 | | | 3. | 目前防水行业价格情况，如何看待未来防水行业价格修复 | | 情况？ | | | | 答：目前公司防水产品价格相对稳定。公司希望与行业内企 | | | 业携手推动行业走向良 ...

智通财经APP获悉，财通证券发布研报称，水泥国内供需长期或企稳，核心在供给收缩，新一轮供给侧 改革政策聚焦控产能、反内卷或有望成为限制水泥供给的因素之一。增量主要靠海外，非洲在竞争格 局、盈利空间、需求潜力方面更具优势。水泥具高股息的配置逻辑，且海外贡献增量业绩、国内价格止 跌回暖的基本面逻辑。 玻纤：传统看反内卷，高端看技术迭代 玻纤性能良好广泛应用于工业各领域，包括建筑材料(占25%)、交通运输(24%)、电子电气(18%)、能源 环保(14%)、消费品(8%)等。而传统领域方向，9月初，中国玻璃纤维工业协会发布了相关文件将反内卷 正式引入玻纤行业，未来玻纤粗纱价格中枢有望稳步向上;而新领域方向，随着人工智能技术和应用的 快速发展，AI服务器需求强劲，同时AI服务器需求摒弃了传统的电子布，转向低介电(LowDk)电子布， AI服务器不断地升级对低介电子布的要求不断提升，产品的迭代也带来价格的提升和企业单位盈利的 提升。 消费建材：复价持续推进，静待困境反转 拐点渐显，竞争减缓是大势所趋，前期白热化价格竞争下小企业亏损加剧、加速出清，龙头通过主动和 被动的方式提升集中度，其经营思路从提量转为高质量发展：1) ...

Core Viewpoint - The company, Beijing Oriental Yuhong Waterproof Technology Co., Ltd., is optimizing its asset structure by selling non-production real estate assets, which is seen as a strategic move to focus on its core business and enhance its competitive position in the market [1] Group 1: Asset Optimization - The company plans to sell non-production real estate assets held by its subsidiaries, which is interpreted as a proactive choice for strategic focus rather than a loss [1] - Continuous asset disposals are aimed at concentrating resources on the main business, thereby strengthening its core operations [1] Group 2: Global Expansion - The company is accelerating its global strategy through a combination of trade, investment, and acquisitions, with significant actions taken since November [2] - It intends to acquire 60% of Brazilian Novakem for approximately 144 million yuan and is constructing a production and R&D base in Mexico, expected to be operational by 2026 with an annual capacity of 100,000 tons of sand powder and 20,000 tons of water-based coatings [2] - The company completed the acquisition of Chilean construction retail leader Construmart S.A. for about 123 million USD, establishing a dual support layout in the Latin American market [2] - International production capacity has been established in key regions including Houston, USA, Saudi Arabia, and Malaysia, with the Malaysian factory expected to begin trial production in the first half of 2025 [2] - Overseas revenue has increased from 246.7 million yuan in 2020 to 877 million yuan in 2024, representing a growth of 255%, with further growth expected in 2025 [2] Group 3: Sand Powder Business Development - The sand powder business has achieved significant scale, with production capacity increasing from 1.8 million tons in 2021 to a target of 10 million tons by 2025, supported by 68 production and logistics bases nationwide [3] - The company is extending its operations upstream by investing in a new materials industrial park in Jiangxi and acquiring marble mining rights, which will lower production costs and allow entry into high-margin sectors [3] - The establishment of a silica sand production base in Guangdong is expected to generate an annual output value of 135 million yuan, positioning the company among the leading glass sand processing enterprises in the country [3] Group 4: Market Recognition and Future Strategy - The company's strategic adjustments have been recognized by the capital market, with over 50 domestic and foreign institutions acknowledging the long-term growth logic in its overseas expansion and sand powder business [4] - The company plans to continue investing in overseas capacity construction and the sand powder industry chain, aiming to become a global leader in building materials system services through a dual-driven development model [4] - This proactive strategic focus is expected to open up broader growth opportunities during a critical period of industry transformation [4]

Summary of Conference Call Records Industry Overview - The real estate market is currently experiencing a downturn, particularly in first-tier cities where second-hand housing prices have fallen more than the national average, negatively impacting market confidence [1][2][4] - Despite a stable overall performance in the first half of 2025, prices have accelerated downward since the third quarter, with a significant decline in sales and investment data in October [2][3] Key Points and Arguments Market Performance - In the first half of 2025, the real estate market was stable, with good sales of new and second-hand homes, but began to decline in the third quarter [3] - The average price drop in second-hand homes across 70 cities has raised concerns about market confidence [4] Policy Environment - Administrative easing policies have not fully reversed the market downturn; the main expectation is a reduction in mortgage rates [5] - The LPR (Loan Prime Rate) saw only a slight decrease in 2025, limiting banks' ability to lower rates further due to net interest margin pressures [5] - There are discussions about implementing fiscal subsidies to alleviate the burden of mortgage loans, which could cost between 50 to 60 billion yuan annually [6] Stock Market Outlook - There is a relatively optimistic outlook for the real estate stock market, as policy advancements could improve market liquidity and company performance [7] - Companies with low debt pressure, ample cash flow, and attractive valuations are recommended for investment, particularly in Hong Kong real estate and commercial properties [7] Company-Specific Insights: Beike (贝壳找房) - Beike's revenue is affected by the price decline in first-tier cities, but its brokerage business is expected to show resilience as market demand recovers [8] - The company anticipates a net profit increase from approximately 5 billion yuan in 2025 to 7 billion yuan in 2026, driven by improved efficiency, AI technology application, and profit release from home decoration and rental businesses [9][11] - Beike's current stock price has significant upside potential, estimated at 40%-50% based on its cash reserves and low P/E ratio [12] Additional Insights Related Sectors - The kitchen appliance and integrated stove sectors are closely tied to the real estate cycle and have faced valuation pressures due to market weakness [13][14] - The central air conditioning sector is also linked to real estate, with potential for valuation recovery if market expectations shift [15] - White and black goods sectors are less correlated with real estate cycles, relying more on their own industry dynamics [16] Building Materials Market - The building materials industry has seen fluctuations in volume and price since 2021, with signs of stabilization in certain segments like coatings [17][18] - Future demand in the building materials sector is expected to decline but at a slower rate, with potential price stabilization due to supply-side adjustments [19] - Investment opportunities are seen in the renovation of existing homes, particularly in coatings and board materials, with a projected 5% compound annual growth rate in renovation area from 2025 to 2026 [21] Risk Assessment - Risks related to accounts receivable and asset impairment from the real estate sector have been effectively controlled, although attention is needed for potential asset devaluation from unsold properties [20] Investment Recommendations - Focus on companies with strong market positions and potential for recovery, such as Beike, and sectors like coatings and engineering materials that are less affected by the real estate downturn [22][24]

Core Viewpoint - The construction materials industry is showing signs of recovery as the impact of real estate and macro debt on the sector has diminished, with some companies finding growth opportunities through overseas expansion, market penetration, renovation projects, and technological materials [1]. Group 1: Cement Sector - The cement sector's profitability is primarily driven by overseas operations, particularly in regions like Africa, where companies such as Huaxin Cement are performing well [1]. - Domestic demand and prices have weakened compared to Q2, but the decline in demand growth rate and absolute gross profit per ton suggest that 2024 may represent a bottoming out for the industry [1]. - The focus on limiting overproduction remains crucial for improving supply-demand dynamics, and shareholder returns are expected to improve due to industry equity incentives [1]. Group 2: Consumer Building Materials - There is a noticeable divergence in revenue growth rates among different sub-sectors and companies within the consumer building materials industry, driven by the concentrated impact of real estate and local debt on demand [2]. - Companies are exploring new revenue paths through overseas expansion, market penetration, and renovation projects, with price recovery and structural upgrades in the paint and waterproofing sectors leading the way [2]. - Cost optimization through personnel and expense management continues to enhance profitability, while policy catalysts for consumer building materials still have room for growth [2]. Group 3: Glass and Fiberglass - The fiberglass sector is experiencing dual differentiation in production and sales, with larger companies maintaining significantly better performance amid price wars among smaller firms [3]. - The profitability in the fiberglass sector is driven by structural demand in wind power yarn and electronic cloth, with expectations for price recovery in coarse yarn by Q4 2025 [3]. - The glass sector is facing a stalemate in supply and demand, with prices nearing a bottom; however, the photovoltaic glass segment is seeing a turnaround as leading companies quickly return to profitability due to industry self-discipline in production cuts [3].

Group 1: Cement Industry - The cement industry experienced a year-on-year production decline of 7% in Q3 2025, with average prices also decreasing. However, the drop in raw material prices supported the gross profit per ton to remain stable year-on-year [1] - In Q4, coal prices rebounded, increasing by 8% in October compared to September, which may lead to marginal cost increases for cement [1] - If the industry strictly limits overproduction in 2026, capacity utilization rates could recover to over 60%, which, along with staggered production execution, may support industry profitability recovery [1] Group 2: Consumer Building Materials - Key consumer building materials companies reported a combined revenue decline of 3% year-on-year in Q3 2025, with a gross margin decrease of 1.2 percentage points, although the decline rate has narrowed [2] - The sector has implemented strict cost control measures, leading to a slight improvement in cash flow [2] - It is recommended to consider undervalued stocks in segments where supply and price competition are easing, such as home decoration coatings and waterproof materials, as well as in stable demand sectors like coatings and gypsum boards [2] Group 3: Glass Fiber - The glass fiber sector saw improvements in both revenue and gross margin year-on-year in Q3 2025, with stable prices for wind power yarn and thermoplastic short-cut products [3] - There is potential for price increases in both roving and electronic fabrics, indicating a balanced industry outlook for 2026 [3] - Special glass fiber fabrics are expected to maintain rapid growth driven by AI advancements [3] Group 4: Glass Industry - The glass industry continues to face pressure from construction, with float glass profitability at a low point [4] - Looking ahead to 2026, after price declines in the off-season, some cash flow-negative capacities may undergo cold repairs, which could gradually improve supply-demand relationships [4]

Investment Rating - The industry rating is "Recommended" [5] Core Views - The overseas business continues to show strong growth, with companies like Huaxin Cement and Keda Manufacturing benefiting from this trend. Huaxin Cement reported a net profit of 2.004 billion yuan for Q1-Q3 2025, a year-on-year increase of 76.01% [8] - Domestic demand expectations are rising, and the industry is experiencing price increases due to tariff disturbances and self-discipline in the market. Recommendations include Huaxin Cement and Conch Cement [8] - The waterproofing industry is seeing frequent price increases, indicating a turning point in industry revenue, with recommendations for companies like Oriental Yuhong and Keshun [8] - The special electronic cloth sector is experiencing high demand, with companies like China Jushi and China National Materials Technology benefiting from this trend [8] Summary by Sections Cement Market - National cement prices increased by 1% week-on-week, with price rises concentrated in regions like Jiangsu, Zhejiang, Anhui, Guangdong, Chongqing, and Sichuan, ranging from 10 to 50 yuan/ton [2] - The average price of floating glass decreased by 3.30% to 1202.68 yuan/ton, with a narrowing decline [2][63] - The domestic market for photovoltaic glass is seeing a slight decline in prices, with 2.0mm coated panel prices at 12.5-13 yuan/square meter, down 1.92% [2][73] Real Estate Transactions - In the 44th week, new home transaction area in 30 major cities was 202.66 million square meters, down 40% year-on-year, while second-hand home transactions in 15 monitored cities decreased by 22% [3][22] Investment Recommendations - Recommended companies include Huaxin Cement, Conch Cement, Keda Manufacturing, and others in the special electronic cloth sector like China Jushi and China National Materials Technology [8][9]

Summary of Weixing New Material's Conference Call Company Overview - **Company**: Weixing New Material - **Industry**: Building materials and water management systems Key Points Financial Performance - **Revenue Decline**: Q3 revenue decline narrowed to 9.83%, with retail business decline at 5.9% and engineering business under significant pressure [2][3][4] - **Net Profit**: Q3 net profit was 268 million yuan, with a cumulative net profit of 539 million yuan for the first nine months, showing a significant improvement compared to the first half of the year [2][4] - **Cash Flow**: Positive cash flow management with a net cash flow from operating activities of 16.17 million yuan and a cash balance of 918 million yuan at the end of the reporting period [2][4] Business Segments - **Channel Performance**: - Retail channel down 8.9% - Construction channel down 14.4% - Municipal channel down 15.1% - Foreign business down 11.7% [3][7] - **Product Performance**: - Pipe products' market share slightly decreased from 79.5% to 79.1% - PPI products saw a decline of over 11% - PVC product decline reduced to just over 5% [8][9] Gross Margin and Pricing - **Gross Margin**: Q3 gross margin decline narrowed, with retail gross margin stable and slightly increasing, indicating market recognition of brand influence and service quality [2][4][10] - **Cost Changes**: PPI costs remained stable, while copper prices increased by 5-6%. PE and PVC raw material prices decreased, with PE down by 2-3% and PVC down by approximately 15% [16] Strategic Initiatives - **Business Model Transformation**: Launched the "Water Ecology" brand, marking a shift from single product competition to a service-integrated system approach, aimed at enhancing market competitiveness and profitability [2][5] - **Future Outlook**: The company anticipates a challenging Q4 due to weak demand and high comparative base from the previous year, with efforts focused on solidifying foundations and adjusting strategies for better performance in 2026 [6] Market Conditions - **Market Environment**: The overall market remains weak, with a notable price war affecting profitability. The company maintains a high-end brand positioning and refrains from engaging in ineffective price competition [12][32] - **New Housing Market**: Future new housing supply is expected to decrease, but demand for high-quality housing remains strong, supported by government policies [25][26] Operational Insights - **Inventory Management**: Channel inventory is maintained at 1-1.5 months, with a focus on efficient inventory management to ensure smooth market entry [22][27] - **Accounts Receivable**: Strict management of accounts receivable has resulted in a decrease in outstanding amounts, maintaining a healthy financial status [23] Future Plans - **Expansion Plans**: The establishment of a production base in Xinjiang aims to serve the northwest market and reduce transportation costs, laying the groundwork for future expansion into Central Asia [19] - **Employee Incentives**: The company plans to continue its stock incentive program, albeit with caution in setting performance indicators due to current market uncertainties [15] Additional Notes - **Investment Income**: Investment income of 60 million yuan primarily from the Dongpeng Helix project, with future returns dependent on stock market performance [21] - **Service Expansion**: The "New Housekeeper" service has reached approximately 1.5 million households, with expectations to exceed 2 million by year-end [17][18]

Investment Rating - The investment rating for the company is "Hold" [11] Core Views - The company reported a decline in profitability in Q3 2025, with revenue of 19.91 billion yuan, down 2.3% year-on-year, and a net profit of 2.59 billion yuan, down 17.8% year-on-year. The Q3 revenue was 6.35 billion yuan, down 6.2% year-on-year, and net profit was 660 million yuan, down 29.5% year-on-year [4][5] - The company's gross margin for the first three quarters was 29.5%, a decrease of 1.12 percentage points year-on-year, while the Q3 gross margin was 27.8%, down 2.3 percentage points year-on-year. This decline is attributed to intensified competition in the gypsum board industry, leading to slight decreases in both price and volume [5] - Despite the challenging market conditions, the company is pursuing a "one body, two wings, global layout" strategy, which is expected to help it regain a growth trajectory after the industry downturn [5] Financial Summary - The company’s total market capitalization is 39.9 billion yuan, with a total share capital of 1.7 billion shares and a circulating share capital of 1.635 billion shares. The latest closing price is 23.44 yuan, with a 52-week high of 32.49 yuan and a low of 23.44 yuan [3] - The company is projected to achieve revenues of 26.4 billion yuan and 27.8 billion yuan in 2025 and 2026, respectively, representing year-on-year growth rates of 2.3% and 5.3%. The net profit attributable to shareholders is expected to be 3.23 billion yuan in 2025 and 3.69 billion yuan in 2026, with corresponding PE ratios of 12.4X and 10.8X [5][7]

Core Insights - The report maintains a positive outlook on the building materials sector, highlighting a divergence in performance among companies, with demand being a central theme [2][4] - The report emphasizes that the construction materials industry is experiencing a mixed performance, with some companies benefiting from improved competitive dynamics while others face challenges due to demand and pricing pressures [7][10] Group 1: Consumer Building Materials - The consumer building materials segment shows a divergence in performance, with companies like Sanhe Tree and Oriental Yuhong expected to achieve significant growth due to improved competition and reduced pricing pressures [10][11] - The revenue for Q3 is anticipated to remain flat or decline for most building materials companies, but some may see slight year-on-year increases due to favorable competitive conditions [10][11] - Cost factors such as stable or declining prices for key materials like asphalt and PVC positively impact margins for waterproofing and coating companies [10][11] Group 2: Cement Industry - The cement industry faces weak demand from both real estate and infrastructure sectors, with production volumes declining by 5.6% and 6.2% year-on-year in July and August respectively [12][13] - The average price of cement in Q3 2025 was 343.86 RMB/ton, reflecting a decrease of 8.74% quarter-on-quarter and 10.55% year-on-year, indicating significant pricing pressure [12][13] - The report notes that the industry is currently at a low profitability level due to high inventory and rising production costs driven by coal prices [13] Group 3: Glass Industry - The glass industry is experiencing downward pressure on prices and profitability due to declining demand from the real estate sector, with the average price in Q3 2025 at 68.25 RMB/weight box, down 4.42% quarter-on-quarter [19] - High inventory levels persist in the glass sector, with 5,329 million weight boxes reported by the end of September, exacerbating the pricing challenges [19][20] - The report indicates that while raw material costs have decreased, the overall impact on profitability remains negative due to significant price declines [19] Group 4: Glass Fiber Industry - The glass fiber industry is characterized by structural demand differentiation, with high-end products performing better than low-end offerings, leading to a mixed profitability landscape [21] - The average price for non-alkali glass fiber yarn in Q3 2025 was 4,270 RMB/ton, reflecting a year-on-year decline of 44 RMB/ton, indicating pricing challenges [21] - The report highlights that the industry is facing high inventory levels, with 860,000 tons reported by the end of September, contributing to ongoing profitability pressures [21] Group 5: Company Performance Forecast - The report provides a forecast for various companies in the building materials sector, with Oriental Yuhong expected to achieve a net profit of 374-442 million RMB in Q3 2025, reflecting a year-on-year growth of 12%-32% [26] - Sanhe Tree is projected to see a significant increase in net profit, with estimates ranging from 329-366 million RMB, indicating a growth of 64%-83% year-on-year [26] - Other companies like Huaxin Cement and Conch Cement are also highlighted for their potential profitability improvements, with net profit forecasts indicating positive growth trends [26]