资料显示，株洲飞鹿高新材料技术股份有限公司位于湖南省株洲市荷塘区香榭路98号，成立日期1998年 5月21日，上市日期2017年6月13日，公司主营业务涉及防腐涂料、防水涂料、地坪涂料等高新材料的研 发、生产、销售、涂装施工及涂料涂装一体化业务。主营业务收入构成为：涂料涂装31.28%，防腐涂 料27.19%，防水涂料14.16%，防水卷材13.38%，工程施工12.14%，胶粘剂1.48%，其他业务收入 0.38%。 飞鹿股份所属申万行业为：基础化工-化学制品-涂料油墨。所属概念板块包括：核电、地下管廊、BIPV 概念、新型城镇化、风能等。 8月28日，飞鹿股份盘中下跌2.04%，截至10:19，报9.59元/股，成交1.58亿元，换手率7.47%，总市值 21.00亿元。 资金流向方面，主力资金净流出720.94万元，特大单买入0.00元，占比0.00%，卖出130.12万元，占比 0.82%；大单买入2614.72万元，占比16.51%，卖出3205.54万元，占比20.24%。 飞鹿股份今年以来股价涨54.68%，近5个交易日跌11.78%，近20日跌0.93%，近60日涨28.72%。 今年以来飞鹿 ...

建筑材料转型升级 专家建议强化"好材料"创新支撑"好房子" 中新网北京8月27日电(记者 左宇坤)"'好房子'的建设是建筑发展的新方向，要有好标准、好设计、好材 料、好建材、好服务才能建好。我们要用'好材料'建设'好房子'，同时通过科技改造老房子变成'好房 子'，这是发展住建系统新质生产力的必由之路。" 8月26日，在中国建材集团举办的第六届"善用资源日"开放活动启动仪式暨工程建设新材料创新成果对 接会上，中国工程院院士、中国建材集团首席科学家彭寿作出如上表述。 彭寿表示，我国已经形成非常完备的建材体系，包括水泥、玻璃、陶瓷等30个行业小类、1000多种产 品，成为最大的建材生产国和消费国。想要从做大规模进阶到高质量发展，就需要加强与建筑行业的良 好协同，走出建筑行业、材料行业发展新质生产力的新路径。 彭寿强调了"好材料"对"好房子"的战略支撑。他表示，材料是建筑的源头和根基，正因为建筑有很大需 求，材料才有很大的变革。节能材料、创能材料、功能材料、智能材料等，正是建成"好房子"必须 的"好材料"。 以节能材料为例，其发展趋势首先是高性能，比如具备超级绝热性能、良好透光性及消音降噪等优异特 性的气凝胶玻璃；其 ...

王海畅累计任职时间3年37天，现任基金资产总规模25.29亿元，任职期间最佳基金回报68.86%， 任职 期间最差基金回报-18.8%。 数据显示，诺安基金旗下1只基金位居飞鹿股份十大流通股东。诺安多策略混合A（320016）二季度新 进十大流通股东，持有股数129.34万股，占流通股的比例为0.92%。根据测算，今日浮亏损失约69.84万 元。 诺安多策略混合A（320016）成立日期2011年8月9日，最新规模13.99亿。今年以来收益66.58%，同类 排名172/8194；近一年收益133.99%，同类排名58/7963；成立以来收益221.5%。 诺安多策略混合A（320016）基金经理为孔宪政、王海畅。 截至发稿，孔宪政累计任职时间4年275天，现任基金资产总规模46.07亿元，任职期间最佳基金回报 81.64%， 任职期间最差基金回报-16.74%。 从基金十大重仓股角度 8月27日，飞鹿股份跌5.05%，截至发稿，报10.16元/股，成交4.00亿元，换手率17.57%，总市值22.24亿 元。 资料显示，株洲飞鹿高新材料技术股份有限公司位于湖南省株洲市荷塘区香榭路98号，成立日期1998年 ...

8月27日，飞鹿股份盘中下跌2.06%，截至09:38，报10.48元/股，成交9944.18万元，换手率4.27%，总市 值22.95亿元。 资金流向方面，主力资金净流出91.97万元，特大单买入298.70万元，占比3.00%，卖出0.00元，占比 0.00%；大单买入1491.49万元，占比15.00%，卖出1882.16万元，占比18.93%。 飞鹿股份所属申万行业为：基础化工-化学制品-涂料油墨。所属概念板块包括：新材料、小盘、太阳 能、铁路基建、航天军工等。 截至6月30日，飞鹿股份股东户数1.12万，较上期增加21.22%；人均流通股12475股，较上期减少 17.56%。2025年1月-6月，飞鹿股份实现营业收入2.38亿元，同比增长48.77%；归母净利润-3866.29万 元，同比增长18.97%。 分红方面，飞鹿股份A股上市后累计派现2670.28万元。近三年，累计派现947.49万元。 机构持仓方面，截止2025年6月30日，飞鹿股份十大流通股东中，诺安多策略混合A（320016）位居第 十大流通股东，持股129.34万股，为新进股东。华夏中证500指数增强A（007994）退出十大流 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 08 月 24 日 [Table_Title] 反内卷+旺季双催化，板块迎布局时点 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的：（1）行业"反内卷"+旺季来临，水泥行业 自律加速，推荐华新水泥、海螺水泥等，上峰水泥等受益；防 水顺应倡议产品提价，推荐东方雨虹、科顺股份等；光伏玻璃 行业底部提价，推荐旗滨集团，福莱特、信义光能等受益； （2）中报陆续发布，推荐业绩超预期，个股α强的三棵树，推 荐估值低位且具备高分红的伟星新材、兔宝宝等；（3）新疆自 治区成立 70 周年+雅下水电站重大工程有序推进，推荐重点工 程中岩大地；区域民爆需求高景气，行业供给有望再集中，广 东宏大、雪峰科技、高争民爆、国泰集团等受益；（4）坚定 推荐松井股份，电芯绝缘 UV 喷墨打印全球首创，叠加车身漆 稳步推进；推荐麦加芯彩，风电涂料高增，船舶涂料、海工涂 料取证加速未来有望持续国产替代。 ►行业反内卷水泥价格暂稳，光伏玻璃底部提价，特种电子布 持续高景气。（1）水泥：本周全国水泥市场价格 364.15 元/ 吨，整体趋稳， ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but certain segments like waterproof coatings and paints showed resilience and growth despite industry challenges [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 13.558 billion yuan, a year-on-year decrease of 0.3%, and a net profit of 1.93 billion yuan, down 12.8% [1]. - In Q2 2025, revenue was 7.312 billion yuan, a decline of 4.5%, with net profit at 1.087 billion yuan, down 21.9% [1]. Segment Analysis - **Gypsum Board Business**: Revenue decreased by 8.57% to 6.677 billion yuan in H1 2025, with a slight decline in gross margin to 38.68%. Despite demand pressure, the company maintained pricing power due to high market share [2][3]. - **Keel Business**: Revenue fell by 10.72% to 1.137 billion yuan, but gross margin improved by 0.43 percentage points to 21.65%. There is significant potential for growth in the keel business due to low current matching rates [2]. - **Waterproof Business**: Revenue was approximately 2.49 billion yuan, growing by 6%, with net profit of 140 million yuan, also up 6%. The business showed resilience despite a downturn in new real estate starts [3]. - **Coating Business**: Revenue reached around 2.16 billion yuan, a significant increase of 44.4%, with net profit of 170 million yuan, up 31.8%. The integration of Jia Baoli has led to notable improvements in both revenue and profit [3]. Growth Outlook - The company is expected to strengthen its long-term growth logic through stable profitability and continued pricing power, even in a weak demand environment [3]. - There are opportunities for category expansion and accelerated mergers and acquisitions, particularly in light steel keels and panels, which can leverage existing sales channels [3]. - Projections for non-deductible net profit for 2025-2027 are estimated at 4.56 billion, 5.472 billion, and 6.567 billion yuan, respectively [3]. Investment Considerations - The company is not currently considering mergers and acquisitions, with expected earnings of 3.95 billion and 4.58 billion yuan for 2025 and 2026, corresponding to PE ratios of 11.4 and 9.8 times [4]. - The valuation is at a historically low level, suggesting potential for future elasticity with the possibility of recovery in the economic cycle [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 13.558 billion yuan in the first half of 2025, a slight decrease of 0.3% year-on-year. The net profit attributable to shareholders was 1.93 billion yuan, down 12.8% year-on-year, while the net profit excluding non-recurring items was 1.892 billion yuan, down 12.3% year-on-year [2][4]. - In the second quarter alone, the company reported a revenue of 7.312 billion yuan, a decline of 4.5% year-on-year, with a net profit of 1.087 billion yuan, down 21.9% year-on-year [4]. - The gypsum board business showed resilience despite industry pressures, with revenue of 6.677 billion yuan in the first half of 2025, down 8.57% year-on-year. The gross margin for gypsum board slightly decreased by 0.94 percentage points to 38.68% [9]. - The waterproof business grew by approximately 6% year-on-year, achieving a revenue of around 2.49 billion yuan, while the paint business saw a significant increase in revenue of 44.4% year-on-year, reaching around 2.16 billion yuan [9]. - The company is expected to maintain stable profitability and pricing power, with projections for net profits of 3.95 billion yuan and 4.58 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 11.4 and 9.8 times [9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 13.558 billion yuan, with a net profit of 1.93 billion yuan, reflecting a year-on-year decline of 12.8% [2][4]. - The second quarter results showed a revenue of 7.312 billion yuan and a net profit of 1.087 billion yuan, marking a year-on-year decline of 21.9% [4]. Business Segments - Gypsum Board: Revenue of 6.677 billion yuan, down 8.57% year-on-year, with a gross margin of 38.68% [9]. - Waterproof Business: Revenue of approximately 2.49 billion yuan, up 6% year-on-year, with a net profit of 140 million yuan [9]. - Paint Business: Revenue of around 2.16 billion yuan, up 44.4% year-on-year, with a net profit of 170 million yuan [9]. Growth Outlook - The company is expected to see continued growth in its waterproof and paint segments, with a focus on expanding its product categories and potential acquisitions [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [7]. Core Views - The company is experiencing a phase of pressure in Q2 performance, but the paint business shows strong growth, with a significant increase in overseas sales [1][2]. - The company is implementing a "one body, two wings" strategy, which is expected to enhance its growth trajectory and expand its market presence [3][7]. - The projected net profit for the company from 2025 to 2027 is estimated to be 39 billion, 43 billion, and 49 billion CNY, representing year-on-year growth rates of 8%, 10%, and 14% respectively [7]. Financial Performance Summary - In the first half of 2025, the company reported a revenue of 13.558 billion CNY, a decrease of 0.29% year-on-year, and a net profit of 1.930 billion CNY, down 12.85% year-on-year [1]. - The company's gross margin and net margin for the first half of the year were 30.35% and 14.56%, showing a year-on-year decrease of 0.59 and 2.01 percentage points respectively [2]. - The company’s operating cash flow decreased by 52.86% year-on-year to 0.962 billion CNY, primarily due to the impact of last year's consolidation of Jia Baoli and a reduction in cash received from sales [2]. Strategic Developments - The company plans to invest in a new production line for gypsum boards and light steel keels in Ningbo, with a total investment of 631.8 million CNY, expected to enhance production capacity and reduce logistics costs [3]. - The overseas sales reached 324 million CNY in the first half of 2025, marking a year-on-year increase of 68.78%, driven by the company's international expansion efforts [1]. Market Position - The company is recognized as a leading player in the gypsum board industry, with substantial production capacity and a comprehensive strategy for global expansion [7]. - The report highlights the successful expansion into the waterproofing and paint sectors, which are anticipated to provide new growth opportunities [7].

Group 1 - The latest stock price of Dongfang Yuhong is 12.46 yuan, an increase of 0.35 yuan from the previous trading day, with a highest intraday price of 12.50 yuan and a lowest of 12.11 yuan, and a trading volume of 579,900 hands, amounting to 718 million yuan [1] - Dongfang Yuhong's main business includes the research, production, and sales of building waterproof materials, covering products such as waterproof membranes and coatings, and the company provides building waterproof system solutions through continuous technological innovation and product development [1] - Recently, the company held a joint unveiling ceremony for the "Chemical Product Post-processing Application Practice Base" with Sinopec Chemical Sales Company at its Yueyang production base [1] Group 2 - The company has completed its share repurchase plan for 2024 in the first half of 2025, having repurchased a total of 47.62 million shares and canceled them [1] - The recent reduction in shareholding by the company's controlling shareholder is primarily aimed at repaying debts, which is expected to reduce pledge risks [1] - On August 19, the net inflow of main funds was 105 million yuan, while the net outflow over the past five days was 97.47 million yuan [1]

固收：强预期高估值，转债如何赚取超额？20250819 摘要 股票市场成交量持续抬升，增量资金入场，混合型和指数型基金扩容， 动量效应增强，电子、AI 等板块表现良好，预计转债估值将进一步上升， 股性策略表现突出。 银行转债到期或临近到期，部分资金可能流向光伏、化工等反内卷板块， 以及银行内部结构调仓带来的增量资金，这些行业成为银行增量资金的 新去向。 主要机构投资者持仓占比未显著上升，但自然人和一般机构占比下降， 表明私募、券商等其他类型投资者参与抢筹，整体估值上行仍受增量资 金支撑。 股性策略表现最强，基因增配策略如电子医药军工中小盘标的也表现良 好，而高 YT 和基因低配策略表现较弱。配置集中在热门方向反内卷及 弹性中小盘转债。 股性转债溢价率相对平衡转债较低，仍有上升空间。双高转债数量处于 相对低位，股票市场预期尚未达到极值，股性转债具有超额收益潜力。 绝对收益投资者关注基因低配置和低拥挤度指标筛选冷门转债，以及高 a 天策略和双低策略，例如关注 80 评价以下、溢价率较低的标的。 推荐化工类平衡转债如杭氧、丰二、一阳、丰天业，以及中小盘正股相 关标的如科顺海顺、启帆天能。关注银行类兴业浦发重银以及钢 ...