Group 1: Military Industry - The military sector is experiencing an upward trend, driven by the intensifying geopolitical competition among major powers, with a long-term positive outlook for military investments [4][5][6] - The recent commemorative events for the 80th anniversary of the victory in the Anti-Japanese War have highlighted the importance of national defense, leading to increased military spending [5] - Key companies to focus on include major manufacturers and component suppliers such as AVIC Shenyang Aircraft Corporation, AVIC South Lake, and AVIC Xi'an Aircraft Industry [4] Group 2: Non-Metallic Building Materials - The implementation of new national standards for refrigerators is expected to accelerate the demand for VIP boards, with the company Reascent Technology poised for significant growth following its acquisition of Maikelong [8][9] - The company has integrated its supply chain from fiberglass cotton to VIP core materials and VIP boards, which is anticipated to enhance its competitive edge and profitability [9] Group 3: Dairy Industry - The price of raw milk continues to decline, and a supply-demand balance is expected in the second half of 2025, benefiting from reduced production and improved demand [11][19] - Beef prices are entering an upward cycle due to supply reduction and decreased import pressures, with a projected increase in profitability for livestock companies [12][20] - The cyclical resonance between meat and milk production is expected to enhance the profitability of leading livestock companies [11][21]

| 风险提示：下游应用突破不及预期，竞争加剧风险。 | | --- | | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,656 | 1,476 | 1,589 | 2,085 | 2,790 | | (+/-)% | 2.3% | -10.9% | 7.7% | 31.2% | 33.8% | | 净利润(归母) | 38 | 91 | 112 | 171 | 252 | | (+/-)% | -74.8% | 138.0% | 23.7% | 52.3% | 47.4% | | 每股净收益(元) | 0.04 | 0.09 | 0.11 | 0.17 | 0.25 | | 净资产收益率(%) | 1.7% | 4.2% | 4.9% | 7.1% | 9.6% | | 市盈率(现价&最新股本摊薄) | 156.20 | 65.63 | 53.06 | 34.85 | 23.64 | | 资料来源：Wind，国泰海通证券 ...

Investment Rating - The report recommends a positive outlook on the consumption building materials sector, particularly waterproof materials with lower profit baselines [2][5][16]. Core Insights - The consumption building materials sector is entering a low baseline peak season in Q3 2024, with expectations for improved monthly high-frequency data and quarterly profit forecasts compared to H1 2024 [2][5]. - The cement and glass sectors are anticipated to experience price rebounds post mid-August, with potential supply changes during the September military parade providing price elasticity opportunities [2][5]. - Specific companies such as Puyang Nair and Reborn Technology are highlighted for their strategic acquisitions and market positioning, which are expected to enhance their profitability and competitive advantages [3][6][7]. Summary by Sections Consumption Building Materials - The sector is expected to see a recovery in profitability ahead of revenue growth, with a focus on cost reduction and price stabilization [15][16]. - Companies like Dongfang Yuhong and Rabbit Baby are noted for their strong cash flow and dividend performance, with market expectations for net profits in 2025 at approximately 20 million and 7.5 million respectively [16][17]. Cement - The cement market is currently experiencing a price decline, with a 0.3% drop noted, but is expected to stabilize as demand shows signs of improvement [19][43]. - The industry is seeing a shift towards limiting overproduction, with policies aimed at stabilizing supply and improving profitability [19][21]. Glass - The float glass market is under pressure with declining prices and increased inventory, but there is potential for recovery as supply-side adjustments take place [27][29]. - Companies like Xinyi Glass are projected to face a 30-40% decline in net profit for 2024, but maintain a healthy balance sheet and competitive positioning [29][35]. Fiberglass and Carbon Fiber - The fiberglass market is experiencing a split in production and sales, with larger manufacturers benefiting from high-end product demand while smaller firms struggle [36][39]. - The carbon fiber sector is seeing a recovery in wind power demand, which is expected to improve profitability in the coming quarters [40].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Viewpoints - The company is expected to achieve a revenue of 934 million yuan in 2024, representing a year-on-year growth of 11.16%. However, the net profit attributable to shareholders is projected to be 77.16 million yuan, a decline of 27.27% year-on-year [2][4]. - In Q1 2025, the company reported a revenue of 246 million yuan, with a year-on-year increase of 10%, but the net profit decreased by 65.96% to 9.758 million yuan [2][4]. - The revenue performance is relatively stable, but profit performance is poor, mainly due to losses from certain subsidiaries. The company's VIP revenue for the year is expected to be 920 million yuan, with a 13% increase in sales volume [4][11]. - The company anticipates that new business segments will provide incremental growth by 2025, particularly in the ultra-thin VIP market for battery insulation in electric vehicles [11]. Summary by Sections Financial Performance - The company expects total revenue of 934 million yuan for 2024, with a gross profit margin of approximately 29% [4][15]. - The projected net profit for 2025 and 2026 is 132 million yuan and 173 million yuan, respectively, corresponding to PE ratios of 18 and 14 [5][15]. Market Dynamics - Domestic sales are expected to reach 530 million yuan in 2024, a 41% increase, while international sales are projected to decline by 13% to 400 million yuan due to geopolitical tensions affecting logistics and shipping costs [4][11]. - The company is seeing improved order signals driven by the "old-for-new" policy in China, particularly in the refrigerator segment [11]. Product Development - The company has successfully applied its VIP boards in the battery insulation sector for electric vehicles, with recognition from major automotive and battery manufacturers [11].