20230716-中邮证券-建筑建材行业报告_消费建材Q2业绩修复_周期建材仍承压_25页_1mb

Summary of Materials Building Industry Weekly Report (July 16, 2023)

The report analyzes the materials building industry, highlighting key risks, performance trends, and investment opportunities.

Overall Market Overview

• Market risk: Invest cautiously due to economic uncertainties and policy dependencies.
• Industry rating: Stronger than benchmark (沪深300), driven by policy relaxation and expected economic recovery.
• Key indicators: Industry index declined in the week, with variable performance across subsectors.

Core Analysis

• Consumer building materials (e.g., tiles, coatings) show robust Q2 performance repair due to channel optimization, cost reductions, and product demand.
• Cyclical materials (e.g., cement, glass fiber) face ongoing pressure from weak demand, low prices, and supply excesses, with recovery anticipated in the second half if economic conditions improve.
• Float glass: High sales rates and inventory drawdown indicate potential for price recovery, driven by竣工端 demand.
• Cement: Continued price decline and high inventory, though regional variations exist; supply constraints are easing in some areas.
• Glass fiber: Mixed price adjustments and demand, with price stability expected as competition intensifies.

Investment Recommendations

• Focus on infrastructure chains: Cement companies in Xinjiang (e.g., Qingsong and TiANSHA), construction adjuvants (e.g., Subut), steel structures (e.g., Honglu Steel), and equipment leasing (e.g., Huatie Emergency).
• Building central enterprises: China Electrification Construction and China Metallurgical Group, benefiting from policy support and operational flexibility.
• Glass and consumer materials: Leaders like China Flat Glass Group and Jinying Technology, leveraging scale and market share growth; waterproofing leader Orient Rain虹, constrained by channel improvements.

Risk Assessment

• Major risks: Economic slowdown, reduced investment in infrastructure and real estate, raw material price volatility, increased competition, and delays in "Belt and Road" policies.

This summary captures the main points from the report, emphasizing performance, outlook, and recommendations.