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识别风险，发现价值 请务必阅读末页的免责声明 1/25 Table_Page 深度分析|建筑材料 证券研究报告 Table_Title Table_Summary 3 2024 1-3-9.5%-27.8%-19.4%-11.1%-20.7%2024 3-10.1%-25.4%-18.3%-16.5%-21.7%3 4 2024 1-3/6.5%/8.8%3 6.6%/8.6%2 3 4 2024 1-3 3.37-11.8%2024 3 1.54-22.0%2024 1-2-1.6%2024/4/19 356/72/50.47%13pct 30/2023 3 4 2024 1-3 2.48+7.8%3 0.86+9.6%2024 1-2+7.7%3 176465/-0.1%+9.2%2024/4/19 1729/-12.9%5418 25.70 3.18 3 4 A H A H A H*Table_Grade 2024-04-25 Table_PicQuote Table_Author SAC S0260514080004 SFC CE No.BMB592 021-38003688 SAC S0260522080003 021-38003687 Table_DocReport:2024-04-21:2024-04-14:4 2024-04-07 Table_Contacts 021-38003843-34%-26%-19%-11%-4%4%04/23 07/23 09/23 11/23 02/24 04/24 300 识别风险，发现价值 请务必阅读末页的免责声明 2/25 Table_PageText 深度分 析|建筑 材料 EPS()PE(x)EV/EBITDA(x)ROE(%)/2024E 2025E 2024E 2025E 2024E 2025E 2024E 2025E 002271.SZ RMB 13.05 2024/4/24 19.60 1.31 1.51 9.99 8.67 4.45 3.75 11.2 12.0 300737.SZ RMB 4.09 2023/10/30 9.60 0.48 0.72 8.52 5.71 5.51 4.26 9.1 12.3 603737.SH RMB 31.31 2023/10/18 79.29 2.67 4.01 11.73 7.80 6.81 4.98 31.2 31.9 002791.SZ RMB 31.16 2024/4/25 49.35 1.65 2.22 18.94 14.01 8.01 6.40 9.7 12.0 000786.SZ RMB 29.37 2024/3/22 38.27 2.56 3.07 11.47 9.57 8.76 7.42 16.6 17.7 002372.SZ RMB 16.58 2024/4/9 23.15 0.93 1.09 17.91 15.24 12.14 10.40 26.0 29.3 002918.SZ RMB 9.81 2023/10/26 19.36 1.67 2.15 5.88 4.57 3.24 2.75 14.6 15.4 003012.SZ RMB 7.24 2024/1/30 13.06 0.87 1.04 8.31 6.98 2.71 2.34 11.0 11.4 002043.SZ RMB 9.90 2024/1/31 13.21 0.88 1.03 11.24 9.58 4.55 4.37 22.1 23.3 605268.SH RMB 7.95 2023/10/30 11.80 0.59 0.74 13.48 10.76 6.87 5.84 12.4 13.0 001322.SZ RMB 8.33 2024/4/22 9.93 0.50 0.63 16.77 13.12 5.65 4.42 8.7 10.0 603378.SH RMB 5.79 2023/11/5 11.54 0.58 0.78 10.04 7.44 6.93 5.68 10.7 12.1 603725.SH RMB 8.87 2024/4/18 11.32 0.75 0.93 11.76 9.51 7.45 6.42 18.3 18.1 600529.SH RMB 28.48 2023/10/19 31.94 1.50 1.80 19.04 15.80 12.20 10.29 10.6 11.0 601865.SH RMB 24.61 2023/11/1 38.36 1.77 2.23 13.93 11.04 8.77 7.11 16.4 17.8 06865.HK HKD 17.60 2023/11/1 20.84 1.77 2.23 9.76 7.74 8.84 7.17 16.4 17.8 00968.HK HKD 5.19 2023/8/3 11.77 0.71 0.89 7.76 6.19 4.72 3.88 16.7 17.9 601636.SH RMB 7.48 2024/4/10 11.46 0.65 0.76 11.46 9.79 11.07 8.65 12.3 12.7 00868.HK HKD 8.13 2023/8/3 21.44 1.67 1.90 4.88 4.27 4.36 3.99 17.7 18.1 600586.SH RMB 5.80 2023/8/30 11.81 0.64 0.81 9.03 7.20 4.81 4.04 13.5 14.6 002623.SZ RMB 19.89 2022/8/18 50.65 2.06-9.65-6.12-9.6-600207.SH RMB 4.15 2022/9/7 13.25 0.65-6.37-4.54-17.8-600176.SH RMB 12.08 2024/3/22 11.82 0.65 0.84 18.54 14.32 11.50 9.28 8.8 10.8 002080.SZ RMB 16.75 2023/8/21 29.10 2.47 3.01 6.78 5.57 5.72 4.79 15.1 14.7 300196.SZ RMB 11.48 2024/4/23 12.48 0.83 1.28 13.80 8.95 6.77 5.27 7.2 10.2 002088.SZ RMB 13.06 2024/1/18 20.20 1.22 1.39 10.68 9.42 6.90 6.09 18.6 19.4 688598.SH RMB 37.50 2023/10/25 141.21 5.94 8.98 6.31 4.17 4.45 3.00 11.6 14.9 600585.SH RMB 22.38 2024/3/22 28.00 1.72 1.86 13.01 12.00 3.80 3.52 4.8 5.1 00914.HK HKD 17.36 2024/3/22 20.93 1.72 1.86 8.58 7.91 3.80 3.52 4.8 5.1 600801.SH RMB 14.56 2024/3/29 19.64 1.45 1.65 10.08 8.83 4.57 3.94 9.8 10.5 06655.HK HKD 7.27 2024/3/29 11.00 1.45 1.65 4.29 3.76 4.57 3.94 9.8 10.5 Wind 1.Wind 2024 4 24 2023 2024 H H H EPS/2.A H ZXDWwPtOnOmNtNmPtOoRpO8ObP6MsQoOpNnRlOnNrNjMpNpRaQoOzQxNsPnPuOsOpN 识别风险，发现价值 请务必阅读末页的免责声明 3/25 Table_PageText 深度分 析|建筑 材料.6 3.6 3 PPI.11.13 3 4.18.22.23 识别风险，发现价值 请务必阅读末页的免责声明 4/25 Table_PageText 深度分 析|建筑 材料 1 2024 1-3 4.5%.6 2 2024 1-3-9.5%.7 3.7 4 2024 1-3-27.8%.7 5 2024 1-3-19.4%.7 6 2024 1-3-11.1%.8 7 2024 1-3-20.7%.8 8 54 MA7-24-39.0%24M1-2-36.2%,24M3-42.4%24M4 18-39.0%.8 9 14 MA7-24-15.3%24M1-2-5.5%24M3-29.0%24M4 18-7.7%.8 10 30-24M1-2-39.2%24M3-47.0%24M4 22-42.6%.9 11 30-.9 12 2024 1-3.10 13 2024 1-3.10 14 2024 1-3.10 15 2024 1-3.10 16.11 17.11 18.11 19.11 20 2024 3 8.7%.12 21 PPI M2.12 22 2024 1-3-11.8%.14 23 2024 3-22.0%.14 24/.15 25/.15 26/.15 27%.15 28%.15 29%.15 30.16 31.16 32%.16 33%.16 34%.17 35%.17 36%.17 zKoaV76TlxG/EX3vQS6DEMiCYydMK33bsDsO0TSEcfZQ3M0Et3cf7gGO27MZHymC 识别风险，发现价值 请务必阅读末页的免责声明 5/25 Table_PageText 深度分 析|建筑 材料 37%.17 38.18 39.18 40/.19 41.19 42/.19 43/.19 1 2024 1-3.6 2 2024 3 31.13 3/%.17 4 2022.19 5 2023-2024.20 识别风险，发现价值 请务必阅读末页的免责声明 6/25 Table_PageText 深度分 析|建筑 材料 3 2024 1-3 3 2024 1-3 4.5%/-9.5%/6.5%/8.8%/9.9%3 4.8%/-10.1%/+6.6%/+8.6%/+10.3%1-2-1.1/+0.3/-0.3/+0.9pct 3 1 2024 1-3 2024 1-2 2024 3 2024 1-2 2024 1-3 4.2%4.5%0.3%6.3%6.6%0.3%6.3%6.5%0.2%9.0%8.6%-0.4%9.0%8.8%-0.2%-9.0%-10.1%-1.1%-9.0%-9.5%-0.5%-29.7%-25.4%4.3%-29.7%-27.8%1.9%-29.3%-25.9%3.4%-29.3%-27.6%1.7%-20.5%-18.3%2.2%-20.5%-19.4%1.1%-11.0%-16.5%-5.5%-11.0%-11.1%-0.1%-20.2%-21.7%-1.5%-20.2%-20.7%-0.5%-1.6%-22.0%-20.4%-1.6%-11.8%-10.2%7.7%9.6%1.9%7.7%7.8%0.1%1 2024 1-3 4.5%-30%-20%-10%0%10%20%30%40%识别风险，发现价值 请务必阅读末页的免责声明 7/25 Table_PageText 深度分 析|建筑 材料 1 3 2024 1-3-9.5%-27.8%-19.4%-11.1%-20.7%2024 3-10.1%-25.4%-18.3%-16.5%-21.7%3 2 2024 1-3-9.5%3 4 2024 1-3-27.8%5 2024 1-3-19.4%-20%-10%0%10%20%30%40%50%2010-022011-022012-022013-022014-022015-022016-022017-022018-022019-022020-022021-022022-022023-022024-02 101520253035050,000100,000150,000200,000250,000300,0002003-122004-122005-122006-122007-122008-122009-122010-122011-122012-122013-122014-122015-122016-122017-122018-122019-122020-122021-122022-122023-12-60%-40%-20%0%20%40%60%80%2010-032011-032012-032013-032014-032015-032016-032017-032018-032019-032020-032021-032022-032023-032024-03-60%-40%-20%0%20%40%60%80%100%120%2010-022011-022012-022013-022014-022015-022016-022017-022018-022019-022020-022021-022022-022023-022024-02 识别风险，发现价值 请务必阅读末页的免责声明 8/25 Table_PageText 深度分 析|建筑 材料 6 2024 1-3-11.1%7 2024 1-3-20.7%4 Wind 54 MA7-24-39.0%24M1-2-36.2%,24M3-42.4%24M4 18-39.0%Wind 30 24M1-2-39.2%24M3-47.0%24M4 22-42.6%2024 14 MA7-24-15.3%24M1-2-5.5%24M3-29.0%24M4 18-7.7%8 54 MA7 24-39.0%24M1-2-36.2%,24M3-42.4%24M4 18-39.0%9 14 MA7 24-15.3%24M1-2-5.5%24M3-29.0%24M4 18-7.7%Wind Wind-20%-10%0%10%20%30%40%50%2010-022011-022012-022013-022014-022015-022016-022017-022018-022019-022020-022021-022022-022023-022024-02-30%-20%-10%0%10%20%30%40%50%2010-022011-022012-022013-022014-022015-022016-022017-022018-022019-022020-022021-022022-022023-022024-02 0.0050.00100.00150.00200.00250.0001/07 02/07 03/07 04/07 05/07 06/072019 2020 20212022 2023 20240.0010.0020.0030.0040.0050.0001/07 02/07 03/07 04/07 05/07 06/072019 2020 20212022 2023 2024 识别风险，发现价值 请务必阅读末页的免责声明 9/25 Table_PageText 深度分 析|建筑 材料 10 30 24M1-2-39.2%24M3-47.0%24M4 22-42.6%11 30-Wind Wind 2 3 2024 1-3/6.5%/8.8%1-2+0.2pct/-0.2pct 1-3/7.9%/0.3%/29.1%2024 1-2 10.9%/0.4%/25.3%3 3/+9.9%/+0.0%/+14.0%/-2.8%3 2 3 2024 4 17 2023 2024 2023 6 1 2024 2024 4 19 5500 2500 2024 2023 3 2 3-60%-40%-20%0%20%40%60%2020/022020/052020/082020/112021/022021/052021/082021/112022/022022/052022/082022/112023/022023/052023/082023/112024/0230 01002003004005006007001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 20212022 2023 2024 识别风险，发现价值 请务必阅读末页的免责声明 10/25 Table_PageText 深度分 析|建筑 材料 2024 3.8 2024 5.9 3.9 12 2024 1-3 13 2024 1-3 14 2024 1-3 15 2024 1-3-20%-10%0%10%20%30%40%2010/022011/022012/022013/022014/022015/022016/022017/022018/022019/022020/022021/022022/022023/022024/02-20%-10%0%10%20%30%40%2010/022011/022012/022013/022014/022015/022016/022017/022018/022019/022020/022021/022022/022023/022024/02-50%0%50%100%2004/102005/102006/102007/102008/102009/102010/102011/102012/102013/102014/102015/102016/102017/102018/102019/102020/102021/102022/102023/10-30%-10%10%30%50%识别风险，发现价值 请务必阅读末页的免责声明 11/25 Table_PageText 深度分 析|建筑 材料 16 17 18 19 3 PPI 3 3 3 4.87 5142 WIND 4.1 8.7%0.3pct 4516 2 3 2022 PPI 4-7 1 PPI-2.5%-0.2pct 2 PPI-2.7%-0.2pct 3 PPI-2.8%-0.1pct-40%-20%0%20%40%60%2015/022015/082016/022016/082017/022017/082018/022018/082019/022019/082020/022020/082021/022021/082022/022022/082023/022023/082024/02-40%-30%-20%-10%0%10%20%30%40%2015/022015/082016/022016/082017/022017/082018/022018/082019/022019/082020/022020/082021/022021/082022/022022/082023/022023/082024/02-40%-20%0%20%40%60%2015/022015/082016/022016/082017/022017/082018/022018/082019/022019/082020/022020/082021/022021/082022/022022/082023/022023/082024/02-40%-20%0%20%40%60%2015/022015/082016/022016/082017/022017/082018/022018/082019/022019/082020/022020/082021/022021/082022/022022/082023/022023/082024/02 识别风险，发现价值 请务必阅读末页的免责声明 12/25 Table_PageText 深度分 析|建筑 材料 3 PPI PPI 3 1.1%0.2%0.6%2.2%1.6%1.6%1.2%1.3%0.9%4-7 CPI PPI 4 3 2024 4 10 4 1 5.3%20 2024 3 8.7%21 PPI M2 0%5%10%15%20%-10%-5%0%5%10%15%0%5%10%15%20%M2 PPI 识别风险，发现价值 请务必阅读末页的免责声明 13/25 Table_PageText 深度分 析|建筑 材料 3 4 2024 1-3 3.37-11.8%16.3%2024 3 1.54-22.0%25%3 3 3 16 100/4 10 30/2024 4 19 1 356/72/2 70.19%0.19pct 3 50.47%13pct 4 49.79%4.79pct 5:826/18.1%2023 2023 2 3 2023 2024 2 2024 3 31 2024/2023/280 340-60 270 310-40 280 300-20 260 360-100 320 390-70 210 220-10 300 405-105 340 400-60 240 370-130 220 365-145 230 360-130 240 370-130 240 355-115 290 360-70 识别风险，发现价值 请务必阅读末页的免责声明 14/25 Table_PageText 深度分 析|建筑 材料 290 380-90 250 385-135 210 335-125 260 360-100 280 405-125 200 350-150 350 450-100 190 330-140 310 400-90 260 365-105 230 260-30 510 510 0 240 345-105 280 310-30 320 325-5 230 250-20 430 520-90 22 2024 1-3-11.8%23 2024 3-22.0%-30%-20%-10%0%10%20%30%2015-042015-102016-042016-102017-042017-102018-042018-102019-042019-102020-042020-102021-042021-102022-042022-102023-042023-10%-30%-20%-10%0%10%20%30%2015-042015-102016-042016-102017-042017-102018-042018-102019-042019-102020-042020-102021-042021-102022-042022-102023-042023-10%识别风险，发现价值 请务必阅读末页的免责声明 15/25 Table_PageText 深度分 析|建筑 材料 24/25/26/27%28%29%2003004005006007002017 2018 2019 20202021 2022 2023 20242003004005006007008002017 2018 2019 20202021 2022 2023 20241502002503003504004505002017 2018 2019 20202021 2022 2023 20240204060801002019 2020 20212022 2023 202402040608010001 02 03 04 05 06 07 08 09 10 11 12 2019 2020 20212022 2023 2024010203040506070802019 2020 20212022 2023 2024 识别风险，发现价值 请务必阅读末页的免责声明 16/25 Table_PageText 深度分 析|建筑 材料 2024 1-3-11.8%-10.0%-11.8%-6.7%-23.1%-19.4%-23.3%2024 4 19/361/348/308/373/357/380/-86/-117/-99/-53/-42/-14/2024 4 19/57.39%/55.25%/47.50%/45.63%/32.50%/41.11%-14.78/-11.75/-11.50/-13.75/-15.00/-12.78pct 2024 4 19/60.60%/48.50%/53.96%/42.83%/39.17%/51.50%-5.12/-6.66/-4.79/+0.67/-7.50/-5.67pct 2024 4 19/74.58%/70.25%/67.50%/70.00%/56.88%/72.78%4.79/-4.25/+6.25/3.18/-13.13/+0.56pct 30 31 32%33%-60%-40%-20%0%20%40%60%80%100%2015/022015/082016/022016/082017/022017/082018/022018/082019/022019/082020/022020/082021/022021/082022/022022/082023/022023/082024/02-40%-20%0%20%40%60%80%2015/022015/082016/022016/082017/022017/082018/022018/082019/022019/082020/022020/082021/022021/082022/022022/082023/022023/082024/02 01020304050607080902020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/072023/102024/012024/04 0204060801002020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/072023/102024/012024/04 识别风险，发现价值 请务必阅读末页的免责声明 17/25 Table_PageText 深度分 析|建筑 材料 34%35%36%37%3/%/346 383 360 320 363 323/0.0 0.0 0.0 0.0 0.0-5.0/-87.5-30.0-90.0-150.0-67.5-110.0%75.67 75.00 73.75 68.13 77.00 63.00%-0.67 0.00 0.00 0.00 4.00-3.00%6.67 3.33 1.25-5.00 5.00 12.00%62.69 52.50 60.00 55.63 48.00 59.00%-3.85 2.50 10.00-3.13-2.00-3.00%-16.54-10.83-5.00-11.25-13.00-12.00 2024 4 19 2023 4 20 2024 4 12 0204060801002020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/072023/102024/012024/04 0204060801001202020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/072023/102024/012024/04 01020304050607080902020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/072023/102024/012024/04 0204060802020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/072023/102024/012024/04 识别风险，发现价值 请务必阅读末页的免责声明 18/25 Table_PageText 深度分 析|建筑 材料 3 4 2024 1-3 2.48+7.8%3 0.86+9.6%2024 1-2+7.7%3 10829+10.0%3 176465/-0.1%+9.2%2024 4 19 1 1729/-12.9%2 5418 25.70 3.18 3 312 256 174365+7.5%4 2024 3 4 2023 2024 2024 2021-2022 2021 2024 2024 2023 3 4 38 39-15%-10%-5%0%5%10%15%2015/022015/062015/102016/022016/062016/102017/022017/062017/102018/022018/062018/102019/022019/062019/102020/022020/062020/102021/022021/062021/102022/022022/062022/102023/022023/062023/102024/02%-15%-10%-5%0%5%10%15%8000850090009500100001050011000115002017/012017/072018/012018/072019/012019/072020/012020/072021/012021/072022/012022/072023/012023/072024/01/识别风险，发现价值 请务必阅读末页的免责声明 19/25 Table_PageText 深度分 析|建筑 材料 40/41 42/43/Wind 4 2022/2022 1 1900 1450 0-450-450 2 850 0 600-250-700 3 1400 0 0-1400-2100 4 500 1200 0 700-1400 5 0 2100 0 2100 700 6 1100 900 1600 1400 2100 7 5250 800 0-4450-2350 8 2270 1450 0-820-3170 9 4250 0 0-4250-7420 10 3550 0 0-3550-10970 11 2400 1250 1250 100-10870 12 2450 800 1300-350-11220 25920 9950 4750-11220 2023 1 2460 600 0-1860-1860 2 1550 1600 0 50-1810 1000150020002500300035002017 2018 2019 20202021 2022 2023 20242002,2004,2006,2008,20010,20001 02 03 04 05 06 07 08 09 10 11 12 2019 2020 20212022 2023 202401,0002,0003,0004,0002019 2020 20212022 2023 2024-50005001000150001 02 03 04 05 06 07 08 09 10 11 12 2018 2019 2020 20212022 2023 2024 识别风险，发现价值 请务必阅读末页的免责声明 20/25 Table_PageText 深度分 析|建筑 材料 3 1650 2200 1720 2270 460 4 400 600 800 1000 1460 5 0 1900 2000 3900 5360 6 3400 2750 600-50 5310 7 0 1800 950 2750 8060 8 0 600 600 1200 9260 9 2000 2500 0 500 9760 10 1800 2950 0 1150 10910 11 0 0 1750 1750 12660 12 1800 0 0-1800 10860 15060 17500 8420 10860 2024 1 1400 2000 600 600 2 1000 2100 1900 3000 3600 3 800-800 2800 4 2100-2100 700 5 2023-2024 2023-2024/()1 260 2023 1 6 2 900 2023 1 7 3 600 2023 1 13 4 700 2023 1 30 5 950 2023 2 14 6 600 2023 2 16 7 600 2023 3 8 8 450 2023 3 24 9 600 2023 3 25 10 400 2023 4 30 11 800 2023 6 1 12 500 2023 6 8 13 600 2023 6 14 14 500 2023 6 3 15 500 2023 6 14 16 500 2023 6 23 17 1000 2023 9 1 18 1000 2023 9 15 19 600 2023 10 14 20 600 2023 10 19 21 600 2023 10 31 22 600 2023 12 1 23 600 2023 12 5 识别风险，发现价值 请务必阅读末页的免责声明 21/25 Table_PageText 深度分 析|建筑 材料 24 600 2023 12 7 2023 15060 1 600 2024 1 8 2 800 2024 1 30 3()1000 2024 2 2 4 800 2024 3 11 5 600 2024 4 1 6 600 2024 4 7 7 900 2024 4 8 2024 5300 2023-2024()1 600 2023 1 31 2 500 2023 2 5 3 500 2023 2 19 4 600 2023 2 25 5 1000 2023 3 8 6 1200 2023 3 20 7 600 2023 4 6 8 700 2023 5 9 9 600 2023 5 18 10 600 2023 5 19 11 350 2023 6 2 12 600 2023 6 5 13 900 2023 6 18 14 900 2023 6 21 15 600 2023 7 18 16 600 2023 7 19 17 600 2023 7 28 18 600 2023 8 1 19 600 2023 9 8 20 600 2023 9 8 21 600 2023 9 16 22 700 2023 9 20 23 600 2023 10 3 24 550 2023 10 4 25 700 2023 10 15 26 800 2023 10 29 27 300 2023 10 2023 17500 1 1000 2024 1 16 2 1000 2024 1 28 识别风险，发现价值 请务必阅读末页的免责声明 22/25 Table_PageText 深度分 析|建筑 材料 3()1000 2024 2 1 4 600 2024 2 8 5 4 500 2024 2 21 2024 4100 2023-2024()1 920 2023 3 17 2 800 2023 3 23 3 800 2023 4 21 4()800 2023 5 4 5 1200 2023 5 26 6()600 2023 6 9 7 950 2023 7 16 8 600 2023 8 9 1200 2023 11 18 10 550 2023 11 18 2023 8420 1 1000 2024 2 1 2 900 2024 2 19 2024 1900 4 1 2023 A H
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