|2024 03 26/2024/3/18-3/22 24Q2 0.2%20-30/10-30/3 46%3 1884/55/6361.4+83.1+1.32%-7.8%25.9+0.2+15.9 1 2 24Q2/%107 2.1 833.4 1.1 686.1 1.0%1m 6m 12m 2.9-17.7-24.6 1.9-12.6-12.2 1 C 2024-03-18 2 2024-03-11 3 2024-03-05 S1090517070008 S1090523070010-40-30-20-10010Mar/23 Jul/23 Nov/23 Mar/24(%)建材 沪深300 2.5 1.5 2.5 3.6.7 1.7 2.8 1.8 2.8 3.8 4.9 5.12 6.14 7.17.17 1.17 2.19.21 1 2023 59.86 10.59%.21 2 902 1.07%.21 3 995.21 4 2023 1409.99 6.80%.21 5 2023 148.76 26.33%.21 6 2023 224.26 11.27%.21 7 2023 31.42 15.67%.21 8 A 10%.22 9 21 0.05%.22 XVAZvMqNoNoPtNtQmRpQqR6M8Q8OmOpPsQrNlOrRsRlOnPtM6MoOyQMYpMqNwMsOpQ 3 1 P.O42.5/.11 2/.11 3 P.O42.5/.11 4 P.O42.5/.11 5 P.O42.5/.11 6 P.O42.5/.11 7 P.O42.5/.12 8 P.O42.5/.12 9%.12 10/.13 11/.13 12/.14 13/.14 14.14 15/.16 16/.16 17/.16 18.16 19.16 20 PVC PPR HDPE/.17 21/.17 22/.17 23 LNG/.17 24/.17 25/.17 26.18 27.18 28.18 29 PE 2023.18 30 PE 2023.18 1.9 4 2.19 YOD1HPm9AcdgbgkxT5BReLzkDSe1RnSOm2svFrHBRVk/KAgMkMoMqR3hkwtqPt+c 5 1 0.2%20-30/10-30/3 46%3 1884/55/6361.4+83.1+1.32%-7.8%25.9+0.2+15.9 1 2 2 24Q2/6 3+C+2024-2025 EPS 0.93 0.98 2023-2024 EPS 0.76 0.92+2023 1-6,15.1%C 2023-2024 EPS 1.36 1.81+/2023-2024 EPS 0.55 0.77+2023-2024 EPS 0.58 0.71+2024-2025 EPS 2.58 2.95+7 2023-2024 EPS 1.59 2.07+&2024-2025 EPS 0.99 1.15 1+N+2023-2024 EPS 0.60 0.80 2024-2025 EPS 0.66 0.80 1 1 3 22 2024 49.8 2 55%2 3 21 1 2 9.4%2023 2.9 5.2 15.1%5.7 1 2 9.4%10%7.8%8 2 1 1 3 22 2 3 21 2024 2023 46.2%0.4 TOP10“”“”3 1 2 11842 9.0%8823 9.7%1 2 666902 11.0%466636 11.4%9429 29.7%6796 30.6%10395 20.2%7694 20.2%2024 1-2 1.83 1.6%2 1 1.5 8.3 1.2 13.3 2019 22.2 2 3 19 1000 3 1 2 406 GB/T205-2024 GB/T21372-2024 GB/T30760-2024 9 4 0.2%20-30/10-30/3 46%3 1 20-30/50/5 2-3 5-6 3-4 2-3 30-50/2-4 1 1-2 2-3 6-7 7-8 10-15/6-7 4-5 70%-90%6-7 7 10/6-7 6-7 6-7 10/7-8 7-8 5-7 10-15/5-6 70%-80%5-6 10 3-4 50%-60%20/5 4-6 20/4-6 5 5-6 3-4 4 5 10-20/4-5 5-10/6 7-8 6-7 20-30/3-4 10/6 20/4-5 5 20%-30%20-30/5-7 2-3 50/3-4 2-3 3 6 3 4-5 15%30/3-4 3 2 50%-60%11 P.O42.5 Q5500 725/273.13/2.50/100kg 1 P.O42.5/2/wind P.O42.5 3 P.O42.5/4 P.O42.5/5 P.O42.5/6 P.O42.5/200300400500第1 周第3 周第5 周第7 周第9 周第 第 第 第 第 第 第 第 第 第 第 第 第 第 第 第 第 第 第 第 第 2014 年 2015 年 2016 年 2017 年2018 年 2019 年 2020 年 2021 年2022 年 2023 年 2024 年02004006008001,0001,2001,4001,6001502002503003504004505005502016/032016/062016/092016/122017/032017/062017/092017/122018/032018/062018/092018/122019/032019/062019/092019/122020/032020/062020/092020/122021/032021/062021/092021/122022/032022/062022/092022/122023/032023/062023/092023/122024/03水 泥 煤 炭 价 格 差 动 力 煤 价 格（右 轴）1502002503003504004505005506002009/2/132009/9/132010/4/132010/11/132011/6/132012/1/132012/8/132013/3/132013/10/132014/5/132014/12/132015/7/132016/2/132016/9/132017/4/132017/11/132018/6/132019/1/132019/8/132020/3/132020/10/132021/5/132021/12/132022/7/132023/2/132023/9/131502503504505506507502009/2/132009/9/132010/4/132010/11/132011/6/132012/1/132012/8/132013/3/132013/10/132014/5/132014/12/132015/7/132016/2/132016/9/132017/4/132017/11/132018/6/132019/1/132019/8/132020/3/132020/10/132021/5/132021/12/132022/7/132023/2/132023/9/131502503504505506507502009/2/132009/9/132010/4/132010/11/132011/6/132012/1/132012/8/132013/3/132013/10/132014/5/132014/12/132015/7/132016/2/132016/9/132017/4/132017/11/132018/6/132019/1/132019/8/132020/3/132020/10/132021/5/132021/12/132022/7/132023/2/132023/9/131502503504505506507502009/2/132009/9/132010/4/132010/11/132011/6/132012/1/132012/8/132013/3/132013/10/132014/5/132014/12/132015/7/132016/2/132016/9/132017/4/132017/11/132018/6/132019/1/132019/8/132020/3/132020/10/132021/5/132021/12/132022/7/132023/2/132023/9/13 12 7 P.O42.5/8 P.O42.5/63.44%0.19pct 10 5 50%9%5 1884/55/1502002503003504004505005506006502009/2/132009/9/132010/4/132010/11/132011/6/132012/1/132012/8/132013/3/132013/10/132014/5/132014/12/132015/7/132016/2/132016/9/132017/4/132017/11/132018/6/132019/1/132019/8/132020/3/132020/10/132021/5/132021/12/132022/7/132023/2/132023/9/131502002503003504004505005506002009/2/132009/9/132010/4/132010/11/132011/6/132012/1/132012/8/132013/3/132013/10/132014/5/132014/12/132015/7/132016/2/132016/9/132017/4/132017/11/132018/6/132019/1/132019/8/132020/3/132020/10/132021/5/132021/12/132022/7/132023/2/132023/9/1301020304050607080902016/3/312016/6/302016/9/302016/12/312017/3/312017/6/302017/9/302017/12/312018/3/312018/6/302018/9/302018/12/312019/3/312019/6/302019/9/302019/12/312020/3/312020/6/302020/9/302020/12/312021/3/312021/6/302021/9/302021/12/312022/3/312022/6/302022/9/302022/12/312023/3/312023/6/302023/9/302023/12/31 13 10/11/2021 2022 73.24 0.10%89.22%0.09%78.79 0.57 0.73%11 4 91+%75+17.65 0.63%10.06 1000 3800 14001600180020002200240026002022/072022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/072023/082023/092023/102023/112023/122024/012024/022024/03华北 华东 华中 华南东北 西南 西北 全国100015002000250030003500第1 周第3 周第5 周第7 周第9 周第11周第13周第15周第17周第19周第21周第23周第25周第27周第29周第31周第33周第35周第37周第39周第41周第43周第45周第47周2015 2016 2017 20182019 2020 2021 20222023 2024 14 12/13/Wind 304(20.35/259 45 20240321 17.65 14+0.63%20240315-0321 123.03+0.79%+10.7%20240321 27030/14-3.91%20240315-20240321 19.41-4.76%20240321 85.2%14 86.72%14+0.54%20240315-0321 85.2%86.37%+0.68%20240321 6361.4+83.1+1.32%-7.8%25.9+0.2+15.9 14 6 050010001500200025003000350040002010/1/102011/1/102012/1/102013/1/102014/1/102015/1/102016/1/102017/1/102018/1/102019/1/102020/1/102021/1/102022/1/102023/1/102024/1/10全国平均-10000100020002015/1/22015/6/22015/11/22016/4/22016/9/22017/2/22017/7/22017/12/22018/5/22018/10/22019/3/22019/8/22020/1/22020/6/22020/11/22021/4/22021/9/22022/2/22022/7/22022/12/22023/5/22023/10/22024/3/2浮法玻璃：以煤 炭为燃 料的浮 法工 艺：生产 毛利浮法玻璃：以石 油焦为 燃料的 浮法 工艺：生 产毛利浮法玻璃：以天 然气为 燃料的 浮法 工艺：生 产毛利01000200030004000500060007000800090002009/042009/102010/042010/102011/042011/102012/042012/102013/042013/102014/042014/102015/042015/102016/042016/102017/042017/102018/042018/102019/042019/102020/042020/102021/042021/102022/042022/102023/042023/10 15 2024.315-2024.3.21 2400tex 3100-3300/2400tex 3100-3300/2400texSMC 3700/2400tex 5500-5600/2400tex 3500/2400tex 3600-3650/2000tex 3700-3800/16 15/16/17/18 19 3,0004,0005,0006,0007,0008,0009,0001月 2 月 3月 4 月 5月 6月 7 月 8月 9月 10月 11月 12月2014 2015 2016 20172018 2019 2020 20212022 2023 20243,0003,5004,0004,5005,0005,5006,0006,5001 月 2月 3 月 4月 5 月 6月 7 月 8月 9月 10月 11月 12月2014 2015 2016 20172018 2019 2020 20212022 2023 20243,0005,0007,0009,00011,00013,00015,0001 月 2 月 3 月 4月 5月 6 月 7月 8月 9月 10月 11 月 12 月2014 2015 2016 20172018 2019 2020 20212022 2023 20240204060801002017/102018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/072023/102024/01库存（万 吨）0204060801001 月 2 月 3 月 4 月 5 月 6 月 7 月 8 月 9 月 10 月 11 月 12 月2018 年 2019 年 2020 年2021 年 2022 年 2023 年 17 7 20 PVC PPR HDPE/21/Wind Wind 22/23 LNG/Wind Wind 24/25/Wind Wind 1 0.95%1.47%1.58%050001000015000200002015/032015/062015/092015/122016/032016/062016/092016/122017/032017/062017/092017/122018/032018/062018/092018/122019/032019/062019/092019/122020/032020/062020/092020/122021/032021/062021/092021/122022/032022/062022/092022/122023/032023/062023/092023/12PVC PPR HDPE05001000150020002500300035002024/2/312023/10/302023/6/302023/2/282022/10/312022/6/302022/2/282021/10/312021/6/302021/2/282020/10/312020/6/302020/2/292019/10/312019/6/302019/2/282018/10/312018/6/302018/2/282017/10/312017/6/302017/2/282016/10/312016/5/312016/1/312015/8/312015/1/31国废均价010002000300040005000600070002014/052014/102015/032015/082016/012016/062016/112017/042017/092018/022018/072018/122019/052019/102020/032020/082021/012021/062021/112022/042022/092023/022023/072023/12全国均价 重交沥青建筑沥青 改性沥青01000200030004000500060007000800090002014/032014/082015/012015/062015/112016/042016/092017/022017/072017/122018/052018/102019/032019/082020/012020/062020/112021/042021/092022/022022/072022/122023/052023/10LNG 价格05000100001500020000250002018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/072023/10钛白粉价 格05000100001500020000250003000035000400002018/062018/092018/122019/032019/062019/092019/122020/032020/062020/092020/122021/032021/062021/092021/122022/032022/062022/092022/122023/032023/062023/092023/12环氧树脂 价格 18 2.19%-0.22%-1.07%-1.94%-2.29%-2.73%-2.89%26 iFinD 2021 27 28 iFinD iFinD 2021 2023 13 A 10.05 11.25 11.92 13.69 14.06 16.49 16.88 17.36 21.17 29 PE 2023 30 PE 2023 iFinD 2021 iFinD 2021 9%3%2%2%2%2%1%1%1%1%0%0%0%0%0%0%0%-1%-1%-1%-1%-1%-1%-1%-1%-1%-2%-2%-2%-2%-3%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%传媒综合计算机社会服务通信电子国防军工汽车农林牧渔轻工制造煤炭建筑装饰银行公用事业商贸零售机械设备基础化工交通运输石油石化食品饮料电力设备环保纺织服饰美容护理钢铁房地产非银金融家用电器有色金属医药生物建筑材料-0.79%-0.49%-0.22%0.58%-2.59%-3.0%-2.5%-2.0%-1.5%-1.0%-0.5%0.0%0.5%1.0%创业板指 深证成指 上证综指 中小板指 建材行业-2.89%-2.73%-2.29%-1.94%-1.07%-0.22%2.19%-4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%水泥制造玻璃制造玻纤制造管材其他建材耐火材料水泥制品5689 912131313141415151616161617171819212324242628303438380510152025303540银行建筑装饰房地产石油石化煤炭交通运输建筑材料非银金融家用电器环保钢铁通信公用事业电力设备有色金属纺织服饰综合基础化工轻工制造汽车商贸零售机械设备传媒医药生物食品饮料美容护理农林牧渔社会服务电子计算机国防军工10.0511.2511.9213.6914.0616.4916.8817.3621.170510152025玻璃制造水泥制造玻纤制造防水材料耐火材料其他建材管材水泥制品涂料 19 2 22.63%11.78%11.02%9.32%8.38%-9.14%-7.72%-6.93%-6.78%-5.82%2 1 22.63%68.84%37.96%2 11.78%42.91%23.90%3 11.02%42.53%21.18%4 9.32%35.01%17.51%5 8.38%30.52%10.23%6 ST 7.92%29.81%9.14%7 7.79%28.99%7.95%8 7.19%24.82%6.22%9 6.67%22.91%5.89%10 5.47%22.32%5.87%11 5.42%20.86%5.41%12 5.18%20.81%4.91%13 4.85%20.27%3.25%14 4.02%19.34%2.98%15 3.58%18.98%2.52%16 3.29%18.66%1.90%17 2.85%18.20%1.23%18 2.72%17.79%0.60%19 2.66%17.44%-0.52%20 2.64%17.40%-0.89%21 2.60%17.18%A-0.90%22 2.59%16.95%-0.92%23 2.45%15.58%-1.29%24 2.32%15.57%-2.29%25 2.06%15.53%-2.48%26 1.97%15.26%-2.53%27 1.92%15.23%ST-3.25%28 1.87%14.33%-3.83%29 1.35%13.19%-4.08%30 1.32%13.08%-5.89%31 1.26%12.35%-7.43%32 1.19%12.06%-7.46%33 0.97%11.97%-7.52%34 0.70%11.53%-8.15%35 0.61%11.52%-8.20%36 0.60%10.97%-8.31%37 0.48%10.40%-8.45%38 0.35%10.12%-8.59%39 0.34%10.04%-8.65%40 0.25%9.81%-8.98%41 0.24%9.61%-9.25%42 0.23%9.42%-10.30%43 0.11%9.41%-10.85%44 0.00%9.37%-10.90%20 45 0.00%9.15%-11.12%46 0.00%9.11%-11.44%47-0.22%8.64%-11.73%48-0.55%8.56%-12.25%49-0.60%8.29%-12.29%50-0.61%7.78%-12.83%51-0.67%7.17%-13.19%52-0.72%ST 6.51%-14.06%53-0.78%5.48%-14.33%54-0.83%5.46%-14.55%55-0.85%5.34%-14.88%56-0.85%5.29%-15.36%57-0.99%4.69%-15.37%58-1.00%4.29%-15.60%59-1.23%4.05%-15.74%60-1.27%4.02%-15.82%61-1.28%3.31%-16.47%62-1.43%3.28%-16.47%63-1.48%3.23%-16.67%64-1.50%2.50%-17.34%65-1.54%2.47%-18.33%66-1.69%1.55%-18.37%67-1.79%1.43%-18.81%68-1.81%1.41%-18.99%69-1.90%1.32%-19.22%70-2.01%1.23%-19.29%71-2.04%0.83%-19.81%72-2.37%0.83%-20.00%73-2.72%0.83%-20.33%74-2.73%0.60%-20.44%75-2.76%0.11%-21.32%76-2.76%0.09%-21.65%77-2.96%-0.84%-21.87%78-3.06%-1.41%-22.71%79-3.35%-2.01%-23.12%80-3.39%-2.17%-24.63%81-3.69%-2.61%-24.79%82 A-3.83%-3.06%-24.91%83-4.01%-3.20%-25.38%84-4.09%A-3.33%-25.58%85-4.32%ST-3.46%-25.81%86-4.36%-3.68%-25.86%87-4.82%-4.03%-25.93%88-5.06%-4.73%-26.25%89-5.19%-4.92%-26.49%90-5.29%-5.01%-26.70%91-5.37%-6.03%-26.82%92-5.48%-6.07%-27.18%93 ST-5.63%-7.00%-28.58%94-5.82%-7.03%-29.93%95-6.78%-8.33%-31.01%96-6.93%-9.98%-33.18%97-7.72%-10.56%ST-33.81%21 98-9.14%-14.68%-37.24%Wind 1 2023 59.86 10.59%2023 59.86 10.59%1.81 2.92 2 902 1.07%2024 3 15 902 1.07%10.32/8.80/0.83 3 995 995 487.55 4 2023 1409.99 6.80%2023 1409.99 6.80%104.30 33.40%.5 2023 148.76 26.33%2023 148.76 26.33%30.44 53.95%6 2023 224.26 11.27%2023 224.26 11.27%35.24 12.09%7 2023 31.42 15.67%2023 31.42 15.67%1.21 0.57/ROE 19.40%22 8 A 10%10%2750 9 21 0.05%2024 3 21 21 0.05%7.02/6.91/146.02 23 6-12 A 300 500 20%5-20%5%5%“”