|2023 11 12/2023/11/4-11/11+/0.4%10-20/5/11 1.7 2047/1.84%307(20.528/252 55 120.45+0.2%+6.44%82.08%-0.23%83.82%+0.16%1 2 PCB 7800-8800/3.5-3.8/+22 16 B C+C%106 2.0 915.7 1.1 772.9 1.1%1m 6m 12m-2.7-7.0-2.2-0.8 3.3 0.5 1 2023-11-06 2 2023-10-29 3 2023-10-22 S1090517070008 S1090523070010-15-10-505101520Nov/22 Mar/23 Jun/23 Oct/23(%)建材 沪深300 2.4 1.4 2.4 3.5.7 1.7 2.7 1.7 2.8 3.8 5.12 6.14 7.16.17 1.17 2.18.21 1 10.21 2 5.2%4.3%.21 3 PPP 0.98.21 4 PCCP 2.23.21 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 YWBYzQsPnOrQoQtQnQpQmN9PbP6MmOqQnPpMfQoPoPjMoPsR7NrRwOuOoNsQxNoPwP 3 7 P.O42.5/.12 8 P.O42.5/.12 9%.12 10/.13 11/.13 12/.14 13/.14 14.14 15/.15 16/.15 17/.15 18.15 19.16 20 PVC PPR HDPE/.16 21/.16 22/.16 23 LNG/.16 24/.17 25/.17 26.17 27.18 28.18 29 PE 2023.18 30 PE 2023.18 1.9 2.18 4 1 0.4%10-20/5/11 1.7 2047/1.84%307(20.528/252 55 120.45+0.2%+6.44%82.08%-0.23%83.82%+0.16%1 2 PCB 7800-8800/3.5-3.8/2+22 16 5 B C+C 3+C+2023-2024 EPS 0.89 0.98 2023-2024 EPS 0.71 0.84+C 2023-2024 EPS 1.33 1.65 BIPV+/2023-2024 EPS 0.12 0.35 B B+2023-2024 EPS 0.46 0.59 6+2023-2024 EPS 2.27 2.63+2000 2023-2024 EPS 1.33 1.72+2023-2024 EPS 1.29 1.46 1+N+2023-2024 EPS 0.70 0.88 85%23 2023-2024 EPS 0.76 0.96 7 1 1 2 2023 10 2.6%3.7%0.2%1 10 3.1%3.6%10-0.3%-7.3%1-10-5.5%3 2023 10 0.2%0.1%0.5%4.0%0.7%1.1%1.2%1-10 0.4%10 0.1%0.1%0.1%0.8%0.1%0.1%2 1 1 22 19 16 2 11 7 11 8 3 2023 10 276.4 46.2%19.5%2023 1 10 5875.1 8.9%8 2 1 2024-2025 5 2024-2025 8 1500 3 1 11 10 20/8-9 2 2024 1 1 330 20242025 30%2026 50%3 2023-2024 2023 12 1 2024 3 10 100 4 100 15 35 3 2 3 2 2 3 2 2 3 2 2 2 3 2 2 4 0.4%10-20/5/11 1.7 9 1 5 2-3 3-5 4-6 2023 11 15 2024 3 15 2-3 3-5 7-8 10/20/10 20/5-6 7-8 8 8-9 8 5-10/6-7 10%-20%8 4-6 10/5-8 20%-30%4-6 5 5/P.O42.5 270-280/4-5 5-6 30-50/11 15 6-8 20/8-9 6-7 5 80%20-30/6 6-7 70%-80%10 4-5 5-6 11 30/6 20-30/6-7 5-7 11 15 5-6 2 7-8 5 2-3 6-7 2023 12 1 2024 3 10 100 5-6 11 2023 11 15-2024 3 31 3 11 2023 11 1 2024 4 30 7-8 7 60%-70%6-8 10-20/20-30/90-110 11 15 5-6 30/4-5 40%-60%10-20/11 30/3-5 30/3-4 P.O42.5 Q5500 735/281.67/2.47/100kg 11 1 P.O42.5/2/wind P.O42.5 3 P.O42.5/4 P.O42.5/5 P.O42.5/6 P.O42.5/200300400500600700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02004006008001,0001,2001,4001,6001502002503003504004505005502016/032016/062016/092016/122017/032017/062017/092017/122018/032018/062018/092018/122019/032019/062019/092019/122020/032020/062020/092020/122021/032021/062021/092021/122022/032022/062022/092022/122023/032023/062023/09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.O42.5/73.13%0.63pct 10 5 50%9%5 20231109 2027/11 2 31/-1.53%2047/2086 1.84%4-5/1502002503003504004505005506006502009/2/132009/9/132010/4/132010/11/132011/6/132012/1/132012/8/132013/3/132013/10/132014/5/132014/12/132015/7/132016/2/132016/9/132017/4/132017/11/132018/6/132019/1/132019/8/132020/3/132020/10/132021/5/132021/12/132022/7/132023/2/132023/9/131502002503003504004505005506002009/2/132009/9/132010/4/132010/11/132011/6/132012/1/132012/8/132013/3/132013/10/132014/5/132014/12/132015/7/132016/2/132016/9/132017/4/132017/11/132018/6/132019/1/132019/8/132020/3/132020/10/132021/5/132021/12/132022/7/132023/2/132023/9/1301020304050607080902016/3/312016/6/302016/9/302016/12/312017/3/312017/6/302017/9/302017/12/312018/3/312018/6/302018/9/302018/12/312019/3/312019/6/302019/9/302019/12/312020/3/312020/6/302020/9/302020/12/312021/3/312021/6/302021/9/302021/12/312022/3/312022/6/302022/9/302022/12/312023/3/312023/6/302023/9/30 13 10/11/2021 2022 66.43 2.07%85.34%-1.80 53.40+2.09 4.07%8 37%12 1-2 45%11 1-2 50%11+2 2 85+%66+17.24+0.35%9.56/14001600180020002200240026002022/07/142022/08/142022/09/142022/10/142022/11/142022/12/142023/01/142023/02/142023/03/142023/04/142023/05/142023/06/142023/07/142023/08/142023/09/142023/10/14华北 华东 华中 华南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 2018 20192020 2021 2022 2023 14 12/13/Wind 307(20.528/252 55 20231109 17.24 2+0.35%20231103-1109 120.45+0.2%+6.44%20231109 32870/-1.79%20231103-1109 23.25-1.00%20231109 82.08%2 83.99%2+0.29%20231103-1109 82.08%-0.23%83.82%+0.16%14 6 050010001500200025003000350040002009/6/282010/6/282011/6/282012/6/282013/6/282014/6/282015/6/282016/6/282017/6/282018/6/282019/6/282020/6/282021/6/282022/6/282023/6/28全国平均-10000100020002015/1/22015/6/22015/11/22016/4/22016/9/22017/2/22017/7/22017/12/22018/5/22018/10/22019/3/22019/8/22020/1/22020/6/22020/11/22021/4/22021/9/22022/2/22022/7/22022/12/22023/5/22023/10/2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 2400tex 3300-3400/2400texSMC 3700-4000/2400tex 5700-6800/2400tex 3300-3400/2400tex 3400-3500/2000tex 3700-4800/PCB 7800-8800/3.5-3.8/PCB 15/16/17/18 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 2017 20182019 2020 2021 2022 20233,0003,5004,0004,5005,0005,5006,0006,5001 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 2017 20182019 2020 2021 2022 20233,0005,0007,0009,00011,00013,00015,0001 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 2017 20182019 2020 2021 2022 20230204060801002017/102018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/072023/10库存（万 吨）16 11 9 102 692/692/6.23%19 7 20 PVC PPR HDPE/21/Wind Wind 22/23 LNG/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050001000015000200002015/032015/062015/092015/122016/032016/062016/092016/122017/032017/062017/092017/122018/032018/062018/092018/122019/032019/062019/092019/122020/032020/062020/092020/122021/032021/062021/092021/122022/032022/062022/092022/122023/032023/062023/09PVC PPR HDPE05001000150020002500300035002014/122015/042015/082015/122016/042016/082016/122017/042017/082017/122018/042018/082018/122019/042019/082019/122020/042020/082020/122021/042021/082021/122022/042022/082022/122023/042023/08国废均价010002000300040005000600070002014/052014/102015/032015/082016/012016/062016/112017/042017/092018/022018/072018/122019/052019/102020/032020/082021/012021/062021/112022/042022/092023/022023/07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 17 Wind Wind 24/25/Wind Wind 1 0.27%1.88%0.15%1.42%1.09%0.95%-0.21%-0.25%-0.37%-1.25%26 iFinD 2021 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钛白粉均 价05000100001500020000250003000035000400002018/062018/092018/122019/032019/062019/092019/122020/032020/062020/092020/122021/032021/062021/092021/122022/032022/062022/092022/122023/032023/062023/09环氧树脂 均价5%4%4%3%2%2%2%2%1%1%1%1%1%1%0%0%0%0%0%0%0%0%-1%-1%-1%-1%-1%-2%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%传媒计算机通信电气设备房地产电子医药生物机械设备休闲服务国防军工商业贸易轻工制造家用电器综合建筑装饰化工非银金融建筑材料公用事业采掘交通运输农林牧渔纺织服装汽车有色金属银行钢铁食品饮料 18 27 28 iFinD iFinD 2021 2023 13 A 31.77 22.54 18.68 16.86 15.87 15.49 13.50 11.30 10.82 29 PE 2023 30 PE 2023 iFinD 2021 iFinD 2021 2 52.44%9.54%6.79%6.74%5.97%-6.17%-4.56%-4.16%-2.74%-2.50%2 1 52.44%67.40%133.86%2 9.54%19.22%66.81%3 6.79%19.15%54.21%4 6.74%17.59%53.18%5 5.97%16.56%53.15%6 5.77%9.24%41.93%7 4.65%8.61%41.82%0.27%1.27%1.65%1.88%0.15%0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%上证综指 深证成指 中小板指 创业板指 建材行业-1.25%-0.37%-0.25%-0.21%0.95%1.09%1.42%-1.5%-1.0%-0.5%0.0%0.5%1.0%1.5%2.0%管材水泥制造玻纤制造水泥制品玻璃制造其他建材耐火材料40 38 33 32 28 27 26 26 22 21 21 19 19 18 17 16 15 14 14 13 13 13 13 13 13 12 10 7 7 6 4 051015202530354045计算机国防军工电子农林牧渔社会服务美容护理医药生物食品饮料传媒商贸零售机械设备汽车综合轻工制造基础化工电力设备纺织服饰环保钢铁建筑材料公用事业通信有色金属非银金融家用电器交通运输房地产石油石化煤炭建筑装饰银行31.77 22.54 18.68 16.86 15.87 15.49 13.50 11.30 10.82 05101520253035涂料水泥制品防水材料管材其他建材耐火材料玻纤制造水泥制造玻璃制造 19 8 4.57%8.56%35.17%9 4.22%7.66%30.82%10 3.65%7.28%27.78%11 2.90%5.65%27.73%12 2.76%5.48%27.70%13 2.66%5.44%24.91%14 2.50%5.36%22.83%15 2.36%4.84%21.88%16 2.24%4.56%19.87%17 2.20%4.29%18.00%18 2.17%4.24%15.79%19 2.16%3.81%15.34%20 2.15%3.50%13.24%21 2.04%3.17%12.83%22 2.00%3.13%12.29%23 1.96%3.05%10.93%24 1.89%3.02%10.35%25 1.88%2.98%10.26%26 1.87%2.94%9.98%27 1.84%2.90%7.24%28 1.81%2.88%6.69%29 1.79%2.83%6.48%30 1.77%2.75%6.39%31 1.69%2.64%6.27%32 1.63%2.53%5.84%33 1.60%2.40%5.44%34 1.20%2.36%3.14%35 1.20%2.24%2.90%36 1.19%1.96%2.40%37 1.15%1.88%0.74%38 1.13%1.53%-0.98%39 1.13%1.48%-1.10%40 1.06%1.22%-1.50%41 1.04%1.10%-1.68%42 0.92%1.08%-1.77%43 0.87%0.79%-1.96%44 0.77%0.75%-2.35%45 0.75%0.65%-2.99%46 0.75%0.62%-3.28%47 0.73%0.46%-3.92%48 0.57%ST 0.33%-5.28%49 0.48%0.19%-5.52%50 0.46%0.00%-5.72%51 0.44%-0.07%-6.64%52 0.43%-0.19%-6.92%53 0.42%-0.25%-7.71%54 0.41%-0.32%-7.92%55 0.37%-0.42%-8.38%56 0.36%-0.47%-9.15%57 0.35%-0.72%-9.20%58 0.35%A-0.92%-9.53%59 0.23%-0.96%-9.92%60 0.09%-1.32%-10.47%20 61 0.00%-1.37%-10.87%62 0.00%-1.53%-10.93%63 0.00%-1.69%-11.74%64-0.14%-1.80%-12.08%65-0.14%-1.85%-12.85%66-0.14%-2.35%-12.89%67-0.18%-2.58%-13.09%68-0.19%-2.88%-13.28%69-0.25%-3.05%-13.37%70 A-0.37%-3.18%-15.59%71-0.43%-3.24%-15.84%72-0.44%-3.59%-16.02%73-0.47%-3.81%-16.84%74-0.49%-3.91%-16.90%75-0.57%-4.13%A-17.53%76-0.65%-4.29%-17.65%77-0.77%-4.45%-18.32%78-0.77%-4.62%-19.32%79-0.79%-4.96%-19.35%80-0.81%-5.42%-19.72%81 ST-0.85%-5.46%-20.84%82-0.87%-5.58%-21.07%83-0.93%ST-5.63%ST-22.47%84-1.01%-5.81%-23.00%85-1.09%-6.60%-25.57%86-1.10%-6.84%-27.20%87-1.13%-7.10%-28.26%88-1.41%-7.53%-28.65%89-1.47%-7.59%-29.31%90-1.58%-9.69%-30.56%91-1.75%-9.77%-30.84%92 ST-1.76%-10.45%-36.95%93-1.80%-10.55%-40.68%94-2.50%-10.57%-43.68%95-2.74%-10.77%-46.45%96-4.16%-12.42%-52.42%97-4.56%-14.66%ST-55.48%98-6.17%-15.44%-64.43%Wind 21 1 10 10 5 1 2 5.2%4.3%4400 14.63%5.24%3600 11.7%4.29%3 PPP 0.98 2023 11 8 PPP 0.98 2022 19.35%4 PCCP 2.23 PCCP 2023 11 1 2024 11 30 2023 11 1 2024 8 31 2.23 22 6-12 A 300 500 20%5-20%5%5%