20230205-中国银河-建材行业点评报告_行业业绩承压_需求复苏下有望迎来业绩估值双修复_10页_1mb.pdf
T a bl e _ In du s tr y Nam e T a ble _ ReportD a te 2023 02 0 5 Table_Title 行业深 度报 告模 板 Table_InvestRank:Table_Summary 2023 1 31 79 49 2022 62.03%8 41 4 49 8%1 2%3 6%1 2%22 45%9 18%9 18%2022 7 2022 2 2022 100%2022 300 6.97%8.30%300 1.33 31 10/7.42%/7.20%/12.78%/9.34%/7.55%/8.38%/7.31%2023 1 2 3 4 Table_Authors 010-80927672 S0130519060002 2023.02.03 Wind Table_Research _ _ _ _ _1-12-40.00%-30.00%-20.00%-10.00%0.00%10.00%22-0222-0322-0422-0522-0622-0722-0822-0922-1022-1122-1223-01建筑材料(申万)沪深300/1.2.5.6.7 /2 2023 1 31 79 49 2022 62.03%8 41 4 49 8%1 2%3 6%1 2%22 45%9 18%9 18%4 2022 100%2 50%2 30%-50%图 1：建材上市 公司 2022 年业绩 预告类型 分布情 况 图 2：建 材上市 公司 2022 年预告 净利润中 位数同 步增幅 情况 资料来源：Wind,中国银河 证券研 究院 资料来源：Wind,中国银河 证券研 究院 18 14 2022 2022 2022 4.69 4.36-5.02-64.47%-60.04%-68.89%2022 2022 表 1：水泥制造 企业 2022 年业绩 预告情况%600585.SH 1,530,300.00 1,663,300.00 1,397,300.00-54.00-50.00-58.00 000877.SZ 460,000.00 520,000.00 400,000.00-63.29-58.50-68.08 600801.SH 268,176.50 284,267.00 252,086.00-50.00-47.00-53.00 000401.SZ 143,500.00 152,000.00 135,000.00-48.94-45.91-51.96 601992.SH 130,000.00 140,000.00 120,000.00-55.70-52.30-59.10 000672.SZ 97,500.00 103,000.00 92,000.00-55.20-52.67-57.72 8%2%6%2%45%18%18%预增 略增 扭亏 略减 预减 首亏 续亏8%8%12%10%39%22%100%+50%100%0%50%-50%0%-50%-100%-100%+/3 000789.SZ 52,150.00 58,700.00 45,600.00-67.27-63.16-71.38 600425.SH 41,607.00 41,607.00 41,607.00 32.00 32.00 32.00 600668.SH 31,750.00 35,500.00 28,000.00-65.64-61.58-69.70 002233.SZ 26,626.71 31,217.52 22,035.90-85.50-83.00-88.00 000546.SZ 1,550.00 1,800.00 1,300.00-82.04-79.14-84.94 600678.SH 880.00 970.00 790.00-87.00-86.00-88.00 600802.SH-28,000.00-24,000.00-32,000.00-170.26-160.22-180.30 600326.SH-40,000.00-35,000.00-45,000.00-1,099.46-974.53-1,224.39 Wind 7 2022 2022 1.5 1.7 66.06%117.15%6 2022 表 2：水泥制品 企业 2022 年业绩 预告情况%003037.SZ 15,000.00 17,000.00 13,000.00 91.61 117.15 66.06 002596.SZ-45,000.00-36,000.00-54,000.00 60.55 68.44 52.66 002302.SZ 57,825.00 64,290.00 51,360.00-31.55-23.90-39.20 605122.SH-10,907.05-8,748.36-13,065.74-181.48-165.35-197.61 000023.SZ A-21,000.00-19,000.00-23,000.00-295.97-258.26-333.68 603616.SH-40,000.00-34,000.00-46,000.00-1,615.51-1,388.18-1,842.83 002671.SZ-66,000.00-58,000.00-74,000.00-3,838.23-3,385.11-4,291.35 Wind 10 7 2022 3.83 4.1 50%60%2022 12.5 14.5 65.78%70.5%2022 3.5 3.8 71%73%2022 表 3：玻璃企业 2022 年业绩预告 情况%600876.SH 39,650.00 41,000.00 38,300.00 55.00 60.00 50.00 300093.SZ-24,981.12-21,036.73-28,925.51-23.89-4.33-43.46 601636.SH 135,000.00 145,000.00 125,000.00-68.14-65.78-70.50 600586.SH 36,500.00 38,000.00 35,000.00-72.00-71.00-73.00 /4 600819.SH 1,700.00 1,700.00 1,700.00-84.00-84.00-84.00 900918.SH B 1,700.00 1,700.00 1,700.00-84.00-84.00-84.00 600293.SH-25,000.00-25,000.00-25,000.00-377.18-377.18-377.18 Wind 7 2 2022 2022 7.27 8.83 27.01%54.26%2022 2022 表 4：玻璃纤维 企业 2022 年业绩 预告情况%300196.SZ 80,500.00 88,300.00 72,700.00 40.64 54.26 27.01 603256.SH 5,536.50 6,225.00 4,848.00-55.50-50.00-61.00 Wind 30 17 2022 2 100%2022 0.81 1.21 79%86%2022 2022 2022 7 2 2022 151.93%197.30%表 5：消费建材 及耐火 材料企业 2022 年 业绩预 告情况%603737.SH 35,500.00 41,000.00 30,000.00 185.15 198.35 171.96 603378.SH 10,000.00 12,000.00 8,000.00 118.38 122.06 114.71 002694.SZ-11,620.00-9,696.89-13,543.11 80.08 83.38 76.78 002641.SZ 10,095.18 12,114.21 8,076.14-82.50-79.00-86.00 300599.SZ 1,500.00 1,800.00 1,200.00-86.49-83.79-89.19 300198.SZ-33,750.00-29,500.00-38,000.00-208.70-169.82-247.57 002205.SZ-9,250.00-8,500.00-10,000.00-1,176.83-1,089.52-1,264.14 300737.SZ 17,500.00 21,000.00 14,000.00-73.99-68.78-79.19 /5 300715.SZ-12,240.00-9,940.00-14,540.00-270.18-238.20-302.16 002718.SZ 11,000.00 13,000.00 9,000.00 133.03 139.04 127.02 000619.SZ-8,500.00-7,000.00-10,000.00 40.75 51.21 30.29 002652.SZ-3,350.00-2,700.00-4,000.00 40.16 51.77 28.55 002785.SZ-2,225.00-1,800.00-2,650.00 3.66 22.06-14.74 603038.SH 1,125.00 1,350.00 900.00-47.89-37.47-58.31 605318.SH 1,431.00 1,644.00 1,218.00-75.66-72.03-79.28 002791.SZ 5,500.00 6,000.00 5,000.00-93.82-93.25-94.38 002333.SZ-5,000.00-4,000.00-6,000.00-248.59-218.87-278.30 002225.SZ 23,000.00 24,900.00 21,100.00 174.62 197.30 151.93 300374.SZ-27,300.00-25,300.00-29,300.00 24.38 29.92 18.84 Wind 300 6.97%8.30%300 1.33 31 10/7.42%/7.20%/12.78%/9.34%/7.55%/8.38%/7.31%图 3：Wind 8.30%6.97%-2.00%0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%18.00%20.00%计算机有色金属汽车电子通信机械设备电力设备基础化工传媒建筑材料非银金融石油石化钢铁国防军工家用电器环保沪深300医药生物轻工制造建筑装饰食品饮料煤炭纺织服饰农林牧渔房地产公用事业交通运输银行美容护理社会服务综合商贸零售/6 图 4：年初至今 建材行 业走势情 况 图 5：建材行业 各子板 块年初至 今 涨跌幅 情况 资料来源：Wind,中国银河 证券研 究院 资料来源：Wind,中国银河 证券研 究院 600819.SH/67.97%600586.SH/39.04%002613.SZ/31.37%002043.SZ/27.90%002718.SZ/18.52%图 6：图 7：资料来源：Wind,中国银河 证券研 究院 资料来源：Wind,中国银河 证券研 究院 2023 1 2 3 4 0.00%2.00%4.00%6.00%8.00%10.00%12.00%22-1223-0123-0123-0123-0123-0123-0123-0123-0123-0123-0123-0123-0123-0123-0123-0123-0123-02建筑材料(申万)沪深3000.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%67.97%39.04%31.37%27.90%18.52%0%10%20%30%40%50%60%70%80%耀皮玻璃 金晶科技 北玻股份 兔宝宝 友邦吊顶-16.00%-14.00%-12.00%-10.00%-8.00%-6.00%-4.00%-2.00%0.00%2.00%方大B 金隅集团 三圣股份 坚朗五金 深天地A/7 表 6：推荐公司 盈利预 测与估值 EPS PE(X)2022E 2023E 2024E 2022E 2023E 2024E 002791.SZ 97.51 0.84 2.28 3.31 116.25 4276 29.41 002271.SZ 35.83 1.17 1.70 2.21 30.66 21.06 16.22 300737.SZ 13.51 0.34 0.64 0.88 39.44 21.16 15.39 002372.SZ 22.77 0.82 0.99 1.14 27.64 23.01 19.91 002641.SZ 4.93 0.32 0.43 0.52 15.22 11.26 9.48 600176.SH 14.71 1.62 1.64 1.87 9.07 8.94 7.85 601636.SH 11.67 0.64 0.98 1.27 18.28 11.97 9.19 600876.SH 22.04 0.53 0.89 1.50 41.91 24.73 14.69 600801.SH 16.45 1.79 2.28 2.70 9.21 7.22 6.09 000672.SZ 12.36 1.57 2.03 2.35 7.93 6.12 5.29 Wind /8 插 图 目 录 1 2022.2 2 2022.2 3.5 4.6 5.6 6.6 7.6 表 格 目 录 1 2022.2 2 2022.3 3 2022.3 4 2022.4 5 2022.4 6.7 /9 Table_Resume 2019 6-12 20%10%6-12 20%6-12 10%20%6-12 6-12 10%table_avow table_contact 3088 20 0755-83479312 suyiyun_ 0755-83471683 chengxi_ 99 31 021-20252612 021-60387901 luyunru_ 8 1 嫚 010-80927722 tangmanling_
