20240317_兴业证券_建筑材料行业：“以旧换新”政策落地关注建材更新需求_21页.pdf

请 务必阅读 正文之 后的信 息披露 和重要声 明 industryId investSuggestion relatedReport 2024-01-21 2024-01-14 2024-01-07 emailAuthor S0190518070004 S0190522100003 S0190513080002 summary 2022 229.53 2.30%2022 31 2024 2024 0.4%2024 2 365.91/61.91/2023 12 202292.99 0.70%15,557.59 7.31%20240311-20240315 1939/2017/78/85.15%3.2mm 25.5/3 14 2400tex 2900-3100/3074.50/3077.50/0.10%0.05 24.28%title createTime1 2024 3 17 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1.-4-1.1.-4-1.2.-5-1.3.-6-1.4.-7-2 0311-0315.-9-3.-10-3.1 0311-0315.-10-3.2+0311-0315.-11-3.3 0311-0315.-14-3.4 0311-0315.-16-4.-19-5.-20-1.-9-2.-9-3.-9-4.-9-5 300.-9-6 PETTM 300.-9-7/.-10-8.-10-9.-10-10%.-10-11%.-11-12%.-11-13/.-11-14/.-12-15.-12-16/.-13-17/.-13-18/.-13-19%.-13-20 3.2mm/.-14-21 2400tex/.-14-22 7628/.-14-23.-15-24.-15-25(/).-16-26/.-16-27 LNG/.-16-28/.-16-29/.-17-30/.-17-WUCXuNtOpMqRrPnOmRoRrQaQ8QbRpNnNtRmQkPrRnOeRpOyRbRnNvMwMpPsNuOoOoO 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-31/.-17-32/.-17-1.-4-2 2021-2024E 2024.3.15.-5-3.-6-4.-12-5 2023 1-12.-15-6 2023 1-12.-15-7.-19-8.-20-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-1 1.1 1979 1997+2015-2022 14.87%19.58%2023 1 2016 2017 2018 2019 2020 2021 2022 2023Q1-3 81.56 111.64 125.65 133.23 168.03 210.86 199.34 170.49 YOY 8.01%36.88%12.55%6.03%26.12%25.15%-5.49%10.14%16.75 27.41 30.30 26.98 33.03 37.69 33.11 29.80 YOY 16.03%65.02%10.53%-10.95%22.43%14.05%-12.19%19.70%11.71 23.44 24.66 4.41 28.60 35.10 31.36 27.56 YOY 30.57%100.16%5.20%-82.11%548.28%22.67%-10.71%17.32%34.18%37.23%35.32%31.86%33.68%31.83%29.24%30.80%17.97%21.09%19.74%3.43%18.00%16.85%15.77%16.26%ROE 13.75%20.66%18.61%3.15%18.71%19.94%15.88%12.66%Wind 2023 12 29 40.74 78.34%2022 2.68 PE 19 2023 1-7 20.47 1.96 9.58%1.10 2024/2025/2026 4.13 4.62 5.19 40“”2023 12 29()347 1290 13.96 2022 2024/2025/2026 27.7%/33.08%/25.43%Jx+5p+rhcHM5O4deFonHAbzkDSe1RnSOm2svFrHBRVn29C40DD/8QBxYr/BW+a85 请 务必阅读 正文之 后的信 息披露 和重要声 明-5-2022 33.58 2016-2018+30%1.2 2022 229.53 2.30%2022 31 5.4%4.6%3.8%3.5%3.4%3.3%3.3%3.3%3.2%3.1%2024 9.30%6.80%6.70%6.30%6.20%5.80%5.40%5.20%4.70%4.60%2024 2 2021-2024E 2024.3.15 2021 2022 2023E 2024E 2021 2022 2023E 2024E 51%95%95%95%3.9%4.6%7.2%9.3%0%88%88%88%0.0%3.3%5.5%6.8%153%57%57%57%1.5%1.3%5.4%6.7%51%51%51%51%4.7%2.2%4.7%6.3%66%70%70%70%2.7%3.5%5.2%6.2%38%50%50%50%5.9%5.4%4.9%5.8%10%30%30%30%0.8%3.3%4.1%5.4%25%40%40%40%5.2%3.4%4.6%5.2%78%74%74%74%2.5%2.8%4.2%4.7%33%-16%33%33%0.9%0.8%3.8%4.6%30%35%35%35%4.0%3.3%4.2%4.6%28%44%44%44%1.4%1.9%3.4%4.1%A 40%23%23%23%2.0%2.2%3.4%4.0%32%32%32%32%2.6%3.8%2.8%3.7%32%32%32%32%1.9%3.1%2.9%3.6%请 务必阅读 正文之 后的信 息披露 和重要声 明-6-32%35%35%35%1.8%2.5%2.9%3.3%0%31%31%31%0.0%0.7%1.6%2.8%0%33%33%33%0.0%0.4%1.4%2.5%13%49%49%49%0.2%0.1%1.3%2.2%22%46%46%46%0.2%0.7%1.3%2.2%23%51%51%51%2.2%3.2%1.0%2.0%15%18%18%18%1.3%0.3%1.7%2.0%0%0%0%0%0.0%0.7%0.0%0.0%31%12%12%12%3.0%0.3%0.9%1.4%11%10%10%10%0.9%1.4%1.0%1.3%18%12%12%12%0.6%0.3%1.0%1.2%49%34%34%34%0.9%0.5%0.6%0.9%0%0%0%0%0.0%0.0%0.0%0.0%0%0%0%0%0.0%0.0%0.0%0.0%Wind 2021 2022=()100 2023E 2024E=2023E 2024E/2023E 2024E 2024 2 23 PE 1.3 2023 3(%)2023 5 27 45,000 0-2.01 2023 10 27 5,000 10,000 10,000 20,000 0.62-1.23 2023 10 30 2 3 0.75-1.12 2023 11 4 4 6 0.34-0.51 2023 11 14 3 6 0.52-1.04 2024 1 6 1 2 1.35-2.7 2024 2 5 10,000 20,000 5.55-11.09 2024 2 6 10,000 20,000 1.21-2.41 2024 2 7 5,000 7,000 0.99-1.38 2024 2 7 2,500.00 5,000.00 1.94-3.89 2024 2 8 5,000 10,000 1.69-3.38 2024 2 9 5,000 10,000 1.39-2.77 2024 2 20 5,000 10,000 10,000 2-4 请 务必阅读 正文之 后的信 息披露 和重要声 明-7-2024 2 26 3,000 6,000 0.83-1.65 2024 3 2 10,000 20,000 0.82-1.65 Wind 1.4 2023 8.73 9.1%7.5%2023 1-9 12.62 6.20%2023 C B C 2023 1616&10%PVC PTO 50%C B 2023 2023 2012 2023 C 请 务必阅读 正文之 后的信 息披露 和重要声 明-8-请 务必阅读 正文之 后的信 息披露 和重要声 明-9-2 0311-0315 2.85%0.45%3.75%3.60%3.92%1.25%5.45%0.28%1 2 ifind ifind 3 4 ifind ifind 5 300 6 PETTM 300 ifind ifind 请 务必阅读 正文之 后的信 息披露 和重要声 明-10-3 3.1 0311-0315 0.4%63.25%1.19pct 4.56pct 2023 12 202292.99 0.70%15,792.90 0.90%2024 2 365.91/61.91/7/8 9 10%请 务必阅读 正文之 后的信 息披露 和重要声 明-11-13/3.2+0311-0315 1939/2017/78/:85.15%85.99%+0.63pct 6278.3+5.98%:2024 2 11.2 2024 1+9.6 3-7 423/100/11%12%请 务必阅读 正文之 后的信 息披露 和重要声 明-12-122.06+0.74%:0313 900 0314 600 2024 3 15 2100.00/18.75/981.25/31.85%(1)(2)4 14/15 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-16/17/ifind Ifind 18/19%ifind 请 务必阅读 正文之 后的信 息披露 和重要声 明-14-20 3.2mm/2.0mm 16.25/3.2mm 25.5/3.3 0311-0315 3 14 2400tex 2900-3100/3074.50/3077.50/0.10%0.05 24.28%G75 7000-7600/7628 3.2-3.4/21 2400tex/22 7628/请 务必阅读 正文之 后的信 息披露 和重要声 明-15-2023 12 84.26 0.62 2022 19.96 31.04%2023 12 684.5 2022 26.5 4.03%23 24 2023 12 153055.42 2022 12.60%238142114.00 2022 0.47%5 2023 1-12 2022%2022%2023 1 155828.69-12.91%251027540.00-22.20%2023 2 141949.94-8.94%212346070.00-18.67%2023 3 169734.90-18.90%281867470.00-16.55%2023 4 158312.57-9.72%254788511.00-18.42%2023 5 163298.26-13.10%241547598.00-31.01%2023 6 168234.04-0.44%246912317.00-24.42%2023 7 162374.00 2.71%238857061.00-23.38%2023 8 158705.08 19.17%230650695.00-12.11%2023 9 147160.80 23.65%218850521.00-25.67%2023 10 143079.53 9.27%210852799.00-18.04%2023 11 152838.20 21.67%227723512.00 9.88%2023 12 153055.42 12.60%238142114.00 0.47%6 2023 1-12 2022%2022%2023 1 12340.32 19.21%52591869.00-33.72%2023 2 9247.58 17.60%58872288.00-4.60%2023 3 9887.08-16.75%61175735.00-28.33%2023 4 7596.11-31.66%62643391.00-19.90%2023 5 9287.95-19.98%66808523.00-26.66%2023 6 11065.39 6.04%74243668.00-5.91%2023 7 10069.98-20.26%79199054.00-0.15%请 务必阅读 正文之 后的信 息披露 和重要声 明-16-2023 8 10324.92 2.92%73853216.00-3.34%2023 9 9956.92 35.67%71893954.00-23.46%2023 10 10771.58 14.32%64420485.00-4.92%2023 11 12175.87-4.36%69540392.00 2.87%2023 12 12232.65-11.55%69719495.00 3.13%3.4 0311-0315 03 15 899.25/19.35/229.35/20.78%03 15(70#A,)4,580.00/150.00/3.17%25(/)26/ifind ifind 03 15 LNG 4,219.00/57.00/990.00/19.01%03 15 2,492.50/1.03%355.00/12.47%27 LNG/28/ifind ifind 请 务必阅读 正文之 后的信 息披露 和重要声 明-17-03 15 17083.33/33/0.19%03 15 6,250.00/75/850/11.97%03 15 9,530.00/265.00/850.00/9.79%03 15 6,900.00/100/300.00/4.17%.29/30/ifind ifind 31/32/ifind ifind PVC 03 15 PVC 5,950.00/550.00/9.24%PPR 03 15 PPR4220 8950.00/50.00/0.56%请 务必阅读 正文之 后的信 息披露 和重要声 明-18-PE 03 15 PE 732.29 0.82 19.06 2.67%33 PVC/34 PPR4220/ifind ifind 35 PE ifind 请 务必阅读 正文之 后的信 息披露 和重要声 明-19-4 7 3 11 3 3 11 1,700 70%1,700 1,190 3 11 2023 2023 12 31 10 1.50 21678.62 7445.57 94.19%3 11 3 11 40%4153.32 3 11 2023 135.11 2.16%17.66 4.18%3 12 12 3.53 15.56%3 12 2022 1922.85 12.09%3 12 15%3 13 2023 2023 50%3 13 10 2024 2 29 10.95 100%3 13 5000 1.65%2.48%ifind 请 务必阅读 正文之 后的信 息披露 和重要声 明-20-8 100 1000 5 1.2.3.4.5.请 务必阅读 正文之 后的信 息披露 和重要声 明-21-12 300 50 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK 32 01-08 100020 5001 T2 52 518035