20240303_兴业证券_建筑材料行业：需求仍待回暖关注高股息品种_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%20240223-20240229 2035/2031/4/85.48%+0.38pct 84.97%3.2mm 25.5/2 29 2400tex 2950-3200/3079.00/3079.00 25.26%title createTime1 2024 3 3 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 0226-0301.-9-3.-10-3.1 0226-0301.-10-3.2+0226-0301.-11-3.3 0226-0301.-14-3.4 0226-0301.-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/.-17-0YEVuNnQoNpOtNpMnQsNmN8O8Q6MnPrRnPtPkPoOtQlOoOtP7NpPxPwMqMmPxNrNtQ 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 2024.3.1.-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%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%7.40%6.80%6.40%6.10%5.80%5.30%5.20%4.70%4.50%2024 2 2021-2024E 2024.3.1 2021 2022 2023E 2024E 2021 2022 2023E 2024E 38%50%50%50%5.9%5.4%4.9%5.8%39%40%40%40%5.2%3.4%4.6%5.2%30%35%35%35%4.0%3.3%4.1%4.4%23%51%51%51%2.2%3.2%1.0%2.0%78%74%74%74%2.5%2.8%4.2%4.7%32%35%35%35%1.8%2.5%2.8%3.2%18%12%12%12%0.6%0.3%0.9%1.1%0%33%33%33%0.0%0.4%1.3%2.3%0%0%0%0%0.0%0.0%0.0%0.0%0%31%31%31%0.0%0.7%1.6%2.6%51%95%95%95%3.9%4.6%7.2%9.3%15%18%18%18%1.3%0.3%1.7%1.9%33%-16%33%33%0.9%0.8%3.6%4.5%153%57%57%57%1.5%1.3%5.1%6.4%请 务必阅读 正文之 后的信 息披露 和重要声 明-6-0%88%88%88%0.0%3.3%5.9%7.4%13%49%49%49%0.2%0.1%1.2%2.1%32%32%32%32%2.6%3.8%2.8%3.6%10%30%30%30%0.8%3.3%4.0%5.3%11%10%10%10%0.9%1.4%1.0%1.3%32%32%32%32%1.9%3.1%2.8%3.4%51%51%51%51%4.7%2.2%5.1%6.8%A 40%23%23%23%2.0%2.2%3.3%4.0%31%12%12%12%3.0%0.3%0.9%1.4%0%0%0%0%0.0%0.0%0.0%0.0%22%46%46%46%0.2%0.7%1.3%2.2%49%34%34%34%0.9%0.5%0.6%0.9%0%23%23%23%0.0%0.7%1.4%1.9%66%70%70%70%2.7%3.5%5.2%6.1%28%44%44%44%1.4%1.9%3.3%4.0%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 2-4 请 务必阅读 正文之 后的信 息披露 和重要声 明-7-10,000 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 0226-0301 3.19%9.62%9.19%7.70%3.28%1.92%1.79%4.85%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 0226-0301 0.4%20-25/10-20/20-50/15%6 65.38%0.06pct 3.69pct 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+0226-0301 20240223-20240229 2035/2031/4/:85.48%+0.38pct 84.97%5572.2+2.7%:2024 2 11.2 2024 1+9.6 3-7 120.62 120.62 0227 500 11%12%请 务必阅读 正文之 后的信 息披露 和重要声 明-12-2024 3 1 2193.75/118.75/885.00/28.75%(1)(2)4 14/15 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-3 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 0226-0301 2 29 2400tex 2950-3200/3079.00/3079.00 25.26%7628 3.3/2024 1 3.3/1.05/0.2/21 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 19.96 31.04%2023 12 684.5 26.5 4.03%23 24 2023 12 153055.42 12.60%238142114.00 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 2023 4 2023 5 2023 6 169734.90158312.57163298.26168234.04-18.90%-9.72%-13.10%-0.44%281867470.00254788511.00 241547598.00246912317.00-16.55%-18.42%-31.01%-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 2023 4 2023 5 2023 6 9887.08 7596.11 9287.9511065.39-16.75%-31.66%-19.98%6.04%61175735.00 62643391.00 66808523.0074243668.00-28.33%-19.90%-26.66%-5.91%2023 7 10069.98-20.26%79199054.00-0.15%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%请 务必阅读 正文之 后的信 息披露 和重要声 明-16-2023 11 12175.87-4.36%69540392.00 2.87%2023 12 12232.65-11.55%69719495.00 3.13%3.4 0226-0301 03 01 926.00/5.20/238.2/21.24%03 01(70#A,)4,580.00/250.00/5.18%25(/)26/ifind ifind 03 01 LNG 4,208.00/90.00/2,060.00/32.87%03 01 2,525.00/431.00/14.58%27 LNG/28/ifind ifind 03 01 16,966.67/383/150/0.88%请 务必阅读 正文之 后的信 息披露 和重要声 明-17-03 01 6,200.00/13/1,850/22.98%03 01 9,035.00/75.00/610.00/7.24%03 01 6,800.00/100.00/200.00/2.86%29/30/ifind ifind 31/32/ifind ifind PVC 03 01 PVC 5,890.00/40.00/710.00/12.05%PPR 03 01 PPR4220 8950.00/50.00/0.56%PE 03 01 PE 730.38 0.61 11.49 1.60%请 务必阅读 正文之 后的信 息披露 和重要声 明-18-33 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 2 26 2 26 2.66 2021 80%2 26 2023 228.63 8.17%9.05 1.15%6.45 16.11%2 26 329.00 0.58%/2 26 2000 4000 100-200 0.76%1.52%2 26 70%50%2 27 2023 1.11 1.99%1543.74 10.79%2 27 2024 15 100/120 2.11%2 27 2024 2 28 2023 2023 74.77-6.29%3.94+384.17%0.32+357.14%2 28 2023 2023 64.21-7.66%14.27+9.97%0.90+9.76%2 28 2023 2023 6.37-6.34%0.63-44.03%0.39-49.35%2 28 2023 2023 55.35-8.29%7.42+178.55%0.64+178.26%2 28 117.89 0.21%4.32/4.15/499.94 2 28 42.50 0.32%11.94/11.53/499.68 2 29 2024 2 29 254.66 0.33%17.81/15.16/4052.46 2 29 9 1606 367 2 29 8.33%59.75%68.08%2 29()()7,500 1,000 ifind 请 务必阅读 正文之 后的信 息披露 和重要声 明-20-8 2024 2025 2024 3 1 30 40%2024 2024 TOP100 1858.6 2024 2 TOP100 1858.6 20.9%60%1 2 4209.1 1 48.8%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