银河证券建材Q3业绩总结：子行业表现分化消费建材龙头企业韧性较强

智通财经2023-11-19

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！智通财经APP获悉，银河证券发布建材行业三季报业绩总结称，子行业业绩表现分化，消费建材整体表现突出。四季度为房企交付旺季，竣工端需求有望维持较高水平，促进浮法玻璃、消费建材下游需求的恢复；近期专项债发行提速，基建投资增速有望保持高增速水平，支撑水泥区域市场需求；风电、汽车、电子等新应用领域前景旷阔，后续需求有望改善，玻纤行业...

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智通财经APP获悉，银河证券发布建材行业三季报业绩总结称，子行业业绩表现分化，消费建材整体表现突出。四季度为房企交付旺季，竣工端需求有望维持较高水平，促进浮法玻璃、消费建材下游需求的恢复；近期专项债发行提速，基建投资增速有望保持高增速水平，支撑水泥区域市场需求；风电、汽车、电子等新应用领域前景旷阔，后续需求有望改善，玻纤行业...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/relnews/cn/2023-11-19/doc-imzvctkn3452033.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0188","symbol_name":"融资融券","start_time":0,"source_url":"https://finance.sina.com.cn/stock/relnews/cn/2023-11-19/doc-imzvctkn3452033.shtml","article_id":"2384324215","we_media_id":null,"thumbnails":[],"rights":{"source":"sina","url":"https://finance.sina.com.cn/stock/relnews/cn/2023-11-19/doc-imzvctkn3452033.shtml","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.art_tit_h1{#titleStyle#}a{#lv2TextColor#}.art_time, .art_cite{#sourceStyle#;} .art_cite{margin-left: 3px;}","selectors":".module-article, article","filters":"header, .voice2, .tags, #norm_qrcode_link_auto, .unfold-box, 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resilience","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"002043":1,"002271":1,"002372":1,"002641":1,"000786":1},"content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经APP获悉，银河证券发布建材行业三季报业绩总结称，子行业业绩表现分化，消费建材整体表现突出。四季度为房企交付旺季，竣工端需求有望维持较高水平，促进浮法玻璃、消费建材下游需求的恢复；近期专项债发行提速，基建投资增速有望保持高增速水平，支撑水泥区域市场需求；风电、汽车、电子等新应用领域前景旷阔，后续需求有望改善，玻纤行业短期有望迎来边际修复，长期行业有较大发展空间。建筑材料行业主要关注以下投资方向：(1)消费建材：推荐具有规模优势和产品品质优势的龙头企业东方雨虹(002271.SZ)、公元股份(002641.SZ)、伟星新材(002372.SZ)、北新建材(000786.SZ)、兔宝宝(002043.SZ)。(2)玻璃：推荐高端产品占比提升的旗滨集团、凯盛新能。(3)玻璃纤维：推荐产能进一步扩张的玻纤龙头中国巨石。(4)水泥：建议关注水泥区域龙头企业华新水泥、上峰水泥（维权）。(5)新材料：建议关注工业胶需求高增长的硅宝科技。银河证券主要观点如下：Q3营收、净利润同比环比走弱：2023年前三季度81家建筑材料上市公司合计实现营业收入5946.10亿元，同比下降1.26%;归母净利润327.05亿元，同比下降32.97%;其中Q3单季营业收入2053.93亿元，同比下降0.30%，环比下降6.54%，归母净利润103.89亿元，同比下降17.87%，环比下降40%。2023年前三季度建材行业弱势运行，营业收入及归母净利润同比走低，Q3单季业绩继续下行。建筑材料主要下游应用领域包括地产、基建等，受地产行业弱势影响，建筑材料下游市场需求疲软，上市公司整体业绩承压。行业盈利能力小幅下降，经营净现金流改善：2023年前三季度81家建材行业上市公司平均销售毛利率为19.92%，同比减少0.52个百分点;平均销售净利率为2.92%，同比减少1.02个百分点，行业盈利能力有所下降。平均期间费用率为15.20%，同比增加0.38个百分点，期间费用微增。经营活动产生的现金流量净额为470.51亿元，同比增长8.72%，行业经营性现金流情况改善。子行业业绩表现分化，消费建材整体表现突出：水泥：市场需求疲软，行业业绩承压。2023年前三季度水泥行业营业收入同比减少5.55%，归母净利润同比减少50.89%，业绩整体承压;毛利率/净利率分别为16.46%/-0.97%，同比-1.63pct/ -3.15pct，盈利能力下降。玻璃：竣工带动需求恢复，Q3业绩持续改善。2023年前三季度玻璃行业营业收入同比增长18.95%，归母净利润同比减少10.34%;Q3单季营业收入同比/环比+22.39%/+16.74%，归母净利润同比/环比+44.67%/+10.65%，Q3业绩进一步提高。玻纤：业绩承压，明年需求有望回暖，期待上市公司业绩修复。2023年前三季度玻纤行业营业收入同比下降4.25%，归母净利润同比下降46.97%，行业业绩疲软;毛利率/净利率分别为21.08%/8.51%，同比-9.50pct/-9.12pct，玻纤企业盈利能力下降。消费建材：原材料价格下降，业绩表现较好。2023年前三季度消费建材行业营业收入同比增长4.88%，归母净利润同比增长37.53%，实现营收、净利润双增长;毛利率/净利率分别为22.77%/4.12%，同比+1.72pct/ +0.98pct，盈利能力明显修复;经营性净现金流量1.62亿元，由负转正;消费建材行业整体经营情况改善。风险提示：原料价格大幅波动的风险;下游需求不及预期的风险;行业新增产能超预期的风险。\n\n现在送您60元福利红包，直接提现不套路~~~快来参与活动吧！\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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银河证券建材Q3业绩总结：子行业表现分化 消费建材龙头企业韧性较强

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银河证券建材Q3业绩总结：子行业表现分化消费建材龙头企业韧性较强