水泥玻璃行业分析报告.docx
- 文档编号:16660242
- 上传时间:2023-07-16
- 格式:DOCX
- 页数:40
- 大小:1.22MB
水泥玻璃行业分析报告.docx
《水泥玻璃行业分析报告.docx》由会员分享,可在线阅读,更多相关《水泥玻璃行业分析报告.docx(40页珍藏版)》请在冰点文库上搜索。
水泥玻璃行业分析报告
2017年水泥玻璃行业分析报告
目录
1.行业景气度提升,盈利继续改善..........................................................5
1.1.地产投资需求旺盛,供给侧加码助力行业景气度提升.......................................5
1.2.行业业绩大幅改善,ROE明显提升......................................................................5
2.水泥量稳价升,供需格局向好.............................................................6
2.1.收入增速提升,业绩明显改善...............................................................................6
2.2.错峰生产常态化,水泥价格淡季不淡...................................................................7
2.3.海螺龙头地位稳固,费用控制是盈利的核心变量...............................................8
3.玻璃玻纤需求尚可,业绩出现分化......................................................9
3.1.需求稳增供给可控,平板玻璃景气度高...............................................................9
3.2.营收稳健增长,盈利出现分化.............................................................................10
3.3.玻纤新增产能有限,产品结构不断调整.............................................................12
4.钢铁行业回暖,耐材盈利明显改善....................................................15
4.1.下游需求回暖,景气度继续从底部回升.............................................................15
4.2.鲁阳节能增速较快,瑞泰科技表现欠佳.............................................................18
5.消费建材稳健增长,集中度持续提升................................................18
5.1.受益消费升级,龙头企业拉大业绩差距.............................................................18
5.2.Q2盈利大增,付现比有所提升...........................................................................19
5.3.寻找确定性,继续推荐白马消费建材.................................................................20
图表目录
图1:
H1建材行业营收增速...............................................................................................................5
图2:
H1建材行业归母净利增速........................................................................................................5图3:
水泥行业营收累计同比.............................................................................................................6图4:
水泥行业营收单季度同比..........................................................................................................6
图5:
水泥行业归母净利累计同比......................................................................................................7
图6:
水泥行业归母净利单季度同比...................................................................................................7
图7:
全国PO42.5水泥价格...............................................................................................................7图8:
各地区价格趋势........................................................................................................................7图9:
全国水泥产量累计同比.............................................................................................................8
图10:
全国水泥销量、产销率...........................................................................................................8
图11:
水泥公司营收对比..................................................................................................................8
图12:
水泥公司归母净利对比...........................................................................................................8
图13:
可比公司盈利质量对比...........................................................................................................9图14:
水泥企业归母净利增长率........................................................................................................9图15:
上半年平板玻璃产量增速........................................................................................................9
图16:
H1浮法玻璃库存状况.............................................................................................................9
图17:
上半年纯碱价格呈现“U”形变化.............................................................................................10
图18:
上半年浮法玻璃价格高位持稳...............................................................................................10
图19:
H1玻璃行业营收增速...........................................................................................................10图20:
H1玻璃行业归母净利增速....................................................................................................10图21:
H1玻璃行业盈利质量............................................................................................................11
图22:
玻璃行业单季度盈利质量.......................................................................................................11图23:
单季度玻璃行业期间费用率...................................................................................................11图24:
H1玻璃行业收现能力有所提升..............................................................................................11图25:
H1玻璃企业营收增速............................................................................................................11图26:
玻璃企业单季度营收增速.......................................................................................................11图27:
H1玻璃企业归母净利润增速.................................................................................................12图28:
玻璃企业单季度归母净利润增速...........................................................................................12图29:
上半年玻纤价格仍处历史低位...............................................................................................12图30:
H1玻纤行业营收增速...........................................................................................................13图31:
H1玻纤行业归母净利增速....................................................................................................13图32:
H1玻纤行业毛利率、净利率.................................................................................................13图33:
玻纤行业单季度毛利率、净利率...........................................................................................13图34:
玻纤行业单季度期间费用率..................................................................................................14图35:
H1玻纤行业收现能力...........................................................................................................14图36:
H1玻纤企业营收增速对比....................................................................................................14图37:
玻纤企业Q2营收对比..........................................................................................................14图38:
H1玻纤企业净利增速...........................................................................................................15图39:
Q2玻纤企业净利增速...........................................................................................................15图40:
上半年粗钢产量增速稳中有升...............................................................................................16图41:
上半年电熔镁砂价格大涨......................................................................................................16图42:
H1耐材行业营收增速...........................................................................................................16图43:
H1耐材行业归母净利增速....................................................................................................16图44:
耐材行业单季度营收增速......................................................................................................17图45:
耐材行业单季度归母净利增速...............................................................................................17
图46:
H1耐材行业毛利率、净利率.................................................................................................17
图47:
耐材行业单季度毛利率、净利率...........................................................................................17图48:
耐材行业单季度期间费用率..................................................................................................17图49:
H1耐材行业收现能力维持较高水平......................................................................................17
图50:
H1耐材企业营收增速...........................................................................................................18
图51:
耐材企业Q2营收增速..........................................................................................................18
图52:
H1耐材企业净利增速...........................................................................................................18图53:
耐材企业Q2净利增速..........................................................................................................18图54:
上半年房屋销售面积、竣工面积累计同比增速......................................................................19
图55:
H1消费建材营收同比高速提升.............................................................................................19
图56:
消费建材单季度营收增速加快...............................................................................................19
图57:
H1消费建材归母净利增速....................................................................................................20
图58:
消费建材单季度归母净利增速...............................................................................................20图59:
H1消费建材现金流概况........................................................................................................20图60:
H1消费建材行业收付现比....................................................................................................20
图61:
营收规模与营收增速对比......................................................................................................20
图62:
盈利规模与净利增速对比......................................................................................................20
表1:
上半年建材行业ROE拆分........................................................................................................6
1.行业景气度提升,盈利继续改善
1.1.地产投资需求旺盛,供给侧加码助力行业景气度提升
2017年上半年,全国固定资产投资(不含农户)28.06万亿元,同比增长8.6%,基础设施投资59422亿元,同比增长21.1%,基础设施中短板领域的投资增长较快,生态保护和环境治理业投资增长46%,公共设施管理业投资增长25.4%,道路运输业投资增长23.2%,水利管理业投资增长17.5%,基建投资并不弱,但结构上看生态环保等增速较快,传统的铁路等增速缓慢,这也导致了基建对水泥需求的拉动并没有预想的那么强。
上半年地产投资是超出我们预期的,从数据上看上半年房地产投资增速8.5%,新开工增速10.6%、竣工增速为5%、销售增速16.1%,增速较高;更为重要的是我们看到房地产投资的结构性变化,今年上半年投资增量很大部分由三四线城市贡献,这是与以往最大的不同,同样的投资额,由于三四线土地成本相对低廉很多,而建造成本(尤其是建筑材料的成本)却与一二线城市相差无几,三四线城市需求占比的提升促使需求端显示出超预期的韧性。
从供给来看,水泥、玻璃、耐材等行业环保力度加强,供给侧改革不断深入,新增产能有限,落后产能淘汰加快,推动供给格局优化。
供需关系向好带来价格的提升,全行
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 水泥 玻璃 行业 分析 报告