金吾财讯 | 华泰证券表示，回顾24年，建材板块呈现强预期、弱现实态势，但受制于前三季度资金面紧张背景，叠加下游地产景气修复偏缓，多数行业价格竞争趋于白热化，呈现量价齐跌局面，收入规模下降及毛利率承压是盈利下滑的主要原因。资产端，除防水板块外，减值损失多有收敛，资产负债表风险进一步压降。随着专项债的持续快速发行，该行预计资金面压力持续缓解，建材需求有望低位企稳，低基数下，该行预计25年收入及盈利降幅有望收窄，或修复至正向增长；但价格端，考虑到上游石油等价格低迷，整体成本侧预计维持较低水平，对价格缺乏支撑，该行预计行业整体价格竞争或仍在持续，或反向推动行业继续出清；中长期看，22年以来二手房成交景气向好，存量逻辑持续验证，有望提振建材零售端需求，重点推荐1Q25报表修复已现、或受益建材零售的公司。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.