金吾财讯 | 方正证券研报指，中国建材(03323)是国务院国资委直属的大型央企，公司2006年港股上市，2018年完成与中材股份的换股吸收合并。2024年公司获国资委批准，主业定位调整为“非金属材料制造及相关资本投资”，标志公司战略重心从传统建材向新材料等领域转型。央企产业平台背景赋予公司雄厚的经营实力以及广泛的行业影响力。该机构指，新材料方面，2024年公司业务收入485亿元（同比+1.9%），归母净利润26.1亿元（同比-23.8%），已成为公司首要利润贡献与核心增长极。基础建材方面，行业错峰协同深化，公司降本增效+出海提速，2025年盈利有望筑底回升。工程服务方面，装备出海与服务化转型对冲境内需求压力。另外，公司资本开支总量收缩与结构升级并举。该机构预计公司2025-2027年营收分别为1912.2/1993.3/2070.0亿元，分别同比+5.5%/+4.2%/+3.8%，归母净利润分别为41.2/48.9/54.8亿，分别同比+72.4%/18.7%/12.1%，对应PE分别为6.7/5.7/5.1x，首次覆盖，给予“推荐”评级。
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.