Industry perspective:
This week, cement prices in many places started an upward offensive, and steady growth is still the main investment logic of the industry. 1) Pay attention to investment opportunities of concrete water reducing agent and waterproof. Leading companies will benefit from the increase in revenue brought by the improvement of industry concentration and channel advantages. 2) The cement sector is expected to have band theme opportunities in the first quarter. This week, the cement demand in most parts of the country gradually started, and the clinker price in the Yangtze River Delta ushered in the fourth round of rise. 3) New infrastructure and municipal projects contribute new momentum. The new infrastructure construction and double carbon policy will bring the demand increment of building materials products, mainly reflected in photovoltaic glass and wind power yarn. At the same time, the demand for municipal construction such as old transformation and affordable housing has increased significantly, and the head enterprises with strong channel advantages benefit the most. Recently, the price of photovoltaic glass has stabilized and rebounded, and the leading companies and new high-quality enterprises deserve attention. Under the optimistic scenario of 2025, the global PV installed capacity will reach 330gw / year, and the CAGR will be 20.48%; The cost reduction and efficiency increase of photovoltaic modules will bring new incremental space to the demand for photovoltaic glass. Under the optimistic scenario of 2025, the growth rate of photovoltaic glass demand is expected to exceed 30%. We expect that from 2022 to 2023, the supply side will enter the stage of price competition, and enterprises will compete more in cost. The duopoly enterprises Xinyi solar energy and Flat Glass Group Co.Ltd(601865) have outstanding comprehensive advantages, and the concentration of duopoly may be further improved; Qibin, CSG and other new entrants have the advantage of late development and obtain development opportunities in the photovoltaic glass industry.
Cement: the national price began to rise, and the shipment rate continued to rise rapidly
This week, the average tax inclusive price of national high-standard cement was 503.16 yuan / ton, up 0.30% month on month. The price increases are mainly in Jiangsu, Shandong, Henan and Hubei, with a range of 20-50 yuan / ton. This week, the national cement storage capacity ratio was 60.63%, down 3.38 PCT from last week and up 0.88 PCT from the same period last year. The cement shipment rate this week was 57.07%, up 11.33pct month on week and 2.13pct year-on-year.
Glass: the price of float glass dropped significantly, and the inventory continued to rebound
This week, the average transaction price of glass spot in China was 2324 yuan / ton, with a decrease of 2.05% on a weekly basis and a year-on-year increase of 6.7%; On March 10, the average daily transaction price was 2275 yuan / ton, down 92 yuan / ton from March 3. This week, the total inventory of the national sample enterprises was 553128 million heavy boxes, up 8.16% month on month, 76.78% year-on-year, and the number of inventory days was 27.14 days.
Glass fiber: the shipment of alkali free roving market slows down, and the price of electronic yarn is temporarily stable after adjustment
This week, the mainstream of 2400tex winding direct yarn was 6 Tongling Nonferrous Metals Group Co.Ltd(000630) 0 yuan / ton, which was basically the same month on month, with a year-on-year increase of 2.92%. This week, the mainstream quotation of electronic yarn G75 is about 10000 yuan / ton; The price of electronic cloth dropped to about 3.7 yuan / meter.
Investment suggestion: capital construction and real estate are expected to improve in 2022, and the prosperity of building materials sector will continue to improve. [ Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) ] [ Sobute New Materials Co.Ltd(603916) ] [ Skshu Paint Co.Ltd(603737) ] [ Anhui Conch Cement Company Limited(600585) ] [ Skshu Paint Co.Ltd(603737) ] [ Skshu Paint Co.Ltd(603737) ] [ Anhui Conch Cement Company Limited(600585) ]] benefiting from the improvement of infrastructure and real estate industry chain are the first to be promoted; New infrastructure benefit materials sector, focus on [ Sinoma Science & Technology Co.Ltd(002080) ] [ Zhuzhou Kibing Group Co.Ltd(601636) ].
Risk warning: real estate infrastructure investment is less than expected; Raw material prices rose more than expected
