From January to February 2022, the cumulative cement output in China was 199 million tons, a year-on-year decrease of 17.8%; From January to February, the output of flat glass was 165 million weight boxes, a year-on-year increase of 2%. Manufacturers in the glass fiber industry have strong willingness to support prices, and the overall price is stable. The price of most raw materials represented by crude oil rose, and the price of crude oil rose by 52.4% compared with the end of last year.
Cement industry: decline in output and recovery in Construction: from January to February 2022, the national cumulative cement output was 199 million tons, a year-on-year decrease of 17.8%; At the end of February, the national cement clinker and P · O42 5 powder and P · S32 5. The average price of powder was 459.88 yuan / ton, 485.71 yuan / ton and 467.86 yuan / ton respectively. Among them, the price of clinker decreased by 6.7% in the middle of January and callback in the late of January. On the whole, the price of clinker at the end of February was 43.96 yuan / ton higher than that at the end of last year. P·O42. 5 powder and P · S32 5. Compared with the end of the 21st century, the price of powder was basically flat. The decline rate of cement production is second only to 2020 under the epidemic in recent ten years. However, considering that the issuance of special bonds continued to accelerate for many months, the growth rate of infrastructure investment from January to February was 8.1%. If the growth rate of infrastructure can be maintained, there is no need to worry too much about the subsequent cement demand.
Glass industry: the cost rises and the volume and price rise together: from January to February, the output of flat glass was 165 million weight boxes, a year-on-year increase of 2%; Glass production increased slightly. At the end of February, the national average price of flat glass was 121.5 yuan / heavy box, an increase of 14.3 yuan or 13.3% over the beginning of the month. At the same time, from the cost side, in February, the price of soda ash increased by 364 yuan / ton, and the price of petroleum coke increased by 703.5 yuan / ton, up 15.3% and 41.06% respectively. The price rise of glass in March was lower than expected, and the inventory was accumulated, which was mainly affected by the year-on-year decline of real estate completion.
Glass fiber industry: the price of alkali free yarn is stable, and the price of platinum rhodium alloy is rising: from January to February of 22, the overall price of glass fiber industry is stable, and the price of alkali free yarn is maintained at about 6200 yuan. At present, the national average price is 6190 yuan, and the manufacturers are willing to support the price. Only a few enterprises have loose prices and small price changes. In addition, the prices of platinum and rhodium raw materials continued to rise from January to February. Compared with the price rise of 29 and 1435 yuan / g at the end of last year, the increase reached 13.7% and 42.2% respectively. The price of platinum rhodium alloy increased by 169 yuan per gram, reaching 700.4 yuan / g at present. Combined with the operation data from January to February announced in China Jushi Co.Ltd(600176) and Shandong Fiberglass Group Co.Ltd(605006) announcements, the toughness of glass fiber roving is strong, and the prosperity of the industry is still maintained at a high level.
The cost of raw materials rose: from January to February of the 22nd year, among the eight main upstream raw materials in the building materials industry, only waste paper decreased, and the prices of other raw materials increased. Specifically, the price of waste paper fell by 180 yuan / ton, a decrease of 7.3%. The price of crude oil has risen by US $38.9/barrel or 52.4% over the beginning of the year. In addition, the prices of coal, asphalt, ethylene oxide, PVC and soda ash have increased.
Key recommendation
The cement industry recommends Huaxin Cement Co.Ltd(600801) , Anhui Conch Cement Company Limited(600585) , Tangshan Jidong Cement Co.Ltd(000401) , and it is suggested to pay attention to Gansu Shangfeng Cement Co.Ltd(000672) , Ningxia Building Materials Group Co.Ltd(600449) ; Plastic pipe recommends ad shares and Zhejiang Weixing New Building Materials Co.Ltd(002372) , and it is suggested to pay attention to China Liansu; Waterproof recommendation Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) ; The glass industry recommends Zhuzhou Kibing Group Co.Ltd(601636) , a flat glass faucet with relatively low valuation, and Shandong Pharmaceutical Glass Co.Ltd(600529) , a medicinal glass faucet with flexible volume and price; Recommended by glass fiber industry China Jushi Co.Ltd(600176) , Sinoma Science & Technology Co.Ltd(002080) , Shandong Fiberglass Group Co.Ltd(605006) , Jiangsu Changhai Composite Materials Co.Ltd(300196) ; Recommended water reducing agent Lets Holdings Group Co.Ltd(002398) .
Main risks of rating
Risk tip: the demand for glass fiber is less than expected, the pace of production capacity is accelerated, the fiscal pace is still slow, the real estate easing and infrastructure recovery are less than expected, the industrial policy risk and energy consumption control lead to the weakness of both supply and demand, and the stable price of bulk commodities is less than expected.
