Tianfeng Securities Co.Ltd(601162) maintain Ningxia Building Materials Group Co.Ltd(600449) buy rating: smart logistics business is growing rapidly, and the demand of main cement industry is under pressure

Tianfeng Securities Co.Ltd(601162) 03 released a research report on March 20, saying that the purchase rating of Ningxia Building Materials Group Co.Ltd(600449) ( Ningxia Building Materials Group Co.Ltd(600449) . SH) was maintained, and the target price was 14.80 yuan. The reasons for rating mainly include: 1) the cement sales volume decreased slightly in 21 years, and the smart logistics business grew rapidly; 2) The decline of gross profit margin and the increase of expense rate in 21 years led to the decline of net profit margin and the excellent capital structure. Risk tips: cement demand is less than expected, price rise in peak season is less than expected, coal cost rise, etc.