The building materials sector fell more this week and lost the market. Cement and glass sectors are still relatively weak, with weak real estate construction and completion, relatively weak demand and continued interference from the epidemic.
Plate fell and underperformed the market: this week, Shenwan building materials index closed at 7135.3 points, down 5.1%, underperforming Wande a. The industry’s average p / E ratio was 12.73 times, down 0.73 times from last week.
Key events of this week: 1 Ningxia Building Materials Group Co.Ltd(600449) announced the suspension of trading, proposed to increase the absorption and merger of CSCEC information, and at the same time, sold the controlling rights of cement related businesses and other assets to Xinjiang Tianshan Cement Co.Ltd(000877) company. 2. The central bank announced that on April 25, the reserve requirement was reduced by 0.25 percentage points, and the capital side made small efforts to stabilize growth. 3. Fujian Provincial Department of industry and information technology announced the suspension of peak shifting production this year. 4. The sealing control in Shahe area was gradually released, and the glass shipment was gradually restored. 5. Beijing New Building Materials Public Limited Company(000786) elect Yin Zibo as the chairman, Jia Tongchun as the vice chairman and the manager as the general manager.
The price of cement rises slightly, and the pressure of clinker storage capacity ratio rises gradually. The progress of issuing special bonds is fast, and the centralized construction of key infrastructure projects in various regions is good. At present, the main reason for the lack of cement demand is that the construction progress is delayed due to the interference of the epidemic and other reasons. We believe that this part of cement demand has a high probability of subsequent replenishment. After the peak shifting production, the supply of cement and clinker gradually increased, and the inventory pressure gradually increased in the past two weeks. The cement demand has improved slightly month on month, but it has not improved compared with the same period in 2021. At present, the cement demand remains relatively weak. The cost side coal price has gradually dropped, but the pressure is still large. Clinker and P · O42 this week 5、P·S32. 5 powder prices were 414.4, 472.4 and 453.9 yuan / ton respectively, down 7.5 yuan / ton and up 4.8 and 2.6 yuan / ton respectively compared with last week. The mill operating rate and clinker storage ratio were 65.0% and 66.9% respectively, up 5.6pct and 1.5pct respectively compared with last week. The inventory pressure further expanded this week.
The national average price of glass fell slightly, and the inventory was close to 20 days: the average price of glass this week was 104.7 yuan / weight box, and the inventory days were 19.63 days, down 0.2 yuan / ton and up 0.8 days respectively compared with last week. The high inventory of float factory still creates pressure, the mainstream transaction is still flexible, the transaction in some areas is limited, and the power of short-term price adjustment is still weak.
The price of roving kiln is relatively stable, and the market price of roving kiln is relatively stable this week. During the week, the production and sales situation of each tank kiln factory did not improve significantly, the transportation in East and North China markets was still limited, the commencement of deep-processing plants was low, the overall performance of supply and demand was weak, and the quotation of individual plants decreased slightly compared with that in the early stage, but most mainstream products remained stable for the time being.
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) ; In the glass industry, the pharmaceutical glass faucet Shandong Pharmaceutical Glass Co.Ltd(600529) , with flexible volume and price, and the flat glass faucet Zhuzhou Kibing Group Co.Ltd(601636) , with relatively low valuation at present, are the first to be promoted; 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, and the pace of production capacity is accelerated; The fiscal rhythm is still slow, and the real estate easing and infrastructure recovery are less than expected; Industry policy risk; The cost of raw materials has risen.
