Industry chain analysis and investment suggestions of nonmet
Writer： admin Time：2020-02-12 17:37 Browse：℃
Industry chain analysis and investment suggestions of nonmetal building materials industry
Macro demand: calm mind, steady mind
On the demand side of infrastructure construction, the policy of "stable investment" has continued to make efforts, the growth rate of investment has become stable, and the growth is expected to continue, and the growth has a structural feature, the regional development layout has been accelerating, and the opportunities brought by the development of Urban Agglomerations need to be paid attention to in 2020;
For the demand side of real estate, it is expected that the resilience of real estate investment will remain in 2020, construction and completion will be supported, construction will start or pressure will be exerted, but if the sales side goes out of the small cycle and recovers, it is expected that it will not be bad.
Cement: progress in stability
High prosperity continues to confirm the judgment of "new equilibrium", and "stability" is still the main keynote of the industry's future operation;
Under the "stable" operation, the cash dividend potential of leading enterprises has increased greatly, and the macro background of long-term downward interest rate and gradual opening of capital market to introduce overseas "cheaper" funds has been superimposed. The allocation value of high dividend enterprises is prominent;
The leading premium of cement sector has not been fully explored, and there is a large space for improvement in the future;
Hailuo cement, Huaxin Cement, tapai group and Qilian Mountain are recommended. Combined with the structural characteristics of infrastructure demand, the elastic varieties of Jidong Cement, tapai group and Qilian Mountain in some key areas are recommended.
Glass, glass fiber - into the square can gather
In the future, the glass industry will adhere to high environmental protection standards, improve quality, expand, and improve the technological content of products, which is the only way for the long-term competition and market share promotion of the leading group, and recommend the leading Qibin group and Xinyi Glass;
Leading enterprises in the glass fiber industry have formed a leading global technical advantage. In the future, it is expected to further enhance the global market share through the steady expansion of production capacity, steadily promote the technical transformation and upgrading of production lines and further consolidate the profit advantage. It is optimistic in the medium and long term and recommends China Jushi.
Other building materials -- go far together
The trend of increasing industrial concentration has been realized. With the trend of standardization of competitive environment brought by stricter environmental protection and the policy dividend of "replacing business tax with VAT", small and medium-sized backward production capacity will be phased out gradually, and it is expected that the industrial concentration will be accelerated;
Driven by the improvement of the concentration of downstream real estate and the proportion of hardbound houses, leading enterprises are expected to grow faster with their competitive advantages in technology, quality, brand and channel;
Recommend Jianlang hardware, Diou home furnishing, sanjeshu, Dongfang Yuhong, China Liansu and Weixing new materials; for other subdivisions, it is recommended to focus on the "small and beautiful" highlights in combination with industry and enterprise development, and recommend upgrading technology