Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][9]. Core Insights - The company is poised for growth, with strong pricing power and an improving industry landscape. It has been restructuring its revenue sources, significantly increasing the share of non-residential and overseas income [5][8]. - The waterproofing industry has undergone significant changes over the past five years, with a shift in demand structure and an increase in market concentration. The company is expected to benefit from these trends [8][43]. - The company's financial performance is projected to recover, with expected revenue growth and improved profit margins in the coming years [6][10]. Summary by Sections Company Overview - Established in 1996, the company specializes in comprehensive waterproofing solutions, covering various sectors including construction waterproofing, civil materials, and energy solutions. It has participated in major national projects [18]. - The company has a stable governance structure, with concentrated ownership among key stakeholders [20]. Industry Changes - The demand structure in the waterproofing industry has shifted, with non-residential applications gaining importance and the share of second-hand housing transactions increasing significantly [44][50]. - The industry has seen a significant reduction in competition, with market consolidation occurring faster than in other segments of the real estate chain [54]. Financial Performance and Forecast - Revenue is expected to recover from a projected decline in 2025, with estimates of 6.22 billion yuan in 2025, followed by growth to 6.67 billion yuan in 2026 and 7.16 billion yuan in 2027 [6][10]. - The gross margin is anticipated to improve, with a forecasted increase to 28.1% in 2026 and 29.7% in 2027, reflecting the company's focus on high-margin products [6][10]. Investment Analysis - The company's valuation is currently below that of comparable companies in the consumer building materials sector, suggesting potential for upside as the market recovers [9][10]. - The report highlights the company's strong pricing power and willingness to increase prices, which could enhance profitability as market conditions improve [8][11].

Investment Rating - The report assigns an "Accumulate" rating for the building materials industry [5] Core Insights - The report emphasizes the expectation of price increases post-Spring Festival and the potential catalyst from the real estate sector. It highlights that the consumption building materials sector may begin to show fundamentals independent of real estate from 2025-2026, with a focus on the resilience of the real estate market after the Spring Festival [2][7] - The report recommends leading companies in the consumption building materials sector that have independent growth logic and sufficient dividend valuation support, particularly in the waterproof materials sub-sector [5][7] Summary by Sections Building Materials Industry Investment Strategy - The consumption building materials sector is anticipated to benefit from potential macroeconomic improvements, with a focus on the resilience of the real estate market post-Spring Festival. The report highlights the importance of observing second-hand housing transactions for signs of market recovery [7] - Recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others that are expected to perform well due to their growth strategies and market positions [7] Market Review - From February 2 to February 6, 2026, the building materials sector increased by 0.70%, with specific segments like glass manufacturing rising by 5.32% [10] - The report notes significant individual stock movements, with companies like Hanjian Heshan and Jinjing Technology showing notable weekly gains [17] Cement Industry - The national cement market price decreased by 1% week-on-week, with significant price drops in regions like Henan and Hubei. The average shipment rate for cement companies fell by approximately 8 percentage points [24][25] - The report anticipates a stabilization in cement prices as the market enters a holiday period, with a focus on the execution of production restrictions in 2026 [7][24] Glass Industry - The average price of domestic float glass increased to 1154.49 RMB/ton, reflecting a week-on-week rise of 9.69 RMB/ton. However, demand is expected to weaken as downstream processing plants shut down for the holiday [42] - The report recommends leading companies in the glass sector, including Fuyao Glass and Xinyi Glass, due to their strong market positions and dividend yields [42][43] Fiberglass Industry - The report indicates that the fiberglass market is experiencing price increases, particularly in the electronic yarn segment, driven by tight supply and steady demand [55] - Recommended companies in this sector include China Jushi and Zhongcai Technology, which are expected to benefit from structural demand upgrades [55]

联合〔2026〕939 号 联合资信评估股份有限公司关于科顺防水科技股份有限公司 表 1 截至本公告出具日公司委托联合资信进行信用评级的存续期内公开发行债券情况 | 债券代码 | 债券简称 | 上次主体 | 上次债项 | 上次评级 | 债券余额 | 下一回售日 | 到期兑付日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 评级结果 | 评级结果 | 时间 | （亿元） | | | | 123216.SZ | 科顺转债 | AA/稳定 | AA/稳定 | 2025/06/24 | 21.9782 | -- | 2029/08/04 | | 资料来源：公开资料，联合资信整理 | | | | | | | | 公司于 2026 年 1 月 30 日发布《科顺防水科技股份有限公司 2025 年度业绩预告》，经公司财务 部门初步测算，预计 2025 年归属于上市公司股东的净利润亏损 3.80 亿元至 5.70 亿元，扣除非经常 性损益后的净利润亏损 4.60 亿元至 6.90 亿元。根据公司披露的业绩变动原因，2025 年受市场需求 缓慢复苏且公司主动 ...

表 1 截至本公告出具日公司委托联合资信进行信用评级的存续期内公开发行债券情况 | 债券代码 | 债券简称 | 上次主体 | 上次债项 | 上次评级 | 债券余额 | 下一回售日 | 到期兑付日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 评级结果 | 评级结果 | 时间 | （亿元） | | | | 123216.SZ | 科顺转债 | AA/稳定 | AA/稳定 | 2025/06/24 | 21.9782 | -- | 2029/08/04 | | 资料来源：公开资料，联合资信整理 | | | | | | | | 联合〔2026〕939 号 联合资信评估股份有限公司关于科顺防水科技股份有限公司 2025 年度业绩预亏的关注公告 受科顺防水科技股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司（以下 简称"联合资信"）对公司主体及相关债项进行了信用评级。除评级委托关系外，联合资信、评级 人员与公司不存在任何影响评级行为独立、客观、公正的关联关系。 根据联合资信最近的评级结果，公司个体信用等级为 aa，无外部支持调整项，公司 ...

Summary of Conference Call Notes Industry and Company Involved - The notes primarily focus on the **electronic fabric** industry and **real estate** market, with specific mentions of companies such as **China Jushi**, **Keshun Co., Ltd.**, **Sankeshu**, **Rabbit Baby**, **Hankao Group**, **Beixin Building Materials**, **Weixing New Materials**, **Oriental Yuhong**, **Qingniao Fire Protection**, **Qiba Group**, and **Xinyi Glass**. Key Points and Arguments 1. **Price Increase in Electronic Fabric** The price of 7628 electronic fabric has increased again, with international composite materials rising by **0.5-0.6 yuan/meter**. The supply-demand dynamics in the industry continue to improve, leading to a tight supply of traditional electronic yarn and fabric, alongside a strong demand for mid-to-high-end products. This trend supports a continued price increase, and the outlook for the fiberglass sector is positive for **2026** [1][1][1]. 2. **Stable Demand in Fiberglass Sector** The demand in sectors such as wind power and thermoplastics remains stable, and the expected impact of new supply in **2026** is limited. The supply-demand balance is anticipated to improve marginally, with a strong recommendation for **China Jushi** and suggestions to pay attention to **International Composite Materials**, **Changhai Co.**, and **China National Materials Technology** [1][1][1]. 3. **Real Estate Market Recovery** In January **2026**, the transaction volume of second-hand houses in major cities (Beijing, Shanghai, Guangzhou, Shenzhen) has collectively rebounded, with a **16% month-on-month increase** and a **33% year-on-year increase** in transaction area. The growth in first-tier cities exceeds **20%** year-on-year, supported by ongoing real estate policy adjustments that help stabilize the market [2][2][2]. 4. **Price Recovery in Construction Materials** The real estate downturn has accelerated the clearing of supply in the construction materials industry, leading to a rebound in prices for certain products. Several leading companies have begun to report profit recovery after strategic adjustments over the past 2-3 years. Recommended companies for stable growth include **Sankeshu** and **Rabbit Baby**, with additional attention to **Hankao Group**, **Beixin Building Materials**, **Weixing New Materials**, **Oriental Yuhong**, **Keshun Co.**, and **Qingniao Fire Protection** [2][2][2]. 5. **Opportunities in Float Glass Industry** The float glass industry is facing challenges, with two new cold repair lines added this week, reducing production capacity to approximately **14.9 million tons/day**. The industry is currently experiencing losses, and the pressure from inventory accumulation during the traditional Chinese New Year may accelerate the exit of production capacity. The glass sector is expected to stabilize, with recommendations to focus on **Qiba Group** and **Xinyi Glass** [2][2][2]. Other Important but Potentially Overlooked Content - The overall sentiment in the electronic fabric and construction materials sectors indicates a positive outlook for **2026**, with price increases and demand stability being key themes. - The recovery in the real estate market is seen as a potential catalyst for related industries, suggesting a broader economic recovery may be on the horizon. - The mention of specific companies provides actionable insights for investors looking to capitalize on emerging trends in these sectors [1][2][2].

Core Viewpoint - The company faces challenges in its performance primarily due to the slow recovery of demand in the construction waterproofing industry, proactive optimization of its business structure to reduce the proportion of risky operations, and the prudent decision to make impairment provisions [2] Group 1: Company Performance - The company is experiencing performance challenges linked to the slow recovery in the construction waterproofing sector [2] - Management is committed to diligent governance and risk control measures under the leadership of the board [2] - The company is focused on high-quality development strategies, emphasizing retail, construction, and overseas market expansion [2] Group 2: Risk Management and Investor Relations - The company is enhancing accounts receivable management and cost control to improve operational quality [2] - There is a strong emphasis on valuing shareholder opinions, with efforts to maintain investor rights through standardized operations and continuous improvement [2]

Core Viewpoint - The company, as a leading player in the waterproofing industry, is committed to providing high-standard products and services, with its offerings included in the recommended list by regulatory authorities [2] Group 1: Company Performance - Current performance fluctuations are primarily influenced by the slow recovery of demand in the construction waterproofing sector, the company's proactive optimization of its business structure to reduce the proportion of risky operations, and the prudent approach of provisioning for credit and asset impairments [2] - These factors reflect the cyclical adjustments in the industry and the company's strategic transformation phase [2] Group 2: Management Strategy - Under the leadership of the board, the company adheres strictly to corporate governance practices and is committed to high-quality development strategies [2] - The focus is on retail, construction, and overseas market expansion, alongside strengthening accounts receivable management and cost control to enhance operational quality [2] Group 3: Shareholder Engagement - The company places significant importance on the opinions of all shareholders and aims to fulfill its responsibilities to investors through standardized operations and continuous improvements [2] - The commitment is towards achieving long-term stable development [2]

Core Viewpoint - The financial performance of Keshun Co., Ltd. shows a significant decline in revenue and net profit, indicating potential challenges in the company's operations and market conditions [2]. Group 1: Financial Performance - As of January 20, Keshun Co., Ltd. reported a revenue of 4.703 billion yuan for the period from January to September 2025, representing a year-on-year decrease of 8.43% [2]. - The net profit attributable to shareholders for the same period was 20.088 million yuan, down 84.08% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 6.92 billion yuan, with 5.36 billion yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - As of February 6, Keshun Co., Ltd. had a total of 29,600 shareholders, a decrease of 2.39% from the previous period [2]. - The average number of circulating shares per shareholder increased by 2.45% to 29,965 shares [2]. - On February 6, the company experienced a financing buy-in of 29.2335 million yuan, with a net financing outflow of 520,700 yuan, indicating a high level of trading activity [1]. Group 3: Business Operations - Keshun Co., Ltd. specializes in the research, production, and sales of new building waterproof materials, as well as providing waterproof engineering construction services [1]. - The revenue composition of the company includes waterproof membranes (51.11%), waterproof coatings (27.10%), waterproof engineering construction (17.31%), and other products (2.61%) [1].

建筑材料行业2026年投资策略 重点关注电子布板块，重视第二增长曲线 西南证券研究院 建筑材料团队 2026年2月 核心观点 1 行业观点：传统建材在新建地产需求收缩放缓、存量更新需求逐渐释放等因素交织影响下，有望触底回升，消费建 材受益显著；受益于算力需求爆发，特种玻纤电子布板块景气度较高，看好技术优势突出、具备产能储备的公司； 受益于基建发力，看好基建相关板块投资机会；部分积极转型并具备优质第二增长曲线的公司值得重点关注。 消费建材：2025年，全国固定资产投资(不含农户)48.5万亿元，同比下降3.8%；全国房地产开发投资8.28万亿元， 同比下降17.2%；其中，房屋新开工面积同比下降20.4%至5.88亿平方米，仅为2019年最高值的25.87%，新建房地 产市场对需求的拖累已充分反应。房地产行业进入存量市场，截至2023年中国城镇住宅存量约为335.5亿平方米， 城镇住房套数约3.74亿套，存量房翻新改造需求增长空间广阔。伴随商品房需求刺激政策陆续推出，"止跌回稳"、 "保交楼"等举措有望对商品房竣工和销售情况有所托底；存量市场下二次装修需求持续释放；下游需求由B端转向 C端过程中部分品牌力、渠道 ...

Core Insights - The renovation and building materials sector experienced a significant increase of 3.6% on February 4, with Jianlang Hardware leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Sector Performance - Jianlang Hardware (002791) saw a closing price of 25.70, with a rise of 10.02% and a trading volume of 166,500 shares, amounting to a transaction value of 410 million yuan [1] - Keshun Co., Ltd. (300737) closed at 7.55, up 8.63%, with a trading volume of 725,400 shares and a transaction value of 531 million yuan [1] - Dongfang Yuhong (002271) closed at 18.26, increasing by 6.97%, with a trading volume of 795,100 shares and a transaction value of 1.427 billion yuan [1] - Other notable performers included Tubaobao (002043) with a 5.67% increase and Beixin Building Materials (000786) with a 5.61% increase [1] Capital Flow - The renovation and building materials sector saw a net inflow of 203 million yuan from institutional investors, while retail investors experienced a net outflow of 1.44 billion yuan [2] - The main capital inflow was observed in Dongfang Yuhong, with a net inflow of 129 million yuan, representing 9.07% of the total [3] - Beixin Building Materials had a net inflow of 119 million yuan, accounting for 7.70% of the total, while Keshun Co., Ltd. had a net inflow of 66.34 million yuan, representing 12.49% [3]