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研報摘要|華西證券:關注消費建材四個方向的投資機會
格隆匯 07-05 08:45
華西證券研報指出,建議關注消費建材四個方向的投資機會:1)防水+塗料:消費建材具備較強的品牌效應,零售端客户對品牌的訴求比B端更為顯著,零售端客户所帶來的現金流優勢及毛利率優勢已經體現在建材企業的報表;此外,工業塗料細分賽道邁入新週期,行業細分龍頭優先受益。2)管材:隨着二手房、老房翻新的需求佔比提升,好的家裝管材成為市場“剛需”,管材需求得到充分釋放,在管材零售具備品牌、服務的護城河的企業將充分受益;全國水利投資落實加快,加快形成實物工作量,有望帶動管材需求提升。3)石膏板:石膏板不依賴住宅市場,行業寡頭壟斷,頭部企業多品類擴張做大做強;4)瓷磚:企業渠道轉型正當時,成本優化取得顯著成效的企業有望勝出。二手房成交佔比上升,零售端佈局有優勢企業更加受益。
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