建筑料材行業(yè)2019年投資策略成本下降、格局改善、模式創(chuàng)新

1、內容目錄一、需求變局：波動收窄，零售端承壓、工程端仍是快車道....................................................5地產景氣下行，預計19年銷售增速轉負，但波動小于以往.................................................5地產商集中度繼續(xù)提升，全裝修政策進入落地釋放期......................................

2、................5頭部房企銷售集中度跳增，提升趨勢有望延續(xù)........................................................5全裝修政策進入落地釋放期........................................................................6消費建材整體增速趨緩，零售端承壓明顯，工程端放量仍將持續(xù).............

3、...............................7帝歐家居：瓷磚工程直銷龍頭，戰(zhàn)略集采加速集中度提升..............................................8凱倫股份：防水材料新秀，差異化競爭突圍..........................................................9二、中游盈利回升：成本向下、格局向好，建材制造龍頭受益...........

4、.......................................9成本向下：上中游原料價格下降，利潤分配向中下游轉移.................................................9原材料和能源價格下降，有望緩解中游建材制造企業(yè)成本壓力..........................................920122016年主要原料價格下行周期，毛利率變化回顧........

5、.......................................11格局向好，關注細分龍頭盈利彈性.....................................................................13環(huán)保趨嚴等供給側因素驅動，加速中小產能退出，龍頭企業(yè)格局向好...................................13原料成本下行趨勢下，關注細分龍頭盈利彈性......

6、.................................................15東方雨虹：防水龍頭延續(xù)高增長，多品類擴張開啟新一輪成長.........................................15建研集團：減水劑量價向上，檢測業(yè)務穩(wěn)步擴張.....................................................16龍泉股份：PCCP受益穩(wěn)基建和成本下降，金屬管

7、件業(yè)績持續(xù)釋放......................................16三、模式探索：競爭優(yōu)勢改善，多品類范圍經濟是方向.......................................................17優(yōu)秀企業(yè)不斷打造核心競爭優(yōu)勢.......................................................................17北新建材：

8、石膏板龍頭，成本優(yōu)勢的典范...........................................................17偉星新材：家裝PPR管材龍頭，“產品服務”差異化競爭典范.........................................19向改善競爭優(yōu)勢轉變，多元業(yè)務的橫向戰(zhàn)略成為方向....................................................

9、.21堅朗五金：建筑五金龍頭，內外兼修，多品類擴張領先者.................................................22建筑五金專家，門窗幕墻五金龍頭.................................................................22建筑五金行業(yè)：品類多、訂單分散，系統(tǒng)集成“制造服務”成為競爭方向...........................

10、.....22專業(yè)直銷系統(tǒng)集成信息化，“產品服務效率”兼具廣度和深度.....................................23持續(xù)投入在前，收益漸顯：多品類布局漸入收獲期...................................................25海外對標：全球MRO龍頭—固安捷........................................................

11、.......26投資建議...............................................................................................27風險提示...............................................................................................28圖表46：堅朗五金

12、凈利潤規(guī)模變化（百萬元）.........................................................22圖表47：建筑五金產業(yè)鏈...........................................................................23圖表48：建筑五金細分品類...............................................

13、..........................23圖表49：堅朗五金業(yè)務模式.........................................................................24圖表50：堅朗五金國內銷售聯(lián)絡點...................................................................24圖表51：堅朗五金產品系列......

14、...................................................................24圖表52：堅朗五金近兩年來新增品牌情況.............................................................25圖表53：堅朗五金收入VS期間費用增速變化................................................

15、..........26圖表54：堅朗五金毛利率、費用率和凈利率變化趨勢...................................................26圖表55：堅朗五金銷售人員數(shù)量變化.................................................................26圖表56：堅朗五金銷售人員數(shù)量VS銷售人均創(chuàng)收........................

16、..............................26圖表57：固安捷股價表現(xiàn)（對比標普500）...........................................................27圖表58：固安捷收入規(guī)模變化.......................................................................27圖表59：固安捷凈利潤規(guī)模變化....