華安證券:防水是消費建材中的優質賽道 市場規模超過千億
格隆匯3月14日丨華安證券認爲,防水是消費建材中的優質賽道,市場規模超過千億。短期內,“穩增長”強化帶來的基建端需求增長與老舊小區改造、城市更新帶來的防水需求將支撐行業穩健發展;原材料價格上漲、中小企業退出加速,行業集中度提升進程加快。
中長期內,建築質保期提高、BIPV光伏屋面等新型應用場景將拉動行業產品品質升級、高端產品佔比提升,由此而帶來的市場空間擴容紅利更多由頭部企業所佔據。當前,防水行業主要上市公司的估值水平經歷了前期的深度回調後已經處於較低位置,建議關注防水行業高質量成長的龍頭。
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