建筑材料行業(yè)深度報告-2024年年報及2025年一季報綜述-需求繼續(xù)承壓行業(yè)競爭出現緩和信號-

增持（維持）2024Q4/2025Q1收入端延續(xù)負增長，業(yè)收入降幅持續(xù)收窄，主要得益于價格的反彈。（2）2024Q4/2025Q1整體毛利率呈現企穩(wěn)態(tài)勢，反映隨著景氣持續(xù)下行業(yè)中除基建房建略有承壓以外整體呈現改善狀態(tài)。升，但與去年同期水平基本相當。huangshitao@執(zhí)業(yè)證書：S0600522100001《服務消費再貸款落地》觀察宏觀政策落地情況以及行業(yè)供給側的收縮力度。同時頭部企業(yè)競爭加劇疊加龍頭企業(yè)份額策略的原因導致多數公司毛略的影響，我們認為具有零售渠道和品牌優(yōu)勢的C端品牌仍具經營韌性，盈利能力較為穩(wěn)定，關注相對低基數效應下的經營改善。計增量的財政政策支持和融資端的改善對投資端和實物量的效果將逐 6 8 9 表7：基建地產鏈主要子行業(yè)單季銷售費用率 表21：樣本上市公司單季財務費用率、資產與信用減值損失/營業(yè)收入及同比 表22：樣本上市公司單季財務費用率、資產與信用減值損失/營業(yè) 表27：基建地產鏈主要子行業(yè)單季經營性現金 n現金流量表指標：單季經營活動產生的現金流量凈額，單季收現比；n資產負債表指標：資產負債率，帶息債務，應收賬款及票據周轉率（TTMn產業(yè)鏈景氣底部震蕩。需求下行壓力持續(xù)，基建地產鏈景氣繼續(xù)筑底，建、地產新開工項目不足，現金流緊張局面未有實質性改善，因此實物需求表現疲軟，仍大。但水泥、玻璃玻纖子行業(yè)收入降幅持續(xù)收窄，主要得益于價格的反彈。（2）2024Q4/2025Q1整體毛利率呈現企穩(wěn)態(tài)勢，反映隨著景氣持續(xù)下行，企業(yè)盈璃玻纖）和專業(yè)工程呈現明顯改善，出清后的裝飾裝修有所修復。雖然收入持續(xù)承壓，但是整體銷售凈利率的降幅明顯收窄。元，同比+33.8%，收現比為98.4%，同比+1.4pc，尤其是基建房收款項的化解工作。2025Q1經營性現金流基本穩(wěn)定，收現比延續(xù)改善的態(tài)勢，反映上一定幅度增加，裝修建材子行業(yè)環(huán)比有所上升，但與去年同期水平 縮力度。 落地，建筑行業(yè)景氣有望企穩(wěn)，現金流和資產負債表逐步改善。圖1：基建地產鏈及主要子行業(yè)24Q4、24Q1營收同比增速在近3/10年營收增速中的分位值2025Q1營收增速在近3年營收增速中的分位值2024Q4營收增速在近3年營收增速中的分位值2025Q1營收增速在近10年營收增速中的分位值2024Q4營收增速在近10年營收增速中的分位值40%基建地產鏈建筑建材設計咨詢水泥玻璃玻纖裝飾裝修裝修建材其他材料基建房建國際工程專業(yè)工程數據來源：Wind，東吳證券研究所圖2：基建地產鏈及主要子行業(yè)截至24Q4、25Q1對應的ROE（TTM）在近3/10年ROE（TTM）中的分位值100%90%80%70%60%50%40%30%20%0%2025Q1的ROE（TTM）在近3年ROE（TTM）中的分位值2024Q4的ROE（TTM）在近3年ROE（TTM）中的分位值2025Q1的ROE（TTM）在近10年ROE（TTM）中的分位值2024Q4的ROE（TTM）在近10年ROE（TTM）中的分位值基建地產鏈建筑建材設計咨詢水泥玻璃玻纖裝飾裝修裝修建材其他材料基建房建國際工程專業(yè)工程數據來源：Wind，東吳證券研究所圖3：基建地產鏈及主要子行業(yè)24Q4、25Q1的銷售凈利率在近3/10年銷售凈利率中的分位值100%90%80%70%60%50%40%30%20%10%0%2025Q1銷售凈利率在近3年銷售凈利率中的分位值2025Q1銷售凈利率在近2025Q1銷售凈利率在近3年銷售凈利率中的分位值2025Q1銷售凈利率在近10年銷售凈利率中的分位值2024Q4銷售凈利率在近10年銷售凈利率中的分位值基建地產鏈建筑建材設計咨詢水泥玻璃玻纖裝飾裝修數據來源：Wind，東吳證券研究所n2024Q4營收同比增速環(huán)比2024Q3加快的子行業(yè)程（-1.6pct）。2025Q1營收同比增速環(huán)比2024Q4加快的子行業(yè)包括設計咨詢圖4：基建地產鏈及主要子行業(yè)單季營業(yè)收入同比增速0%-5%-10%-15%-20%-25%n2024Q3n2024Q4n2025Q1基建地產鏈建筑建材設計咨詢水泥玻璃玻纖裝飾裝修裝修建材其他材料基建房建國際工程專業(yè)工程數據來源：Wind，東吳證券研究所玻璃玻纖（+18.8%歸母凈利潤同比增速最低的三個細分子行業(yè)依次是：其他材圖5：基建地產鏈及主要子行業(yè)單季歸母凈利潤同比增速600%500%400%300%200%100%0%-100%-200%-300%-400%-500%2024Q32024Q42025Q1基建地產鏈建筑建材設計咨詢水泥玻璃玻纖裝飾裝修裝修建材其他材料基建房建國際工程專業(yè)工程數據來源：Wind，東吳證券研究所n設計咨詢子行業(yè)2024Q4單季收入同比增速位居樣本前三的依次是：地鐵設計表1：樣本上市公司營收、歸母凈利潤單季及累計同比增速1子行業(yè)營業(yè)收入單季增速營業(yè)收入累計增速歸母凈利潤單季增速歸母凈利潤累計增速2025Q12024Q42025Q12024Q1-42025Q12024Q42025Q12024Q1-4設計咨詢地鐵設計華設集團設計總院華建集團深圳瑞捷啟迪設計華陽國際建發(fā)合誠勘設股份甘咨詢設研院深城交建研設計測繪股份建科院蕾奧規(guī)劃杰恩設計漢嘉設計深水規(guī)院筑博設計7.6%-9.0%7.6%-1.6%-11.8%-27.8%-11.8%-20.8%-15.3%3.4%-15.3%2.5%-17.6%-17.6%-9.0%-16.0%-9.0%-10.4%-19.1%-29.5%-19.1%-31.9%-5.6%-5.6%6.8%-47.0%34.1%-47.0%-14.5%-19.7%-14.5%-17.3%-37.7%-56.7%-37.7%-45.2%-39.5%-8.4%-39.5%4.2%-23.8%74.8%-23.8%-23.2%-15.0%-23.2%-6.4%-24.6%-13.0%-24.6%-7.9%-1.6%-7.0%-1.6%-4.4%35.0%-2304.7%35.0%-162.8%-33.1%-63.3%-33.1%-25.8%75.8%77.3%75.8%69.9%-21.8%-22.6%-20.2%-40.1%-20.2%-22.3%-5.5%-0.9%-5.5%67.5%-9.6%-11.4%-9.6%45.0%-2.1%-20.8%-2.1%-25.5%33.1%-962.0%33.1%-641.7%-26.3%-26.2%-26.3%-22.8%-28.6%-222.9%-28.6%-51.9%-4.1%-12.1%-4.1%-17.2%3.8%-27.1%3.8%-9.5%-36.8%-35.0%69.9%-490.3%69.9%-284.0%-20.8%-0.1%-20.8%-7.3%-57.6%-34.7%-40.7%-31.1%2790.4%-67.1%2790.4%-73.9%-73.8%-22.3%-73.8%-18.0%-94.5%-189.1%-94.5%-76.2%-26.1%-21.9%-26.1%-13.5%-14.1%-116.4%-14.1%-75.0%-28.1%-18.0%-28.1%-10.5%-64.0%-44.8%-64.0%-89.8%-11.5%-55.1%-11.5%-34.0%9.3%-184.2%9.3%-202.9%-10.1%-23.0%-10.1%-21.7%81.8%-408.7%81.8%-120.9%50.0%-70.7%50.0%-53.5%294.2%-5263.2%294.2%-4034.0%-11.4%-16.5%-11.4%-125.2%63.2%-125.2%278.1%-13.4%-46.3%-13.4%-35.9%48.2%-13.1%48.2%-62.7%海螺水泥天山股份華新水泥冀東水泥上峰水泥塔牌集團萬年青亞泰集團-10.7%-45.5%-10.7%-35.4%20.5%42.1%20.5%-26.2%-8.6%-5.4%-8.6%-19.0%22.3%64.5%22.3%-130.5%-1.0%31.8%43.9%31.8%-12.5%-10.4%20.5%41.0%20.5%33.9%4.6%7.4%4.6%-14.8%447.6%409.8%447.6%-15.7%-7.4%-5.0%-7.4%-22.7%23.4%-27.5%-16.6%-12.1%-16.6%-27.3%477.6%477.6%-94.2%2.6%48.0%2.6%-22.0%9.1%37.7%9.1%26.1%數據來源：Wind，東吳證券研究所n玻璃玻纖子行業(yè)2024Q4單季收入同比增速位居樣本前三的依次是：宏和科技n裝飾裝修子行業(yè)2024Q4單季收入同比增速位居樣本前三的依次是：*ST名家n裝修建材子行業(yè)2024Q4單季收入同比增速位居樣本前三的依次是：共創(chuàng)草坪表2：樣本上市公司營收、歸母凈利潤單季及累計同比增速2營業(yè)收入營業(yè)收入歸母凈利潤歸母凈利潤子行業(yè)單季增速累計增速單季增速累計增速2025Q12024Q42025Q12024Q1-42025Q12024Q42025Q12024Q1-4玻璃玻纖旗濱集團-9.7%-10.0%-9.7%-0.2%6.4%-162.4%6.4%-78.1%南玻A-22.3%-23.3%-22.3%-15.1%-95.1%-375.0%-95.1%-83.9%金晶科技-31.4%-35.8%-31.4%-19.0%-95.0%-703.2%-95.0%-86.9%耀皮玻璃-5.4%-7.2%-5.4%0.9%252.0%158.1%252.0%192.8%中國巨石32.4%22.4%32.4%6.6%108.5%146.0%108.5%-19.7%中材科技24.3%-6.3%24.3%-7.4%67.5%-45.1%67.5%-59.9%宏和科技29.5%31.3%29.5%26.2%482.6%177.1%482.6%136.1%長海股份31.3%22.7%31.3%2.1%61.8%787.0%61.8%-7.2%山東玻纖18.1%-4.4%-8.9%110.3%2498.0%110.3%-193.9%裝飾裝修金螳螂5.3%-0.1%5.3%-9.2%5.4%-56.2%5.4%-46.9%風語筑29.8%-18.0%29.8%-41.4%368.2%-124.9%368.2%-148.0%亞廈股份-19.7%-5.5%-19.7%-5.7%2.8%3304.2%2.8%21.0%江河集團2.9%2.1%2.9%6.9%-20.5%-25.0%-20.5%-5.1%中天精裝-41.5%-41.1%-41.5%-56.0%151.2%-905.9%151.2%-5239.2%東易日盛-62.0%-80.7%-62.0%-55.8%83.7%-4787.3%83.7%-461.9%*ST名家5.1%23.8%5.1%44.1%-247.9%64.0%-247.9%65.2%寶鷹股份-89.4%-64.2%-89.4%-48.6%77.7%55.1%77.7%23.5%瑞和股份-50.1%-46.3%-50.1%-49.6%-14.0%73.3%-14.0%50.1%ST柯利達-29.4%-10.9%-29.4%-3.1%-34.8%94.2%-34.8%106.7%德才股份-15.8%-46.4%-15.8%-32.3%-3944.7%-283.5%名雕股份-10.3%-14.7%-10.3%-14.1%-20.8%-20.8%4.1%裝修建材松霖科技-17.5%4.2%-17.5%-59.2%159.4%-59.2%26.6%惠達衛(wèi)浴-3.8%-3.8%-3.9%-61.9%126.8%-61.9%170.7%建霖家居3.4%-1.1%3.4%0.5%-36.6%0.5%瑞爾特-21.2%-21.2%8.0%-63.3%28.0%-63.3%-17.2%海鷗住工-3.1%-6.4%-3.1%-1.7%-195.2%50.5%-195.2%46.8%奧普科技-9.3%-7.6%-9.3%-6.5%-2.5%-2.5%-3.9%東鵬控股-1.7%-12.5%-1.7%-16.8%-164.4%-78.2%-164.4%-54.4%蒙娜麗莎-16.1%-23.0%-16.1%-21.8%-715.3%76.8%-715.3%-53.1%帝歐家居-10.2%-31.8%-10.2%-27.1%27.8%東方雨虹-16.7%-14.8%-16.7%-14.5%-44.7%-1358.3%-44.7%-95.2%科順股份-6.1%-0.6%-6.1%-14.0%-23.2%80.4%-23.2%113.1%凱倫股份-11.8%-21.1%-11.8%-15.0%-15.9%-865.9%-15.9%-2479.5%三棵樹3.1%-3.5%3.1%-3.0%123.3%79.4%123.3%91.3%亞士創(chuàng)能-64.8%-54.6%-64.8%-34.0%-13.3%-1393.5%-13.3%-647.2%保立佳-12.1%-3.7%-12.1%-5.2%61.8%-119.0%61.8%-378.2%江山歐派-35.8%-28.0%-35.8%-19.7%-88.0%-155.5%-88.0%-72.1%玉馬遮陽-4.9%-4.9%-17.6%26.8%-17.6%北新建材5.1%5.1%2.5%-34.7%2.5%3.5%共創(chuàng)草坪15.3%27.1%28.7%48.9%28.7%偉星新材-10.2%-5.3%-10.2%-1.8%-25.9%-41.1%-25.9%-33.5%公元股份-5.6%-6.0%-5.6%-11.6%-360.2%-49.5%-360.2%-47.5%雄塑科技-3.0%-15.3%-3.0%-20.2%99.7%-2366.1%99.7%-513.0%堅朗五金-11.7%-23.3%-11.7%-14.9%-68.2%-72.2%兔寶寶-14.3%-18.2%-14.3%-55.7%-15.1%大亞圣象-15.2%-23.9%-15.2%-18.1%-94.4%-94.4%-94.4%-58.2%海象新材-10.0%-0.5%-10.0%-14.4%124.7%152.1%124.7%9.8%愛麗家居-6.3%-2.9%-6.3%-37.8%-4.3%-37.8%77.1%數據來源：Wind，東吳證券研究所n其他材料行業(yè)2024Q4單季收入同比增速位居樣本前三的依次是：壘知集團n基建房建行業(yè)2024Q4單季收入同比增速位居樣本前三的依次是：四川路橋n專業(yè)工程行業(yè)2024Q4單季收入同比增速位居樣本前五的依次是：東華科技表3：樣本上市公司營收、歸母凈利潤單季及累計同比增速3營業(yè)收入營業(yè)收入歸母凈利潤歸母凈利潤子行業(yè)單季增速累計增速單季增速累計增速2025Q12024Q42025Q12024Q1-42025Q12024Q42025Q12024Q1-4其他材料-40.2%-14.4%-11.6%-456.2%-11.6%-69.0%-18.3%-11.0%-122.0%-194.0%-122.0%-140.7%23.7%236.4%236.4%262.7%震安科技-15.3%-35.8%-15.3%-39.9%4.1%-48.1%4.1%-242.9%-66.0%-55.3%-66.0%-27.3%-10.9%-12.9%-22.6%-27.2%-27.2%-14.3%-90.5%-18.3%-16.4%-15.9%-69.7%-15.9%-45.5%-21.5%-13.7%-26.5%-34.2%-26.5%-21.7%基建房建-38.9%-14.9%-46.1%-161.8%211.4%-161.8%-12.2%-16.3%-16.3%-24.5%-101.5%-24.5%-25.3%-42.3%-39.0%-196.3%-156.5%-196.3%-1260.5%-10.3%-19.5%-22.7%-19.5%-16.7%-14.5%-14.5%-14.9%4.1%-13.4%-13.4%-12.6%-11.0%-11.0%4.0%-19.9%-25.3%-25.6%-25.6%-21.8%-13.4%-41.3%-18.5%-18.5%2.8%4.4%2.1%2.0%2.0%-15.2%43.6%43.6%4.2%4.2%2.3%-27.7%-27.2%-11.2%-33.0%28.3%-33.0%-45.3%-28.2%-33.1%-27.9%227.4%專業(yè)工程-14.4%-32.8%-59.7%-32.8%-34.5%-16.5%27.3%-16.6%4.8%22.7%-22.0%22.7%-11.0%-32.2%-18.9%-13.5%-46.8%-49.8%-46.8%-41.6%精工鋼構41.2%41.2%27.3%27.3%杭蕭鋼構-10.4%-37.1%-10.4%-26.6%-23.0%-180.0%-23.0%-42.5%-15.1%4.0%-318.5%4.0%-46.5%4.1%4.8%-24.2%-41.2%-74.8%-240.3%三聯虹普-16.2%-58.5%-16.2%-14.1%-27.2%4.9%20.5%26.5%-16.3%-18.5%-12.9%-40.0%-117.4%-40.0%-22.2%金誠信42.5%42.4%42.5%-18.4%-299.7%-23.9%-299.7%29.2%-154.6%-46.9%柏誠股份-9.4%-20.6%-16.5%-20.6%-36.7%-36.7%-30.5%-23.8%-29.8%237.4%-29.8%-17.5%-17.9%27.1%-26.8%4.8%-88.7%4.8%-33.2%-61.9%-35.6%-39.4%-171.8%-87.2%-15.4%-15.6%-28.2%-28.5%-28.5%-32.5%數據來源：Wind，東吳證券研究所圖6：基建地產鏈及主要子行業(yè)單季毛利率30%25%20%5%0%2024Q32025Q12024Q32025Q1基建地產鏈建筑建材設計咨詢水泥玻璃玻纖裝飾裝修裝修建材其他材料基建房建國際工程專業(yè)工程數據來源：Wind，東吳證券研究所表4：樣本上市公司單季毛利率及同比變化1子行業(yè)單季毛利率2025Q1yoy2024Q4yoy設計咨詢地鐵設計華設集團設計總院華建集團深圳瑞捷啟迪設計華陽國際建發(fā)合誠勘設股份甘咨詢設研院深城交建研設計測繪股份建科院蕾奧規(guī)劃杰恩設計漢嘉設計深水規(guī)院筑博設計25.0%-5.0pct52.1%-1.7pct-0.6pct-0.2pct29.1%3.8pct39.8%-3.7pct34.9%-1.0pct43.7%4.3pct30.6%-2.4pct37.3%-5.0pct26.0%-3.5pct37.9%23.2%-1.0pct21.6%-4.2pct28.1%0.9pct34.5%-7.6pct28.1%8.0pct47.2%44.7pct37.5%4.7pct4.9%0.1pct7.2%-1.3pct-4.4pct22.9%-14.5pct21.7%0.8pct37.6%8.6pct41.9%3.6pct39.8%6.6pct30.0%4.5pct20.7%-7.8pct9.9pct31.0%-21.8pct26.7%7.2pct40.5%35.6%-0.5pct-21.0pct24.8%-4.3pct35.2%3.8pct-11.6%-23.4pct52.3%47.7%20.9%-23.5pct9.7%-4.5pct21.2%-4.2pct25.7%3.9pct-11.7%-25.5pct-1.5%0.8pct39.7%-7.0pct-12.6%41.1%0.9pct海螺水泥天山股份華新水泥冀東水泥上峰水泥塔牌集團萬年青亞泰集團22.9%5.1pct28.1%5.9pct24.8%5.3pct26.1%4.2pct26.4%-1.3pct27.4%5.1pct24.9%-2.7pct20.9%-3.6pct20.0%-5.3pct2.8pct22.9%6.6pct24.8%-1.1pct24.9pct數據來源：Wind，東吳證券研究所后周期子行業(yè)中，玻璃玻纖行業(yè)、裝飾裝修行業(yè)、裝修建材表5：樣本上市公司單季毛利率及同比變化2子行業(yè)單季毛利率2025Q1yoy2024Q4yoy玻璃玻纖旗濱集團南玻A金晶科技耀皮玻璃中國巨石中材科技宏和科技長海股份山東玻纖-14.1pct5.5%-23.6pct-8.0pct9.6%-11.3pct-9.1pct-1.3%-19.6pct4.8pct21.1%5.6pct30.5%10.4pct28.6%2.8pct-0.9pct-10.0pct28.1%15.9pct20.0%7.8pct22.6%21.0%19.9pct9.5pct裝飾裝修金螳螂風語筑亞廈股份江河集團中天精裝東易日盛*ST名家寶鷹股份瑞和股份ST柯利達德才股份名雕股份0.0pct3.2pct31.5%7.0pct25.4%-5.4pct-0.9pct3.5pct-0.8pct-3.5pct7.2%-5.4pct-17.9%-7.2pct36.7%4.9pct2.7%-37.8pct34.7%16.5pct-135.2%-269.7pct9.0%2.9%-4.1pct4.9pct9.9pct-2.3pct7.4%-6.2pct9.2%-1.4pct0.9%-17.4pct30.8%30.3%-3.7pct裝修建材松霖科技惠達衛(wèi)浴建霖家居瑞爾特海鷗住工奧普科技東鵬控股蒙娜麗莎帝歐家居東方雨虹科順股份凱倫股份三棵樹亞士創(chuàng)能保立佳江山歐派玉馬遮陽北新建材共創(chuàng)草坪偉星新材公元股份雄塑科技堅朗五金兔寶寶大亞圣象海象新材愛麗家居32.6%-2.9pct35.3%0.4pct26.7%-2.0pct25.4%2.5pct27.1%0.0pct24.7%-3.0pct24.7%-5.5pct24.4%-7.6pct-1.5pct9.5%-3.5pct44.3%-3.1pct49.7%-0.8pct23.5%-3.0pct25.7%-5.4pct21.5%-5.0pct26.4%-2.8pct20.9%-1.8pct-7.3pct23.7%-5.9pct-8.6pct24.4%0.6pct-3.2pct20.3%-1.4pct8.1%-7.8pct31.0%2.7pct32.5%0.4pct-5.8%-25.6pct-1.4%-25.5pct0.4pct-5.6pct-13.3pct40.7%38.5%-1.1pct28.9%0.3pct27.0%0.0pct32.5%2.1pct29.5%-1.2pct40.5%-1.0pct40.6%-4.3pct-2.7pct-3.5pct3.8pct-5.3pct30.5%0.1pct32.6%-1.3pct20.9%3.0pct20.0%2.3pct22.0%-2.9pct23.0%-1.8pct22.2%-1.1pct41.7%37.2pct20.5%-3.6pct24.2%2.4pct數據來源：Wind，東吳證券研究所表6：樣本上市公司單季毛利率及同比變化3子行業(yè)單季毛利率2025Q1yoy2024Q4yoy其他材料蘇博特壘知集團西部建設志特新材震安科技賽特新材再升科技魯陽節(jié)能北京利爾濮耐股份瑞泰科技33.6%-1.4pct32.6%-2.8pct21.5%-3.4pct22.2%-49.3pct0.9%-4.1pct5.2%-8.7pct28.1%6.4pct22.9%8.4pct31.0%2.7pct21.2%-3.5pct25.1%-9.4pct23.6%-8.1pct25.1%3.9pct20.7%8.0pct25.6%-3.5pct33.1%7.3pct0.2pct-1.8pct20.2%-1.9pct-2.9pct基建房建中國建筑上海建工陜建股份重慶建工中國中鐵中國鐵建中國電建中國能建中國交建四川路橋隧道股份安徽建工浦東建設山東路橋新疆交建7.8%-0.2pct0.5pct7.5%-0.7pct0.2pct5.6%-1.7pct4.1%-2.4pct8.7%-0.1pct0.1pct7.5%-0.3pct-0.4pct-1.0pct-0.6pct0.5pct-2.4pct-0.3pct-2.0pct-1.3pct-6.5pct2.4pct5.4pct-0.5pct-1.4pct6.5%0.3pct6.6%-0.9pct-0.6pct0.2pct6.6pct5.7pct國際工程中材國際北方國際中鋼國際中工國際-2.5pct21.3%0.1pct3.4pct5.3pct3.2pct10.5pct-0.6pct5.0pct專業(yè)工程鴻路鋼構森特股份東方鐵塔東南網架精工鋼構杭蕭鋼構富煌鋼構中國化學ST百利三聯虹普利柏特東華科技中國中冶金誠信深桑達A上海港灣柏誠股份中鋁國際亞翔集成圣暉集成中鐵裝配永福股份中化巖土蘇文電能中糧科工9.8%-0.8pct-0.1pct-0.3pct0.9pct41.6%9.9pct-2.4pct5.7%-1.9pct7.8pct9.2%-2.2pct0.8pct-1.4pct-3.4pct0.0pct22.3%-1.7pct9.6%0.0pct7.9pct-0.9pct45.9%8.4pct68.4%28.8pct-0.7pct-0.3pct8.7%-0.5pct22.6%8.8%0.7pct0.6pct33.8%4.5pct29.1%-2.9pct8.4%-1.8pct0.5pct25.9%-11.4pct-20.3pct0.7pct9.7%0.4pct8.9%-0.5pct15.2pct0.8pct4.1pct9.8%-2.0pct2.8pct-2.2pct6.1pct-0.6pct-1.2pct3.8%-6.2pct-70.4%-58.9pct-1.4pct-3.2pct-6.9pct24.2%-0.8pct數據來源：Wind，東吳證券研究所表7：基建地產鏈主要子行業(yè)單季銷售費用率，管理、研發(fā)費用率及同比變化子行業(yè)單季銷售費用率單季管理費用率（含研發(fā)費用）2025Q1yoy2024Q4yoy2025Q1yoy2024Q4yoy基建地產鏈樣本合計前周期設計咨詢后周期玻璃玻纖裝飾裝修裝修建材其他材料基建房建專業(yè)工程數據來源：Wind，東吳證券研究所表8：樣本上市公司單季銷售費用率，管理、研發(fā)費用率及同比變化1子行業(yè)單季銷售費用率單季管理費用率（含研發(fā)費用）2025Q1yoy2024Q4yoy2025Q1yoy2024Q4yoy設計咨詢建發(fā)合誠0.2%0.0pct0.4%-0.2pct2.4%0.3pct3.2%0.1pct勘設股份4.0%-1.8pct3.1%-5.4pct3.3pct0.0%0.0pct0.0%0.0pct2.3pct2.2pct甘咨詢0.0%0.0pct0.0%0.0pct-1.0pct25.1%5.1pct設研院2.4%-1.3pct2.3%-0.6pct-6.1pct0.1pct深城交4.1%3.3%0.3pct31.3%7.2pct-3.9pct建研設計-0.2pct0.8pct-2.6pct5.7pct3.4%2.1pct-1.0pct23.5%-1.0pct-11.4pct測繪股份4.5%31.1%8.4pct4.4pct建科院6.5pct46.2%21.0%7.0pct蕾奧規(guī)劃2.4%-0.6pct6.1%4.4pct38.3%-0.8pct35.0%5.2pct杰恩設計2.8%0.6pct0.3pct-1.9pct6.0pct漢嘉設計3.7%-0.8pct7.7%6.5pct22.9%-0.6pct54.0%46.8pct深水規(guī)院4.2%0.9pct0.1pct33.6%3.4pct0.8pct筑博設計4.5%-0.2pct2.5%-0.8pct43.0%4.8pct-2.2pct海螺水泥3.9%0.6pct4.7%2.6pct9.0%4.9pct天山股份2.6%0.3pct0.9%0.2pct0.7pct7.9%-0.3pct華新水泥-0.3pct3.2%-1.1pct6.9%-0.1pct6.7%-0.1pct冀東水泥3.3%-0.3pct-0.1pct24.5%-2.0pct0.8pct上峰水泥2.9%0.0pct2.1%-0.3pct-4.6pct7.2%-13.4pct塔牌集團2.4%0.7pct2.9%0.7pct0.2pct9.0%-1.5pct萬年青2.0%-0.2pct2.0%-0.2pct0.5pct2.6pct亞泰集團23.7%-3.4pct-15.1pct21.8%0.2pct-9.2pct數據來源：Wind，東吳證券研究所表9：樣本上市公司單季銷售費用率，管理、研發(fā)費用率及同比變化2子行業(yè)單季銷售費用率單季管理費用率（含研發(fā)費用）2025Q1yoy2024Q4yoy2025Q1yoy2024Q4yoy玻璃玻纖旗濱集團南玻A金晶科技耀皮玻璃中國巨石中材科技宏和科技長海股份山東玻纖0.1pct0.1pct8.3%-1.1pct7.5%-2.3pct2.2%0.2pct2.0%0.0pct9.6%-0.1pct8.4%-1.9pct0.8%0.2pct0.8%0.2pct9.0%8.9%-1.0pct2.7%0.3pct2.4%-0.2pct0.8pct9.4%-0.6pct-0.3pct0.2pct7.1%-1.9pct-0.3%-9.5pct-0.4pct-0.2%-2.0pct9.6%-1.4pct-0.4pct0.8%-0.1pct0.7%-0.2pct-0.5pct2.0%-0.4pct2.6%-0.9pct9.2%-0.5pct0.2pct0.9%-0.1pct0.5%-0.2pct9.5%-0.4pct-1.3pct裝飾裝修金螳螂風語筑亞廈股份江河集團中天精裝東易日盛*ST名家寶鷹股份瑞和股份ST柯利達德才股份名雕股份-0.1pct2.2%0.0pct5.7%-0.5pct9.9%4.1%-4.3pct4.5%-2.2pct9.5%-4.5pct3.0%-0.1pct-0.3pct7.6%0.3pct3.6%0.0pct0.0pct0.0pct9.2%-0.1pct9.6%0.4pct0.3pct47.3%28.7pct29.2%24.0pct21.9%-14.8pct-3.2pct26.5%69.7%56.2pct5.2%-22.2pct-24.0%-110.0pct57.4%-2.7pct65.0%-93.2pct0.2%-0.5pct0.5%0.3pct22.1%15.8pct9.6pct2.4%4.3pct2.3pct0.5%0.0pct0.7%0.2pct2.1pct9.6%-0.9pct0.9%-0.2pct0.8%0.0pct7.7%-1.4pct7.5%0.3pct9.3%-0.1pct-1.7pct-0.4pct裝修建材松霖科技惠達衛(wèi)浴建霖家居瑞爾特海鷗住工奧普科技東鵬控股蒙娜麗莎帝歐家居東方雨虹科順股份凱倫股份三棵樹亞士創(chuàng)能保立佳江山歐派玉馬遮陽北新建材共創(chuàng)草坪偉星新材公元股份雄塑科技堅朗五金兔寶寶大亞圣象海象新材愛麗家居3.3%0.5pct2.3%-0.5pct22.8%6.4pct0.3pct-0.9pct-2.4pct0.0pct9.2%-0.3pct3.8%0.4pct4.3%0.5pct-0.7pct9.2%-8.7pct2.0pct8.8%5.0%0.2pct3.1%-1.1pct8.7%0.4pct-4.2pct-2.3pct0.0pct9.9%-4.1pct-2.3pct-0.5pct-0.9pct2.7pct8.5%0.7pct7.1%-0.7pct9.6%-0.4pct2.3pct-2.6pct8.6pct9.1%-1.5pct-0.8pct7.7%-1.7pct5.9pct8.6%-0.3pct0.3pct8.8%0.8pct3.7pct6.3%-1.3pct6.6pct-1.4pct-1.1pct20.0%-1.6pct-6.3pct-0.5pct0.3pct30.1%5.3pct8.9pct47.0%28.5pct29.3%20.7pct5.8%-0.8pct7.5%0.7pct5.9%-1.8pct8.0%-3.6pct7.8%-0.4pct3.4%-5.7pct6.9%6.0%-0.3pct7.1%2.4pct5.7%2.6pct8.6%-0.1pct6.0%7.9%4.0pct7.5%-0.7pct9.7%2.4pct4.5%-0.7pct6.4%0.1pct5.6%-1.2pct7.6%-0.9pct-0.1pct0.4pct6.0%-0.3pct6.8%0.7pct6.6%0.3pct9.1%-0.2pct3.2%-1.0pct5.0%0.7pct0.0pct9.3pct-1.0pct0.2pct8.8%0.8pct5.1%0.7pct2.8%0.6pct5.3%0.5pct2.1%0.0pct0.8pct9.4%2.0pct21.9%4.7pct7.5%-0.7pct7.6%16.7pct8.6%-1.1pct0.2pct0.9%0.0pct3.3pct4.2pct數據來源：Wind，東吳證券研究所11.1%-1.2pct9.2%-1.111.1%-1.2pct9.2%-1.1pct16.6%-2.7pct12.9%-5.1pct6.2%-0.9pct7.7%-14.8pct10.9%-1.7pct10.5%-22.7pct1.8%0.3pct1.5%0.6pct5.0%0.1pct5.8%1.0pct6.7%-1.7pct6.6%-1.1pct11.2%-0.8pct6.1%2.0pct20.7%2.9pct29.1%12.7pct16.9%-0.8pct27.1%4.8pct5.8%0.1pct4.4%-0.5pct12.1%1.4pct10.1%1.1pct4.0%1.9pct4.2%-0.2pct11.8%0.8pct12.6%-3.2pct6.5%-0.6pct6.8%-0.6pct6.2%-2.0pct7.6%-0.5pct2.5%0.4pct0.8%0.4pct7.7%0.5pct7.2%7.2pct4.4%0.2pct6.4%1.2pct8.3%-0.8pct15.2%3.8pct2.3%-1.0pct2.5%-0.3pct7.7%-1.1pct8.0%-0.3pct0.4%0.1pct0.6%0.1pct2.5%-0.1pct5.7%0.8pct0.3%0.1pct0.3%0.0pct7.0%2.3pct7.1%0.0pct0.1%0.0pct0.0%0.0pct5.4%1.1pct1.5%-2.0pct0.0%0.0pct0.0%0.0pct3.1%-0.7pct2.6%-0.4pct0.6%0.1pct0.8%0.1pct3.6%-0.2pct5.0%-0.5pct0.5%-0.1pct0.8%0.0pct3.1%0.0pct5.8%-0.1pct0.2%0.0pct0.2%0.0pct5.4%0.1pct8.1%-0.3pct0.5%0.0pct0.6%0.1pct5.9%0.5pct7.1%-1.5pct0.4%0.0pct0.4%0.0pct5.2%0.1pct6.1%-1.8pct0.0%0.0pct0.1%0.0pct2.1%-1.1pct6.5%-3.9pct0.0%0.0pct0.0%0.0pct7.9%0.5pct5.1%-0.9pct0.4%-0.1pct0.2%0.0pct5.3%-0.1pct3.9%-0.5pct0.0%0.0pct0.1%0.1pct3.5%-0.6pct4.6%-1.8pct0.0%0.0pct0.0%0.0pct5.7%-0.1pct6.2%0.2pct0.6%-0.1pct0.1%0.1pct14.4%1.0pct3.9%-0.2pct1.2%-0.1pct1.3%0.0pct8.1%0.5pct10.3%0.4pct3.2%0.9pct2.2%0.7pct3.4%1.3pct2.6%0.7pct0.3%0.1pct0.4%0.2pct5.4%1.5pct8.0%4.5pct2.6%0.1pct3.0%0.5pct8.6%-1.6pct8.6%0.3pct0.4%-0.1pct0.9%0.0pct4.1%-0.9pct6.2%0.6pct3.8%-0.7pct3.8%-0.8pct7.3%-0.5pct7.3%-1.4pct0.9%-0.4pct0.3%-0.6pct4.0%-0.7pct4.9%1.1pct0.2%-0.2pct0.2%-0.1pct5.0%-0.7pct11.1%4.5pct0.9%-0.5pct0.8%-0.3pct6.6%-2.4pct4.9%-1.8pct1.4%-0.3pct2.0%0.8pct10.1%-0.7pct8.2%0.2pct1.1%-0.2pct1.9%0.1pct6.7%-0.5pct12.0%-1.3pct0.2%0.0pct0.4%0.0pct4.8%0.6pct6.7%0.1pct2.1%-1.1pct2.0%0.3pct10.8%-13.9pct20.0%3.8pct2.1%0.5pct5.4%4.2pct13.3%1.9pct26.5%16.8pct0.7%-0.1pct0.6%0.1pct6.4%-1.0pct5.8%-0.5pct0.6%0.0pct1.0%-0.2pct2.4%-3.1pct9.7%-2.9pct0.5%0.1pct0.7%0.1pct4.8%0.8pct5.8%-0.5pct0.2%-0.3pct0.2%0.0pct5.7%0.2pct4.8%-1.0pct1.5%-0.1pct1.5%0.0pct5.3%-0.5pct5.4%-0.5pct0.6%-0.2pct0.6%0.4pct17.3%-3.9pct13.5%-3.3pct0.9%0.2pct0.4%-0.1pct3.9%1.3pct3.4%1.2pct0.5%-0.1pct0.5%-0.3pct7.0%0.1pct9.3%-2.9pct0.1%0.0pct0.1%0.1pct3.4%0.7pct3.9%1.6pct0.2%-0.4pct0.0%0.0pct4.3%-2.2pct4.0%-0.2pct2.0%0.4pct0.8%-0.2pct12.6%2.7pct6.9%-6.3pct3.3%-0.3pct4.5%-0.6pct12.0%-0.6pct10.0%1.4pct1.6%0.3pct0.7%0.3pct48.9%10.0pct24.8%10.7pct3.4%-0.2pct3.5%0.5pct7.9%0.8pct5.2%-3.1pct1.2%-0.7pct0.4%-0.3pct13.4%-3.7pct7.5%-2.4pct表10：樣本上市公司單季銷售費用率，管理、研發(fā)費用率及同比變化3單季銷售費用率單季管理費用率（含研發(fā)費用）單季銷售費用率單季管理費用率（含研發(fā)費用）2025Q1yoy2024Q4yoy2025Q1yoy2024Q4yoy蘇博特壘知集團西部建設志特新材震安科技其他材料賽特新材其他材料再升科技魯陽節(jié)能北京利爾濮耐股份瑞泰科技中國建筑上海建工陜建股份重慶建工中國中鐵中國鐵建中國電建基建房建中國能建基建房建中國交建四川路橋隧道股份安徽建工浦東建設山東路橋新疆交建中材國際國際工程北方國際國際工程中鋼國際中工國際鴻路鋼構森特股份東方鐵塔東南網架精工鋼構杭蕭鋼構富煌鋼構中國化學ST百利三聯虹普利柏特東華科技專業(yè)工程中國中冶專業(yè)工程金誠信深桑達A上海港灣柏誠股份中鋁國際亞翔集成圣暉集成中鐵裝配永福股份中化巖土蘇文電能中糧科工數據來源：Wind，東吳證券研究所表11：基建地產鏈主要子行業(yè)員工人數情況子行業(yè)員工人數（人）截至2025Q1yoy截至2024Q1yoy基建地產鏈樣本合計2,317,504-3.4%2,399,6890.7%建筑1,906,654-2.9%1,963,0441.0%建材410,850-5.9%436,645-1.0%前周期設計咨詢水泥71,573-6.2%76,343-1.5%168,358-7.3%181,633-4.8%后周期玻璃玻纖裝飾裝修裝修建材79,005-5.9%83,92210.3%31,192-19.9%38,958-10.6%134,672-4.7%141,332-1.7%其他其他材料基建房建國際工程專業(yè)工程28,815-3.2%29,758-2.0%1,520,133-2.9%1,565,1981.1%24,4295.0%23,2706.0%259,3270.0%259,2752.8%數據來源：Wind，東吳證券研究所n前周期子行業(yè)中，截至2025Q1員工同比增長最快的三家上市公司為漢嘉設計表12：樣本上市公司員工人數情況1子行業(yè)員工人數（人）截至2025Q1yoy截至2024Q1yoy國檢集團國檢集團中國海誠蘇交科地鐵設計 華設集團設計總院 華建集團深圳瑞捷啟迪設計華陽國際建發(fā)合誠勘設股份設計咨詢中衡設計甘咨詢甘咨詢設研院深城交建研設計中設股份測繪股份建科院蕾奧規(guī)劃杰恩設計漢嘉設計深水規(guī)院筑博設計5,475 -7.3%5,9073.3%4,517 -3.2%4,666-3.8%7,855 -3.7%8,154-3.1%2,0940.1%2,0913.0%5,603 -8.6%6,1300.4%2,2530.4%2,2444.1%10,440 -4.7%10,9590.1%1,438-8.8%1,576-1.6%1,666-11.5%1,883-9.0%2,547-22.4%3,281-18.2%2,768-1.3%2,80534.0%2,621-9.2%2,887-3.9%2,438-11.0%2,740-11.0%4,857 1.6%4,780-4.2%3,562 -12.4%4,0659.4%1,773-12.0%2,014-9.5%9610.0%9612.8%668-30.6%963-7.7%1,161-5.5%1,229-2.1%8470.0%847-7.9%802-10.8%899-5.1%749-8.8%82139.6%2,27925.6%1,815-3.7%1,169-10.1%1,301-2.5%1,030-22.3%1,325-17.4%數據來源：Wind，東吳證券研究所人，同比-4.7%。n后周期子行業(yè)中，截至2025Q1員工同比增長最快的三家上市公司為北新建材表13：樣本上市公司員工人數情況2子行業(yè)員工人數（人）截至2025Q1yoy截至2024Q1yoy玻璃玻纖旗濱集團南玻A金晶科技耀皮玻璃中國巨石中材科技宏和科技長海股份山東玻纖14,724-8.0%16,00332.6%15,2173.8%14,6612.8%5,1050.1%5,1002.6%3,797-0.1%3,8027.4%13,468-2.5%13,819-2.1%19,955-17.3%24,135-6.9%8.7%3,09620.2%2,5754.9%2,379-3.7%2,470-8.9%裝飾裝修金螳螂風語筑亞廈股份江河集團中天精裝東易日盛*ST名家寶鷹股份瑞和股份ST柯利達德才股份名雕股份10,062-7.5%10,883-11.6%-7.7%4.5%4,211-15.9%5,006-17.1%10,2317.9%9,4830.4%321-43.3%566-50.1%780-85.0%5,204-15.4%205-21.5%261-19.7%-84.9%-20.9%390-23.8%512-10.8%759-14.4%887-16.1%-24.4%2,3573.9%773-18.1%944-18.8%裝修建材松霖科技惠達衛(wèi)浴建霖家居瑞爾特海鷗住工奧普科技東鵬控股蒙娜麗莎帝歐家居東方雨虹科順股份凱倫股份三棵樹亞士創(chuàng)能保立佳江山歐派玉馬遮陽北新建材共創(chuàng)草坪偉星新材公元股份雄塑科技堅朗五金兔寶寶大亞圣象海象新材愛麗家居4,8774.0%4,688-9.4%8,2650.8%8,202-5.9%6,7876,025-1.5%3,448-2.1%3,5219.0%5,0334,962-5.2%838-18.2%7,249-11.7%8,212-1.9%4,453-13.2%5,129-6.3%3,942-12.9%4,525-4.8%10,937-14.1%12,7363,748-2.8%3,854-4.7%-20.2%4.6%8,996-8.5%9,8322,065-27.4%2,843-12.1%463-20.7%584-8.8%3,876-22.8%5,023-3.3%6.8%15,79023.5%12,786-2.3%5,098-7.9%5,53338.4%5,182-0.4%5,2016,8802.1%6,737-6.5%-18.6%-16.3%12,671-12.6%14,497-4.4%3,015-9.1%3,316-20.5%5,296-8.6%5,793-11.5%-13.6%-8.4%-1.4%-3.3%數據來源：Wind，東吳證券研究所24429人，同比+5.0%；專業(yè)工程行業(yè)員工人數為259327人，同比+0n其他子行業(yè)中，截至2025Q1員工同比增長最