目 录
1.1耐火材料行业概况···············································5
1.2耐材行业迅速发展···············································6
2.行业内部结构调整,促绿色环保耐火材料发展·······8
3.工业生产节能减排,为节能耐材提供广阔空间·····10
3.1 四大高耗能工业能源消耗比达到32.7%············10
3.2耐火材料与工业节能息息相关···························12
4.节能减排新型耐火材料发展空间广阔···················13
4.1节能降耗耐材:不定形耐火材料年均增速达到18%················································································13
4.2绿色耐火材料:无铬耐火材料取代含铬材料为必然趋势·········································································14
4.3 新型绝热材料:陶瓷纤维年产量增速在15%····15
5.主要受益企业为新型耐火材料相关企业················17
5.1 鲁阳股份:节能先锋拓展防火新领域···············18
5.2 瑞泰科技:中高档玻璃耐火材料龙头,积极发展无铬碱性耐材··························································19
5.3 濮耐股份:节能先锋,快速扩张的钢铁耐火材料龙头·········································································20
图1:耐火材料主要下游领域...............................................5
图2:钢铁生产规模迅速扩大...............................................6
图3:水泥产量迅速增长...................................................6 请参阅最后一页的信息披露和法律声明 3 申万研究·拓展您的价值
2009 年 11 月 耐火材料行业研究
图4:中国铝土矿分布情况.................................................7
图5:中国石墨矿分布情况.................................................7
图6:耐火材料总产值保持快速增长.........................................7
图7:耐火材料制品月度生产量情况.........................................8
图8:耐火材料制品累计生产量情况.........................................8
图9:中国为能源消耗大国................................................11
图10:万元GDP耗煤量...................................................11
表5:各行业能源消耗情况................................................11
图11:水泥窑耐火材料使用情况...........................................15
图 12:陶瓷纤维下游主要行业投资增速下半年已触底回升.....................16
图 13:预计未来5年国内陶瓷纤维产量增速维持在15%左右...................17
图14:熔铸耐火材料行业发展趋势向好.....................................19
表1:耐火材料分类.......................................................5
表2:耐火材料生产能耗情况...............................................8
表3:我国耐火材料结构不合理.............................................9
表4:我国主要工业生产能耗较高..........................................10
表6:各种窑炉热效率情况................................................12
表7:隧道窑热损失情况..................................................12
表8:不定形耐火材料优势................................................13
表9:美国无铬砖逐步取代镁铬砖..........................................14
表10:陶瓷纤维作为石棉制品等替代产品,优势明显.........................16
表 11:全球陶瓷纤维行业竞争格局........................................16
表12:鲁阳公司高中低产品布局定位明确,产能扩张路径清晰.................18
表13:预计熔铸耐火材料市场情况.........................................19
表14:公司未来产能扩张情况.............................................20
表15:募集资金项目情况.................................................21
表16:各产品线产能扩张(万吨).........................................21
表17:盈利预测与估值...................................................22
请参