Saudi Arabia's construction industry remains largely dominated by domestic firms, many of which have close ties to the government and are often first in line for major public contracts. Foreign firms are gradually gaining market shares, with South Korean and US firms targeting industrial projects while several major European firms are involved in transport and energy projects. The broad range of projects in the pipeline does mean opportunities are present for domestic and international firms, although the latter will be presented with challenges in the form of a restrictive operating environment.

The following chapter depicts the segmentation of the construction sealants market on the basis of the key resin types. The key product types include construct sealants based on silicone, polyurethanes, polysulfides, MS Sealants, and others. The silicone-based sealants are majorly utilized in the building construction applications involving exterior, interior and doors & windows. Polyurethane based sealants are also used commonly in the buildings. Apart from these, MS sealants and polysulfides are also some of the important construction sealants used in a large number of commercial as well as industrial buildings.

17 年CS 建筑板块实现营收4.35 万亿元，YoY+8.94%，归母净利润1397亿元，YoY+18.41%，自15 年以来营收业绩增速持续提高。17 年板块毛利率11.74%，同比升0.51pct，净利率3.62%，同比升0.29pct，在营改增等因素消除后盈利能力实现回升。大基建央企/国企负债率同比降1.17pct，其余板块负债率上升0.48pct。17 年板块经营净现金流入大幅减少近2000 亿元，投资净现金流出增加1494 亿元，投资现金支出达到2013年以来的高点，我们认为与17 年PPP 项目大幅开工，资本金投资大但项目回款较少有关，未来项目进入产值高峰后现金流有望改善。

景气上行，收入、净利持续大幅改善，分化明显。2016 年以来，地产回暖叠加供给侧改革带动建材行业景气度持续上升，2017 年全行业营业收入增速为31%（2016 全年增速为11%），全行业归属净利增速为79%（2016 全年增速为77%），全行业扣非净利同比增长96%（2016 全年增速为164%），整体来看，在2016 年高基数基础上（2016年更多是基数效应），建材行业2017 年业绩同比继续大幅增长。

2017 年及2018 年一季度收入与盈利呈加速趋势。2017 年建筑上市公司整体收入同比增长10.21%，同比加速4.67pct；盈利同比增长17.69%，同比加速6.69pct，较前三季度加速6.35 个pct。2018 年Q1 延续加速趋势，收入增长13.79%，同比加速7.97pct，盈利同比增长14.38%，同比加速3.88pct。盈利加速增长主要因为前期高增长订单向收入转化，带动行业收入增速加快；同时PPP 等高毛利率业务占比提升，促毛利率提高，行业盈利能力增强，业绩进一步加速增长。