Gelonhui June 1 丨 Bank of China Securities Research Report indicates that after the restructuring of Tianshan Co., Ltd. (000877.SZ) was completed, it became a basic materials integration platform for China Building Materials. The equity structure was streamlined and internal governance improved. The aggregate business is being deployed at an accelerated pace, and high margins and high growth are expected to continue against the backdrop of a mismatch between supply and demand. The cement business is currently at the bottom of the cycle. The short-term recovery may be faster than expected. The long-term cycle is expected to be affected by the increase in the urbanization rate, and there is still room for growth. First coverage, giving a rating for increasing holdings. The company is expected to achieve revenue of 1378.5, 1401.9, 140.84 billion yuan, and net profit of 5999, 73.1, and 9.54 billion yuan in 2023-2025, corresponding price-earnings ratios of 11.7, 9.6, and 7.4 times, respectively.