公司报告 | 半年报点评 海螺水泥（600585） 证券研究报告 H1 业绩明显改善，中期分红提升信心 公司上半年实现归母净利润 43.7 亿元，同比增长 31.3% 公司发布 25 年中报，上半年实现收入/归母净利润 412.9/43.7 亿元，同比 -9.4%/+31.3%，扣非归母净利润 42 亿元，同比+31.8%，其中 Q2 单季度实 现收入/归母净利润 222.4/25.6 亿元，同比-8.2%/+40.3%，扣非归母净利润 25.4 亿元，同比+39.6%。 水泥吨毛利同比提升，继续推进项目建设 公司上半年实现自产水泥熟料收入 306.6 亿元，同比小幅增长 1.5%，主要 受到价格增长驱动，25H1 公司自产水泥熟料销量 1.26 亿吨，同比下降 0.35%，我们测算吨均价 243 元/吨，同比提升 3.6 元，吨成本 174 元，同 比下降 14 元，主要受益于燃料及动力成本下降，最终实现吨毛利 70 元， 同比增长 18 元/吨。上半年骨料业务实现收入 21.1 亿元，同比下降 3.6%， 毛利率 43.87%，同比下降 3.97pct。上半年公司继续推进项目建设发展，水 泥主业方面进一步 ...

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but a significant increase in net profit, indicating a potential recovery in profitability despite challenging market conditions [1][2]. Group 1: Financial Performance - The company achieved revenue of 41.292 billion yuan in the first half of 2025, a year-on-year decrease of 9.38%, while net profit attributable to shareholders was 4.368 billion yuan, an increase of 31.34% [1]. - In Q2 2025, the company generated revenue of 22.240 billion yuan, down 8.24% year-on-year, but net profit rose by 40.26% to 2.557 billion yuan [1]. - The overall gross margin for the first half of 2025 was 25.20%, an increase of 6.27 percentage points year-on-year, driven by price recovery and lower coal costs [1]. Group 2: Segment Performance - The company's self-produced cement and clinker sales volume was 12.6 million tons in the first half of 2025, a slight decline of 0.35% year-on-year, while the national cement production fell by 4.3% to 815 million tons [1]. - The aggregate and manufactured sand business saw revenue of 2.112 billion yuan, a decrease of 3.63%, with a gross margin of 43.87%, down 3.97 percentage points [1]. - The ready-mixed concrete segment experienced revenue growth of 28.86% to 1.519 billion yuan, with a gross margin of 11.40%, up 2.98 percentage points [1]. Group 3: Cost and Profitability Metrics - The company reported a comprehensive revenue per ton of cement and clinker products at 243 yuan, an increase of 4 yuan year-on-year, while the cost per ton was 174 yuan, a decrease of 14 yuan [1]. - The gross profit per ton was 70 yuan, up 18 yuan year-on-year, and the net profit per ton was 35 yuan, an increase of 8 yuan [1]. - The company's expense ratio for the first half of 2025 was 10.69%, up 1.16 percentage points year-on-year, with specific increases in sales and management expenses [2]. Group 4: Future Outlook - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 9.328 billion, 10.503 billion, and 11.765 billion yuan, respectively, with corresponding PE ratios of 14, 12, and 11 times based on the stock price as of August 29 [2]. - The cement industry has seen a continuous decline in prices since Q2, but there is an expectation for stabilization due to improved collaboration among major companies in the current "anti-involution" environment [2].

Group 1 - The core players in the fiberglass electronic cloth industry are accelerating their capacity expansion, with China National Materials announcing an addition of 35 billion low dielectric cloth capacity and China Jushi indicating progress in developing specialty electronic cloth series products [1] - China Jushi's scale and cost control capabilities, along with its strong cooperation with downstream CCL manufacturers, suggest that it will penetrate the supply chain and capture a certain market share in the future [1] - The cement industry is expected to see a continuous decline in capacity under the anti-overproduction policy, leading to a significant increase in capacity utilization rates, with a potential demand recovery and price increase anticipated in August [2] - The glass industry is facing a downward trend in demand due to real estate impacts, but the supply side is expected to improve as most companies meet environmental requirements, accelerating the industry's cold repair progress [2] - The fiberglass sector is experiencing a surge in demand driven by the AI industry, with low dielectric products seeing both volume and price increases, indicating a trend of continuous growth in demand [2]

Group 1 - The core players in the fiberglass electronic cloth industry are accelerating their capacity expansion, with China National Materials announcing an addition of 35 million square meters of low dielectric cloth capacity and 24 million meters of ultra-low loss low dielectric cloth capacity [1] - China Jushi's mid-year report indicates that the development of special electronic cloth series products is progressing actively, with downstream certifications also accelerating [1] - Given China Jushi's cost control capabilities and good cooperation with downstream CCL manufacturers, it is expected that the company will penetrate the supply chain and capture a certain market share in the future [1] Group 2 - The cement industry is expected to see a continuous decline in capacity under the implementation of anti-overproduction policies, leading to a significant increase in capacity utilization rates [2] - The glass industry is facing a downward trend in demand due to real estate impacts, but the supply side is not expected to see a drastic capacity reduction despite increased environmental requirements [2] - The fiberglass industry is experiencing a surge in demand driven by the AI industry, with low dielectric products seeing both volume and price increases, indicating a trend of continuous growth in demand [2]

证券研究报告 建筑材料 | 水泥 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 01 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com | 基本数据 | 年 | | 月 29 | | 2025 | 08 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | 24.35 | | | | | | | | 一 年 内 最 | | | 28.75/19.53 | 最 | 低 | | | | | （元） | | | | | | | | | | 总市值（百万元） | | | 129,038.02 | | | | | | | 流通市值（百万元） | | | 129,038.02 | | | | | | | 总股本（百万股） | | | ...

建材行业策略周报 建筑材料 证券研究报告 行业投资策略周报 / 2025.09.01 投资评级:看好(维持) 最近 12 月市场表现 -4% 6% 17% 28% 39% 49% 建筑材料 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 分析师 陈琳云 SAC 证书编号：S0160524120005 chenly03@ctsec.com 相关报告 | 1. 《AI 服务器渗透加速，特种电子布需求 | | --- | | 放量》 2025-09-01 | | 2. 《建材行业策略周报》 2025-08-24 | | 3. 《建材行业策略周报》 2025-08-17 | H1 业绩分化，关注消费建材和水泥补涨 核心观点 ❖ 风险提示：宏观环境波动风险、行业竞争加剧、地产及基建开工不及预期。 请阅读最后一页的重要声明！ ❖ 消费建材 H1 业绩分化，三棵树展现强 alpha：1H2025 业绩分化，涂 料行业竞争格局优化、公司 alpha 显著，三棵树业绩好于其他细分行业企业。 2Q2025 地产仍有承压，1-7 月地产竣工/销售面积同比-16.5 ...

FF301 本月底法定/註冊股本總額： RMB 5,299,302,579 | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600585 | 說明 | A股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,999,702,579 | RMB | | 1 | RMB | | 3,999,702,579 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 3,999,702,579 | RMB | | 1 | RMB | | 3,999,702,579 | 致：香港交易及結算所有限公司 公司名稱: 安徽海螺水泥股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | ...

Group 1 - The core viewpoint of the report is that Huadong Securities has given a "buy" rating to Conch Cement (600585.SH) with a latest price of 24.33 yuan [1] - The reasons for the rating include a decrease in cement clinker volume but an increase in price, leading to improved profitability despite revenue pressure [1] - There is an expectation for an improved supply-demand balance in the second half of the year, which may lead to a price recovery [1]

证券研究报告 建筑材料 报告日期：2025 年 09 月 01 日 公司盈利能力改善，关注供给侧积极变化 ——海螺水泥（600585.SH）2025 年半年报点评报告 投资评级：增持（维持） 最近一年走势 | 当前价格（元） | 24.35 | | --- | --- | | 52 周价格区间（元） | 19.53-28.75 | | 总市值（百万元） | 129,038.02 | | 流通市值（百万元） | 97,392.76 | | 总股本（万股） | 529,930.26 | | 流通股（万股） | 399,970.26 | | 近一月换手（%） | 25.59 | 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzq.com 《行业协同加强有望筑底，公司盈利能 力有望改善—海螺水泥（600585.SH） 2024 年年报点评报告》2025.03.26 华龙证券研究所 事件： 2025 年 8 月 27 日，海螺水泥发布 2025 年半年报：2025 年上半 年公司实现营业收入 412.92 亿元，同比下滑 9.38%；实现归属上市公 司股东的净利润 43.68 亿元，同 ...

Core Insights - The article highlights the top and bottom AH share premium rates as of August 29, with Northeast Electric (00042) leading at 785.25% and Ningde Times (03750) at -13.55% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 785.25% with a deviation value of 5.90% [2] - Andeli Juice (02218) follows with a premium rate of 253.20% and a deviation value of 40.75% [2] - Hongye Futures (03678) ranks third with a premium rate of 246.76% and a deviation value of 17.02% [2] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -13.55% with a deviation value of 6.61% [2] - Heng Rui Medicine (01276) shows a premium rate of 4.11% and a deviation value of 7.74% [2] - China Merchants Bank (03968) has a premium rate of 7.02% with a deviation value of 1.87% [2] Group 3: Top AH Share Deviation Values - Jinli Permanent Magnet (06680) leads with a deviation value of 42.99% and a premium rate of 121.34% [3] - Andeli Juice (02218) again appears with a deviation value of 40.75% [3] - Zhejiang Shibao (01057) has a deviation value of 25.37% [3] Group 4: Bottom AH Share Deviation Values - BYD Company (01211) has the lowest deviation value at -66.83% with a premium rate of 19.42% [3] - Longpan Technology (02465) follows with a deviation value of -46.69% [3] - Great Wall Motors (02333) has a deviation value of -22.48% [3]