Investment Rating - The investment rating for the company is "Outperform the Market" [4][11] Core Views - The company is expected to benefit from a recovery in profitability, supported by its leading position in the industry. The recent price increases in cement are anticipated to enhance short-term profitability, while medium-term improvements in supply-side policies may further benefit the company [2][11]. - The company has experienced a significant decline in revenue and profit due to falling cement prices and demand, with a year-on-year revenue drop of 31.27% and a net profit decline of 40.05% for the first nine months of 2024 [5][11]. - Despite the challenges, the company has shown signs of recovery in profitability, with a gross margin of 19.5% for the first nine months of 2024, an increase of 1.21 percentage points year-on-year [6][11]. Summary by Sections Financial Performance - For the first nine months of 2024, the company reported revenue of 681.5 billion yuan, down 31.27% year-on-year, and a net profit of 51.98 billion yuan, down 40.05% year-on-year. The earnings per share (EPS) was 0.99 yuan [5][11]. - The third quarter of 2024 saw a revenue of 225.85 billion yuan, a decrease of 32.89% year-on-year, but the profit decline was significantly narrowed compared to the first two quarters [5][11]. Profitability Metrics - The company achieved a gross margin of 19.5% for the first nine months of 2024, with quarterly gross margins showing improvement: 17.7% in Q1, 20.0% in Q2, and 20.8% in Q3 [6][11]. - The net profit margin for the first nine months was 7.7%, with a notable recovery in Q3, where the net profit margin reached 8.3% [6][11]. Cash Flow and Balance Sheet - The company maintained a strong cash flow position, with a net cash flow from operating activities of 103.48 billion yuan, up 6.7% year-on-year [9][11]. - As of the end of September 2024, the company had cash and cash equivalents totaling 769.06 billion yuan, indicating a solid liquidity position [9][11]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to 1.59, 1.67, and 1.80 yuan, respectively, reflecting the impact of previous volume and price pressures [2][11].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 68.15 billion yuan and a net profit of 5.198 billion yuan for the first three quarters of 2024, reflecting a year-on-year decline of 31.3% and 40.1% respectively [1] - In Q3, domestic demand remained weak, leading to continued bottoming of cement profitability. The national cement production decreased by 10.7% year-on-year from January to September, with the decline in Q3 being more pronounced due to extreme weather and tight funding in downstream sectors [1] - The company's gross margin in Q3 was 20.8%, an increase of 4.6 percentage points year-on-year, attributed mainly to a reduction in the proportion of low-margin trading business [1] - The company effectively controlled its operating expenses, which decreased by 9.6% year-on-year in Q3, resulting in a net profit margin of 8.2%, significantly outperforming the industry average [1] - The report anticipates significant improvement in profitability in Q4, supported by enhanced industry self-discipline and potential policy measures to stabilize demand [1] Summary by Sections Financial Performance - For 2024E, the company is projected to achieve total revenue of 144.464 billion yuan and a net profit of 8.354 billion yuan, with corresponding P/E ratios of 16.61 [1] - The company's operating cash flow for the first three quarters was 10.348 billion yuan, a year-on-year increase of 7.2%, indicating effective management of receivables [1] Industry Outlook - The report highlights that the cement industry is experiencing a downturn, but self-discipline measures are beginning to show results, with expectations for price rebounds in Q4 [1] - The report suggests that the cement sector's valuation is at historical lows, and with improved self-discipline, leading companies are likely to see valuation recovery [1] Investment Forecast - The report maintains profit forecasts for the company at 83.5 billion yuan, 97.4 billion yuan, and 112.1 billion yuan for 2024-2026, corresponding to P/E ratios of 17, 14, and 12 respectively [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.47 CNY, reflecting a 0.9 times PB for 2024 [4][6]. Core Views - The company reported a net profit of 1.873 billion CNY in Q3, a year-on-year decline of 15.13%. For the first three quarters, the revenue and net profit attributable to the parent company were 6.815 billion CNY and 5.198 billion CNY, respectively, representing declines of 31.27% and 40.05% year-on-year [1]. - The report indicates that the gross margin has shown growth both year-on-year and quarter-on-quarter, suggesting a potential bottoming out of the industry and highlighting the value advantage of leading companies in the new cycle [3]. - The company is expected to see improved performance in Q4 and next year due to rising cement prices and a favorable cost structure, with a projected increase in net profit for 2024-2026 [2][4]. Financial Performance Summary - The overall gross margin for the first three quarters was 19.54%, with a Q3 gross margin of 20.78%, reflecting increases of 1.21 percentage points and 4.60 percentage points year-on-year, respectively [3]. - The company’s operating cash flow for the first three quarters was 10.348 billion CNY, an increase of 6.47 billion CNY year-on-year, with a cash collection ratio of 118.58% [3][11]. - The company’s total assets as of Q3 2023 were 246.189 billion CNY, with a debt ratio of 21.46% [3][10]. Market Position and Outlook - The company has significant production capacity, including 27.4 million tons of clinker and 39.9 million tons of cement, which provides a competitive edge in the market [4]. - The report anticipates a strong willingness from the company to raise prices in the current cycle, supported by recent government initiatives to boost infrastructure spending, which may enhance cement demand [2][4].

Investment Rating - The report maintains a "Recommended" rating for Conch Cement (600585.SH) [1] Core Views - The company's revenue for Q3 2024 was 68.15 billion yuan, a year-on-year decline of 31.3%, with a net profit attributable to shareholders of 5.20 billion yuan, down 40.1% year-on-year [3] - The cement industry faced pressure on both volume and price due to declining demand from real estate and weakening infrastructure needs, leading to a year-on-year decline in performance [4] - There is an expectation for profit recovery in Q4 2024, supported by successful price increases in the Yangtze River Delta region and a slight improvement in demand [4] - The company has a strong cash position with net cash flow from operating activities of 10.35 billion yuan, exceeding the previous year's 9.70 billion yuan [4] Financial Summary - Revenue (in million yuan) is projected to grow from 140,999 in 2023 to 171,223 in 2026, with year-on-year growth rates of 6.8%, 5.6%, 7.8%, and 6.7% respectively [5] - Net profit (in million yuan) is expected to decline from 10,430 in 2023 to 9,112 in 2024, before recovering to 11,910 in 2026 [5] - Gross margin is projected to decrease from 16.6% in 2023 to 14.4% in 2024, with a slight recovery to 15.5% by 2026 [5] - The company’s P/E ratio is expected to be 15.2 in 2024, decreasing to 11.6 by 2026 [5] Cash Flow Analysis - The net cash flow from operating activities is expected to decrease from 20.11 billion yuan in 2023 to 14.55 billion yuan in 2024, before gradually increasing to 17.15 billion yuan in 2026 [8] - The company’s cash position remains strong, with cash on hand of 75.03 billion yuan at the end of the reporting period, significantly higher than interest-bearing liabilities of 30.45 billion yuan [4] Market Outlook - The report anticipates that the cement supply-demand dynamics will improve in 2025, driven by increased infrastructure spending and potential policy support from the government [4] - The company is positioned as a leader in the cement industry, maintaining cost control and offering attractive valuation and dividend yield [6]

Financial Performance - Revenue for the reporting period was CNY 22,584,738,660, a decrease of 32.89% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 1,872,817,793, down 15.13% year-on-year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,694,170,382, a decrease of 15.38% compared to the previous year[3] - Basic earnings per share for the reporting period were CNY 0.35, down 14.77% year-on-year[3] - Diluted earnings per share for the reporting period were also CNY 0.35, reflecting a 14.77% decrease compared to the same period last year[3] - The weighted average return on equity was 1.01%, a decrease of 0.19 percentage points year-on-year[3] - Total operating revenue for the first three quarters of 2024 was RMB 68,150,360,320, a decrease from RMB 99,156,676,146 in the same period of 2023, representing a decline of approximately 31.3%[18] - Total operating costs for the first three quarters of 2024 were RMB 62,279,305,371, down from RMB 89,103,325,967 in 2023, indicating a reduction of about 30.1%[18] - Research and development expenses for the first three quarters of 2024 amounted to RMB 865,016,686, compared to RMB 1,311,043,595 in 2023, reflecting a decrease of approximately 34.1%[18] - Investment income for the first three quarters of 2024 was RMB 274,239,116, down from RMB 584,643,028 in 2023, indicating a decline of about 53.2%[18] - The net profit for the current period is CNY 5,245,020,339, a decrease of 42.5% compared to CNY 9,072,670,219 in the same period last year[19] - The total comprehensive income for the current period is CNY 5,293,830,027, down from CNY 8,324,820,064 year-over-year[20] - Operating profit for the current period is CNY 6,391,071,515, a decline of 41.5% from CNY 10,974,071,158 in the previous year[19] - The company reported a decrease in sales revenue from CNY 80,814,773,640 in the current period compared to CNY 113,568,072,927 in the same period last year[21] - The company’s total profit for the current period is CNY 6,802,401,181, down from CNY 11,435,421,165 year-over-year, reflecting a decline of 40.5%[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 252,090,916,161, an increase of 2.33% from the previous year-end[4] - Total assets increased to RMB 252,090,916,161 in 2024 from RMB 246,356,360,411 in 2023, marking an increase of approximately 2.99%[16] - Total liabilities rose to RMB 54,103,961,187 in 2024, compared to RMB 48,335,063,593 in 2023, representing an increase of about 11.5%[15] - Current liabilities totaled RMB 28,553,447,583 in 2024, a decrease from RMB 29,774,313,174 in 2023, reflecting a decline of approximately 4.1%[15] - Non-current liabilities increased significantly to RMB 25,550,513,604 in 2024 from RMB 18,560,750,419 in 2023, indicating a rise of about 37.6%[15] - The total equity attributable to shareholders was RMB 185,498,574,472 in 2024, slightly up from RMB 185,389,128,400 in 2023, showing a marginal increase of approximately 0.06%[16] Cash Flow - The company reported a net cash flow from operating activities of CNY 10,347,782,944, an increase of 7.15% compared to the previous year[3] - Cash inflow from operating activities is CNY 81,794,422,886, compared to CNY 114,740,576,193 in the same period last year, representing a decrease of 28.7%[21] - Net cash flow from operating activities was 10,347,782,944, an increase from 9,656,985,995 in the previous period, reflecting a growth of approximately 7.1%[22] - Cash inflow from investment activities totaled 20,160,109,120, down from 31,818,556,499, indicating a decrease of about 36.5%[22] - Net cash flow from financing activities was 2,810,214,014, a significant improvement compared to a negative cash flow of -2,431,485,454 in the previous period[22] - The total cash and cash equivalents at the end of the period reached 17,942,538,963, up from 12,864,254,741, representing an increase of approximately 39.5%[22] - Cash paid for operating activities amounted to 71,446,639,942, a decrease from 105,083,590,198, reflecting a reduction of about 32.0%[22] - Cash outflow from investment activities was 26,927,195,741, down from 42,568,064,190, indicating a decrease of approximately 36.8%[22] - Cash received from financing activities was 19,089,638,741, an increase from 14,525,288,101, showing a growth of about 31.5%[22] - The company reported a net increase in cash and cash equivalents of 6,370,522,941, contrasting with a decrease of -3,457,701,929 in the previous period[22] - Cash paid for taxes increased to 7,224,742,789 from 6,834,075,090, reflecting an increase of approximately 5.7%[22] - Cash received from other financing activities was 11,513,784,300, significantly higher than 195,000,000 in the previous period, indicating a substantial increase[22] Shareholder Information - As of the end of the reporting period, the total number of common shareholders is 253,137, with the top ten shareholders holding 36.40% and 24.49% of shares respectively[9] - Anhui Conch Group Co., Ltd. holds 1,928,870,014 shares, accounting for 36.40% of total shares, while Hong Kong Central Clearing Limited holds 1,297,949,590 shares, accounting for 24.49%[10] - The company’s repurchased shares account for 0.42% of the total issued share capital, totaling 22,242,535 shares[10] - The top ten shareholders do not have any related relationships or act in concert according to the board of directors[10] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities during the reporting period[12] - The company has not indicated any significant changes in operational conditions that require investor attention during the reporting period[12] Non-Recurring Items - Non-recurring gains and losses totaled CNY 178,647,411 for the reporting period[6] - The company recorded a net loss from asset disposal of CNY 9,474,610, contrasting with a gain of CNY 39,599,807 in the previous year[19] - Other comprehensive income after tax for the current period is CNY 48,809,688, compared to a loss of CNY 747,850,155 in the same period last year[19] - The company acquired Anhui Conch Information Technology Engineering Co., Ltd. in January 2024, necessitating restatement of prior financial statements[5]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 22,584,738,660, a decrease of 32.89% compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2024 was CNY 1,872,817,793, down 15.13% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,694,170,382, a decrease of 15.38% compared to the previous year[3]. - The basic earnings per share for the year-to-date period was CNY 0.35, reflecting a decline of 39.81% compared to the same period last year[3]. - The company reported a significant decrease in net profit attributable to shareholders for the year-to-date period, down 40.05% compared to the same period last year[8]. - Total operating revenue for the first three quarters of 2024 was CNY 68.15 billion, a decrease of 31.3% compared to CNY 99.16 billion in the same period of 2023[17]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 5.20 billion, a decline of 40.1% from CNY 8.67 billion in 2023[18]. - The company's comprehensive income for the first three quarters of 2024 was CNY 5.29 billion, compared to CNY 8.32 billion in the same period of 2023, reflecting a decrease of 36.4%[19]. - Basic earnings per share for the first three quarters of 2024 were CNY 0.99, down from CNY 1.64 in 2023[19]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 252,090,916,161, an increase of 2.33% from the end of the previous year[4]. - The total current assets reached ¥105,244,967,169, compared to ¥101,232,721,726 at the end of 2023, indicating an increase of about 4%[14]. - The company's inventory decreased to ¥8,901,003,430 from ¥10,155,441,636, reflecting a decline of approximately 12.4%[14]. - The total assets of the company as of September 30, 2024, were ¥252,090,916,161, up from ¥246,356,360,411 at the end of 2023, marking an increase of around 2.3%[14]. - The company's long-term equity investments stood at ¥7,824,017,749, slightly up from ¥7,765,191,948, showing a growth of about 0.76%[14]. - The company's total liabilities increased to CNY 54.10 billion in Q3 2024, up from CNY 48.34 billion in Q3 2023, representing an increase of 11.5%[16]. - The company's long-term borrowings decreased to CNY 11.08 billion in Q3 2024 from CNY 15.61 billion in Q3 2023, a reduction of 29.2%[16]. - The company's total liabilities were not explicitly stated, but the increase in current liabilities suggests a strategic focus on managing short-term financial obligations[14]. Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 10,347,782,944, showing an increase of 7.15% compared to the previous year[3]. - In the first three quarters of 2024, the cash inflow from operating activities was CNY 81.79 billion, a decrease of 28.7% compared to CNY 114.74 billion in the same period of 2023[21]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 10.35 billion, an increase of 7.1% from CNY 9.66 billion in the same period of 2023[21]. - The cash outflow from investing activities in the first three quarters of 2024 was CNY 26.93 billion, down 36.8% from CNY 42.57 billion in the same period of 2023[21]. - The net cash flow from investing activities was -CNY 6.77 billion in the first three quarters of 2024, an improvement from -CNY 10.75 billion in the same period of 2023[21]. - The cash inflow from financing activities was CNY 11.51 billion in the first three quarters of 2024, compared to CNY 19.09 billion in the same period of 2023[22]. - The net cash flow from financing activities was CNY 2.81 billion in the first three quarters of 2024, a significant recovery from -CNY 2.43 billion in the same period of 2023[22]. - The total cash and cash equivalents at the end of the third quarter of 2024 reached CNY 17.94 billion, an increase from CNY 12.86 billion at the end of the same period in 2023[22]. Operational Highlights - The company completed the acquisition of Anhui Conch Information Technology Engineering Co., Ltd. in January 2024, which required restating prior financial statements[5]. - Non-recurring gains and losses for the reporting period totaled CNY 178,647,411, with significant contributions from government subsidies and investment management gains[6]. - The weighted average return on equity decreased by 1.91 percentage points compared to the previous year, indicating a decline in profitability[3]. - The company reported a significant reduction in research and development expenses, which were not detailed in the current report but were previously CNY 1.31 billion in 2023[17]. - The company did not report any significant changes in shareholder structure or major new strategies during the reporting period[12]. - There were no new product launches or technological advancements mentioned in the report, indicating a potential area for future growth[12]. - The cash outflow for purchasing goods and services was CNY 55.26 billion in the first three quarters of 2024, a decrease of 38.4% from CNY 89.76 billion in the same period of 2023[21].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 更改 H 股股份過戶登記處 安徽海螺水泥股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 自二零二四年十一月一日起，本公司之 H 股股份過戶登記處將更改為： 香港中央證券登記有限公司 香港灣仔皇后大道東 183 號 傳真號碼：(852) 2865 0990 由二零二四年十一月一日起，本公司的 H 股股份過戶登記手續將由香港中央證券登記 有限公司辦理。於二零二四年十月三十一日下午四時三十分後仍未領取之本公司 H 股 股票，可於二零二四年十一月一日起到香港中央證券登記有限公司領取。 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中國安徽省蕪湖市 合和中心 17 樓 1712-1716 號舖 電話號碼：(852) ...

股票简称：海螺水泥 股票代码：600585 公告编号：临 2024-35 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于担保实施进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 被担保人名称：杭州富阳海中环保科技有限责任公司（以下简称"富阳海中 环保"），为安徽海螺水泥股份有限公司（以下简称"本公司"）附属公司。 ● 担保金额及已实际为其提供的担保余额：本次由本公司附属公司安徽海中环 保有限责任公司（以下简称"安徽海中环保"）为富阳海中环保提供担保，担保金 额为人民币 550 万元。截至本公告披露日，除本次担保外，本公司附属公司向富阳 海中环保提供的担保余额为 4,225 万元。 ● 担保是否有反担保：无 1 ● 担保逾期情况：无 ● 特别风险提示：无 一、担保情况概述 近日，富阳海中环保与兴业银行股份有限公司杭州富阳支行（以下简称"兴业 银行杭州富阳分行"）签订了借款金额为人民币 1,000 万元的借款合同，借款期限为 1 年。同时，安徽海中 ...

安徽海螺水泥股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中華人民共和國安徽省蕪湖市 二零二四年十月十六日 截至此公告日，本公司董事會成員包括（ i ）執行董事楊軍先生、朱勝利先生、李群 峰先生、吳鐵軍先生及虞水先生；（ ii ）獨立非執行董事屈文洲先生、何淑懿女士 及張雲燕女士。 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 董事會會議通告 安徽海螺水泥股份有限公司（「本公司」）之董事（「董事」）會（「董事會」） 謹此宣佈於二零二四年十月二十九日（星期二）就以下目的舉行董事會會議： 1. 審議及批准截至二零二四年九月三十日止九個月本公司及其附屬公司（「本集 團」）未經審核之業績； 承董事會命 2. 審議及批准根據香港聯合交易所有限公司證券上市規則刊載截至二零二四年九月 三十日止九個月本集團未經審 ...

安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 证券代码：600585 证券简称：海螺水泥 公告编号：临 2024-34 - 1 - | 联席主承销商 | 中国工商银行股份有限公司、徽商银行股份有限公司、交通银行股份有限 | | --- | --- | | | 公司、浙商银行股份有限公司、兴业银行股份有限公司、渤海银行股份有 | | | 限公司、上海浦东发展银行股份有限公司、中国民生银行股份有限公司 | | 名称 | 安徽海螺水泥股份有限公司 24 海螺水泥 简称 | | | | --- | --- | --- | --- | | | 2024 年度第四期中期票据 MTN004 | | | | 代码 | 102484128 期限 5 年 | | | | 起息日 | 2024 年 月 18 兑付日 2029 年 9 月 18 日 | 9 | 日 | | 计划发行总额 | 35 亿元 实际发行总额 35 亿元 | | | | 发行利率 | 2.10% 发行价格 100 元/百元面值 | | | | 簿记管理人 | 兴业银行股份有限公司 | | | | 主承销商 | ...