Financial Performance - Anhui Conch Cement reported a revenue of RMB 50 billion for the first half of 2024, representing a year-on-year increase of 12%[1]. - The company's net profit for the same period reached RMB 10 billion, up 15% compared to the previous year[1]. - Operating revenue for the first half of 2024 was CNY 45,565,622, down 30.44% from CNY 65,503,714 in the same period of 2023[9]. - Net profit attributable to shareholders for the first half of 2024 was CNY 3,325,646, a decline of 48.56% compared to CNY 6,465,392 in the first half of 2023[9]. - Basic earnings per share for the first half of 2024 were CNY 0.63, down 48.35% from CNY 1.22 in the same period of 2023[9]. - The company's main product, 42.5-grade cement, generated revenue of CNY 23.686 billion, a decrease of 22.76% year-on-year[19]. - Main business revenue was 34.05 billion yuan, down 22.12% year-on-year, while operating profit fell by 51.51% to 4.03 billion yuan[25]. - The company reported a total comprehensive income of RMB 3,622,336 thousand, which includes other comprehensive income adjustments[155]. Market Expansion and Strategy - The company expects a revenue growth of 10-15% for the full year 2024, driven by increased demand in the construction sector[1]. - Anhui Conch Cement plans to expand its market presence in Southeast Asia, targeting a 5% market share by 2025[1]. - The company is exploring potential acquisitions of smaller cement producers to enhance its production capacity and market reach[1]. - The company aims to expand its overseas business and explore diversified development models to enhance operational quality in international projects[41]. - The company is advancing its international development strategy, with projects in Uzbekistan and Cambodia progressing steadily[17]. - The outlook for the second half of 2024 indicates a potential increase in cement demand driven by government infrastructure projects and policies aimed at stabilizing the real estate market[40]. Research and Development - The company has committed to increasing its R&D budget by 20% to accelerate innovation in sustainable materials[1]. - R&D expenses decreased by 29.24% year-on-year, primarily due to reduced investment in smart production industrialization projects[28]. - Research and development expenses for the first half of 2024 were RMB 519,216 thousand, down from RMB 733,748 thousand in the same period of 2023[142]. - The company actively promoted innovation and was awarded the second prize of the National Science and Technology Progress Award for a project related to high-speed rail materials[17]. Environmental Responsibility - Anhui Conch Cement aims to achieve a 30% reduction in carbon emissions by 2030 as part of its long-term sustainability strategy[1]. - The company is focusing on green low-carbon development and has made significant investments in safety and environmental protection[15]. - The company is committed to social responsibility and environmental sustainability in its operations[67]. - The company is focused on reducing emissions and improving environmental performance across its various cement plants[67]. - The company is committed to reducing its overall carbon footprint by implementing advanced emission control technologies[75]. Financial Position and Liabilities - Total assets as of June 30, 2024, were CNY 243,734,511, a decrease of 1.06% compared to the end of 2023[8]. - Total liabilities as of June 30, 2024, were CNY 47,580,120, a decrease of 1.68% compared to CNY 48,393,428 at the end of 2023[11]. - The debt-to-asset ratio was 19.50%, a decrease of 0.12 percentage points compared to the end of the previous year[30]. - The company's equity attributable to shareholders decreased to RMB 183,503,672 thousand from RMB 185,337,581 thousand, reflecting a decline of about 1.0%[149]. Cash Flow and Investments - Net cash flow from operating activities for the first half of 2024 was CNY 6,870,679, an increase of 35.75% compared to CNY 5,061,236 in the first half of 2023[9]. - Cash and cash equivalents amounted to CNY 67.84 billion, a slight decrease of 0.80% from CNY 68.38 billion at the end of the previous year[30]. - The company reported a total cash and cash equivalents balance of RMB 13,858,506 thousand as of June 30, 2024, compared to RMB 14,358,672 thousand at the same time in 2023[157]. - The company has invested RMB 500 thousand in subsidiaries without losing control, indicating strategic growth initiatives[155]. Shareholder Information - The total number of shares remained unchanged at 5,299,302,579, with 3,999,702,579 A shares (75.48%) and 1,299,600,000 H shares (24.52%)[117]. - The largest shareholder, 海螺集團, held 1,928,870,014 shares, representing 36.40% of the total shares[120]. - The company distributed a cash dividend of 0.96 CNY per share, totaling 5,065,977,642.24 CNY (including tax) to shareholders as of May 30, 2024[57]. - The board of directors recommended not to distribute any interim dividends for 2024 and will not implement capital reserve conversion into share capital[58]. Compliance and Governance - The company has adhered to all corporate governance codes as stipulated by the stock exchange during the reporting period[134]. - The company confirmed compliance with the standards of the Code of Conduct regarding securities transactions by all directors during the reporting period[134]. - The company has maintained compliance with all legal obligations and has no significant overdue debts[114].

证券代码：600585 证券简称：海螺水泥 公告编号：临 2024-33 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于召开 2024 年半年度业绩说明会的公告 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： 会议问题征集：投资者可于 2024 年 9 月 6 日（星期五）至 9 月 12 日（星期 四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dms@chinaconch.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 安徽海螺水泥股份有限公司（以下简称"公司"）已于 2024 年 8 月 27 日收市 后在上海证券交易所（以下简称"上交所"）网站发布公司 2024 年半年度报告，在 香港联合交易所有限公司及本公司网站发布 2024 年半年度业绩公告。为便于广大投 资者更加全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 13 日下午 15:00-16:30 ...

[Table_Title] 评级：买入（维持） 市场价格：20.72 元 分析师：孙颖 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 分析师：刘铭政 执业证书编号：S0740524070003 Email：liumz01@zts.com.cn 盈利韧性显现，供给端已开始优化 海螺水泥（600585.SH）/建筑 材料 证券研究报告/公司点评 2024 年 9 月 3 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|---------|---------|------------------------------------------|---------|---------| | [Table_Finance] 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 132,022 | 140,999 | 132, ...

Investment Rating - The report assigns a "Neutral" investment rating for the company, indicating an expected stock performance relative to the benchmark index within a range of -10% to 10% over the next six months [9]. Core Views - The demand in the industry remains under pressure, but profitability is expected to stabilize in the second half of the year [4]. - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 45.566 billion yuan, down 30.44% year-on-year, and net profit at 3.326 billion yuan, down 48.56% year-on-year [5]. - The company's cement and clinker sales volume for the first half of 2024 was 12.6 million tons, a decrease of 3.35% year-on-year, which is better than the industry average decline of 10% [6]. Financial Performance Summary - The company’s revenue for 2023 is projected at 141 billion yuan, with a significant drop to 102.4 billion yuan in 2024, representing a year-on-year decrease of 27.4% [7]. - The net profit attributable to the parent company is expected to decline from 10.43 billion yuan in 2023 to 7.88 billion yuan in 2024, a decrease of 24.4% [7]. - The earnings per share (EPS) is projected to be 1.97 yuan in 2023, dropping to 1.49 yuan in 2024 [8]. Cost and Margin Analysis - The cost of cement clinker for the first half of 2024 was 188 yuan per ton, down 16.03% year-on-year, primarily due to falling coal prices [6]. - The gross margin for the first half of 2024 is estimated at 52 yuan per ton, down 29% year-on-year, reflecting the impact of reduced industry demand [6]. Market Outlook - The report anticipates ongoing supply-demand imbalances in the industry, with a focus on normalizing staggered production to prevent excessive competition [6]. - Long-term expectations include the introduction of carbon emission policies in the cement industry, which may lead to stricter capacity replacement regulations [6].

Investment Rating - The report maintains an "Accumulate" rating for Conch Cement (600585) [1] Core Views - The company reported a revenue of 45.566 billion yuan for the first half of 2024, a year-on-year decrease of 30.44%, primarily due to falling cement prices and reduced clinker revenue. The net profit attributable to shareholders was 3.326 billion yuan, down 48.56% year-on-year [2][3] - In Q2, the company achieved a revenue of 24.238 billion yuan, a year-on-year decline of 28.92%, with a net profit of 1.823 billion yuan, down 53.40% year-on-year [2] - The company’s capital expenditure for the first half of 2024 was approximately 7.664 billion yuan, mainly for project construction investments [2] Financial Performance Summary - The company’s self-produced 42.5 and above grade cement, 32.5 grade cement, clinker, aggregates, and ready-mixed concrete generated revenues of 23.687 billion yuan, 3.878 billion yuan, 2.645 billion yuan, 2.191 billion yuan, and 1.178 billion yuan respectively, with year-on-year changes of -22.76%, -23.26%, -34.29%, +29.84%, +20.60%, and -64.08% [2] - The average selling price of self-produced cement clinker in the first half of 2024 was 240 yuan/ton, down 66 yuan/ton year-on-year, while the unit cost was 188 yuan/ton, down 36 yuan/ton year-on-year [2] - The overall gross profit margin for the first half of 2024 was 18.93%, a decrease of 0.53 percentage points year-on-year [3] Profitability and Cash Flow - The company’s net profit margin for the first half of 2024 was 7.43%, down 2.98 percentage points year-on-year, with an operating cash flow net amount of 6.871 billion yuan, an increase of 1.793 billion yuan year-on-year [3] - The report forecasts net profits attributable to shareholders for 2024-2026 to be 8.652 billion yuan, 9.414 billion yuan, and 10.258 billion yuan respectively, with corresponding PE ratios of 12.6, 11.5, and 10.6 times [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.9 CNY, indicating an expected upside from the current price of 20.49 CNY [3]. Core Insights - The company's net profit for the first half of 2024 was 3.33 billion CNY, a year-on-year decrease of 48.56%. Revenue also fell by 30.44% to 45.57 billion CNY [1]. - The decline in revenue was primarily attributed to a drop in cement prices, while the aggregate business showed growth with a revenue increase of 29.84% [1]. - The company has maintained a strong cash flow with a net cash position of 46.4 billion CNY and an asset-liability ratio of 19.5% [1]. Financial Performance - The company reported a gross margin of 18.92% for the first half of 2024, with a slight improvement in Q2 to 19.96% [1]. - The operating cash flow for the first half of 2024 was 6.87 billion CNY, reflecting a year-on-year growth of 35% [1]. - The company has reduced its profit forecast for 2024-2026, now estimating net profits of 8.4 billion CNY, 10.5 billion CNY, and 12 billion CNY respectively [1]. Market Position - The company holds a market share of 14.8% in the cement sector, with a production capacity of 27.4 million tons of clinker and 39.9 million tons of cement [1]. - The report highlights the company's scale advantages and anticipates a potential recovery in cement prices due to industry self-discipline [1]. Future Outlook - The report suggests that the company's ongoing project developments and capacity expansions will support future growth, with significant capital expenditures planned [1]. - The anticipated recovery in cement prices is expected to positively impact the company's performance in the coming quarters [1].

Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expected relative benchmark index increase of over 15% [1][6] Core Views - The company's performance outperformed the industry, with a widening profitability gap [1] - Despite industry-wide pressure, the company maintained leading profitability in the cement sector [1] - The report expects a profit recovery in the second half of 2024, driven by marginal demand improvement and supply compression [1] Financial Performance Revenue and Profit - 2024H1 revenue: 45.566 billion yuan, down 30.37% YoY [1] - 2024H1 net profit attributable to parent company: 3.326 billion yuan, down 48.59% YoY [1] - 2024H1 gross margin: 18.93%, down 0.5 pct YoY [1] - 2024H1 net margin: 7.43%, down 2.97 pct YoY [1] Cement Business - 2024H1 cement clinker sales volume: 126 million tons, down 3.35% YoY [1] - 2024H1 cement clinker revenue: 30.21 billion yuan, down 23.99% YoY [1] - 2024H1 cement clinker average price: 239.76 yuan/ton, down 21.58% YoY [1] - 2024H1 cement clinker gross margin: 21.78%, down 4.96 pct YoY [1] Aggregate and Ready-mix Concrete Business - 2024H1 aggregate revenue: 2.191 billion yuan, up 29.84% YoY [1] - 2024H1 aggregate gross margin: 47.84%, down 9.71 pct YoY [1] - 2024H1 ready-mix concrete revenue: 1.178 billion yuan, up 20.6% YoY [1] - 2024H1 ready-mix concrete gross margin: 8.42%, down 4.2 pct YoY [1] Overseas Business - 2024H1 overseas revenue: 2.3 billion yuan, up 5.72% YoY [1] - 2024H1 overseas gross margin: 39.99%, up 10.23 pct YoY [1] Industry Overview - 2024H1 national cement output: 850 million tons, down 10% YoY [1] - 2024H1 national cement industry estimated loss: 1 billion yuan [1] - 2024H1 national cement average price: down 12.9% YoY [1] - 2024H1 East China cement average price: down 16% YoY [1] - 2024H1 South China cement average price: down 19.9% YoY [1] Future Projections - 2024-2026 projected net profit attributable to parent company: 8.012, 8.237, 8.522 billion yuan [1] - 2024-2026 projected PE ratio: 14x, 13x, 13x [1] - 2024-2026 projected EPS: 1.51, 1.55, 1.61 yuan [2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][4]. Core Views - The company reported a significant decline in revenue and profit due to weak demand in the cement industry, with a 30.37% year-on-year decrease in revenue to 45.566 billion yuan and a 48.59% drop in net profit to 3.326 billion yuan in the first half of 2024 [2][3]. - Despite the challenging environment, the company has a strong risk resistance capability, with a low debt ratio of 19.50% and a cash asset ratio of 27.83%, allowing it to maintain a certain level of profitability [3][4]. - The company is expected to see a gradual recovery in net profit from 8.324 billion yuan in 2024 to 10.306 billion yuan in 2026, with corresponding EPS increasing from 1.57 yuan to 1.94 yuan [4][9]. Financial Performance Summary - In the first half of 2024, the company's self-produced sales volume was 12.6 million tons, a decrease of 3.35% year-on-year, which is less than the industry average decline of 10% [3]. - The average selling price of cement fell to 239.76 yuan per ton, down 21.58% year-on-year, contributing to the largest revenue drop in 25 years [3]. - The company's gross margin and net profit margin were 18.93% and 7.43%, respectively, both showing a decline compared to previous periods [3]. Future Outlook - The company is positioned to benefit from potential improvements in the supply-side policies and market conditions, as it continues to leverage its scale and cost advantages [3][4]. - The projected earnings for 2024-2026 indicate a recovery trend, with net profits expected to rise steadily, reflecting the company's resilience and strategic initiatives [4][9].

建材材料|水泥 证券分析师 戴铭余 S1350524060003 daimingyu@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 市场表现： -30% -25% -20% -15% -10% -5% 0% 5% 海螺水泥 沪深300 相关研究 公司点评 2024 年 08 月 29 日 海螺水泥 (600585) 增持（维持） ——业绩符合预期，DCF 估值支撑下具备配置价值 投资要点： ➢ 事件：公司发布 2024 年中报，实现收入 455.66 亿元，同比下降 30.44%，归母净利润 33.26 亿元，同比下降 48.56%；其中单二季度实现收入 242.38 亿元，同比下滑 28.92%，归母净 利润 18.23 亿元，同比下滑 53.40%，业绩符合预期。 ➢ 行业需求低迷致上半年营收及利润下滑。水泥业务继续承压。上半年，受国内地产新开工持续低 迷以及部分地区化债影响，国内水泥下游需求较弱，全国水泥产量 8.5 亿吨，同比下降 10.0% 。 供需矛盾的加重使得市场竞争加剧。2024H1 公司水泥熟料自产品销量为 ...

Investment Rating - The report assigns a "Buy" rating for the company, Conch Cement (600585), marking its first coverage [1][7]. Core Views - The company's performance is under pressure due to weak cement demand, but cost control demonstrates resilience. In H1 2024, the total sales volume of cement and clinker was 128 million tons, down 4.9% year-on-year, with revenue of 33.58 billion yuan, a decrease of 20.8% [2][3][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 45.57 billion yuan, net profit attributable to shareholders of 3.33 billion yuan, and net profit excluding non-recurring items of 3.18 billion yuan, reflecting year-on-year declines of 30.4%, 48.6%, and 48.3% respectively [3][4]. - The average selling price per ton was 266.5 yuan, with costs at 205.2 yuan per ton, resulting in a gross profit of 61.3 yuan per ton, showing declines of 18.3%, 13.1%, and 32.0% year-on-year respectively [2][4]. Market Position - The company’s market share is expected to increase as its decline in sales volume is less than the industry average, which saw a 10.0% drop in national cement production in H1 2024 [2][4]. Capacity Expansion - In H1 2024, the company added 2.3 million tons of clinker capacity and 4.7 million tons of cement capacity, bringing total clinker capacity to 27.4 million tons and cement capacity to 39.9 million tons [2][4]. Non-Cement Business Growth - Non-cement businesses, including aggregates and ready-mixed concrete, reported revenues of 2.19 billion yuan and 1.18 billion yuan, respectively, with year-on-year growth rates of 29.8% and 20.6% [4][5]. - The revenue contribution from non-cement businesses increased from 4.1% in H1 2023 to 7.4% in H1 2024 [4]. Cash Flow and Financial Ratios - The company reported a significant improvement in cash flow, with operating cash flow of 6.87 billion yuan in H1 2024, up 35.3% year-on-year [5]. - The asset-liability ratio and interest-bearing debt ratio were 19.5% and 10.3%, respectively, showing slight increases year-on-year [5][6]. Earnings Forecast - The company is projected to achieve operating revenues of 135.74 billion yuan, 139.13 billion yuan, and 143.17 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 8.01 billion yuan, 8.81 billion yuan, and 9.63 billion yuan [6][7].