公司研 究 证 券研究 报 告 水泥 2024年04月29日 海 螺水泥（600585）2024年一季报点评 推荐 （维持） 业绩符合预期，行业压力测试下公司竞争力 目标价：30元 凸显 当前价：22.77元 事项： 华创证券研究所  公司发布 2024 年一季报：公司 2024年一季度实现营收 213.28亿元，同比下 证券分析师：王彬鹏 降32.08%；归母净利润15.02亿元，同比下降41.14%；扣非归母净利润13.68 亿元，同比下降36.56%。 邮箱：wangbinpeng@hcyjs.com 评论： 执业编号：S0360519060002 证券分析师：鲁星泽  业绩符合预期，行业压力测试下公司竞争力凸显。公司2024年一季度实现营 收213.28亿元，同比下降32.08%，归母净利润15.02亿元，同比下降41.14%。 电话：021-20572575 据国家统计局，一季度全国水泥产量 3.37 亿吨，同比-11.8%，其中 3 月产量 邮箱：luxingze@hcyjs.com 同比下滑22.0%。在一季度行业需求下降幅度较大的背景下，我们预计公司水 执业编号：S036052012000 ...

[Table_Page] 季报点评|水泥 证券研究报告 [海Table_螺Title] 水泥(600585.SH/00914.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 22.77元/17.86港元 盈利超额优势扩大，业绩超预期 合理价值 28.58元/22.42港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-28 ⚫ 公司发布2024年一季报，实现收入213亿元，同比-32%，归母净利 [相Tab对le_P市icQ场uote表] 现 润15亿元，同比-41%，扣非净利润13.7亿元，同比-37%。 ⚫ Q1销量降幅好于行业，成本管控能力强。1季度地产和基建需求双弱， 10% 4% 据国家统计局，Q1水泥行业产量同比下滑12%（用产量直接计算下滑 -2%04/23 06/23 08/23 10/23 12/23 02/24 04/24 16%），估算Q1公司水泥和熟料销量约5600万吨（同比-8%），降幅 -8% 小于行业，继续保持产能发挥率优势，份额有所提升；1季度吨煤炭成 -14% -20% 本预计同比下降 20-30 元 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a solid position in the market despite current challenges [4][5]. Core Views - The company reported a revenue of 21.328 billion yuan in Q1 2024, a year-on-year decrease of 32.08%, with a net profit attributable to shareholders of 1.502 billion yuan, down 41.14% year-on-year [1]. - The cement industry faced a decline in both volume and price in Q1 2024, influenced by increased rainfall, weak real estate investment, and insufficient infrastructure project commencement [2]. - The company’s gross margin improved by 1.25 percentage points year-on-year to 17.75%, attributed to lower coal prices and structural support from aggregate and overseas businesses [2][4]. Summary by Sections Financial Performance - In Q1 2024, the company’s net profit margin was 6.41%, slightly down from 6.87% in the same period last year [1]. - The company’s operating cash flow was 160 million yuan, with total monetary assets at 66.3 billion yuan and short-term borrowings reduced to 3.84 billion yuan from 4.48 billion yuan at the beginning of the period [3]. Industry Analysis - The national cement production in Q1 2024 was 33.684 million tons, a year-on-year decrease of 16.28%, with the average national cement price at 362 yuan per ton, down 15.40% year-on-year [2]. - The report anticipates a gradual improvement in infrastructure demand due to government initiatives, including the issuance of special bonds for local governments [4]. Future Outlook - The company is expected to achieve net profits of 10.266 billion yuan, 10.868 billion yuan, and 11.742 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 12x, 11x, and 10x [4][5]. - The report suggests that the cement industry is currently at a relatively low point, but the company’s leading position and competitive advantages are expected to support its recovery [4].

Investment Rating - The report maintains a "Recommended" investment rating for Conch Cement (600585.SH) [2][9]. Core Views - The cement industry is experiencing pressure on both volume and price, leading to a continued bottoming out of industry profitability. The first quarter saw a significant decline in revenue and net profit due to weak demand from real estate and infrastructure sectors [3][5]. - Despite a decrease in coal costs, the drop in cement prices has resulted in a decline in gross profit per ton, contributing to a 41% year-on-year decrease in net profit for the first quarter. The company’s operating cash flow has also decreased significantly [3][4]. - The report anticipates that with the gradual implementation of special government bond projects and enhanced industry collaboration, cement profitability is expected to stabilize [3][5]. Financial Summary - For the first quarter of 2024, Conch Cement reported revenue of 21.33 billion yuan, a year-on-year decline of 32.1%, and a net profit of 1.5 billion yuan, down 41.1% from the previous year [3][4]. - The company’s projected net profits for 2024, 2025, and 2026 are 9.1 billion yuan, 10.5 billion yuan, and 11.9 billion yuan, respectively, with corresponding price-to-earnings ratios of 13.2x, 11.5x, and 10.1x [3][4][8]. - The company’s gross margin is expected to decline to 14.4% in 2024, with a net margin of 6.1% [8]. Operational Insights - The company has a strong cash position with 66.34 billion yuan in cash at the end of the reporting period, despite a decrease in operating cash flow [3][6]. - The report highlights that Conch Cement is strategically positioned in the East and South China markets, which are expected to show more resilience in demand [3][5]. Market Outlook - The report suggests that the ongoing recovery in real estate construction and the issuance of special government bonds are likely to boost future infrastructure demand [3][5]. - The company is recognized for its cost control and operational efficiency, maintaining a leading position in the industry [3][5].

Financial Performance - Revenue for the reporting period was CNY 21,327,718,918, a decrease of 32.08% compared to the previous year[4] - Net profit attributable to shareholders was CNY 1,502,318,719, down 41.14% year-on-year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,368,419,403, a decrease of 36.56% compared to the same period last year[4] - Basic and diluted earnings per share were both CNY 0.28, down 40.91% from the previous year[4] - Weighted average return on equity decreased by 0.57 percentage points to 0.81%[4] - The decline in revenue and profit was primarily due to a decrease in sales volume and prices of cement products[9] - Total operating revenue for Q1 2024 was RMB 21,327,718,918, a decrease of 32.2% compared to RMB 31,403,390,457 in Q1 2023[17] - The company's operating profit for Q1 2024 was CNY 1.71 billion, a decrease of 42.9% compared to CNY 3.00 billion in Q1 2023[18] - Net profit attributable to shareholders for Q1 2024 was CNY 1.50 billion, down 41.1% from CNY 2.55 billion in Q1 2023[18] - Total comprehensive income for Q1 2024 was CNY 1.39 billion, a decline of 44.0% from CNY 2.47 billion in Q1 2023[18] - The company reported a decrease in sales revenue from CNY 37.84 billion in Q1 2023 to CNY 25.07 billion in Q1 2024, reflecting a decline of 33.8%[20] Cash Flow and Assets - Net cash flow from operating activities was CNY 159,585,210, a significant decline of 94.87% year-on-year[4] - Cash flow from operating activities for Q1 2024 was CNY 159.59 million, significantly lower than CNY 3.11 billion in Q1 2023[20] - Cash and cash equivalents as of March 31, 2024, were RMB 66,336,636,055, down from RMB 68,382,205,847 as of December 31, 2023[14] - The company's cash and cash equivalents at the end of Q1 2024 were CNY 11.47 billion, a decrease from CNY 18.43 billion at the end of Q1 2023[21] - Total assets at the end of the reporting period were CNY 245,174,906,636, a slight decrease of 0.48% compared to the end of the previous year[4] - Total assets decreased to RMB 245,174,906,636 from RMB 246,356,360,411, indicating a slight contraction in the company's asset base[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 291,919[10] - Anhui Conch Group Co., Ltd. holds 1,928,870,014 shares, accounting for 36.40% of the total shares[10] - Hong Kong Central Clearing Limited holds 1,297,858,090 shares, representing 24.49% of the total shares[10] - The company has a repurchase account holding 22,242,535 shares, which is 0.42% of the total issued capital[11] - The total number of shares held by the top ten unrestricted shareholders is 3,346,000,000 shares[10] - The proportion of shares held by the top ten unrestricted shareholders is 63.00% of the total shares[10] - The top ten shareholders do not have any related party relationships or concerted actions[10] Operational Insights - The company does not have any significant changes in the operational situation during the reporting period[13] - There are no applicable reminders for investors regarding the company's operational situation during the reporting period[13] - The acquisition of Anhui Conch Information Technology Engineering Co., Ltd. and its subsidiary was completed in January 2024, requiring restatement of prior financial statements[7] Costs and Expenses - Total operating costs for Q1 2024 were RMB 19,736,771,656, down 31.2% from RMB 28,708,158,815 in Q1 2023[17] - Research and development expenses in Q1 2024 amounted to RMB 185,757,727, a decrease of 30% from RMB 265,299,174 in Q1 2023[17] - Cash inflow from investment activities in Q1 2024 was CNY 5.71 billion, down 49.1% from CNY 11.22 billion in Q1 2023[21] - Cash outflow from investment activities for Q1 2024 was CNY 6.56 billion, a decrease of 46.5% compared to CNY 12.27 billion in Q1 2023[21] - Net cash flow from financing activities for Q1 2024 was CNY 580.43 million, an increase from CNY 68.48 million in Q1 2023[21] Debt and Liabilities - Long-term borrowings increased to RMB 16,694,144,033 from RMB 15,611,937,445, suggesting a strategy to leverage debt for growth[16]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 21.33 billion, a decrease of 32.08% compared to CNY 31.37 billion in the same period last year[4]. - Net profit attributable to shareholders was CNY 1.50 billion, down 41.14% from CNY 2.55 billion year-on-year[4]. - Basic and diluted earnings per share were both CNY 0.28, representing a decrease of 40.91% from CNY 0.48 in the same period last year[4]. - The total comprehensive income for Q1 2024 was CNY 1,385,793,521, a decrease of 44% compared to CNY 2,471,474,616 in Q1 2023[18]. - Net profit for Q1 2024 was CNY 1,487,880,502, a decline of 44.5% from CNY 2,672,589,836 in Q1 2023[17]. Cash Flow - The net cash flow from operating activities was CNY 159.59 million, a significant decline of 94.87% compared to CNY 3.09 billion in the previous year[4]. - In Q1 2024, the company's cash inflow from operating activities totaled CNY 25,451,623,532, a decrease of 33.5% compared to CNY 38,295,961,496 in Q1 2023[20]. - The net cash outflow from operating activities was CNY 159,585,210, a significant decline from CNY 3,108,356,197 in the same period last year[20]. - Cash inflow from investment activities was CNY 5,713,568,285, down 49.1% from CNY 11,218,087,944 in Q1 2023[20]. - The net cash outflow from investment activities was CNY -847,235,460, an improvement from CNY -1,049,753,693 in Q1 2023[20]. - Cash inflow from financing activities reached CNY 3,259,383,212, an increase of 27.6% compared to CNY 2,552,901,088 in Q1 2023[21]. - The net cash outflow from financing activities was CNY 2,678,956,104, compared to CNY 2,484,418,875 in the previous year[21]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 246.36 billion, a slight decrease of 0.48% from the previous year-end[5]. - The total liabilities decreased to CNY 99,392,853,822 from CNY 101,232,721,726, indicating a decline of about 1.84%[12]. - The company's total liabilities decreased to CNY 46,021,060,380 as of March 31, 2024, down from CNY 48,335,063,593 at the end of 2023, representing a reduction of 4.3%[14]. - The total equity attributable to shareholders increased to CNY 186,494,645,422 as of March 31, 2024, compared to CNY 185,389,128,400 at the end of 2023, reflecting a growth of 0.6%[14]. - The company's total non-current liabilities increased to CNY 19,697,167,276 as of March 31, 2024, up from CNY 18,560,750,419 at the end of 2023, an increase of 6.1%[14]. Shareholder Information - The company repurchased 22,242,535 shares, accounting for 0.42% of the total issued share capital[10]. - The top 10 shareholders hold a combined total of 4,000,000,000 shares, representing approximately 75% of the total shares outstanding[10]. - The company has no significant changes in the shareholder structure or related party transactions as of the reporting date[10]. Operational Metrics - The decline in revenue and profit was primarily due to a decrease in sales volume and prices of cement products[7]. - Research and development expenses for Q1 2024 were CNY 185,757,727, a decrease of 30% from CNY 265,299,174 in Q1 2023[17]. - The company reported a decrease in management expenses to CNY 1,345,808,976 in Q1 2024, down from CNY 1,475,830,763 in Q1 2023, a reduction of 8.8%[17]. Current Assets - As of March 31, 2024, the company's total current assets amounted to CNY 99,392,853,822, a decrease from CNY 101,232,721,726 as of December 31, 2023, representing a decline of approximately 1.84%[11]. - The company's cash and cash equivalents were CNY 66,336,636,055, down from CNY 68,382,205,847, indicating a decrease of about 2.99%[11]. - Accounts receivable decreased to CNY 3,672,811,264 from CNY 4,445,287,639, reflecting a reduction of approximately 17.35%[11]. - The company's inventory increased slightly to CNY 10,295,563,292 from CNY 10,155,441,636, showing an increase of about 1.39%[12]. - Long-term equity investments rose to CNY 7,821,466,231 from CNY 7,765,191,948, marking an increase of approximately 0.72%[12]. - The company reported a total of CNY 1,974,775,745 in trading financial assets, down from CNY 2,210,732,788, a decrease of about 10.65%[11]. Other Financial Metrics - Non-recurring gains and losses totaled CNY 133.90 million for the period, with government subsidies contributing CNY 194.82 million[6]. - The company received tax refunds of CNY 18,150,210 in Q1 2024, up from CNY 9,109,121 in Q1 2023[20]. - The total cash paid for purchasing goods and services was CNY 20,015,126,936, a decrease of 31.9% from CNY 29,376,859,297 in Q1 2023[20]. - The company reported a foreign exchange impact of CNY 3,432,960 on cash and cash equivalents in Q1 2024, compared to a negative impact of CNY -21,661,089 in Q1 2023[21].

证券代码：600585 证券简称：海螺水泥 公告编号：2024-17 安徽海螺水泥股份有限公司 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 30 日 14 点 30 分 召开地点：安徽省芜湖市文化路 39 号 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 30 日 至 2024 年 5 月 30 日 1 股东大会召开日期：2024年5月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段，即 ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.96 per share (including tax) for the 2023 fiscal year[2]. - The board of directors has approved the profit distribution plan during the ninth meeting of the ninth session[2]. - For the fiscal year 2023, the company proposed a final dividend of 0.96 yuan per share, with a total payout of approximately 506.6 million yuan, representing 48.57% of the net profit attributable to ordinary shareholders[73]. - The company distributed a cash dividend of 1.48 yuan per share for the fiscal year 2022, totaling approximately 7.84 billion yuan[72]. Financial Performance - The company's net operating revenue for 2023 reached CNY 140,999,428, an increase from CNY 132,021,554 in 2022[13]. - The net profit attributable to shareholders was CNY 10,689,181, down from CNY 15,860,553 in the previous year, indicating a decline of approximately 32.5%[13]. - The total profit for 2023 decreased by 32.05% to CNY 13,600,466 from CNY 20,014,665 in 2022[14]. - Net profit attributable to shareholders was CNY 10,430,138 in 2023, down 33.40% from CNY 15,660,750 in 2022[14]. - The basic earnings per share for 2023 was CNY 1.97, a decrease of 33.39% compared to CNY 2.96 in 2022[14]. - The net cash flow from operating activities increased significantly to CNY 20,105,564, up 108.36% from CNY 9,649,268 in 2022[14]. Assets and Liabilities - Total assets increased to CNY 246,189,200, compared to CNY 243,976,422 in 2022, reflecting a slight growth[13]. - Total liabilities stood at CNY 48,278,835, a marginal increase from CNY 48,067,537 in 2022[13]. - The net assets attributable to shareholders increased to CNY 185,321,083, up 0.92% from CNY 183,638,725 in 2022[15]. - The total assets of the company as of December 31, 2023, were 246.19 billion yuan, an increase of 0.91% compared to the end of the previous year[41]. - The total liabilities amounted to 48.22 billion yuan, reflecting a year-on-year increase of 0.50%[41]. Capital Expenditure and Investment - The company has outlined its capital expenditure and new production capacity plans for 2024, although these do not constitute a commitment to investors[2]. - The company plans to enhance regional management efficiency by consolidating several subsidiaries into regional management units[9]. - The company plans to actively seek quality acquisition targets to enhance market competitiveness and control[49]. - In 2024, the company plans capital expenditures of 15.2 billion yuan, primarily funded by its own resources, focusing on project construction, energy-saving technology upgrades, and acquisition projects[50]. - The company has approved and contracted capital commitments of RMB 11.80 billion as of December 31, 2023[48]. Risk Management - The company has disclosed potential risks for 2024, including policy risks, environmental regulatory risks, and energy price fluctuation risks[2]. - The company emphasizes the importance of reading the risk disclosures in Chapter 3 of the report[2]. - The company is closely monitoring macroeconomic conditions and market trends to mitigate risks associated with the dependence on the construction industry and potential declines in fixed asset and real estate investments[51]. Environmental Responsibility - The company is focusing on sustainable practices and green building materials in response to market demand[11]. - The company has implemented measures to monitor and reduce emissions, aligning with GB4915-2013 standards[141]. - The company is committed to improving its environmental performance and reducing its carbon footprint through various initiatives[141]. - The company has implemented online monitoring equipment in all subsidiaries to comply with environmental regulations[153]. - The company has established emergency response plans for environmental incidents, ensuring rapid and efficient action[153]. Governance and Compliance - The company has received a standard unqualified audit report from KPMG, ensuring the accuracy and completeness of the financial statements[2]. - The company does not face any situations where more than half of the directors cannot guarantee the truthfulness, accuracy, and completeness of the report[2]. - The company has maintained a clear governance structure since its listings in 1997 and 2002, ensuring independent and efficient decision-making[83]. - The company has established a robust internal management and control system to promote healthy and stable development[83]. - The company has a comprehensive governance structure with a focus on corporate governance and compliance[96]. Shareholder Information - The total number of shares remained unchanged at 5,299,302,579, with 75.48% being RMB ordinary shares (A shares) and 24.52% being overseas listed foreign shares (H shares)[195]. - As of December 31, 2023, the total number of registered shareholders was 307,069, with 116 being H share registered shareholders[197]. - The largest shareholder, Wanluo Group, holds 36.40% of the shares, totaling 1,928,870,014 shares[198]. Employee Management - As of December 31, 2023, the group employed 50,769 staff, with 32,140 in production, 2,118 in sales, and 11,005 in technical roles[107]. - The company has a male employee ratio of approximately 84% and female employee ratio of about 16%[107]. - The company emphasizes a performance-based salary system linked to key indicators such as production, sales, and environmental protection[109]. Related Party Transactions - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[159]. - The actual transaction amount under the "Cement Additives (Grinding Aids) Procurement Contract" during the reporting period was 823 million CNY[168]. - The transactions with Conch Design Institute constitute related party transactions as it is a wholly-owned subsidiary of Conch Group[178]. Social Responsibility - The company actively fulfilled its social responsibilities, as detailed in the 2023 Environmental, Social, and Governance report[156]. - The company donated approximately RMB 150,000 worth of cement to improve rural infrastructure, enhancing living conditions in supported villages[157]. - The company contributed RMB 500,000 to the "Anhui Future Healthy Children Development Foundation" for assisting critically ill children and promoting health knowledge[157].

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四月二十六日（星期五）就以下目的舉行董事會會議： 承董事會命 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 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） 周小川 中華人民共和國安徽省蕪湖市 二零二四年四月十二日 聯席公司秘書 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、王建超先生、李群 峰先生、周小川先生及吳鐵軍先生；（ii）獨立非執行董事屈文洲先生、何淑懿女 士及張雲燕女士。 1. 審議及批准截至二零二四年三月三十一日止三個月本公司及其附屬公司（「本集 團」）未經審核之業績； 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三月 三十一日止三個月本集團未經審 ...

证券代码：600585 证券简称：海螺水泥 公告编号：临 2024-16 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于附属公司拟注册发行中期票据及本公司拟为其 提供担保的公告 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。 为满足经营发展需要，优化债务结构，安徽海螺水泥股份有限公司（以下简称 "公司"或"本公司"）附属公司安徽海螺环保集团有限公司(以下简称"海螺环保 集团")拟向中国银行间市场交易商协会申请注册发行不超过人民币 30 亿元（含 30 亿元）中期票据，并根据需要，拟由本公司为其提供担保，具体如下： 一、本次发行方案 （一）发行主体 安徽海螺环保集团有限公司 （二）发行规模 本次中期票据申请注册总额度为不超过人民币 30 亿元（含 30 亿元），最终的 发行额度将以中国银行间市场交易商协会注册通知书中载明的额度为准。 （三）发行时间 将根据市场环境和实际资金需求在注册有效期内择机一次或分期发行。 （四）发行利率 （五）发行期限 本次发行的中期票据期限不超过 5 ...