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 ...

证券代码：600585 证券简称：海螺水泥 公告编号：临 2024-15 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 4 月 8 日（星期一）至 4 月 12 日（星期 五）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 3 月 19 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 2023 年度报告，在香港 联合交易所有限公司及本公司网站发布 2023 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 2023 年度经营成果、财务状况，公司计划于 2024 年 4 月 15 日 下午 15:00-16:30 举行 2023 年度业绩说明会，在信息披露允许的范围内就广大投资 者普遍关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公 ...

股 票 研 究 [Table_industryInfo] 建材/原材料 [ Table_Main[海ITnaf 螺bol]e 水_Ti泥tle]( 600585) [评Tab级le_：Inv est] 增持 上次评级： 增持 份额优势保持，行业格局触底 目标价格： 34.40 上次预测： 34.40 公 ——海螺水泥2023 年年报点评 当前价格： 22.28 司 鲍雁辛(分析师) 花健祎(分析师) 2024.04.01 更 0755-23976830 0755-23976858 [交Ta易bl数e_M据a rket] 新 baoyanxin@gtjas.com huajianyi@gtjas.com 证书编号 S0880513070005 S0880521010001 52周内股价区间（元） 21.47-29.10 报 总市值（百万元） 118,068 告 本报告导读： 总股本/流通A股（百万股） 5,299/4,000 公司份额优势继续明显领先于行业，行业格局触底，价格中枢或年内有一定改善空间。 流通 B股/H股（百万股） 0/1,300 流通股比例 100% 日均成交量（百万股） 17.73 投资要点： ...

Investment Rating - Buy (maintained) [1][3] Core Views - Revenue increased slightly year-on-year, but performance continued to be under pressure due to weak market demand, intensified industry competition, and declining cement prices [1][4] - Sales volume increased against the trend, with incremental contributions from aggregate and ready-mix concrete businesses [1][5] - Overseas revenue grew significantly, with a 17.8% year-on-year increase, driven by improved sales networks [1][5] - Despite price declines suppressing profitability, cash flow remained strong, and the dividend payout ratio stayed at a high level [1][7] - The company maintained a competitive edge as a leading player in the industry, with sufficient cash on hand and a low valuation, providing a high margin of safety [1][10] Financial Performance - 2023 revenue: 1410.0 billion yuan, up 6.8% year-on-year [1][4] - 2023 net profit attributable to shareholders: 104.3 billion yuan, down 33.4% year-on-year [1][4] - Q4 2023 revenue: 420.0 billion yuan, down 10.2% year-on-year [1][4] - Q4 2023 net profit attributable to shareholders: 17.6 billion yuan, down 45.8% year-on-year [1][4] - 2023 EPS: 1.97 yuan/share, with a proposed dividend of 9.6 yuan per 10 shares (tax included) [1][4] - 2023 operating cash flow: 201.1 billion yuan, up 108.4% year-on-year [1][7] - 2023 dividend payout ratio: 51.82%, including share repurchases [1][7] Business Highlights - Cement and clinker sales volume: 293 million tons, down 5.6% year-on-year, with self-produced sales volume at 285 million tons, up 0.72% year-on-year [1][5] - Aggregate business revenue: 3.86 billion yuan, up 73.3% year-on-year, with a gross margin of 48.3% [1][5] - Ready-mix concrete business revenue: 2.25 billion yuan, up 24.7% year-on-year, with a gross margin of 11% [1][5] - Overseas revenue: 4.67 billion yuan, up 17.8% year-on-year, with a gross margin of 30.1% [1][5] Future Outlook - 2024-2026 EPS forecast: 1.74/1.85/2.04 yuan/share, with corresponding P/E ratios of 12.8x/12.0x/10.9x [1][10] - 2024 planned capital expenditure: 15.2 billion yuan, showing a trend of convergence [1][7] - The company is expected to maintain its leading position in the industry, with cement profitability potentially bottoming out [1][10] Valuation and Metrics - 2023 P/E ratio: 11.3x [1][10] - 2023 P/B ratio: 0.63x [1][10] - 2023 EV/EBITDA: 8.8x [1][10] - 2023 ROE: 5.6% [1][10]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4]. Core Views - The company achieved revenue of 141 billion yuan and a net profit attributable to shareholders of 10.4 billion yuan in 2023, reflecting a year-on-year revenue growth of 7% but a decline in net profit by 33% [2][3]. - Despite a challenging real estate market leading to reduced cement demand, the company managed to slightly increase its market share, with self-produced cement and clinker sales reaching 285 million tons, up 0.7% year-on-year [3]. - The company plans to invest 152 billion yuan in capital expenditures in 2024, focusing on project construction, energy-saving upgrades, and acquisitions, which is expected to drive future growth [3]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 42 billion yuan, with a net profit of 1.8 billion yuan, showing a year-on-year decline of 10% in revenue and 46% in net profit [2][3]. - The average selling price of self-produced cement decreased to 273 yuan per ton, down 48 yuan year-on-year, leading to a gross profit margin of 16.6%, a decrease of 4.7 percentage points from the previous year [3]. Market Position - The company’s clinker production capacity reached 272 million tons, with cement capacity at 395 million tons and aggregate capacity at 149 million tons [3]. - The company’s market share has improved despite the overall industry facing a decline in demand due to the weak real estate sector [3]. Future Outlook - The company forecasts a net sales volume of 299 million tons for cement and clinker in 2024, with stable production costs expected [3]. - The projected net profit for 2024 is adjusted to 8 billion yuan, a 63% decrease from previous estimates, with further projections of 8.6 billion yuan for 2025 and 11.1 billion yuan for 2026 [3].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨海螺水泥（ ） 600585.SH [βTa制b约le_2T3it全le]年盈利下台阶，份额扩张依然在循 序推进 报告要点 [公Ta司bl披e_露Su2m0m23ar年y]报：营业收入达到1409.99亿元，同比增长6.80%；归属于上市公司股东的 净利润为104.30亿元，同比减少33.40%；扣除非经常性损益后的净利润为99.66亿元，同比 减少33.72%。 ...

公 司 研 证券研究报告 究 ＃industryId＃ 其他建材 ＃investSuggestion＃ ＃ ＃d 海yCo 螺mp 水any＃泥 （ 6 00585） investSug ＃title＃ 增持 ( 维ges持tion ）Ch 000009 水泥自产品销量平稳，现金流大幅改善 ange＃ ＃ createTime1＃ 2024年 03月 22日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ sum 公ma 司ry＃ ⚫ 披 露2023年报，2023全年实现营收1409.99亿元，较上年同比增长 司 市场数据日期 2024-03-21 6.80%，主要系其他业务增长所致，公司主营业务收入略有下降；实现归 点 收盘价（元） 22.63 母净利润104.30亿元，较上年同比减少33.40%。其中，2023Q4实现营业 评 总股本（百万股） 5299.30 收入 419.56 亿元，较上年同比减少 10.15%；实现归母净利润 17.58 亿 元，较上年同比减少45.78%。 报 流通股本（百万股） 5299.30 净资产（百万元） 185321.08 ⚫ 2023年分产品来看，公司的42.5及 ...

[Table_Page] 年报点评|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 22.63元/16.92港元 水泥主业盈利承压，骨料等业务贡献增量 合理价值 28.00元/20.93港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-03-22 ⚫ 公司发布2023年报，2023年实现收入1410亿元，同比+6.8%，归母 相[Ta对ble市_Pi场cQu表ote现] 净利润104亿元，同比-33.4%；单4季度收入420亿元，同比-10.15%， 归母净利润17.6亿元，同比-45.8%。 5% ⚫ 2023年公司销量增速好于行业，景气下滑致单位盈利下降。自产自销 -1% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 口径下，2023年公司水泥和熟料销量2.85亿吨，同比+0.7%，销量增 -6% 速好于行业、市占率有所提升。2023年公司水泥和熟料业务吨价格273 -11% 元（同比-48元），吨成本205 ...

公司研 究 证 券研究 报 告 水泥 2024年03月22日 海 螺水泥（600585）2023年报点评 推 荐 （维持） 目标价：30.00元 盈利或已触底，静待行业企稳回升 当前价：22.63元 事项： 华创证券研究所  公司发布 2023 年年报：公司 2023 年实现营收 1,410.0 亿元，同比+6.8%；归 证券分析师：王彬鹏 母净利104.3亿元，同比-33.4%。其中四季度单季实现营收419.6亿元，同比 -10.1%，归母净利润17.6亿元，同比-45.8%。 邮箱：wangbinpeng@hcyjs.com 执业编号：S0360519060002 评论： 证券分析师：鲁星泽  需求偏弱致使价格承压，市场份额逆势提升。2023年公司水泥熟料收入779.3 亿，同比-14.2%。销量方面，公司2023年自产水泥熟料销量2.85亿吨，同比 电话：021-20572575 +0.7%，好于行业平均（2023年全国水泥产量下滑0.7%）；其中下半年销量1.55 邮箱：luxingze@hcyjs.com 亿吨，同比持平。经我们测算，公司市占率升至14.09%，较2022年同期升高 执业编号：S ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's cement profitability continues to be under pressure due to weak demand, but it outperforms the industry, showcasing its competitive strength as a market leader [12][18] - The company reported a total revenue of 140.99 billion yuan in 2023, a year-on-year increase of 6.8%, while the net profit attributable to shareholders was 10.43 billion yuan, a decrease of 33.4% year-on-year [11][12] - The company plans to distribute a cash dividend of 0.96 yuan per share (before tax), with a payout ratio of 48.6% [11][16] Summary by Sections 1. Event - The company disclosed its 2023 annual report, achieving total revenue of 140.99 billion yuan, up 6.8% year-on-year, and a net profit of 10.43 billion yuan, down 33.4% year-on-year. In Q4 2023, the company recorded a revenue of 41.96 billion yuan, down 10.1% year-on-year, and a net profit of 1.76 billion yuan, down 45.8% year-on-year [11][12] 2. Commentary - Weak demand has led to continued pressure on the cement business's profitability, but the company has shown resilience, with sales of cement and clinker products reaching 285 million tons, a 0.7% increase year-on-year, outperforming the national average [12] - The average selling price per ton of self-produced products was 273 yuan, a decrease of 48 yuan year-on-year, while the gross profit per ton was 68 yuan, down 23 yuan year-on-year [12] - The company expanded its aggregate and commercial concrete capacity to 149 million tons and 39.8 million cubic meters, respectively, contributing to a revenue increase of 73.3% in the aggregate and mechanism sand business [12][16] 3. Profit Forecast and Investment Advice - The company is expected to benefit from mid-term fiscal tools and infrastructure investment growth, although the actual demand release and stabilization of real estate investment need to be observed [18] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 9 billion, 11.2 billion, and 12.9 billion yuan, respectively [18] - The company maintains a competitive advantage in cost leadership during industry downturns, and its expansion into upstream and downstream businesses provides new growth points [18]