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 2024-19 关于取消拟为附属公司注册发行中期票据提供担保 计划的公告 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。 2024 年 4 月 9 日，经安徽海螺水泥股份有限公司（以下简称"公司"或"本公 司"）董事会审议批准，公司非全资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")拟注册发行不超过人民币 30 亿元（含 30 亿元）中期票据，并由 本公司为其提供担保。详情请见公司于 2024 年 4 月 10 日在上海证券交易所网站披 露的《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》（临 2024-16）,截止目前，上述事项尚未经本公司股东大会审议批准，本公司尚未就上述 事项签署任何担保协议。 因海螺环保集团其他股东无法向本公司的担保提供反担保，根据《省国资委关 于加强省属企业融资担保管理工作的通知》（皖国资产权〔2022〕34 号）关于严 ...

需求目前的总体上就是从一季度来看跟去年来比较还是偏弱的整个因为房地产的影响还是非常大基建方面确实正如你所讲的实际上还是有所支撑否则的话一季度的下滑的量有可能更大 今年的跟去年比较最大的一个趋势就是去年三月份的时候趋势非常好因为大家考虑到一方面是新一届政府以及疫情恢复可能会正面的所以去年三月份是非常量价态势都非常好今年的三月份就是非常疲软当然有这方面的因素的影响还有今年三月份的天气确实比去年比较差一点 但从四月份我们来看价格大家也在推涨四月份的我们从出货的趋势来看跟去年基本上差不多从我们公司的出货能量来看但是总体上就是到五月份从我们这几天来看基本上是稳定的跟去年的一个趋势 就今年四月份和五月份我们出货的情况跟今年差不多,但总体上今年的价格确实还是比较疲弱的,无论是四月份还是五月份。正常情况下,像我们在旺季,像去年三月份就推价推了两次,有的地方推了三次,今年就四月份推了一次价格,现在推的都比较艰难,就五月份基本上都还没有推价格。 就不是说感觉非常旺盛积极的这个需求的增长相对的呢当然也没有像这个像这个一季度的那种整容量的非常体弱就至少现在相对的是一个销售的天气啊各方面还是旺季如果扣去少量的大面积的英语轻体影响我们的 ...

海螺水泥交流240507财通原文 2024年05月07日16:46 发言人100:05 11.8如果是全口径的话，是下降了16.28%，其中三月份是下降的特别多。三月份行业是同比同口径下降 了22%，全国均价25%。公司一季度的水泥资产品的同比下降是8%，水泥销量维持在一个比较稳定的状 况。因为二月份是过年，所以2份比较低，其他平均每个月也有，日均有80万吨，所以一季度的水泥的 资产品的经销量有5500多万吨。总体而言的话，公司在全行业亏损的情况下，公司其实业绩是保持了一 个比较稳定。虽然有一定的下降，但是下降的幅度是优于行业的。近期因为天气的回暖，因为前两天是 五一劳动节，所以销量可能还是比较少。因为放假，然后最近两天的话销量是有明显的恢复，已经基本 上恢复到之前的八九成左右 发言人201:17 好的，明白。会议秘书，您播报一下提问方式。 发言人301:25 大家好，如需提问电话端的参会者，请先按话机上的星号键，再按数字一，网络端的参会者，您可以在 直播间互动区域内文字提问，或点击旁边的举手按钮申请语音提问，谢谢。大家好，如需提问电话端的 参会者，请先按话机上的星号键，再按数字一。网络端的参会者，您可以在直 ...

%% 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 [Table_Title] 需求淡季，赚取成本溢价 24Q1 报告要点 [公Ta司bl披e_露Su一m季m报ar，y]2024Q1营收约213.28亿元，同比减少32.08%；归属净利润约15.02亿元， 同比减少41.14%。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a significant decline in Q1 2024 revenue and net profit, with total revenue of 21.33 billion and net profit of 1.50 billion, representing year-on-year decreases of 32.1% and 41.1% respectively [3] - The cement industry is experiencing a downturn, with national cement production down 11.8% year-on-year in Q1, leading to intensified market competition and lower prices [3] - Despite the challenges, the company has shown effective cost control, with total expenses down 10.3% year-on-year, and a gross margin improvement to 17.7% [3] - The company is expected to maintain its competitive edge through cost leadership and expansion into new growth areas, including aggregate and concrete production [4] Financial Performance Summary - The company’s total revenue for 2022 was 132.02 billion, with projections of 150.99 billion for 2024, reflecting a year-on-year growth of 7.09% [2] - The net profit attributable to shareholders is projected to decline from 10.43 billion in 2023 to 9.02 billion in 2024, indicating a year-on-year decrease of 13.50% [2] - The latest diluted EPS is forecasted to be 1.70 yuan per share for 2024, with a P/E ratio of 13.68 based on the closing price on April 29 [2][4] Industry Outlook - The cement industry is expected to continue facing challenges in demand recovery, with inventory control relying on staggered production halts [3] - The company plans to increase its aggregate production capacity by 25.5 million tons and ready-mixed concrete capacity by 7.2 million cubic meters, indicating a steady expansion strategy [3] - The report suggests that the company’s internationalization efforts may provide new growth opportunities amid the current market conditions [4]

公司报告 | 季报点评 海螺水泥（600585） 证券研究报告 2024年04月 29日 投资评级 盈利底部或已逐渐夯实，水泥涨价有望带动业绩边际改善 行业 建筑材料/水泥 6个月评级 买入（维持评级） 当前价格 22.77元 公司一季度实现扣非归母净利润13.68亿元，同比下滑36.56% 公司发布 24 年一季报，24Q1 实现收入/归母净利润 213.28/15.02 亿元， 目标价格 29.15元 同比-32.08%/-41.14%，实现扣非归母净利润13.68亿元，同比-36.56%，非 经常性损益主要系计入当期损益的政府补助。 基本数据 A股总股本(百万股) 3,999.70 24Q1水泥量价或同步承压，Q2价格有望反弹 流通A股股本(百万股) 3,999.70 1-3 月全国水泥产量同比-11.8%，公司主要区域在华东地区，1-3 月水泥 A股总市值(百万元) 91,073.23 产量同比-10%，考虑到公司龙头地位，我们判断公司销量下滑幅度或低于 流通A股市值(百万元) 91,073.23 全国水平。价格方面，我们计算一季度华东地区水泥均价363 元/吨，同比 -80 元，公司吨均价同比或有下 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 30.00 CNY per share, corresponding to a 2024 PE of 18x [2][4]. Core Views - The company's performance in Q1 2024 met expectations, showcasing its competitive strength amid industry pressures. Revenue for Q1 2024 was 21.328 billion CNY, a year-on-year decline of 32.08%, while net profit attributable to shareholders was 1.502 billion CNY, down 41.14% year-on-year [2]. - The report anticipates that the cement price in the Yangtze River region may have bottomed out, with expectations for demand recovery. Recent price increases in the East China region indicate a potential for improved profitability as supply constraints are expected to strengthen [2]. - The company's integrated business is rapidly developing, with significant capital expenditures planned for 2024, including new clinker and cement capacities [2]. Financial Summary - For 2023, total revenue is projected at 140.999 billion CNY, with a year-on-year growth rate of 6.8%. However, for 2024, revenue is expected to decline by 1.7% to 138.578 billion CNY [9]. - The net profit for 2023 is estimated at 10.430 billion CNY, reflecting a significant year-on-year decrease of 33.4%. The forecast for 2024 shows a further decline to 8.897 billion CNY, down 14.7% [9]. - The earnings per share (EPS) for 2024 is adjusted to 1.68 CNY, with corresponding PE ratios of 14x for 2024, 12x for 2025, and 11x for 2026 [2][9].

[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].