Investment Rating - The report maintains a "Strong Buy" investment rating for Conch Cement [2][11]. Core Views - The cement industry is experiencing continued weakness, but Conch Cement is leveraging both organic growth and overseas expansion to create new opportunities [5][11]. - In 2024, Conch Cement's revenue is projected to be 91.03 billion yuan, a year-on-year decline of 35.44%, with a net profit attributable to shareholders of 7.70 billion yuan, down 26.21% [3][12]. - The company has seen a decrease in sales volume due to weak industry demand, but prices have rebounded since the third quarter of 2024, positively impacting profit margins [3][4]. Summary by Sections Financial Performance - In 2024, Conch Cement's self-produced cement sales volume was 26.8 million tons, a decrease of 5.96% year-on-year [3]. - The average selling price of cement in 2024 was 214.17 yuan/ton, down 21.68% year-on-year [3]. - The comprehensive gross margin for Q1 2025 improved to 22.88%, up 5.13 percentage points year-on-year, offsetting the impact of declining sales volume [4]. Market Position - Conch Cement has maintained a market share increase despite a 9.50% decline in national cement production in 2024, showcasing its cost advantages [4]. - The company is positioned as a leading national cement producer, benefiting from its scale and cost efficiency [4]. Growth Opportunities - The current industry downturn has accelerated Conch Cement's market share growth and provided opportunities for external expansion [5]. - The company is actively pursuing regional capacity consolidation and has established offices in Africa and South America, with production lines in Uzbekistan and Cambodia expected to commence operations in early 2025 [5]. Profit Forecast - The forecasted net profits for Conch Cement from 2025 to 2027 are 9.36 billion yuan, 10.40 billion yuan, and 11.64 billion yuan, respectively, with corresponding EPS of 1.77 yuan, 1.96 yuan, and 2.20 yuan [5][12].

海螺水泥(600585.SH) 业绩如期改善，在手现金充足 公 司 报 告 建材 2025年04月30日 推荐 ( 维持) 股价:24.43元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.conch.cn | | 大股东/持股 | 安徽海螺集团有限责任公司/36.40% | | 实际控制人 | 安徽省国有资产监督管理委员会 | | 总股本(百万股) | 5,299 | | 流通A股(百万股) | 4,000 | | 流通B/H股(百万股) | 1,300 | | 总市值(亿元) | 1,239 | | 流通A股市值(亿元) | 977 | | 每股净资产(元) | 35.89 | | 资产负债率(%) | 20.5 | 行情走势图 相关研究报告 【平安证券】海螺水泥（600585.SH）*事项点评*Q1 业绩延续改善，水泥防御价值凸显*推荐20250409 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 事项： 海螺水泥公布2025年一季报，期内实现营收190.5亿元，同比下滑10.7% ...

Core Insights - The company reported Q1 2025 results with revenue of 19.051 billion yuan, a year-on-year decrease of 10.67%, while net profit attributable to shareholders was 1.810 billion yuan, an increase of 20.51%, aligning with previous performance forecasts [1] Financial Performance - In Q1 2025, the company's cement production decline narrowed, with national cement output totaling 331 million tons, a year-on-year decrease of 1.4%. This indicates a gradual release of infrastructure projects, suggesting a potential easing of supply-demand conflicts in the cement market [1] - The company's gross margin significantly improved to 29.67%, up 8.09 percentage points year-on-year. The selling, administrative, research and development, and financial expense ratios were 3.95%, 7.27%, 0.92%, and -0.92%, respectively, with year-on-year increases of 0.58, 0.96, 0.05, and 0.27 percentage points. The total expense ratio rose by 1.86 percentage points to 11.22% [1] - The company recorded a net profit margin of 9.32%, an increase of 2.34 percentage points year-on-year, attributed to rising cement prices, reduced costs, and increased sales volume [1] Cash Flow and Pricing Strategy - The company experienced a significant increase in operating cash flow, with a net cash flow of 503 million yuan, a year-on-year increase of 343 million yuan, or 214.92%. The collection ratio was 110.79%, down 6.77 percentage points year-on-year, indicating improved collection performance [2] - The company anticipates further price increases in cement, with some companies in East China announcing a third round of price hikes of 20 yuan per ton, and plans for a second round of increases of 30 yuan per ton in Hubei and surrounding areas starting April 1 [2] - The company expects that the ongoing price increases in cement, coupled with increased infrastructure spending, will positively impact profitability and performance in 2025 [2] Profit Forecast - The profit forecast has been slightly adjusted, with expected net profits attributable to shareholders of 10.90 billion, 12.02 billion, and 12.30 billion yuan for 2025-2027, representing year-on-year growth of 41.6%, 10.3%, and 2.3%, respectively. The corresponding P/E ratios based on the closing market value on April 29, 2025, are 11.9x, 10.8x, and 10.5x [3]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 19,051,478,805, a decrease of 10.67% compared to CNY 21,327,718,918 in the same period last year[4] - Net profit attributable to shareholders increased by 20.51% to CNY 1,810,438,616, up from CNY 1,502,318,719 year-on-year[4] - Basic and diluted earnings per share rose by 20.54% to CNY 0.34, compared to CNY 0.28 in the same period last year[4] - Operating profit for Q1 2025 increased to CNY 2,164,694,613, compared to CNY 1,708,154,090 in Q1 2024, reflecting a growth of 26.67%[18] - The total profit for the first quarter of 2025 was CNY 2,315,048,871, compared to CNY 1,915,691,973 in the same period of 2024, representing an increase of approximately 20.9%[19] - The company's net profit margin improved to 11.36% in Q1 2025 from 8.01% in Q1 2024[18] - The total comprehensive income for the first quarter was CNY 2,059,522,784, compared to CNY 1,385,793,521 in the same period last year, reflecting an increase of approximately 48.7%[19] Cash Flow and Investments - The net cash flow from operating activities surged by 214.92% to CNY 502,573,548, compared to CNY 159,585,210 in the previous year[4] - Cash inflow from investment activities totaled CNY 7,934,349,457, compared to CNY 5,713,568,285 in the previous year, marking an increase of approximately 38.9%[23] - The net cash flow from investment activities was negative at CNY -254,304,451, an improvement from CNY -847,235,460 in Q1 2024[24] - The company's operating cash inflow decreased to CNY 21,463,831,387 from CNY 25,451,623,532 year-over-year, a decline of about 15.5%[23] - The company reported a decrease in cash and cash equivalents by CNY 502,704,842, compared to a decrease of CNY 103,790,182 in the same quarter last year[24] - The company's cash and cash equivalents decreased to CNY 63,948,787,201 from CNY 70,229,347,994, a decline of 8.14%[14] - The company’s cash and cash equivalents at the end of Q1 2025 stood at CNY 15,834,442,001, compared to CNY 11,468,225,840 at the end of Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 254,734,648,958, a slight increase of 0.04% from CNY 254,635,243,900 at the end of the previous year[5] - Total liabilities decreased to CNY 52,127,134,396 from CNY 54,257,807,200, a reduction of 4.00%[16] - Accounts receivable increased to CNY 3,269,011,095 from CNY 3,773,192,484, indicating a decrease of 13.36%[14] - Long-term equity investments rose to CNY 7,859,694,095 from CNY 7,775,668,868, an increase of 1.08%[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 209,238[9] - The largest shareholder, Anhui Conch Group Co., Ltd., holds 36.40% of the shares, totaling 1,928,870,014 shares[9] Research and Development - Research and development expenses for Q1 2025 were CNY 175,456,487, a slight decrease from CNY 185,757,727 in Q1 2024[18] Other Information - The company did not report any significant new product developments or market expansion strategies during this quarter[11] - The net profit from non-recurring items amounted to CNY 147,809,041, with significant contributions from government subsidies and asset disposals[6] - The weighted average return on equity increased by 0.15 percentage points to 0.96% from 0.81%[4]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 19,051,478,805, a decrease of 10.67% compared to CNY 21,327,718,918 in the same period last year[7] - Net profit attributable to shareholders increased by 20.51% to CNY 1,810,438,616 from CNY 1,502,318,719 year-on-year[7] - Basic and diluted earnings per share rose by 20.54% to CNY 0.34 from CNY 0.28 in the previous year[7] - Net profit for Q1 2025 reached RMB 1.78 billion, an increase of 19.33% from RMB 1.49 billion in Q1 2024[20] - The company reported a total profit of RMB 2.32 billion for Q1 2025, up 20.92% from RMB 1.92 billion in Q1 2024[20] Cash Flow and Liquidity - The net cash flow from operating activities surged by 214.92% to CNY 502,573,548, primarily due to a decrease in procurement costs of raw materials[10] - Cash flow from operating activities for Q1 2025 was RMB 502.57 million, significantly up from RMB 159.59 million in Q1 2024[21] - Cash inflow from investment activities in Q1 2025 totaled RMB 7.93 billion, an increase from RMB 5.71 billion in Q1 2024[21] - Net cash flow from financing activities was negative at approximately -¥747.84 million, contrasting with a positive net cash flow of ¥580.43 million previously[22] - The company experienced a net decrease in cash and cash equivalents of approximately -¥502.70 million, compared to -¥103.79 million in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 254,734,648,958, reflecting a slight increase of 0.04% from CNY 254,635,243,900 at the end of the previous year[7] - The total liabilities decreased to RMB 52,127,134,396 from RMB 54,257,807,200, a reduction of approximately 3.93%[17] - Total non-current assets reached RMB 164,355,534,399, up from RMB 160,873,209,606, marking an increase of about 2.93%[16] - The company's cash and cash equivalents were RMB 63,948,787,201, down from RMB 70,229,347,994, indicating a decrease of about 9.14%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 209,238[11] - The largest shareholder, Anhui Conch Group Co., Ltd., held 36.40% of the shares, totaling 1,928,870,014 shares[11] - The equity attributable to shareholders increased by 1.21% to CNY 190,205,296,702 from CNY 187,940,358,985 at the end of the last fiscal year[7] Expenses and Investments - Research and development expenses for Q1 2025 were RMB 175.46 million, slightly down from RMB 185.76 million in Q1 2024[19] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was approximately ¥2.38 billion, a decrease from ¥2.97 billion[22] - Cash outflow from investment activities totaled approximately ¥8.19 billion, compared to ¥6.56 billion in the previous period[22] Other Financial Metrics - Non-recurring gains and losses totaled CNY 147,809,041 during the reporting period[8] - The company had a weighted average return on equity of 0.96%, an increase of 0.15 percentage points from 0.81% in the previous year[7] - Other comprehensive income after tax for Q1 2025 was RMB 284.19 million, compared to a loss of RMB 102.09 million in Q1 2024[20] - The company achieved an investment income of RMB 70.39 million in Q1 2025, a significant increase from RMB 20.55 million in Q1 2024[19] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may involve adjustments to the financial statements[22]

海螺水泥（600585）公告，2025年第一季度营收为190.51亿元，同比下降10.67%；净利润为18.1亿元， 同比增长20.51%。 ...

Anhui Conch Cement Company Limited 关于附属公司 2025 年度第一期绿色中期票据发行结果 的公告 证券代码：600585 证券简称：海螺水泥 公告编号：临 2025-17 安徽海螺水泥股份有限公司 上述详情请见本公司分别于 2024 年 4 月 10 日、2024 年 5 月 17 日、2024 年 5 月 31 日及 2024 年 7 月 30 日在上海证券交易所网站披露的 2024 年第 16、19、21、 28 号临时公告。 于 2025 年 4 月 23 日，海螺环保集团发行了 2025 年度第一期绿色中期票据，现 将发行结果公告如下： | 名称 | 安徽海螺环保集团有限公司 2025 | 简称 | 25 | 海螺环保 | | | --- | --- | --- | --- | --- | --- | | | 年度第一期绿色中期票据 | | GN001 | | | | 代码 | 132580034 | 期限 | 年 3 | | | | 起息日 | 年 月 日 2025 4 25 | 兑付日 | 年 2028 4 | 月 | 日 25 | | 计划发行总额 | 亿元 ...

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） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《關於附屬公司 2025 年度第一期綠色中期票據發行結果的公告》，僅供參閱。 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 二零二五年四月二十五日 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。 证券代码：600585 证券简称：海螺水泥 公告编号：临 2025-17 安徽海螺水泥股份有限公司 Anhui Conch Cement ...

重要内容提示： 证券代码：600585 证券简称：海螺水泥 公告编号：2025-16 安徽海螺水泥股份有限公司 关于召开2024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。 股东大会召开日期：2025年5月29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 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024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：2025 年 5 月 29 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2025 年 5 月 29 日 至2025 年 5 月 29 日 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 9:15-9: ...

此乃要件 請即處理 閣下如對本通函任何內容或應採取之行動有任何疑問，應諮詢閣下之持牌證券交易商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下全部安徽海螺水泥股份有限公司（「本公司」）股份，應立即將本通函及 隨附代理人委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、持牌證券交易商或其他代 理商，以便轉交買主或承讓人。 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通函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 ANHUI CONCH CEMENT COMPANY LIMITED 00914 建議： 1. 利潤分配方案（包括擬宣派末期股息）； 2.《未來三年分紅規劃(2025-2027)》； 3.《2025年度中期利潤分配方案》； 4. 續聘2025財政年度審計師及決定審計師費用； 5. 本集團向其附屬公司提供擔保； 6. 修訂《股東大會議事規則》； 7. 修訂《董事會議事規則》； 8. 修訂《公司章程》； 9. 授出發行授權； 10. 授出購回授權；及 11. 選舉或重選及 ...