Company Overview - The company changed its name from China Resources Cement Holdings Limited to China Resources Building Materials Technology Holdings Limited on November 3, 2023[5]. - As of the report date, the total number of issued shares is 6,982,937,817, with China Resources Group holding approximately 68.72% of the issued shares[5]. - The company was re-listed on the main board of the Stock Exchange on October 6, 2009, by way of a global offering[4]. - The company was originally incorporated on March 13, 2003, in the Cayman Islands as an exempted company with limited liability[3]. - The company was privatized in 2006 and subsequently withdrew its shares from the Stock Exchange on July 26, 2006[4]. - The company operates in the cement, concrete, and aggregates sectors under the China Resources Group[3]. - The company has a significant presence in the Chinese market, focusing on building materials technology[5]. - The company aims to enhance its market position through strategic investments and technological advancements in the building materials sector[5]. - The company has established a strong governance structure with various committees overseeing strategic and operational decisions[9]. - The company maintains relationships with multiple principal bankers to support its financial operations[14]. Production Capacity and Operations - As of December 31, 2024, the Group operates 101 cement grinding lines with an annual production capacity of 90.2 million tons and 49 clinker production lines with a capacity of 63.3 million tons[27]. - The Group has 68 concrete batching plants with an annual production capacity of 44.2 million cubic meters[27]. - In Guangdong, the Group has 32 cement production lines with a capacity of 27.7 million tons, and 12 clinker production lines with a capacity of 15.5 million tons[28]. - In Guangxi, the Group operates 35 cement production lines with a capacity of 34.8 million tons and 19 clinker production lines with a capacity of 27.9 million tons[28]. - The Group's products are primarily used in infrastructure projects such as railways, highways, and airports, as well as high-rise buildings and rural development[26]. - The Group's operations cover key provinces including Guangdong, Guangxi, Fujian, Hainan, Yunnan, Guizhou, Shanxi, and Hunan[26]. - The concrete production capacity in Guangdong is 16.0 million cubic meters, while in Guangxi it is 19.6 million cubic meters[28]. - The Group's cement and clinker production capacities are strategically located to support regional infrastructure needs[26]. - The total production capacity for cement, clinker, and concrete across all facilities is 90.2 million tons, 63.3 million tons, and 44.2 million cubic meters respectively[28]. Financial Performance - The Group's consolidated turnover for the year ended December 31, 2024, was RMB 23,037.8 million, a decrease of 9.8% compared to the previous year[40]. - The consolidated profit attributable to owners of the Company for the year was RMB 210.9 million, representing a decrease of 67.2% from the previous year[40]. - Basic earnings per share for the year was RMB 0.030, down from RMB 0.092 in the previous year[40]. - The Group's total annual production capacities include 64.7 million tons of cement, 37.0 million tons of clinker, and 8.4 million m³ of concrete[31]. - The Group's attributable annual production capacities are 22.3 million tons of cement, 12.0 million tons of clinker, and 3.9 million m³ of concrete[31]. - The Group's gearing ratio improved to 34.6% from 36.9% in the previous year[35]. - Total assets as of December 31, 2024, were RMB 71,963.1 million, slightly down from RMB 72,792.2 million in the previous year[35]. Market and Economic Context - In 2024, China's GDP grew by 5.0% year-on-year to RMB134.9 trillion, while national fixed asset investment (excluding rural households) increased by 3.2% year-on-year to RMB51.4 trillion[46]. - The GDPs of key provinces where the Group operates showed year-on-year increases, with Guangdong at RMB14.2 trillion (3.5%), Guangxi at RMB2.9 trillion (4.2%), and Fujian at RMB5.8 trillion (5.5%)[47]. - In 2024, approximately RMB4.7 trillion of new local government bonds were issued, with RMB4.0 trillion being new special bonds, and national infrastructure investments increased by 4.4% year-on-year[50]. - The floor space of new commodity housing sold in China decreased by 12.9% year-on-year to 970 million m², with sales amounting to RMB9.7 trillion, a decrease of 17.1%[51]. - The total cement production in China in 2024 was approximately 1,830 million tons, representing a year-on-year decrease of 9.5%[55]. - The Group's operational regions saw varied fixed asset investment changes, with some provinces like Hunan showing a 5.3% increase while others like Guizhou saw a decrease of 7.7%[44]. - The railway fixed asset investment reached approximately RMB850.6 billion in 2024, marking an 11.3% year-on-year increase, the highest in five years[50]. Environmental and Social Responsibility - The Group emphasizes corporate social responsibility, focusing on energy saving, emission reduction, and the development of new products and technologies[32]. - The Chinese government aims for 50% of cement and clinker production capacity to complete ultra-low emission upgrades by the end of 2025, with a target of 80% by the end of 2028[63]. - The "2024–2025 Action Plan for Energy Saving and Carbon Reduction" sets specific goals for reducing energy consumption per unit of GDP and carbon emissions per unit of GDP in the building materials industry[67]. - The comprehensive energy consumption per unit product of cement and clinker is targeted to decrease by 3.7% compared to 2020 by the end of 2025[63]. - The Chinese government emphasizes the importance of production safety and occupational health to foster sustainable development in the building materials industry[60]. - The introduction of policies aims to promote green, low-carbon transformation and high-quality development in the cement industry[60]. - The Group is focusing on green and sustainable development, promoting energy conservation and emission reduction initiatives[83]. - The Group's project for producing low-carbon cement and concrete from waste rocks was recognized as reaching international advanced levels, with key technologies achieving international leading status[88]. - The Group was ranked 13th in the "China Listed Companies ESG Pioneer 100" list for the second consecutive year, with a five-star ESG performance rating[88]. Technological Innovation - The Group is actively promoting R&D of new products and technologies, including raw material roller press and energy-saving carbon reduction technologies in cement grinding[87]. - The Group's intelligent logistics system upgrade was completed at 16 production plants, enhancing operational efficiency and reducing hardware maintenance costs[165]. - The Group's digital transformation project for marketing models was fully launched across all business sectors, achieving a 100% coverage rate[164]. - The Group developed a carbon capture and utilization research platform with an annual CO2 capture capacity of 100,000 tons, aiming for carbon neutrality in the cement industry[168]. - The independently developed cement carbon reduction and grinding aid technology has been applied at 10 new production plants, reducing the cement clinker coefficient by 4%–6%[170]. - The Group's R&D team consists of 552 technology professionals, including 150 dedicated R&D personnel[167]. - The Group's collaboration with Fuzhou University led to the formulation of technical guidelines for wear-resistant and low-shrinkage pavement cement, enhancing its competitive advantage in the market[138]. Production and Cost Management - The Group implemented a strategy to systematically reduce production costs, resulting in a significant reduction in the costs of most products compared to the corresponding period last year and the budget[113]. - The Group's coal cost represents a significant cause for volatility in cement production costs, making coal price fluctuations a principal risk[105]. - The Group is actively promoting the use of alternative fuels to reduce standard coal consumption per ton of clinker products compared to 2023[115]. - In 2024, the Group established a cost reduction management system across the entire value chain, focusing on production, procurement, logistics, and workforce efficiency to restore the advantage of the lowest total costs[117]. - The Group's total coal procurement in 2024 was approximately 6.3 million tons, a decrease from 6.6 million tons in 2023, with 68% sourced from northern China, 9% from nearby production areas, and 23% from overseas[127]. - The average coal price purchased in 2024 was RMB802 per ton, a decrease of 13.7% from RMB929 per ton in 2023, while the average coal cost per ton of clinker produced decreased by 14.9% to RMB104.3 from RMB122.6 in 2023[191]. - The average electricity cost decreased by 7.1% to RMB28.8 per ton of cement, with electricity consumption at 68.3 kWh per ton, and the company achieved a cost saving of approximately RMB669.8 million in 2024[194]. - The Group's focus on "Deepening Reform, Born Anew" aims to enhance core competitiveness and promote the application of intelligent, green, and high-end technologies[98]. Employee and Operational Management - As of December 31, 2024, the Group employed a total of 17,030 full-time employees, a decrease from 17,939 in the previous year[173]. - The total staff costs for the year were approximately RMB 2,829,743,000, down from RMB 3,056,899,000 in 2023[177]. - The Group launched the "2024 Outstanding Engineers Practical Advancement Project," training a total of 64 outstanding engineers[172]. - The Group's project management included monthly meetings and risk assessments to expedite project processes and ensure compliance with safety standards[123]. Sales and Market Performance - In 2024, the external sales volume of cement products decreased by 7.6 million tons, concrete increased by 3.7 million m³, and aggregates increased by 23.8 million tons, representing a decrease of 10.9%, an increase of 39.6%, and an increase of 52.1% respectively compared to 2023[182]. - The average selling prices of cement products, concrete, and aggregates in 2024 were RMB243.7 per ton, RMB319.5 per m³, and RMB36.4 per ton, reflecting decreases of 10.6% and 12.9% for cement and concrete, while aggregates increased by 2.8% compared to 2023[184]. - The internal sales volume of cement for concrete production was 2.6 million tons, representing 4.2% of total cement sales, an increase from 2.7% in 2023[183]. - The gross profit margins for cement products, concrete, and aggregates in 2024 were 15.1%, 12.2%, and 35.1% respectively, compared to 11.7%, 11.9%, and 54.3% in 2023[199]. - The Group achieved a brand terminal coverage rate of 95.4% and customer satisfaction rate of 98.2% in 2024, maintaining a satisfaction rate of no less than 98% for two consecutive years[143].

Revenue and Profit - Revenue for the three months ended March 31, 2025, was RMB 4,626.9 million, a decrease of 3.4% compared to RMB 4,788.4 million for the same period in 2024[3] - Profit attributable to owners of the company for the same period was RMB 107.0 million, a significant recovery from a loss of RMB 28.9 million in the previous year[3] - Basic earnings per share for the three months ended March 31, 2025, was RMB 0.015, compared to a loss of RMB 0.004 per share in the same period last year[3] - The total revenue for the period reached RMB 4,626,900,000, a decrease of 3.4% compared to RMB 4,788,400,000 in the same period of 2024[13] - The profit attributable to the owners of the company was RMB 107,000,000, compared to a loss of RMB 28,900,000 in the same period of 2024[15] Financial Position - Total assets as of March 31, 2025, were RMB 71,951.6 million, remaining stable compared to RMB 71,963.1 million as of December 31, 2024[3] - Equity attributable to owners of the company increased by 0.3% to RMB 44,241.9 million from RMB 44,121.2 million[3] - The debt-to-equity ratio increased to 36.0% from 34.6% in the previous period[3] - The company reported a net cash position of RMB 2,078.6 million as of March 31, 2025, compared to RMB 2,235.2 million at the end of December 2024[6] - The company’s total liabilities decreased to RMB 14,301.7 million from RMB 16,179.7 million, indicating improved financial stability[7] Gross Profit and Margins - Gross profit for the three months ended March 31, 2025, was RMB 755.4 million, up from RMB 661.5 million in the same period last year[5] - The gross profit for the period was RMB 755,400,000, an increase of 14.2% from RMB 661,500,000 in the same period of 2024[14] - The overall gross margin improved to 16.3%, up 2.5 percentage points from 13.8% in the same period of 2024[14] - The gross margin for cement products was 16.7%, for concrete was 13.2%, and for aggregates was 24.4%, with respective figures of 11.1%, 13.0%, and 35.3% in the same period of 2024[14] Dividends - The company did not declare any interim dividend for the period, consistent with the previous year[12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - The company reported a revenue of 23.038 billion yuan for 2024, a year-on-year decrease of 9.8%, and a net profit of 211 million yuan, down 67.2% year-on-year [2][4]. - The overall demand in the regional market is under pressure, with the company's cement segment sales declining by 10.9% year-on-year [2][8]. - The increase in management expenses, which reached 2.63 billion yuan, approximately 300 million yuan more than in 2023, significantly impacted performance [2][8]. Summary by Sections Financial Performance - In 2024, the company's cement products, concrete, and aggregate sales were 61.714 million tons, 13.209 million cubic meters, and 69.352 million tons, representing decreases of 10.9%, increases of 39.6%, and increases of 52.1% respectively compared to 2023 [8]. - The average selling prices for cement products, concrete, and aggregates were 243.7 yuan/ton, 319.5 yuan/cubic meter, and 36.4 yuan/ton, showing decreases of 10.6%, 12.9%, and an increase of 2.8% respectively year-on-year [8]. - The gross profit margins for cement products, concrete, and aggregates were 15.1%, 12.2%, and 35.1% respectively, compared to 11.7%, 11.9%, and 54.3% in 2023 [8]. Market Outlook - The overall cement production in China decreased by 9.5% year-on-year to approximately 1.83 billion tons in 2024 [8]. - The company is expected to see performance improvements in 2025 and 2026, with projected net profits of 1.1 billion yuan and 1.3 billion yuan, corresponding to price-earnings ratios of 11 and 9 times respectively [6][8]. - The South China market is anticipated to improve, with the Greater Bay Area construction providing momentum [8]. Business Expansion - The aggregate business is in a growth phase, with the company having an annual production capacity of approximately 108.6 million tons through its subsidiaries and joint ventures [8]. - The expected capital expenditure for 2025 is 2.52 billion yuan, which is a reduction compared to previous years [8].

丨证券研究报告丨 分析师及联系人 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 港股研究丨公司点评丨华润建材科技（1313.HK） [Table_Title] 期待华南市场改善，公司业绩弹性释放 报告要点 [Table_Summary] 公司发布 2024 年报，实现收入 230.38 亿元，同比下降 9.8%，实现净利润 2.11 亿元，同比下 降 67.2%。区域市场需求整体承压，公司全年水泥板块销量同比下滑 10.9%；同时报告期内公 司管理费用 26.3 亿，相比 2023 年增加约 3 亿元，也成为业绩的一大拖累。 请阅读最后评级说明和重要声明 公司发布 2024 年报，实现收入 230.38 亿元，同比下降 9.8%，实现净利润 2.11 亿元，同比下 降 67.2%。 事件评论 ⚫ 预计公司 2025-2026 年业绩为 11、13 亿，对应 PE 为 11、9 倍，买入评级。 %% %% %% %% research.95579.com 1 华润建材科技（1313.HK） cjzqdt11111 [ ...

风险提示：需求断崖式下滑、供给侧调控放松。 -23% -5% 13% 31% 49% 67% 2024/3 2024/4 2024/5 2024/6 2024/7 2024/8 2024/9 2024/10 2024/11 2024/12 2025/1 2025/2 2025/3 52周内股价走势图 华润建材科技 恒生指数 [Table_Report] 相关报告 | [table_Authors] 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | [当前价格 Table_CurPrice] (港元)： | 1.85 | | --- | --- | --- | --- | --- | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | [Table_Market] | | | 登记编号 S0880513070005 | S0880521010001 | S0880123070145 | 交易数 ...

港股公司报告 | 公司点评 华润建材科技（01313） 证券研究报告 优质资产或被显著低估，维持"买入"评级 25 年水泥涨价盈利弹性可期，优质资产或被显著低估 公司 24 年全年实现归母净利润 2.11 亿元，同比下降 67.25% 公司发布 24 年年报，全年实现收入/归母净利润 230.38/2.11 亿元，同比 -10.47%/-67.25%，实现扣非归母净利润 2.11 亿元，同比-36.73%。其中 Q4 单季度实现收入 70.4 亿元，同比-16.4%，归母净利润-0.98 亿元，同比增 亏，扣非归母净利润-0.98 亿元，同比减亏。24 年公司共计提减值 5 亿元， 其中商誉/固定资产/存货减值分别计提 2.68/1.59/0.66 亿元。 水泥主业量价有所下滑，25 年水泥涨价盈利弹性可期 24 年公司水泥熟料收入 1.5 亿元，同比下降 20%，销量同比-11%达 6171 万吨，测算吨均价同比下滑 29 元（-11%）达 244 元，吨成本同比下降 33 元（-14%）达 207 元，主要受煤炭采购价格同比降低 14%影响，吨毛利同 比提升 4 元（+13%）达 37 元。Q4 水泥价格 ...

华润建材科技 (1313 HK) 证券研究报告 港股通 Q4 毛利率环比改善，期待盈利弹性 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 17 日│中国香港 | 水泥 | 公司公布 24 年业绩：24 年公司实现收入/归母净利 230.4/2.11 亿元，同比 -9.8%/-67.2%，24H2 收入/归母净利 125.9/0.5 亿元，同比-11.3%/-44.1%， 归母净利符合业绩预告，主要系水泥价格回落及减值损失增加。我们认为随 着节后开工实物量逐步恢复及错峰生产执行背景下，水泥价格中枢有望抬 升，叠加骨料业务高速扩张，公司作为华南龙头有望持续受益，维持"买入"。 Q4 毛利率环比显著改善，骨料全年销量高增 24 年公司水泥/混凝土/骨料业务实现收入 150.4/41.6/25.2 亿元，同比 -20.4%/+21.6%/+56.2%，其中销量同比-10.9%/+39.6%/+52.1%，对应均 价 同 比 -10.6%/-12.9%/+2.8% ； 毛 利 率 为 15.1%/12.2%/35.1% ，同比 +3.4/+0.3/-19.2p ...

Financial Performance - Revenue for the year 2024 was RMB 23,037.8 million, a decrease of 9.8% compared to RMB 25,549.6 million in 2023[3]. - Profit attributable to the owners of the company for 2024 was RMB 210.9 million, down 67.2% from RMB 643.8 million in 2023[3]. - Basic earnings per share for 2024 were RMB 0.030, compared to RMB 0.092 in 2023[8]. - Total comprehensive income for the year was RMB 80.1 million, down from RMB 578.4 million in 2023[8]. - The total revenue for the cement division was RMB 15,039,498, for the concrete division was RMB 4,161,956, and for aggregates and others was RMB 3,836,335, resulting in a total revenue of RMB 23,037,789 for the year ended December 31, 2024[20]. - The total revenue for the cement division was RMB 18,885,692, for the concrete division was RMB 3,423,245, and for aggregates and others was RMB 3,240,711, resulting in a total revenue of RMB 25,549,648 for the year ended December 31, 2023[22]. - The operating profit for the cement division was RMB 829,450, for the concrete division was RMB 236,590, and for aggregates and others was RMB 480,096, totaling an operating profit of RMB 1,546,136 for the year ended December 31, 2024[21]. - The operating profit for the cement division was RMB 814,698, for the concrete division was RMB 129,434, and for aggregates and others was RMB 815,636, totaling an operating profit of RMB 1,759,768 for the year ended December 31, 2023[22]. - The pre-tax profit for the year 2024 was RMB 449,529, compared to RMB 913,823 for the year 2023, indicating a significant decline[21][22]. - The net profit margin for 2024 was 0.5%, down from 2.4% in 2023, reflecting a decrease of 1.9 percentage points[101]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 71,963.1 million, a decrease of 1.1% from RMB 72,792.2 million in 2023[3]. - The company's equity attributable to owners remained stable at RMB 44,121.2 million in 2024, compared to RMB 44,108.5 million in 2023[3]. - The debt-to-equity ratio improved to 34.6% in 2024 from 36.9% in 2023[3]. - As of December 31, 2024, the group's cash and bank balances were RMB 2,632.99 million, down from RMB 2,888.05 million in 2023[103]. - The total bank loans as of December 31, 2024, were RMB 14,067.71 million, a decrease from RMB 16,090.11 million in 2023[105]. - The group has unutilized bank loan facilities of RMB 28,093.2 million as of December 31, 2024[106]. Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.01 per share, up from HKD 0.006 in 2023[3]. - The total dividends declared for 2024 amount to RMB 166,150,000, down from RMB 319,989,000 in 2023, with the interim dividend per share decreasing from HKD 0.041 to HKD 0.02[29]. - The board has proposed a final dividend of 0.01 HKD per share for the year ending December 31, 2024, compared to 0.006 HKD per share for the previous year[121]. - The interim dividend for 2024 is set at 0.02 HKD per share, down from 0.041 HKD per share in 2023[121]. - The company will suspend share transfer registration from May 26, 2025, to May 30, 2025, to determine shareholder eligibility for voting at the annual general meeting[123]. Operational Efficiency - The company achieved a cement production line utilization rate of 69.2%, a decrease from 71.8% in 2023, while concrete and aggregate utilization rates were 33.9% and 85.9%, respectively[57]. - The company’s cost management strategy led to a significant reduction in production costs, with most product costs decreasing compared to the previous year[58]. - The company’s production lines meeting the GB16780 energy consumption standards increased to 18, representing 42% of total capacity, up from 14 lines in 2023[58]. - The company has implemented a digital transformation project across all major regions, achieving 100% coverage in marketing model digitization, with a cumulative shipment volume of approximately 280 million tons and 45,000 registered users on the e-commerce platform by the end of December 2024[79]. - The company has established a smart logistics system across 16 bases, reducing hardware failure rates and operational costs, and simplifying the delivery process for drivers[78]. Employee and Cost Management - The total employee costs for 2024 amounted to RMB 2,829,743, down from RMB 3,056,899 in 2023, reflecting a decrease of approximately 7.4%[26]. - The company employed a total of 17,030 employees as of December 31, 2024, a decrease from 17,939 employees in the previous year[85]. - General and administrative expenses increased by 13.3% to RMB 2,630.1 million in 2024 from RMB 2,322.1 million in 2023, accounting for 11.4% of total revenue, up from 9.1% in 2023[97]. - In 2024, sales and distribution expenses amounted to RMB 425 million, a decrease of 16.0% from RMB 506.2 million in 2023, representing 1.8% of total revenue compared to 2.0% in 2023[96]. Market and Economic Outlook - In 2024, China's GDP is projected to grow by 5.0% to RMB 134.9 trillion, with fixed asset investment (excluding rural households) increasing by 3.2% to RMB 51.4 trillion[36]. - The total investment in infrastructure (excluding electricity, heat, gas, and water production and supply) is expected to rise by 4.4% in 2024[38]. - The new construction area of commercial housing in China decreased by 12.9% year-on-year to 970 million square meters in 2024[40]. - The Chinese government aims for a GDP growth target of approximately 5% for 2025, with a consumer price increase target of around 2%[113]. - A total of 1.3 trillion RMB in special long-term bonds and 4.4 trillion RMB in local government special bonds are planned to support infrastructure construction[113]. Environmental and Technological Initiatives - The company has developed a carbon capture and utilization integrated industrial process with an annual CO2 capture capacity of 100,000 tons, promoting green innovation and carbon neutrality in the cement industry[81]. - The company has developed a new cement carbon reduction grinding aid technology, which has been applied in 10 new bases, reducing clinker consumption by 4% to 6%[81]. - The company has received recognition for its technological advancements, including a project that achieved international advanced levels in low-carbon cement production[55]. - The company has established 10 industrial parks to enhance business collaboration and strengthen its market position in the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan[53]. - The company plans to promote the application of energy-saving and carbon-reduction technologies in cement grinding and has developed new raw material additives[55]. Strategic Focus and Future Plans - The company plans to focus on urban renewal actions and infrastructure construction, with a target of exceeding 58,000 old urban community renovations in 2024[40]. - The company plans to strengthen its core businesses in cement, aggregates, and concrete while enhancing cost reduction across the entire value chain[116]. - The company will increase its investment in technology research and development to promote intelligent, green, and high-end technology applications[116]. - The group aims to maintain a high long-term contract fulfillment rate with major coal suppliers and increase the proportion of imported coal from Australia[64]. - The group is actively promoting special products such as nuclear power cement and road silicate cement, with significant applications in major infrastructure projects in Southwest China[67]. Governance and Management - The company expressed gratitude to the board, management team, and all employees for their contributions to high-quality business development[127]. - The chairman acknowledged the ongoing trust and support from shareholders, customers, suppliers, business partners, and other stakeholders[127]. - The management team is dedicated to ensuring the company's growth and sustainability in the market[127]. - The board of directors is committed to overseeing the company's strategic direction and operational efficiency[127].

Investment Rating - The report maintains a "Buy" rating for Huarun Building Materials Technology (1313 HK) [7] Core Views - The report expects price elasticity in the South China market in Q4 2024, driven by seasonal factors and regional supply-demand dynamics [3][4] - The Greater Bay Area construction provides medium-term growth momentum for the South China cement market [5] - The company's strategic shift from market share to collaboration has had an immediate positive impact on regional prices [5] - The company's aggressive expansion into aggregates is entering a harvest period, providing a new growth curve [5] Financial Performance - In the first three quarters of 2024, the company reported revenue of 16 billion yuan, down 6% YoY, and net profit of 310 million yuan, down 52% YoY [3] - Q3 2024 net profit was 140 million yuan, up 77% YoY [3] - Cement and clinker sales volume was 43 86 million tons, down 7% YoY [4] - Ready-mixed concrete sales volume was 8 29 million cubic meters, up 33% YoY [4] - Aggregates sales volume was 46 28 million tons, up 71% YoY [4] Market Dynamics - National cement production in the first three quarters of 2024 was 1 327 billion tons, down 10 7% YoY [3] - New housing construction starts in the first three quarters of 2024 decreased by 22 2% YoY [3] - Infrastructure investment (excluding power, heat, gas, and water supply) grew by 4 1% in the first three quarters of 2024, lower than the 5 9% growth in 2023 [3] - Cement prices in the Yangtze River Delta region have increased by approximately 100 yuan/ton since October 2024 [4] Company Strategy - The company shifted its pricing strategy from market share to collaboration in Q2 2024, leading to significant price elasticity [5] - The company is well-positioned as a regional leader with scale and location advantages [5] - The company's aggregates business is becoming a significant contributor to growth [5] Industry Outlook - Fiscal policy adjustments and increased liquidity injection by the central bank in October 2024 are expected to benefit the cement sector [5] - Debt resolution efforts may reduce interest expenses and open up mid-term leverage space, potentially improving infrastructure demand [5] - Industry supply-side changes, including overcapacity management and carbon trading, may lead to cost increases for small enterprises and strengthen collaboration [5] Valuation - The report forecasts net profits of 660 million yuan and 1 16 billion yuan for 2024 and 2025, respectively, with corresponding P/E ratios of 19x and 11x [5]

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。 (於開曼群島註冊成立之有限公司) （股份代號：1313） 截至二零二四年九月三十日止九個月 之未經審核財務資料 | --- | --- | --- | --- | |------------------------------------------------------------------------------------|-----------------------------|-----------------------------------------------------------------|-----------------| | | \n二零二四年 （未經審核） | 截至九月三十日止九個月 \n二零二三年 （未經審核） \n（經重列） | 減少 | | 營業額 （人民幣百萬元） 本公司擁有人應佔盈利 （人民幣百萬元） | 15,774.6 308.6 | 18,146. ...