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《农村公路条例》发布,水泥等基建材料有望受益
SINOLINK SECURITIES· 2025-07-23 15:38
Investment Rating - The report suggests a positive outlook for the industry, particularly in the context of rural road development and related materials [6][13]. Core Insights - The introduction of the "Rural Road Regulations" marks the first dedicated legislative framework for rural roads in China, aimed at enhancing rural infrastructure and supporting agricultural modernization [2][9]. - Rural road construction investment has consistently exceeded 400 billion yuan annually for the past eight years, with a total rural road mileage reaching 4.644 million kilometers by the end of 2024 [3][10]. - Key construction materials such as cement, concrete, and additives are expected to benefit from increased demand due to rural road projects, with optimistic estimates suggesting a potential increase in cement demand by 4 million tons [4][11]. - The report highlights a trend of decreasing cement prices, indicating a potential for industry recovery through supply-side reforms and capacity reductions [5][12]. Summary by Sections Legislative Framework - The "Rural Road Regulations" consist of 28 articles that establish a comprehensive system for rural road development, focusing on quality improvement, responsibility assignment, and safety enhancement [2][9]. Investment Trends - Continuous investment in rural road construction has been maintained at over 400 billion yuan, with plans for significant new and upgraded road mileage in the coming years [3][10]. Material Demand - The construction of rural roads is projected to significantly increase the demand for construction materials, particularly cement, with calculations suggesting a demand increase of approximately 2% relative to total production [4][11]. Market Dynamics - The cement industry is experiencing price declines, with a national average of 344 yuan per ton, prompting expectations for a positive impact from supply-side adjustments [5][12].
中金:水泥行业受益于雅下水电工程开工和“反内卷”政策双重催化
智通财经网· 2025-07-22 08:29
"反内卷"对行业意义深远,限制超产或成近期主要抓手 中金认为,短期水泥行业仍依靠错峰停窑限制产量;中期看,限制超产仍然是行业控制产能的主要抓 手:2025年企业需补齐产能指标,超产部分要按照1.5:1或者2:1比例置换。龙头企业在积极补齐产能, 以海螺水泥为例,其公开公告显示其转出一条4500t/d的产线,分别按照2:1比例转至安徽怀宁的两条产 线,置换产能分别为1000t/d和1250t/d,净减量达2250t/d。除此以外,水泥龙头后续或推动区域性整 合,有望逐步淘汰落后产能。 短期基本面承压但下探空间有限,建议更关注行业中长期格局改善 智通财经APP获悉,中金发布研报称,雅鲁藏布江下游水电工程主要采取截弯取直、隧洞引水的开发方 式,建设5座梯级电站,总投资约1.2万亿元。若考虑20年左右的工程建设周期,预期雅下水电工程或为 行业带来年化100-200万吨需求(约为西藏地区原有水泥产量10%左右)。另一方面,"反内卷"对行业意义 深远,短期水泥行业仍依靠错峰停窑限制产量;中期看,限制超产仍然是行业控制产能的主要抓手。 中金主要观点如下: 雅下水电工程预期为行业带来年化100-200万吨需求,利好西藏地区水 ...
港股建材水泥股震荡上升,中国建材(03323.HK)涨超8%,金隅集团(02009.HK)、海螺水泥(00914.HK)均涨超3.5%,华润建材科技(01313.HK)涨超2.5%。
news flash· 2025-07-14 01:41
Group 1 - The Hong Kong construction materials and cement stocks experienced a volatile rise, with China National Building Material (03323.HK) increasing by over 8% [1] - Jinju Group (02009.HK) and Anhui Conch Cement (00914.HK) both rose by more than 3.5% [1] - China Resources Cement Technology (01313.HK) saw an increase of over 2.5% [1]
华润建材科技(01313) - 2024 - 年度财报
2025-04-30 00:03
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].
华润建材科技(01313) - 2025 Q1 - 季度业绩
2025-04-25 10:51
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]
华润建材科技:期待华南市场改善,公司业绩弹性释放-20250326
Changjiang Securities· 2025-03-26 03:27
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].
华润建材科技(01313):期待华南市场改善,公司业绩弹性释放
Changjiang Securities· 2025-03-25 14:50
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 [ ...
华润建材科技(01313):2024年年报点评:旺季错峰盈利修复,充分减值轻装上阵
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 ...
华润建材科技(01313):25年水泥涨价盈利弹性可期,优质资产或被显著低估
Tianfeng Securities· 2025-03-18 14:54
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(01313):Q4毛利率环比改善,期待盈利弹性
HTSC· 2025-03-18 02:28
Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a revenue of RMB 2.304 billion and a net profit attributable to shareholders of RMB 211 million for 2024, representing a year-on-year decline of 9.8% and 67.2% respectively. The decline is attributed to falling cement prices and increased impairment losses. However, with the gradual recovery of construction activity and the implementation of staggered production, cement prices are expected to rise, benefiting the company as a leading player in South China [1][2][5] - The company’s gross margin improved significantly in Q4, with a gross margin of 19.3%, an increase of 3.7 percentage points from the previous quarter. The aggregate business saw a high growth in sales volume, with a year-on-year increase of 56.2% [2][4] - The company plans to reduce capital expenditures by 47.7% to RMB 2.52 billion in 2025, which is expected to further improve its financial condition [3][5] Summary by Sections Financial Performance - In 2024, the company achieved revenues of RMB 2.304 billion, with a net profit of RMB 211 million, reflecting a decline of 9.8% and 67.2% year-on-year respectively. The second half of 2024 saw revenues of RMB 1.259 billion and a net profit of RMB 50 million, down 11.3% and 44.1% year-on-year [1][2] - The company’s sales in the cement, concrete, and aggregate segments were RMB 15.04 billion, RMB 4.16 billion, and RMB 2.52 billion respectively, with year-on-year changes of -20.4%, +21.6%, and +56.2% [2] Cost and Margin Analysis - The gross margin for cement, concrete, and aggregate was 15.1%, 12.2%, and 35.1% respectively, with year-on-year changes of +3.4, +0.3, and -19.2 percentage points. The gross margin for Q4 was 19.3%, showing a significant improvement [2][3] - The company’s selling expense ratio decreased slightly to 1.8%, while the management expense ratio increased to 11.4% due to declining revenues [3] Market Outlook - As of March 14, 2025, the national average cement price was RMB 402 per ton, up 9.9% year-on-year. The company is expected to benefit from the recovery in cement prices starting in March 2025 [4] - The company aims to enhance energy efficiency in its cement production lines, with 18 lines meeting the highest energy consumption standards by the end of 2024, which is expected to further highlight its cost advantages [4] Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025, 2026, and 2027 is RMB 0.16, RMB 0.18, and RMB 0.20 respectively, with an upward revision of 21.3% and 29.4% from previous estimates [5][17] - The target price has been adjusted downwards by 17.2% to HKD 2.92, based on a price-to-book ratio of 0.43x for 2025 [5][9]