Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The cement demand in the South China region is currently under pressure due to the real estate investment environment, but the construction momentum from the Greater Bay Area is expected to provide mid-term support [2][4]. - The supply in the South China region is gradually stabilizing, leading to a market rebalancing process [4][18]. - The company, as a regional leader, possesses comprehensive advantages in scale and distribution, and its recent investments in aggregates are beginning to yield results, creating a new growth curve [2][4]. Summary by Sections South China Region: Closed and Highly Concentrated Market - The South China region has a high concentration of cement production, with Guangdong's fixed asset investment growth historically outpacing the national average, although it has faced pressure from 2022 to 2024 [10][11]. - The Greater Bay Area's construction plans are expected to accelerate regional infrastructure development, which will support material demand [10][13]. Demand and Supply Dynamics - Short-term demand is under pressure, but mid-term construction in the Greater Bay Area is expected to provide new momentum [4][10]. - The supply side is seeing a reduction in new capacity, leading to a rebalancing of the market, with the South China region experiencing less severe supply-demand imbalances compared to other markets [4][18]. Competitive Landscape - The market is characterized by a semi-closed structure with high concentration, where the top three companies control a significant share of the market [4][25]. - The company is one of the two central enterprises in the cement industry, benefiting from its early entry and strategic positioning in the South China market [33]. Company Analysis - The company reported a sales volume of 69.3 million tons in 2023, a decrease of 8% year-on-year, reflecting a strategy focused on production control and price stability [5][40]. - The company's gross profit per ton of cement was 35 yuan, significantly lower than the previous cycle, indicating a challenging profit environment [5][40]. - The company has been actively expanding its aggregate business, which is now entering a harvest phase, contributing positively to its revenue [5][43].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 2.08, based on its valuation and growth potential [4]. Core Views - The company is a leading cement producer in South China, benefiting from both traditional and new building materials, with cement revenue accounting for 60-80% of total income [1][11]. - The company has expanded its aggregate and new material business since 2021, with aggregate revenue contributing HKD 1.62 billion and gross profit of HKD 880 million in 2023, indicating a growing segment [1][3]. - The report highlights the potential for profit recovery in the cement sector due to recent price increases in the Guangdong and Guangxi regions, following a period of declining prices [2][4]. Summary by Sections Company Overview - The company, known as China Resources Cement Holdings, has a total share capital of approximately 6.98 billion shares and a market capitalization of about HKD 10.40 billion [1]. - The company has a debt-to-asset ratio of 36.89% and a net asset value per share of HKD 6.94 [1]. Cement Market Analysis - The demand for cement in Guangdong is expected to grow, supported by infrastructure projects and a rebound in fixed asset investments, with a projected increase in construction activities [2][23]. - The supply side has seen a significant increase in clinker capacity in Guangxi, with a total of 24.64 million tons added from 2020 to 2023, leading to a more concentrated market [2][24]. - The report notes that the price of cement in the region has been recovering since June 2023, indicating a potential for improved profitability [2][4]. Non-Cement Business - The company has made significant investments in aggregate production, with a total capacity of 92.5 million tons and sales of over 45 million tons in 2023, contributing to its revenue growth [3][13]. - The company has diversified its business into new materials, establishing a solid foundation for long-term transformation [3][11]. Financial Projections - Revenue projections for 2024-2026 are estimated at HKD 23.32 billion, HKD 23.69 billion, and HKD 25.04 billion, respectively, with a forecasted net profit of HKD 860 million, HKD 1.23 billion, and HKD 1.52 billion [4][7]. - The company maintains a high dividend payout ratio of 45-50% over the past five years, with a current price-to-book (PB) ratio of 0.26, indicating strong valuation appeal [4][7].

Company Overview - The total number of issued shares of China Resources Building Materials Technology Holdings Limited is 6,982,937,817, with China Resources Group holding approximately 68.72% of the issued shares[4]. - The company was re-listed on the main board of the Stock Exchange on October 6, 2009, after being privatized in 2006[4]. - The company changed its name from China Resources Cement Holdings Limited to China Resources Building Materials Technology Holdings Limited on November 3, 2023[4]. Financial Performance - For the six months ended June 30, 2024, the Group's unaudited consolidated turnover was RMB 10,311.7 million, a decrease of 13.9% compared to the same period last year[31]. - The unaudited consolidated profit attributable to owners of the Company for the period was RMB 165.8 million, representing a decrease of 70.2% from the corresponding period last year[32]. - Basic earnings per share for the period was RMB 0.024, down from RMB 0.080 in the previous year[31]. - The consolidated gross profit for the Period was RMB 1,544.8 million, representing a decrease of 23.3% from RMB 2,012.9 million for the corresponding period in 2023 (Restated) and a gross margin of 15.0%, down 1.8 percentage points from 16.8%[128]. - The company's total comprehensive income for the period was RMB 110,050,000, compared to RMB 476,453,000 in the prior year, a decrease of around 77.0%[171]. Operational Insights - The management discussion and analysis section provides insights into operational performance and strategic initiatives for future growth[6]. - The company is focused on expanding its market presence and enhancing its product offerings through new technologies and innovations[6]. - Significant events planned for 2024 include potential mergers and acquisitions to strengthen market position[6]. - The company aims to improve operational efficiency and reduce costs through strategic investments in technology[6]. - Future outlook indicates a commitment to sustainable practices and increasing production capacity to meet market demand[6]. Production Capacity - As of June 30, 2024, the Group operates 101 cement grinding lines with an annual production capacity of 90.2 million tons[21]. - The Group has 49 clinker production lines with an annual production capacity of 63.3 million tons[21]. - The Group operates 64 concrete batching plants with an annual production capacity of 39.8 million cubic meters[21]. - The Group's annual production capacity of aggregates in operation reached approximately 93.5 million tons, with an expected total capacity of 135.7 million tons upon completion of all projects[90]. Market and Product Focus - The main markets for the Group's products include Guangdong, Guangxi, Fujian, Hainan, Yunnan, Guizhou, Shanxi, and Hunan[20]. - The Group's products are primarily used in infrastructure projects such as railways, highways, subways, and power stations[20]. - The Group's operations are supported by a well-established logistics network including waterways, railways, and roads[20]. Sustainability and Innovation - The Group emphasizes corporate social responsibility, focusing on energy saving, emission reduction, and the development of new products and technologies[25]. - The Group is actively participating in the green, low-carbon transformation initiatives set forth by the Chinese government[47]. - The Group's carbon capture and utilization research platform aims for an annual CO2 capture capacity of 100,000 tons, contributing to carbon neutrality in the cement industry[106]. - The Group's focus on green and sustainable development includes initiatives for carbon peaking and carbon neutrality, aligning with national environmental goals[62]. Financial Position and Management - The Group's total assets as of June 30, 2024, were RMB 72,614.3 million, slightly down from RMB 72,792.2 million as of December 31, 2023[28]. - The equity attributable to owners of the Company was RMB 44,210.4 million, an increase from RMB 44,108.5 million at the end of 2023[28]. - The Group's net current liabilities were RMB 5,317.9 million as of June 30, 2024, indicating a need for careful liquidity management[141]. - The Group's capital management is centralized and regularly monitored to ensure sufficient cash reserves for both short-term and long-term liquidity needs[139]. Governance and Compliance - The company has complied with the applicable provisions of the Corporate Governance Code during the reporting period[150]. - Changes in the board of directors include the retirement of Mr. IP Shu Kwan Stephen as of May 24, 2024[150]. - Mr. NG Kam Wah Webster has been appointed as a member of the Competition Commission for a period of two years starting May 1, 2024[150]. Market Trends and Economic Indicators - In the first half of 2024, China's GDP grew by 5.0% year-on-year to RMB 61.7 trillion[39]. - National fixed asset investment (FAI) increased by 3.9% year-on-year to RMB 24.5 trillion[39]. - The floor space of commodity housing sold in China decreased by 19.0% year-on-year to 480 million m², with sales amounting to RMB 4.7 trillion, a 25.0% year-on-year decline[42].

Investment Rating - Maintains an "Overweight" rating for Huarun Construction Materials Technology (1313) [2][4] Core Views - The company's cement business shows resilience with stable profitability at the bottom, and the price recovery in Guangdong and Guangxi regions is expected to boost price and profit expectations for the second half of 2024 [4] - The aggregate business continues to grow rapidly, with accelerated capacity release, contributing to a new profit growth point [4] - The company's cement shipments outperformed the industry, with a 2% year-on-year decline in H1 2024, compared to a 10% decline in national cement production [5] - Cement profitability may have bottomed out, with a slight recovery in Q2 2024, and the implementation of price recovery in Guangdong and Guangxi is expected to support profit recovery in Q3 2024 [5] - The aggregate business maintained high growth, with shipments increasing by 107% year-on-year in H1 2024, and the company's aggregate capacity is expected to reach 136 million tons after the release of under-construction capacity [5] Financial Performance - In H1 2024, the company reported revenue of RMB 10.312 billion, a year-on-year decrease of 13.9%, and net profit attributable to shareholders of RMB 166 million, a year-on-year decrease of 70.2% [5] - In Q2 2024, the company's revenue was RMB 5.467 billion, with net profit attributable to shareholders of RMB 195 million, in line with previous forecasts [5] - The average price of cement and clinker in H1 2024 was RMB 238 per ton, with a cost of RMB 210 per ton, resulting in a gross profit of RMB 29 per ton [5] - The aggregate business achieved shipments of 29.5 million tons in H1 2024, with an average price of RMB 36.8 per ton and a gross profit of RMB 14.5 per ton [5] Market Data - The current stock price is HKD 1.56, with a 52-week range of HKD 1.05 to HKD 2.74 [6] - The current market capitalization is HKD 10.893 billion, with 6.983 billion shares outstanding [6] Historical Financial Summary - Revenue in 2021 was HKD 43.963 billion, decreasing to HKD 26.894 billion in 2024E [7] - Net profit in 2021 was HKD 7.767 billion, decreasing to HKD 1.002 billion in 2024E [7] - The PE ratio is expected to decrease from 15.34 in 2023 to 10.87 in 2024E [7]

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分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） 二零二四年中期業績公告 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|------------------------------------------------------|------------------------------------------|----------------| | | 截至六月三十日止六個月 \n二零二四年 \n( 未經審核 ) | 二零二三年 \n( 未經審核 ) ( 經重列 ) | ( 減少 ) | | 營業額 （人民幣百萬元） | 10,311.7 | 11,974.6 | (13.9)% | | 本公司擁有人應佔盈 ...

证券研究报告 华润建材科技 (1313 HK) 港股通 供给侧优化,催化盈利和估值修复 华泰研究 更新报告 2024 年 7 月 14 日│中国香港 水泥 | --- | --- | |-------------------------------|----------------------| | 投资评级(维持): | 买入 | | 目标价(港币): | 3.75 | | 研究员 SAC No. S0570519110002 | 龚劼gongjie@htsc.com | | SFC No. BHG354 | +(86) 21 2897 2095 | | 研究员 | 方晏荷 | | SAC No. S0570517080007 | fangyanhe@htsc.com | | SFC No. BPW811 | +(86) 755 2266 0892 | 1H24 业绩预告弱于预期,但最困难的阶段可能已经渡过 华润建材科技发布 1H24 业绩预告,预计期间归母净利润同比-65%~-70%, 隐含 2Q24 归母净利润同比 1.96~2.24 亿元,同比-66%~-70%%,低于市场 预期(Visible Al ...

股 票 研 究 华润建材科技(1313) 评级: 增持 [当前价格 Table_CurPrice] :(港元) 1.44 华南复价验证区域格局,盈利与估值或修复 ——华润建材科技更新报告 | [table_Authors] 鲍雁辛 ( 分析师 ) | 花健 祎 ( 分析师 ) | 巫恺洋 ( 研究助理 ) | |-----------------------------------------|------------------------|---------------------------| | 0755-23976830 | 0755-23976858 | 0755-23976666 | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读: 广西水泥前期提价落实情况良好,两广市场盈利有望企稳回升,公司作为两广区域龙 头充分受益,有望迎来盈利及估值修复。 投资要点: 维持"增持"评级。伴随区 ...

建材 华润建材科技(1313) 评级: 增持 [当前价格 Table_CurPrice] :(港元) 1.44 2024.06.26 股 票 研 究 华南复价验证区域格局,盈利与估值或修复 ——华润建材科技更新报告 | [table_Authors] 鲍雁辛 ( 分析师 ) | 花健 祎 ( 分析师 ) | 巫恺洋 ( 研究助理 ) | |-----------------------------------------|------------------------|---------------------------| | 0755-23976830 | 0755-23976858 | 0755-23976666 | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读: 广西水泥前期提价落实情况良好,两广市场盈利有望企稳回升,公司作为两广区域龙 头充分受益,有望迎来盈利及估值修复。 投资要点 ...

海 外 研 证券研究报告 究 ＃industryId＃ 水泥 ＃investSuggestion＃ ＃01313 .HK ＃华dy润Com建pa材ny＃科 技 港股通（沪/深） dyStockco ＃ 买入 ( i维nve持stS ） d e＃ 水 泥销量逆势＃提title＃升 ，骨料放量 uggesti on gC e＃ ha n ＃createTime1＃ 2024年 5月 6日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 事件：公司披露Q1业绩：营收同比下降5.6%至47.9亿元（单位人民币，下同）， 司 日期 20240506 归母净利润亏损2887万元。 跟 收盘价（港元） 1.37 踪 总股本（亿股） 70 点评：传统淡季&南方雨季频繁，水泥需求更弱，Q1行业基本处于亏损状态。 报 流通股本（亿股） 70 ——量：更注重份额保持，Q1公司出货量表现优于行业。全国水泥Q1产量同比 告 净资产（亿元） 487 -11.8%，公司水泥&熟料出货量同比+5.2%至1303万吨，广东出货量同比+9.1%， 总资产（亿元） 803 广西出货量同比基本持平。 每股净资产（元） 6.97 ...

Revenue Performance - Revenue for the three months ended March 31, 2024, was RMB 4,788.4 million, a decrease of 5.6% compared to RMB 5,070.2 million for the same period in 2023[2] - The consolidated revenue for the period reached RMB 4,788,400,000, a decrease of 5.6% compared to RMB 5,070,200,000 in the same period last year[15] Profitability - Gross profit for the period was RMB 661.5 million, up from RMB 607.5 million in the previous year[4] - The consolidated gross profit for the period was RMB 661,500,000, an increase of 8.9% from RMB 607,500,000 in the same period last year[18] - The consolidated gross profit margin improved to 13.8%, up 1.8 percentage points from 12.0% in the same period last year[18] - The company reported a pre-tax loss of RMB 14.5 million, significantly improved from a loss of RMB 45.1 million in the previous year[4] - Other income decreased to RMB 56.3 million from RMB 70.5 million year-on-year[4] Net Loss - The net loss attributable to the company's owners for the period was RMB 28.9 million, compared to a loss of RMB 30.0 million in the same period last year[2] - The company reported a loss attributable to owners of RMB 28,900,000 for the period, compared to a loss of RMB 30,000,000 in the same period last year[19] Assets and Liabilities - The total assets attributable to the company's owners were RMB 72,921.6 million, with a debt-to-equity ratio of 39.3%, compared to 36.9% in the previous year[2] Share Performance - Basic loss per share remained at RMB 0.004 for both periods[4] Inventory and Cash Flow - Inventory increased to RMB 2,318.6 million from RMB 1,896.0 million year-on-year[5] - Cash and bank balances decreased to RMB 1,711.7 million from RMB 2,603.7 million[5] Dividend - The company has not declared an interim dividend for the current period, consistent with the previous year[2] - The company did not recommend any dividend payment for the period ending March 31, 2023[14] Sales Volume and Revenue Breakdown - The sales volume of cement was 12,637 thousand tons, with an average selling price of RMB 245.8 per ton, resulting in revenue of RMB 3,106,631,000[16] - The sales volume of clinker was 396 thousand tons, with an average selling price of RMB 197.8 per ton, generating revenue of RMB 78,433,000[16] - The sales volume of concrete was 2,305 thousand cubic meters, with an average selling price of RMB 354.9 per cubic meter, leading to revenue of RMB 817,997,000[16] - The sales volume of aggregates was 14,158 thousand tons, with an average selling price of RMB 37.4 per ton, resulting in revenue of RMB 529,515,000[16] Regional Sales Performance - The sales performance by region showed Guangdong with 5,854 thousand tons sold, generating revenue of RMB 1,514,920,000[17]