Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by overseas expansion and increased sales volume [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 5.42 billion, a year-on-year increase of 46%, and a net profit of 750 million, up 93% [1] - The total sales volume reached 10.82 million tons, representing a 23.6% increase year-on-year, with aggregate sales of 2.23 million tons, up 39.4%, while commercial concrete sales decreased by 4.6% [1] - Domestic market sales volume declined by 8.3% to 6.65 million tons, but the average selling price increased by 4.1% to 280 per ton, resulting in a gross profit of 64 per ton [1] - Overseas sales volume surged by 178% to 4.17 million tons, with an average selling price of 486 per ton, leading to a gross profit of 181 per ton [1] Group 2: Market Segmentation - Revenue from the Chinese market was 3.07 billion, while overseas revenue accounted for 2.35 billion, contributing to an overall gross profit of 1.63 billion [1] - The company’s domestic gross profit was 680 million, while overseas gross profit reached 950 million [1] Group 3: Capacity Integration and Expansion - The company announced the acquisition of 1.2 million tons of cement capacity in Congo and the sale of all operations in Xinjiang to Conch Cement, totaling 3.5 million tons of cement capacity [2] - As of H1 2025, the domestic cement production capacity was 28.5 million tons, with 17 production lines, while overseas capacity was 13.6 million tons across 7 production lines [2] - The company expects to increase its overseas cement capacity to 14.8 million tons following the completion of the acquisition of the CILU cement plant in Congo [2] Group 4: Market Outlook - The African cement market presents significant growth potential and higher profitability compared to the domestic market, positioning it as a new blue ocean for domestic enterprises [2] - The company has multiple ongoing and planned projects in Africa, which are expected to contribute to substantial performance growth once operational [2]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of the year, driven by overseas expansion and recovery in domestic pricing [1][2] Group 1: Financial Performance - The company achieved a revenue of 54.2 billion and a net profit of 7.5 billion in the first half of the year, representing year-on-year growth of 46% and 93% respectively [1] - The adjusted net profit attributable to the parent company reached 7.5 billion, marking a substantial increase of 233% year-on-year [1] - The company has revised its net profit forecasts for 2025-2027 down to 15.8 billion, 21.3 billion, and 29.0 billion respectively, from previous estimates of 17 billion, 29 billion, and 35 billion [1] Group 2: Overseas Operations - Overseas revenue reached 23.5 billion, a year-on-year increase of 77.6%, primarily driven by a significant rise in sales volume [1] - The overall overseas cement sales surged by 178% to 4.17 million tons, with an average price and gross profit per ton of 486 and 181 respectively, reflecting declines of 34.2% and 44.5% year-on-year [1] - In Africa, revenue from Ethiopia, Mozambique, Congo, and other countries grew by 141%, 32%, 24%, and 64% respectively, with sales volumes increasing significantly [1] Group 3: Domestic Operations - Domestic revenue amounted to 30.7 billion, up 29% year-on-year, driven by price increases despite an 8.3% decline in sales volume to 6.65 million tons [2] - The average price and gross profit per ton in the domestic market were 280 and 64 respectively, showing increases of 11 and 26 compared to the previous year [2] - The company’s capital expenditure for the first half was 22.95 billion, a 40% increase, with ongoing projects in Mozambique and Uganda [2] Group 4: Debt Management - The company sold its Xinjiang assets for a total consideration of 1.65 billion, with expected cash flow contributions from overseas projects anticipated to alleviate debt repayment pressures [2] - The company is expected to recover 1.551 billion from the sale agreements over the next 12 months [2]

证券研究报告 | 2025 年 09 月 04 日 晨会集萃 制作：产品中心 风险提示：经济景气度恢复偏慢、货币政策呵护力度不够、测算与现实情 况存在偏差。 《环保公用|皖能电力（000543）：煤价下行带动盈利能力提升，新投产机 组贡献增量》 公司披露2025 年中报。上半年公司实现营收131.85 亿元，同比下降5.83%； 实现归母净利润 10.82 亿元，同比增长 1.05%。1、新机组投产贡献增量， 部分对冲存量机组量价下滑影响。电价方面，安徽省 2025 年度双边协商 交易成交电量 1067.04 亿千瓦时，成交加权均价为 412.97 元/兆瓦时，同 比下降 5.35%。电量方面，安徽省上半年火电发电量为 1383.5 亿千瓦时， 同比下降 7.9%，公司存量机组发电量或有所下滑。2、煤价下行带动盈利 能力提升，H1 毛利率同比提高 4.06pct。燃料成本下降带动公司营业成本 降低，上半年公司营业成本为 110.43 亿元，同比下降 10.18%。上半年公 司实现毛利率 16.25%，同比提高 4.06 个百分点。综合来看，公司上半年 实现净利率 12.30%，同比提高 1.65 个百分点；实 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國西部水泥有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02233 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | GBP | | 0.002 | GBP | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | GBP | | | | 本月底結存 | | | 10,000,000,000 | GBP | | 0.002 | GBP | | 20,000,000 | 本月底法定/ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.82, based on a 12X PE for 2025 [4]. Core Views - The company achieved significant growth in overseas sales, with a net profit of HKD 7.5 billion in the first half of the year, representing a 93% year-on-year increase. This growth is attributed to the expansion of overseas capacity and recovery in domestic pricing [1][2]. - The report highlights the strong growth potential in Africa, driven by population growth and infrastructure development, which is expected to sustain cement demand [2]. - Domestic performance also showed recovery, with a 29% increase in domestic revenue to HKD 30.7 billion, despite an 8.3% decline in sales volume [3]. Summary by Sections Overseas Sales Performance - The company reported overseas revenue of HKD 23.5 billion, a 77.6% increase year-on-year, with overall overseas cement sales volume rising by 178% to 4.17 million tons. However, the average price and gross margin per ton decreased by 34.2% and 44.5%, respectively [2]. - In Africa, revenue from Ethiopia, Mozambique, and the Democratic Republic of Congo saw significant increases, with Ethiopia's sales volume growing by 363% [2]. Domestic Sales Performance - Domestic revenue reached HKD 30.7 billion, up 29%, driven by price increases, while sales volume fell by 8.3% to 6.65 million tons. The average price per ton increased by HKD 11, and gross margin improved by HKD 26 [3]. - The company is also focusing on capital expenditures, with a 40% increase to HKD 22.95 billion, and plans for ongoing projects in Mozambique and Uganda [3]. Financial Outlook - The company adjusted its net profit forecasts for 2025-2027 to HKD 15.8 billion, HKD 21.3 billion, and HKD 29.0 billion, respectively, due to a decline in overseas gross margins [1]. - The company is expected to gradually reduce debt repayment pressure, aided by cash flow contributions from overseas projects and the sale of assets in Xinjiang [3].

Core Viewpoint - Western Cement (02233) has seen a stock price increase of over 5%, currently trading at 2.92 HKD, with a transaction volume of 71.07 million HKD, following the release of its interim performance report showing significant revenue and profit growth [1] Financial Performance - The company reported a revenue of 5.418 billion RMB for the first half of the year, representing a year-on-year increase of 46.4% [1] - Profit attributable to shareholders reached 748 million RMB, marking a year-on-year increase of 93.4% [1] - Cement and clinker sales volume increased by 23.6% to 10.82 million tons during the reporting period [1] Market Dynamics - Sales volume in the Chinese market decreased by 8.3% to 6.65 million tons, while overseas sales volume surged by 178% to 4.17 million tons [1] - The company is actively pursuing capacity consolidation, including the acquisition of 1.2 million tons of cement capacity in Congo and the sale of all operations in Xinjiang to Conch Cement, totaling 3.5 million tons of cement capacity [1] Strategic Outlook - Changjiang Securities anticipates that ongoing overseas expansion will provide greater flexibility in the medium term [1] - The African cement market is identified as a new blue ocean for domestic companies, characterized by significant market potential, high profitability, and a favorable economic environment [1] - The company has multiple ongoing and planned projects in the African market, which are expected to contribute significantly to future performance [1]

Core Viewpoint - Western Cement (02233) has seen a significant stock price increase of 5.42%, reaching HKD 2.92, with a trading volume of HKD 71.07 million, following the release of its interim results showing strong revenue growth and profitability [1] Financial Performance - The company reported a revenue of RMB 5.418 billion for the first half of the year, representing a year-on-year increase of 46.4% [1] - Profit attributable to the company's owners reached RMB 748 million, marking a substantial year-on-year increase of 93.4% [1] - Cement and clinker sales increased by 23.6% year-on-year to 10.82 million tons [1] Market Dynamics - Domestic sales in China decreased by 8.3% to 6.65 million tons, while overseas sales surged by 178% to 4.17 million tons [1] - The company is actively pursuing capacity consolidation, including the acquisition of 1.2 million tons of cement capacity in Congo and the sale of all operations in Xinjiang to Conch Cement (600585), totaling 3.5 million tons of cement capacity [1] Strategic Outlook - Changjiang Securities highlighted the ongoing capacity consolidation and expects continued overseas expansion to provide greater flexibility in the medium term [1] - The African cement market is identified as a new blue ocean for domestic companies, characterized by significant market potential and higher profitability compared to the domestic market [1] - The company has multiple ongoing and planned projects in the African market, which are anticipated to contribute significantly to future performance once operational [1]

丨证券研究报告丨 港股研究丨公司点评丨西部水泥（2233.HK） [Table_Title] 海外市场放量，弹性逐步兑现 报告要点 [Table_Summary] 公司发布半年报：2025H1 实现收入 54 亿，同比增长 46%；实现净利润 7.5 亿，同比增长 93%。 分析师及联系人 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ⚫ 海外扩张，整体销量大幅增长。上半年公司实现销量 1082 万吨，同比增长 23.6%；骨料 销量 223 万吨，同比增长 39.4%；商混销量 63 万方，同比下降 4.6%。分区域来看，海 外是核心增量。 1、经营拆分来看：国内市场销量下降 8.3%至 665 万吨，国内销售均价同比上升 4.1%至 每吨 280 元，实现吨毛利 64 元（2024H1 同期为 38 元）。2、海外市场销量则增加 178% 至 417 万吨；海外销售均价为每吨 486 元（202 ...

值得注意的是，西部水泥预计将于2025年下半年完成对位于刚果首都金夏沙的 CimenteriedeLukala(CILU)厂房的收购：此举将使该集团的市场势力延伸至刚果西部。此外，该集团拟 于2026年上半年完成其于乌干达的水泥及粉磨产能建设。该市场为泛大湖地区的自然地理扩展，将有助 该集团加强其作为撒哈拉以南非洲东部主要水泥生产商的地位。 西部水泥(02233)再涨超4%，截至发稿，涨5.41%，报2.73港元，成交额9776.37万港元。 消息面上，8月25日，西部水泥发布中期业绩，上半年收益54.18亿元人民币，同比增加46.4%；公司拥 有人应占溢利7.48亿元，同比增加93.4%。于报告期内，水泥及熟料的销量同比增加23.6%至1082万吨。 其中，中国市场的销量下降8.3%至665万吨，而海外市场的销量则增加178%至417万吨。 ...

Core Viewpoint - Western Cement (02233) has seen a significant stock price increase of over 4%, reaching HKD 2.73, with a trading volume of HKD 97.76 million following the release of its interim results [1] Financial Performance - For the first half of the year, the company reported revenue of RMB 5.418 billion, a year-on-year increase of 46.4% [1] - The profit attributable to the owners of the company was RMB 748 million, reflecting a year-on-year increase of 93.4% [1] - Cement and clinker sales increased by 23.6% year-on-year to 10.82 million tons [1] Market Dynamics - Sales in the Chinese market decreased by 8.3% to 6.65 million tons, while overseas sales surged by 178% to 4.17 million tons [1] Strategic Expansion - The company is expected to complete the acquisition of the Cimenteriede Lukala (CILU) plant in Kinshasa, Congo, by the second half of 2025, which will extend its market presence in Western Congo [1] - Additionally, the company plans to complete its cement and grinding capacity construction in Uganda by the first half of 2026, enhancing its position as a major cement producer in East Africa south of the Sahara [1]