Investment Rating - The report assigns an "Accumulate" rating to the company [1][11][19] Core Views - The company is a leader in overseas cement production, with a strong presence in sub-Saharan Africa, and has initiated its overseas strategy since 2020 [2][11] - The company is expected to achieve significant growth in net profit from 2025 to 2027, with projected figures of 1.143 billion, 1.422 billion, and 2.015 billion RMB respectively [19] - The report highlights the company's strategic decision to divest from domestic assets in Xinjiang to alleviate debt pressure and support overseas expansion [11][19] Financial Summary - Total revenue is projected to grow from 9.024 billion RMB in 2023 to 14.146 billion RMB in 2027, with a CAGR of approximately 17% [4] - Gross profit is expected to increase from 2.460 billion RMB in 2023 to 5.227 billion RMB in 2027 [4] - Net profit is forecasted to recover from a significant drop in 2023 to 2.015 billion RMB by 2027, reflecting a strong recovery trajectory [4] Market Position - The company holds the largest market share in Shaanxi province, with a production capacity of 21.7 million tons, leading the local market [21][24] - The company has established a diversified overseas presence in countries such as Mozambique, Congo, Ethiopia, and Uzbekistan, with plans for further expansion [11][66] Overseas Expansion - The company has seen rapid growth in overseas sales, reaching 403 million tons in 2024 and expected to exceed 880 million tons by 2025 [69] - The average selling price of cement in overseas markets is significantly higher than in China, contributing to higher profit margins [72] - The report emphasizes the strong demand for cement in sub-Saharan Africa, driven by population growth and economic development [45][51]

金吾财讯 | 建材水泥股表现强势，截至发稿，中国建材(03323)涨6.32%，华新水泥(06655)涨4.80%，海 螺水泥(00914)涨3.63%，华润建材科技(01313)涨3.33%，金隅集团(02009)涨2.35%，亚洲水泥（中国） (00743)涨1.61%，西部水泥(02233)跌1.54%。 来源：金吾财讯 消息面上，中国银河证券表示，后续来看，"金九银十"需求有望继续增长，但在终端市场疲软情况下， 预计增幅有限；因考虑到冬季将迎来较长时间错峰停窑，且叠加当下需求边际改善，预计水泥企业将继 续积极推涨水泥价格，此外，煤价存上涨预期，将进一步对水泥价格形成支撑。此外，该行认为，"反 内卷"加速推进行业供给优化，供需矛盾有望缓和，水泥价格存推涨预期，区域龙头企业盈利有望修 复。 ...

消息面上，10月14日，西部水泥与水电三局签署战略合作协议。未来合作将聚焦三大方向：一是构建本 土化供应链，服务陕西抽水蓄能电站等工程；二是推动"海外项目+属地产能"协同，结合水电三局在几 内亚、菲律宾、中亚等地的工程优势，与西部水泥在非洲、中亚的产能实现联动；三是共建合作平台， 深化在安哥拉、刚果（金）、莫桑比克等具体项目中的合作，共同为新时代能源建设和建材行业高质量 发展贡献力量。 来源：智通财经网 西部水泥(02233)早盘涨超6%，截至发稿，涨5.25%，报3.41港元，成交额1.55亿港元。 长江证券此前指出，期待海外持续扩张带来中期更大弹性。非洲水泥市场空间大，景气度较高，盈利能 力远高于国内，是国内企业出海的新蓝海市场。公司目前在非洲市场仍有多个在建/拟建项目，期待项 目逐个落地投产后，为公司贡献更大业绩增量。 ...

长江证券此前指出，期待海外持续扩张带来中期更大弹性。非洲水泥市场空间大，景气度较高，盈利能 力远高于国内，是国内企业出海的新蓝海市场。公司目前在非洲市场仍有多个在建/拟建项目，期待项 目逐个落地投产后，为公司贡献更大业绩增量。 西部水泥(02233)早盘涨超6%，截至发稿，涨5.25%，报3.41港元，成交额1.55亿港元。 消息面上，10月14日，西部水泥与水电三局签署战略合作协议。未来合作将聚焦三大方向：一是构建本 土化供应链，服务陕西抽水蓄能电站等工程；二是推动"海外项目+属地产能"协同，结合水电三局在几 内亚、菲律宾、中亚等地的工程优势，与西部水泥在非洲、中亚的产能实现联动；三是共建合作平台， 深化在安哥拉、刚果(金)、莫桑比克等具体项目中的合作，共同为新时代能源建设和建材行业高质量发 展贡献力量。 ...

Core Viewpoint - Cement stocks have shown significant gains, indicating a positive market sentiment towards the sector [1] Group 1: Stock Performance - China National Building Material (03323.HK) increased by 6.84%, reaching HKD 6.09 [1] - Anhui Conch Cement (00914.HK) rose by 4.21%, trading at HKD 25.26 [1] - Huaxin Cement (06655.HK) saw a 3.66% increase, priced at HKD 17.26 [1] - China Resources Cement Technology (01313.HK) gained 3.3%, with a price of HKD 1.86 [1] - Western Cement (02233.HK) experienced a 2.47% rise, now at HKD 3.32 [1]

Group 1 - The core viewpoint of the news is the significant rise in Hong Kong's building materials and cement stocks, with China National Building Material Corporation (CNBM) reaching a new high since April 2023, driven by improved profit forecasts and cost reductions in cement and concrete sales [1] - CNBM expects a net profit of 2.95 billion yuan for the first three quarters, marking a turnaround from losses, primarily due to decreased sales costs and increased profits from joint ventures [1] - The cement industry is experiencing a traditional off-season in Q3, with expectations of fluctuating cement prices in 2025, while companies like Huaxin Cement and Western Cement continue to expand production capacity [1] Group 2 - Statistics from the China Cement Network indicate that there are currently over 100 announced projects for capacity replacement, adding a total of 34.97 million tons, while 55.82 million tons have been withdrawn, resulting in a net reduction of 20.85 million tons [1] - The net reduction in production capacity is significantly lower than the decline in demand, leading to an exacerbated supply-demand imbalance and indicating poor policy effectiveness [1] - The stock performance of major companies includes CNBM rising by 6.67%, Huaxin Cement by 4.62%, and Conch Cement by 3.63%, reflecting positive market sentiment [2]

Group 1 - Cement stocks have shown significant gains, with China National Building Material (03323) up 6.84% to HKD 6.09, Anhui Conch Cement (00914) up 4.21% to HKD 25.26, and Huaxin Cement (06655) up 3.66% to HKD 17.26 [1] - Recent reports indicate a decline in cement prices across various regions in China, with weak demand in Northeast China and price increases in Northwest regions stabilizing after initial hikes [1] - The cement market in East China saw price increases of 20-30 CNY/ton before the holiday, but most prices have returned to pre-increase levels [1] Group 2 - In September, the national average cement price was 338 CNY/ton, with a slight increase of 2 CNY/ton month-on-month, and the gross profit per ton for cement companies was 58 CNY/ton, up 3 CNY/ton [2] - The cement sector reported revenues of 118.1 billion CNY in H1 2025, a year-on-year decrease of 7.7%, but net profit attributable to shareholders increased by 1487% to 5.2 billion CNY [2] - The industry is expected to see gradual improvement in the second half of the year due to a combination of supply-side production restrictions and demand-side infrastructure support [2]

Group 1 - Cement stocks have shown significant gains, with China National Building Material rising 6.84% to HKD 6.09, Anhui Conch Cement up 4.21% to HKD 25.26, and Huaxin Cement increasing by 3.66% to HKD 17.26 [1] - Recent reports indicate a decline in cement prices across various regions in China, with weak demand in Northeast China and price increases in Northwest regions stabilizing after initial hikes [1] - The cement market in East China saw price increases of 20-30 CNY/ton before the holiday, but most prices have returned to pre-increase levels [1] Group 2 - In September, the national average cement price was 338 CNY/ton, with a month-on-month increase of 2 CNY/ton, and the gross profit per ton for cement companies was 58 CNY, reflecting a month-on-month increase of 3 CNY [2] - The cement sector reported revenues of 118.1 billion CNY in H1 2025, a year-on-year decrease of 7.7%, but net profit attributable to shareholders increased by 1487% to 5.2 billion CNY [2] - The industry is expected to see gradual improvement in the second half of the year due to a combination of supply-side production controls and demand-side infrastructure support [2]

格隆汇10月15日｜港股建材水泥股集体拉升走高，其中，中国建材涨7%创2023年4月以来新高，华新水 泥涨4.6%，海螺水泥、金隅集团涨3.5%，华润建材水泥涨3.3%，亚洲水泥、西部水泥涨2%。 据中国水泥网水泥大数据研究院统计，截至当前，补产能公示项目仅100余例，累计补充产能3496.9万 吨，退出5582万吨，净减2085.1万吨，净减产能数量远少于需求下滑数量，供需矛盾放大，政策效果较 差。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 03323 | 中国建材 | 6.080 | 6.67% | | 06652 | 华新水泥 | 17.420 | 4.62% | | 00914 | 海螺水泥 | 25.120 | 3.63% | | 02009 | 我偶集团 | 0.880 | 3.53% | | 01313 | 华润建材科技 | 1.860 | 3.33% | | 00743 | 亚洲水泥(中国) | 2.530 | 2.02% | | 02233 | 西部水泥 | 3.300 | 1.85% | 消息上，中国建材预计前三季 ...

中国银河（601881）证券表示，后续来看，"金九银十"需求有望继续增长，但在终端市场疲软情况下， 预计增幅有限；因考虑到冬季将迎来较长时间错峰停窑，且叠加当下需求边际改善，预计水泥企业将继 续积极推涨水泥价格，此外，煤价存上涨预期，将进一步对水泥价格形成支撑。此外，该行认为，"反 内卷"加速推进行业供给优化，供需矛盾有望缓和，水泥价格存推涨预期，区域龙头企业盈利有望修 复。 水泥股全线回落，截至发稿，金隅集团（601992）(02009)跌5.49%，报0.86港元；西部水泥(02233)跌 4.12%，报3.26港元；海螺水泥（600585）(00914)跌3.92%，报24港元；中国建材(03323)跌3.85%，报 5.5港元；华新水泥（600801）(06655)跌1.59%，报16.73港元。 申万宏源研报指出，三季度是水泥行业传统淡季，2025年水泥价格前高后低。根据数字水泥网，25Q3 水泥均价353.1元/吨，环比下降27.6元/吨，同比下降33.5元/吨，7-8月水泥产量分别同比下降5.5%、 7.0%。水泥行业三季度盈利预计整体承压。9月24日，六部委联合发布《建材行业稳增长工作方案(2 ...