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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, achieving revenue of 5.42 billion and a net profit of 750 million, representing year-on-year growth of 46% and 93% respectively [2][4]. - The company experienced substantial growth in overseas markets, with overall sales volume increasing by 23.6% to 10.82 million tons, while aggregate sales volume rose by 39.4% to 2.23 million tons [4]. - The company is actively pursuing capacity integration, including the acquisition of 1.2 million tons of cement capacity in Congo and the sale of its Xinjiang operations, totaling 3.5 million tons of cement capacity [4]. - The company anticipates continued expansion in overseas markets, particularly in Africa, which presents significant growth potential and higher profitability compared to domestic markets [4]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved revenue of 5.42 billion, with 3.07 billion from the Chinese market and 2.35 billion from overseas markets. The overall gross profit was 1.63 billion, with domestic gross profit at 680 million and overseas gross profit at 950 million [4]. Sales Volume Analysis - Domestic sales volume decreased by 8.3% to 6.65 million tons, while the average selling price increased by 4.1% to 280 per ton, resulting in a gross profit of 64 per ton. In contrast, 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 [4]. Capacity Expansion - The company has a total domestic cement production capacity of 28.5 million tons across 17 production lines, with significant capacities in Shaanxi, Guizhou, and Sichuan. The overseas production capacity stands at 13.6 million tons across 7 production lines, with ongoing projects expected to increase this capacity to 14.8 million tons [4]. Future Outlook - The company projects earnings of 1.4 billion and 1.9 billion for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 9 and 7 times, indicating a positive outlook for future performance [4].

Core Viewpoint - Western Cement (02233) has seen a significant stock price increase of over 4%, currently trading at 2.73 HKD, with a transaction volume of 97.76 million HKD following the release of its interim results [1] Financial Performance - For the first half of the year, the company reported revenue of 5.418 billion RMB, representing a year-on-year increase of 46.4% [1] - The profit attributable to the owners of the company was 748 million RMB, showing a substantial 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 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]

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]

Core Viewpoint - Western Cement (02233) experienced a nearly 5% increase in stock price following the release of its mid-year results for 2025, with a current price of HKD 2.59 and a trading volume of HKD 158 million [1] Financial Performance - The company reported revenue of RMB 5.418 billion for the period, representing a year-on-year increase of 46.4% [1] - Profit attributable to shareholders reached RMB 748 million, marking a significant year-on-year increase of 93.4% [1] - Basic earnings per share were reported at 13.7 cents [1] Sales Performance - Cement and clinker sales increased by 23.6% year-on-year to 10.82 million tons (compared to 8.75 million tons as of June 30, 2024) [1] - Domestic sales in China decreased by 8.3% to 6.65 million tons (down from 7.25 million tons as of June 30, 2024) [1] - Overseas sales surged by 178% to 4.17 million tons (up from 1.5 million tons as of June 30, 2024) [1]

Group 1: Hong Kong Stocks - China Gold International (02099) rose nearly 7%, reaching a new high as core product output exceeded half of the annual guidance, with significant expansion potential at the Jiama mine [1] - Pop Mart (09992) increased by nearly 2%, with new products selling out instantly and continued high growth in H1 performance [1] - Meitu (01357) surged over 7% after officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - China Tobacco Hong Kong (06055) climbed nearly 6.5%, setting a new high since its listing, with stable growth in H1 performance and promising expansion opportunities as an overseas platform for China Tobacco International [1] - China National Chemical Corporation (03983) fell over 1% as mid-term shareholder profit decreased by 6.74% year-on-year, with a significant drop in urea sales prices [1] - China Intelligent Transportation (01900) surged over 42% after a profit warning, expecting mid-term shareholder profit of approximately 361 million yuan [1] - Keep (03650) dropped nearly 5% post-earnings despite successfully turning a profit in H1, focusing its strategy on AI [1] - Western Cement (02233) rose nearly 6.5% post-earnings, with mid-term shareholder profit increasing by 93.4% due to high growth in overseas sales [1] - ChinaSoft International (00354) increased over 4% post-earnings, with H1 net profit rising over 10% and HarmonyOS 5 terminal devices exceeding 12 million units [1] Group 2: US Stocks - NIO (NIO.US) fell 3.94% after Citigroup set a target price of $8.1, listing five reasons to buy [3] - Shanghai's optimization of real estate policies led to significant gains for housing service platforms, with Fangduo (DUO.US) rising 28.28% and Beike (BEKE) up 1.57% [3] - Hesai (HSAI.US) rose 0.52%, with expectations of 300,000 to 400,000 units shipped in the entire robot lidar market this year, and over 200,000 units for the robot market [3] - Pinduoduo (PDD.US) increased by 0.87% ahead of its earnings report, with optimistic market expectations reflected in declining Put/Call ratios [3] - Intel (INTC.US) fell 1.01% as the federal government acquired a 10% stake in the struggling chip giant, becoming its largest shareholder [4] - American Airlines (AAL.US) dropped 4.06% after an emergency landing due to a passenger's electronic device catching fire [4] - Netflix (NFLX.US) rose 1.11%, achieving its first box office champion in North America [4] - Spirit Airlines (FLYY.US) plummeted 14.02% as financial restructuring failed to lead to sustainable development [4] - Keurig Dr Pepper (KDP.US) fell 11.48% after announcing a €15.7 billion (approximately $18.4 billion) cash acquisition of Dutch coffee giant JDE Peet's NV [4] - Roblox (RBLX.US) increased by 6.02%, with Wedbush maintaining an "outperform" rating and a target price of $165, citing strong user ecosystem and business model growth potential [4] - Opendoor (OPEN.US) dropped 9.38% despite a significant prior increase, with July existing home sales rising 2% month-on-month to an annualized 4.01 million units [5]

8月26日，西部水泥(02233)盘中上涨5.26%，截至10:14，报2.6元/股，成交1.47亿元。 本文源自：金融界 中国西部水泥有限公司是一家领先的水泥生产商，主营业务包括提供水泥、粒料和混凝土产品，广泛应 用于基础设施和城乡建设。集团拥有39,300,000吨的总产能，并致力于通过高效节能减排和严格环保措 施，满足中国西部及国际市场的需求。 作者：行情君 截至2025年中报，西部水泥营业总收入54.18亿元、净利润7.48亿元。 8月25日，2025财年中报归属股东应占溢利7.483亿人民币，同比增长93.41%，基本每股收益0.137人民 币。 ...