Core Viewpoint - The Shanghai Dividend Potential Index (H50020) experienced a slight decline of 0.12%, closing at 6806.28 points, with a trading volume of 35.597 billion yuan, reflecting the overall performance of companies with strong dividend expectations and capabilities [1] Group 1: Index Performance - The Shanghai Dividend Potential Index has increased by 0.47% over the past month and by 2.45% over the past three months, but has decreased by 2.73% year-to-date [1] - The index is based on a comprehensive ranking of securities using indicators such as EPS, undistributed profits per share, and ROE, selecting the top 50 securities to represent the index [1] Group 2: Index Holdings - The top ten weighted stocks in the index are: China Merchants Bank (16.94%), Kweichow Moutai (15.89%), Ping An Insurance (13.85%), Yangtze Power (8.97%), Yili Group (6.89%), China Shenhua Energy (5.92%), Shaanxi Coal and Chemical Industry (3.54%), Wanhua Chemical (2.54%), Anhui Conch Cement (2.04%), and Fuyao Glass (2.0%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% representation [1] Group 3: Industry Composition - The industry composition of the index holdings includes: Financials (30.78%), Consumer Staples (29.53%), Energy (13.85%), Utilities (8.97%), Consumer Discretionary (6.53%), Materials (6.01%), Healthcare (1.63%), Information Technology (1.49%), Industrials (0.58%), Communication Services (0.32%), and Real Estate (0.30%) [2] Group 4: Sample Adjustment Criteria - The index samples are adjusted annually, with the next adjustment occurring on the trading day following the second Friday of December [3] - Samples that do not meet the following criteria are removed: (1) Cash dividends distributed in the past year must be at least 30% of the net profit attributable to shareholders; (2) Average total market capitalization must rank within the top 90% of the Shanghai 180 Index; (3) Average trading volume must also rank within the top 90% of the Shanghai 180 Index [3] - The adjustment typically does not exceed 20% unless more than 20% of the original samples are disqualified based on the dividend criteria [3]

Core Viewpoint - Conch Cement emphasizes its commitment to low-carbon development and environmental sustainability through various initiatives and technologies aimed at reducing carbon emissions and enhancing energy efficiency. Environmental Initiatives - Conch Cement has completed carbon assessments for 68 clinker bases and 138 production lines, achieving a 100% assessment rate for clinker production subsidiaries and providing nearly 500 carbon reduction optimization suggestions [1] - The company has obtained low-carbon product certification for ordinary Portland cement and is focused on establishing itself as an industry benchmark for ultra-low emissions [1] Clean Energy Applications - The company has invested in clean energy projects, including solar, wind, and biomass power, with an operational capacity of 645 MW in solar and ongoing projects totaling 428.91 MW [2] - Conch Cement utilized 373 million kWh of self-generated solar power and 1,052.8 MWh of self-generated wind power during the reporting period [2] Alternative Fuel Usage - The company has implemented diverse alternative fuel solutions, using 357 million tons of various alternative fuels, which accounts for approximately 13% of coal usage [2] - Innovative technologies for municipal sludge dehydration and resource utilization have been developed, achieving significant environmental benefits [2] Carbon Reduction Strategies - Conch Cement has enhanced production efficiency and energy management, employing technologies such as coal promotion and oxygen-enriched combustion to optimize energy use [3] - The company is exploring CO2 conversion technologies to achieve near-zero emissions in cement production, including a successful CO2 storage project that has sequestered 4,100 tons of CO2 [3] Social Responsibility and Governance - The company has invested in employee training, with a total expenditure of 18.41 million yuan and 100% employee training participation [7] - Conch Cement actively engages in social responsibility initiatives, contributing 8.1075 million yuan in aid and 119,400 yuan in targeted assistance [8] - The company has integrated ESG principles into its governance framework, conducting regular anti-corruption training for employees [8]

建材 2025年04月09日 海螺水泥(600585.SH) Q1业绩延续改善，水泥防御价值凸显 推荐 ( 维持) 公 司 报 告 股价:24.82元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.conch.cn | | 大股东/持股 | 安徽海螺集团有限责任公司/36.40% | | 实际控制人 | 安徽省国有资产监督管理委员会 | | 总股本(百万股) | 5,299 | | 流通A股(百万股) | 4,000 | | 流通B/H股(百万股) | 1,300 | | 总市值(亿元) | 1,254 | | 流通A股市值(亿元) | 993 | | 每股净资产(元) | 35.47 | | 资产负债率(%) | 21.3 | 行情走势图 相关研究报告 【平安证券】海螺水泥（600585.SH）*年报点评*四 季度盈利改善，推出分红回报规划*推荐20250325 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 事项： 海螺水泥公布业绩预告，预计2025Q1实现归母净利润约18.08亿元， ...

Financial Performance - Anhui Conch Cement Company Limited expects a net profit attributable to shareholders of approximately 1.808 billion yuan for Q1 2025, representing an increase of about 20% compared to the same period last year [3]. - The company anticipates a net profit of approximately 1.650 billion yuan after deducting non-recurring gains and losses for Q1 2025, also reflecting a 20% increase year-over-year [4]. - The net profit attributable to shareholders for the same period last year was 1.502 billion yuan, with a net profit of 1.368 billion yuan after deducting non-recurring gains and losses [7]. - Earnings per share for the previous year was 0.28 yuan per share [8]. Factors Influencing Profit - The increase in profit is primarily due to a decrease in product costs and an increase in sales volume [9]. Forecast and Audit Status - The performance forecast has not been audited by registered accountants [5]. - The company has not identified any significant uncertainties that could affect the accuracy of the performance forecast [10]. - The forecast data is preliminary and the final financial data will be disclosed in the official Q1 2025 report [11].

证券代码：600585 证券简称：海螺水泥 公告编号：临 2025-12 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （二）会议召开地点：上交所上证路演中心（http://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心视频直播和网络互动 会议问题征集：投资者可于 2025 年 4 月 8 日（星期二）至 4 月 14 日（星期 一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dms@chinaconch.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 安徽海螺水泥股份有限公司（以下简称"公司"）已于 2025 年 3 月 24 日收市 后在上海证券交易所（以下简称"上交所"）网站发布公司 2024 年度报告，在香港 联合交易所有限公司及本公司网站发布 2024 年度业绩公告。为便于广大投 ...

Core Viewpoint - The company reported a significant decline in annual revenue and net profit for 2024, but showed improvement in Q4 2024, driven by price increases and cost reductions [1][2]. Financial Performance - The company's total revenue for 2024 was 91.03 billion yuan, a year-on-year decrease of 35.51% - The net profit attributable to shareholders was 7.696 billion yuan, down 26.19% year-on-year - In Q4 2024, the net profit attributable to shareholders was 2.498 billion yuan, an increase of 42.27% year-on-year [1][2]. Operational Metrics - The national cement production in 2024 was 1.825 billion tons, a decline of 9.5% year-on-year - The company's self-produced cement clinker sales were 26.8 million tons, down 6% year-on-year, which was better than the industry average - The average revenue per ton of self-produced products was 246 yuan, a decrease of 28 yuan per ton year-on-year, while the average cost per ton was 187 yuan, down 18 yuan per ton year-on-year [2][3]. Cost and Expenditure - The total expenses for the year were 9.448 billion yuan, a decrease of 3.4% year-on-year - The company incurred an impairment provision of approximately 300 million yuan in Q4 2024 - Capital expenditures for 2024 were 15.619 billion yuan, with significant increases in production capacity across various segments [2][3]. Capacity Expansion - The company added 2.3 million tons of clinker capacity overseas and increased cement capacity by 8 million tons through relocation - Additional capacities included 14.5 million tons of aggregates and 12.1 million cubic meters of commercial concrete - By the end of 2024, the company had a clinker capacity of 27.4 million tons and a cement capacity of 40.3 million tons [3]. Future Outlook - The company plans to maintain a dividend payout of at least 50% of net profit for the years 2025-2027, with an estimated dividend yield of 3.4% based on a profit assumption of 9 billion yuan - For 2025, capital expenditures are projected to be 11.98 billion yuan, with expectations for improved cash flow and a slowdown in spending [2][3]. Earnings Forecast - Expected earnings for 2025 and 2026 are 9.2 billion yuan and 10.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 14 and 13 [4].

丨证券研究报告丨 公司研究丨点评报告丨海螺水泥（600585.SH） [Table_Title] 2025 年期待供给释放边际弹性 报告要点 [Table_Summary] 公司披露 2024 年报：全年营业收入 910.3 亿元，同比减少 35.51%；归母净利润 76.96 亿元， 同比减少 26.19%；24Q4 归母净利润 24.98 亿元，同比增长 42.27%。 分析师及联系人 [Table_Author] SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 请阅读最后评级说明和重要声明 范超 李金宝 %% %% 1 海螺水泥（600585.SH） cjzqdt11111 [Table_Title2] 2025 年期待供给释放边际弹性 [Table_Summary2] 事件描述 公司披露 2024 年报：全年营业收入 910.3 亿元，同比减少 35.51%；归母净利润 76.96 亿元， 同比减少 26.19%；24Q4 归母净利润 24.98 亿元，同比增长 42.27%。 事件评论 ⚫ 预计 2025-2026 年业绩 92、101 亿元，对应 ...

提价带动归母净利回升，分红比例维持稳定 目标价：27.36 元 公司研究 证 券 研 究 报 告 海螺水泥（600585）2024 年报点评 推荐（维持） 事项： 公司发布 2024 年业绩报告，实现营收 910.30 亿元，同比下降 35.51%；归母净 利润为 76.96 亿元，同比下降 26.19%；扣非归母净利润为 73.65 亿元，同比下 降 26.06%。 评论： 风险提示：下游需求不及预期，成本上涨超预期等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 91,030 | 92,967 | 94,204 | 96,073 | | 同比增速(%) | -35.4% | 2.1% | 1.3% | 2.0% | | 归母净利润(百万) | 7,696 | 9,666 | 11,175 | 12,126 | | 同比增速(%) | -26.2% | 25.6% | 15.6% | 8.5% | | 每股盈利(元) | 1.45 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 24.16 CNY and 22.2 HKD respectively [1]. Core Views - The report suggests that the bottom of the profit cycle for the company may have been reached in 2024, with expectations for profit recovery in 2025. The company is projected to achieve a net profit of 10.2 billion CNY in 2025, marking a 19% increase from previous estimates [11]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 91 billion CNY, a decrease of 35.4% year-on-year, with a net profit attributable to shareholders of 7.7 billion CNY, down 26.2% [5][12]. - The company plans to distribute a cash dividend of 3.75 billion CNY, with a dividend payout ratio of 51% [5]. Cement Business - The cement and clinker business generated revenues of 65.8 billion CNY in 2024, a decline of 16% year-on-year, with sales volume at 26.8 million tons, down 6% [6]. - The average selling price for cement was 246 CNY per ton, a decrease of 10% year-on-year [6]. - The gross profit margin for the cement business was approximately 23.8%, down 1.2 percentage points from the previous year [6]. Market Outlook - The report indicates that the demand for cement is expected to stabilize in 2025, with a narrowing decline in demand anticipated [7]. - The report highlights that the price decline in the cement industry may have reached a bottom, with a recovery in profitability expected in 2025 [11]. Concrete and Aggregate Business - The concrete business achieved revenues of 2.67 billion CNY in 2024, up 19% year-on-year, while the aggregate business reported revenues of 4.69 billion CNY, an increase of 21% [8]. Capacity and Expansion - The company increased its clinker capacity by 2.3 million tons and cement capacity by 8 million tons in 2024, with significant expansions in aggregate and concrete production capacity as well [9]. Future Projections - For 2025, the company aims to maintain cement and clinker sales volume at 26.8 million tons, with capital expenditures projected at 11.98 billion CNY [10].

公司公布2024 年报。2024 年，公司实现收入910.30 亿元，同比-35.51%，归母净利润76.96 亿元，同 比-26.19%；对应Q4 实现收入228.79 亿元，同比-45.47%，归母净利润24.98 亿元，同比+42.08%。 2024 水泥供需整体承压，Q4 水泥格局好转价格上行。公司业绩略低于预期。2024 年全年，由于地产及 基建需求承压，全年水泥行业价格承压。根据披露数据测算，2024 年，公司自产自销水泥及熟料2.68亿 吨，同比-6.05%，平均售价245.7 元/吨，同比-27.7 元/吨，由于煤炭价格下行，吨成本同比下降17.9 元/ 吨至187.1 元/吨，但吨毛利同比仍下滑9.8 元/吨至58.6 元/吨。除水泥销量价格下降外，建材贸易业务收 入同比降低60%也是收入下滑原因之一。2024Q4，由于水泥价格上涨，从而使得Q4 单季度归母净利润 同比增加。 华南及西部地区表现相对较优。分区域来看，南部及西部区域收入同比下降8.64%/4.13%，是下降相对 较少的地区，判断主要因为粤港澳大湾区及西部大开发重点建设工程对需求产生较好支撑作用。 分红率总体保持平稳。2024 ...