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]

Investment Rating - The industry investment rating is "Leading the Market-A" [5] Core Viewpoints - Recent price increases in cement across various regions are expected to benefit from increased infrastructure investment [1][10] - The demand for cement is recovering, supported by effective peak-shifting production strategies and low inventory levels, leading to rising prices [3][10] - The cement industry is experiencing a gradual recovery in profitability due to strategic changes among leading companies and improved market conditions [8][10] Summary by Sections Price Increases - Multiple regions have announced price hikes for cement, with increases ranging from 10 to 100 CNY per ton in various areas [1] - As of April 4, 2025, the average prices for PO42.5 bulk cement (including tax) in different regions were reported, showing increases compared to previous lows [2] Demand and Supply Dynamics - National cement production in January-February 2025 was 171 million tons, a year-on-year decrease of 5.7%, but the decline is less severe compared to 2024 [3] - The operating rate of cement kilns in March was reported at 40.1%, a month-on-month increase of 12.5 percentage points, indicating improved production efficiency [3] Cost Factors - The average price of thermal coal has been declining, which supports improved profitability for cement companies as cement prices rise [3] Future Outlook - The cement demand is expected to continue recovering due to increased infrastructure investment and supportive government policies [9][10] - The industry is likely to see ongoing supply-side optimization policies that will help alleviate supply-demand imbalances and support price increases [9][10]

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， ...

工业富联：第一季度净利润预计52亿元—53亿元，同比增长24%—27% 工业富联公告称，2025年第一季度预计营业收入1590亿元-1610亿元，同比增长34.0%-35.6%；预计归属 于上市公司股东的净利润为52亿元-53亿元，同比增长24.4%-26.8%。云计算业务方面，板块营业收入同 比增长超过50%，AI服务器、通用服务器营业收入同比皆超过50%。通讯及移动网络设备方面，公司积 极推进战略布局，有效实现对客户的稳健出货。公司将继续聚焦主营业务，推动AI+技术创新和经营提 质增效。 中国联通：为进一步回报股东，3月公司将此前回购的5.13亿股全部注销 中国联通公告称，公司将深入实施融合创新战略，推进"网络向新、技术向新、服务向新"，2025年将着 力实现创新动力更足、能力优势更强、业务结构更优、经营效益更好、品牌形象卓著。同时，公司坚持 战略引领与价值导向，持续推动提升上市公司投资价值，过去几年每股分红保持双位数增长。为进一步 回报股东，2025年3月公司将此前回购的5.13亿股全部注销。此外，公司将持续完善股东沟通渠道，积 极倾听中小股东声音，与投资者高频次交流。 海油工程：控股股东中国海油集团拟 ...

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份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。 一、本期業績預告情況 （一）業績預告期間 2025 年 1 月 1 日至 2025 年 3 月 31 日（「2025 年第一季度」） （二）業績預告情況 經公司財務部門按照中國企業會計準則初步測算，預計本集團 2025 年第一季度實現歸 屬於母公司所有者的淨利潤約為人民幣 18.08 億元，與上年同期（法定披露數據）相比 增加約 20%。 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 內幕消息：2025 年第一季度業績預告 本公告乃由安徽海螺水泥股份有限公司（「本公司」或「公司」，連同本公司附屬公 司統稱「本集團」）董事（「董事」）會（「董事會」）根據香港聯合交易所有限公 司證券上市規則（「上市規則」）第 13.09(2)(a)條、第 13.10B 條及《證券及期貨條例》 （香港法例第 ...

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 ...

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份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。 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 聯席公司秘書 虞水 中國安徽省蕪湖市 二零二五年四月七日 截至此公告日，本公司董事會成員包括 (i) 執行董事楊軍先生、朱勝利先生、李群峰 先生、吳鐵軍先生及虞水先生； (ii) 獨立非執行董事屈文洲先生、何淑懿女士及張雲 燕女士。 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《關於召開 2024 年 度業績說明會的公告》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 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 ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The company reported a total revenue of 91.03 billion yuan for 2024, a year-on-year decrease of 35.51%, and a net profit attributable to shareholders of 7.696 billion yuan, down 26.19% year-on-year. However, in Q4 2024, the net profit attributable to shareholders was 2.498 billion yuan, showing a year-on-year increase of 42.27% [2][4][10]. - The expected performance for 2025-2026 is projected to be 9.2 billion yuan and 10.1 billion yuan, respectively, corresponding to price-to-earnings ratios of 14 and 13 times [6][10]. - The company plans to maintain a cash dividend and share buyback amounting to no less than 50% of the annual net profit for the next three years [10]. Summary by Sections Financial Performance - In 2024, the company's self-produced cement sales volume was 26.8 million tons, a decrease of 6% year-on-year, which is better than the industry average decline of 9.5% [10]. - The average revenue per ton of self-produced cement was 246 yuan, down 28 yuan per ton year-on-year, while the average cost per ton was 187 yuan, down 18 yuan per ton year-on-year [10]. - The overall expenses for the year were 9.448 billion yuan, a decrease of 3.4% year-on-year, indicating a smaller decline compared to the main sales volume [10]. Capital Expenditure and Capacity Expansion - In 2024, the company had capital expenditures of 15.619 billion yuan, increasing clinker capacity by 2.3 million tons and cement capacity by 8 million tons [10]. - 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 [10]. Market Outlook - Despite pressure on demand, supply is expected to provide support, and prices may still have some elasticity. The company anticipates that the price and profit margins may improve due to strong coordination among leading enterprises [10]. - The company expects to release higher performance growth in Q2 2025, supported by a low profit base from the previous year and current low coal prices [10].