Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that the self-discipline in the supply side of the cement industry has led to a rebound in profits from the bottom [8] - The company achieved a total revenue of 91.03 billion yuan in 2024, a year-on-year decrease of 35.5%, and a net profit attributable to shareholders of 7.696 billion yuan, down 26.2% year-on-year [12] - The report emphasizes the company's cost control measures and the impact of reduced coal prices on profitability, which has allowed it to outperform peers [13] Summary by Sections Event - The company disclosed its 2024 annual report, reporting total revenue of 91.03 billion yuan and a net profit of 7.696 billion yuan, with a cash dividend of 0.71 yuan per share [12] Commentary - The self-discipline in the cement supply side has led to a rebound in Q4 profits, with a total sales volume of 268 million tons, down 6.1% year-on-year, and an average price of 246 yuan per ton [13] - The company has seen a decrease in sales volume but an increase in profit margins due to effective cost management and rising cement prices in Q4 [13] - The company is expanding its overseas operations, adding 2.3 million tons of overseas clinker capacity and 8 million tons of cement capacity through relocations [13] Financial Forecast and Investment Rating - The company is expected to see net profits of 10.9 billion yuan in 2025 and 12.2 billion yuan in 2026, with a new forecast for 2027 at 12.6 billion yuan [17] - The report indicates that the current price-to-book ratio for the cement sector is at a historical low, suggesting potential for valuation recovery as industry self-discipline improves [17]

天风证券：给予海螺水泥买入评级 天风证券（601162）股份有限公司鲍荣富,王涛,林晓龙近期对海螺水泥（600585）进行研究并发布了研究报告《周期 底部龙头逆势扩张，看好水泥复价带动公司利润向上》，给予海螺水泥买入评级。 海螺水泥 公司24年全年实现归母净利润76.96亿元，Q4扣非利润环比显著修复 公司发布24年年报，全年实现收入/归母净利润910.30/76.96亿元，同比-35.51%/-26.19%，全年实现扣非归母净利润 73.65亿元，同比-26.06%。其中Q4单季度实现收入/归母净利润228.79/24.98亿元，同比-45.53%/+42.27%，扣非归母净利润 24.86亿元，同比+37.38%，非经常性损益主要系计入当期损益的政府补助。 公司项目持续扩张，看好水泥复价带动公司利润向上 公司24年自产水泥熟料收入同比-12.89%达732.14亿元，自产自销水泥熟料销量同比-6.05%达2.68亿吨，吨均价同比下 滑21.7元达273.2元/吨，吨成本同比下降13.7元达205.4元/吨，最终实现吨毛利67.8元/吨，同比减少8.1元，预计吨净利在25 元上下，同比约下降13元左右。24 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that the self-discipline on the supply side of the cement industry has led to a rebound in profits from the bottom [8] - The company achieved total revenue of 91.03 billion yuan in 2024, a year-on-year decrease of 35.5%, and a net profit attributable to shareholders of 7.696 billion yuan, down 26.2% year-on-year [12] - The report emphasizes the company's cost advantages and the effectiveness of supply-side discipline in stabilizing cement prices [13][14] Summary by Sections Event - The company disclosed its 2024 annual report, reporting total revenue of 91.03 billion yuan, a decrease of 35.5% year-on-year, and a net profit of 7.696 billion yuan, down 26.2% year-on-year. The fourth quarter alone saw revenue of 22.879 billion yuan, a decrease of 45.5% year-on-year, but net profit increased by 42.3% to 2.498 billion yuan [12] Commentary - The self-discipline in the cement industry has led to a rebound in profits in Q4. The company's sales volume of cement and clinker was 268 million tons, down 6.1% year-on-year, with an average price of 246 yuan per ton, a gross profit of 59 yuan, and a net profit of 29 yuan per ton, all showing declines. The cost per ton decreased by 18 yuan to 187 yuan due to better fuel substitution and raw material procurement [13] - Despite continued pressure on cement demand in the second half of 2024, the self-discipline in supply management has shown significant results, stabilizing national cement prices at high levels [13] - The company is expanding its overseas operations, establishing offices in Africa and South America, and increasing its clinker production capacity by 2.3 million tons [13] Financial Forecast and Investment Rating - The company is expected to demonstrate cost leadership and expand its industrial chain, providing new growth momentum. The report raises the profit forecast for 2025-2026 to 10.9 billion and 12.2 billion yuan, respectively, with a new forecast for 2027 at 12.6 billion yuan, corresponding to P/E ratios of 12, 11, and 10 times [17]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8][5]. Core Views - The company is positioned as a leading player in the cement industry, expanding its operations despite being at the bottom of the cycle. The recovery in cement prices is anticipated to drive profit growth [1][2]. - The company reported a significant decline in revenue and net profit for the year 2024, with total revenue of 91.03 billion yuan and a net profit of 7.70 billion yuan, representing year-on-year decreases of 35.51% and 26.19%, respectively [1][5]. - The company has ongoing expansion projects, including new production facilities in both domestic and international markets, which are expected to enhance its capacity and market presence [2][3]. Financial Performance - In 2024, the company's self-produced cement and clinker revenue decreased by 12.89% to 73.21 billion yuan, with sales volume down by 6.05% to 268 million tons. The average price per ton fell by 21.7 yuan to 273.2 yuan/ton, while the cost per ton decreased by 13.7 yuan to 205.4 yuan/ton, resulting in a gross profit of 67.8 yuan/ton, down by 8.1 yuan [2]. - The overall gross margin for 2024 was 21.70%, an increase of 5.14 percentage points year-on-year, with a net profit margin of 8.42%, up by 0.79 percentage points [4]. - The company plans to reduce capital expenditures in 2025 to 11.98 billion yuan, a 23% decrease from 2024, while expecting to add significant new production capacity in aggregates and concrete [3][5]. Future Outlook - The company aims for a net sales volume of 268 million tons for cement and clinker in 2025, with stable cost and expense per ton. The anticipated rise in cement prices is expected to contribute positively to profit growth [3]. - The company has a robust dividend policy, with a commitment to return at least 50% of net profits to shareholders through dividends and share buybacks over the next three years [5].

林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 证券研究报告 建筑材料 | 水泥 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 事件：公司发布 2024 年年报，实现收入 910.30 亿元，同比下降 35.51%，归母净利 润 76.96 亿元，同比下降 26.19%；其中单四季度实现收入 228.79 亿元，同比下滑 45.53%，归母净利润 24.98 亿元，同比增长 42.27%。业绩符合预期。公司 2024 年 年度权益分配预案拟每 10 股派发现金红利人民币 7.10 元，合计派发现金红利人民 币 37.47 亿元，对应股息率 2.86%。 联系人 市场表现： 行业低景气致使 ...

证券研究报告 建筑材料 | 水泥 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com | 基本数据 | | | 2025 | 年 | | 24 | 月 | 03 | | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 24.75 | | | | | | | / 最 低 | 最 | 高 | | | | | | | 内 | | | | （元） | | | | | | | | | | | | | 总市 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a current stock price of 24.75 CNY [1][3]. Core Views - The company reported a total revenue of 91.03 billion CNY for 2024, a year-on-year decline of 35.5%, and a net profit of 7.70 billion CNY, down 26.2% from the previous year. A cash dividend of 0.71 CNY per share (including tax) is proposed [3][4]. - The cement industry is expected to recover in the fourth quarter, with improved profitability driven by price increases and production coordination among leading companies [6][7]. - The company plans to increase its capital expenditure to 156.2 billion CNY in 2024, focusing on expanding its aggregate and ready-mixed concrete production capacity [6][7]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 91,030 million CNY, with a year-on-year decline of 35.4%. Net profit is expected to be 7,696 million CNY, down 26.2% [5][9]. - The gross margin is forecasted to improve to 21.7% in 2024, with a net margin of 8.5% [9]. Production and Capacity - The company plans to increase its clinker capacity by 2.3 million tons and cement capacity by 8 million tons, alongside significant expansions in aggregate and ready-mixed concrete production [6][7]. Cash Flow and Dividends - The company reported a net cash flow from operating activities of 18.39 billion CNY for 2024, with a cash balance of 70.23 billion CNY at year-end [10]. - A dividend payout of 37.5 billion CNY is planned for 2024, representing 48.68% of net profit [7]. Market Outlook - The report anticipates a recovery in cement demand post-Spring Festival, with potential price increases in the Yangtze River Delta region [6][7]. - The company is positioned as a leader in the cement industry, with strong cost control and attractive valuation metrics [7].

Financial Performance - The company's net revenue for 2024 was CNY 91,029,615, a decrease of 35.51% compared to CNY 141,157,207 in 2023[21]. - The net profit attributable to shareholders for 2024 was CNY 8,051,954, down 24.5% from CNY 10,686,594 in 2023[21]. - The basic earnings per share for 2024 was CNY 1.46, a decline of 25.90% from CNY 1.97 in 2023[22]. - The operating cash flow for 2024 was CNY 18,476,253, a decrease of 7.96% compared to CNY 20,074,156 in 2023[22]. - The company reported a total profit of CNY 10,029,189 for 2024, down 26.22% from CNY 13,594,052 in 2023[22]. - The net profit after deducting non-recurring gains and losses for 2024 was CNY 7,364,704, a decrease of 26.06% from CNY 9,960,488 in 2023[22]. - The weighted average return on equity for 2024 was 4.14%, down from 5.64% in 2023[22]. - The company's total revenue for the reporting period was 74.16 billion yuan, a decrease of 14.18% compared to the previous year[49]. - The net sales volume of cement and clinker was 271 million tons, down 7.46% year-on-year[45]. - The company's operating profit was 9.71 billion yuan, a decrease of 26.03% compared to the previous year[49]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.71 per share (including tax) for the 2024 fiscal year[5]. - The company distributed a cash dividend of 0.96 CNY per share, totaling approximately 5.07 billion CNY, to shareholders based on the total shares issued[95]. - For the fiscal year 2024, the company proposes a final dividend of 0.71 CNY per share, amounting to approximately 374.67 million CNY, which represents 48.68% of the net profit attributable to ordinary shareholders[97]. - The company will not allocate any statutory reserve for the fiscal year 2024, as the statutory reserve has already reached over 50% of the registered capital[96]. - The cumulative cash dividend amount for the last three fiscal years (including tax) is approximately CNY 16.66 billion[101]. - The cumulative cash dividend and repurchase amount for the last three fiscal years is CNY 16.66 billion, with an average net profit attributable to ordinary shareholders of CNY 11.27 billion, resulting in a cash dividend ratio of 147.83%[101]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young[5]. - The board of directors and management have ensured the accuracy and completeness of the financial report[4]. - The company has confirmed that there are no violations of decision-making procedures for external guarantees[7]. - The company has not faced any situations where more than half of the directors cannot guarantee the authenticity of the report[8]. - The company emphasizes compliance with the Shanghai Stock Exchange listing rules and will fulfill information disclosure obligations regarding the investment funds[90]. - The audit committee reviewed the 2023 annual financial statements and approved the submission to the board for review[177]. - The audit committee evaluated KPMG's performance in conducting the 2023 audit, affirming adherence to auditing standards[177]. - Ernst & Young Huaming audited the effectiveness of the internal control over the financial report as of December 31, 2024, and issued a standard unqualified opinion[186]. Environmental and Social Responsibility - The company has outlined its commitment to environmental and social responsibilities in its governance report[19]. - The company is committed to low-carbon and green development, actively promoting ultra-low emissions and energy-saving transformations, which may increase production costs[67]. - The company has established a comprehensive monitoring system for pollutant discharge across its facilities[196]. - The company has implemented measures to ensure that all emissions remain below the regulatory thresholds, demonstrating commitment to environmental standards[198]. - The company continues to monitor and manage emissions effectively, ensuring sustainable operations[198]. Market Strategy and Expansion - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[21]. - The company plans to complete the construction of its Cambodia project by February 2025, further expanding its international presence[41]. - The company aims to enhance its international development by leveraging overseas offices to explore suitable project opportunities in emerging markets[65]. - The company is focusing on digital transformation and green technology integration to enhance its core competitiveness[37]. - The company will focus on expanding its market presence and improving product and service quality to address potential demand volatility[66]. Corporate Governance - The company has maintained a governance structure that ensures independent operation and decision-making across its various departments and functions[113]. - The company has a strong focus on corporate governance, with key executives holding multiple positions in related entities[122][123]. - The company is committed to maintaining high standards of corporate governance and transparency in its operations[136]. - The board of directors consists of 8 members, including 3 independent non-executive directors, with a gender diversity of 6 males and 2 females[173]. - The remuneration and nomination committee is responsible for formulating compensation policies and evaluating executive performance[171]. Employee and Management Information - The company has a total of 49,397 employees, with 28,490 in production, 2,098 in sales, and 12,559 in technical roles, indicating a diverse workforce[148]. - The highest paid executive, Li Qunfeng, received a pre-tax remuneration of CNY 1,941,695, while the total remuneration for all executives amounted to CNY 12,767,125[144][145]. - The company has implemented a performance-based salary system for mid-level management, linking annual income to key performance indicators[151]. - The group has trained over 1,500 employees through various specialized training programs during the reporting period[152]. - The company has a gender distribution of approximately 84.8% male and 15.2% female employees, reflecting its workforce composition[148]. Investment and Financial Management - The company has committed CNY 1,760,112,039 to subscribe for shares in Western Construction, pending regulatory approval[80]. - The company has invested CNY 16 billion in the New Materials Industry Investment Fund, which has a total size of CNY 150 billion[84]. - The company has completed the necessary registrations for the Industrial Internet Mother Fund with the relevant authorities[88]. - The company has established a policy for shareholder communication, which has been effectively implemented during the reporting period[190]. - The company has established an internal control system that includes a controlled management system to continuously identify, assess, and manage significant risks[185].

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 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《關於續聘會計師 事務所的公告》，僅供參閱。 承董事會命 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） 於其他市場發佈的公告 聯席公司秘書 虞水 中國安徽省蕪湖市 二零二五年三月二十四日 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。 股票简称：海螺水泥 股票代码：600585 公告编号：临 2025-07 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited ...

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） 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 2024 年度「提 質增效重回報」行動方案的評估報告》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中國安徽省蕪湖市 二零二五年三月二十四日 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。 股票简称：海螺水泥 股票代码：600585 公告编号：临 2025-11 安徽海螺水泥股份有限公司 关于 2024 年度"提质增效重回报" ...