Investment Rating - The investment rating for the company is "Outperform the Market" [4][11] Core Views - The company is expected to benefit from a recovery in profitability, supported by its leading position in the industry. The recent price increases in cement are anticipated to enhance short-term profitability, while medium-term improvements in supply-side policies may further benefit the company [2][11]. - The company has experienced a significant decline in revenue and profit due to falling cement prices and demand, with a year-on-year revenue drop of 31.27% and a net profit decline of 40.05% for the first nine months of 2024 [5][11]. - Despite the challenges, the company has shown signs of recovery in profitability, with a gross margin of 19.5% for the first nine months of 2024, an increase of 1.21 percentage points year-on-year [6][11]. Summary by Sections Financial Performance - For the first nine months of 2024, the company reported revenue of 681.5 billion yuan, down 31.27% year-on-year, and a net profit of 51.98 billion yuan, down 40.05% year-on-year. The earnings per share (EPS) was 0.99 yuan [5][11]. - The third quarter of 2024 saw a revenue of 225.85 billion yuan, a decrease of 32.89% year-on-year, but the profit decline was significantly narrowed compared to the first two quarters [5][11]. Profitability Metrics - The company achieved a gross margin of 19.5% for the first nine months of 2024, with quarterly gross margins showing improvement: 17.7% in Q1, 20.0% in Q2, and 20.8% in Q3 [6][11]. - The net profit margin for the first nine months was 7.7%, with a notable recovery in Q3, where the net profit margin reached 8.3% [6][11]. Cash Flow and Balance Sheet - The company maintained a strong cash flow position, with a net cash flow from operating activities of 103.48 billion yuan, up 6.7% year-on-year [9][11]. - As of the end of September 2024, the company had cash and cash equivalents totaling 769.06 billion yuan, indicating a solid liquidity position [9][11]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to 1.59, 1.67, and 1.80 yuan, respectively, reflecting the impact of previous volume and price pressures [2][11].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 68.15 billion yuan and a net profit of 5.198 billion yuan for the first three quarters of 2024, reflecting a year-on-year decline of 31.3% and 40.1% respectively [1] - In Q3, domestic demand remained weak, leading to continued bottoming of cement profitability. The national cement production decreased by 10.7% year-on-year from January to September, with the decline in Q3 being more pronounced due to extreme weather and tight funding in downstream sectors [1] - The company's gross margin in Q3 was 20.8%, an increase of 4.6 percentage points year-on-year, attributed mainly to a reduction in the proportion of low-margin trading business [1] - The company effectively controlled its operating expenses, which decreased by 9.6% year-on-year in Q3, resulting in a net profit margin of 8.2%, significantly outperforming the industry average [1] - The report anticipates significant improvement in profitability in Q4, supported by enhanced industry self-discipline and potential policy measures to stabilize demand [1] Summary by Sections Financial Performance - For 2024E, the company is projected to achieve total revenue of 144.464 billion yuan and a net profit of 8.354 billion yuan, with corresponding P/E ratios of 16.61 [1] - The company's operating cash flow for the first three quarters was 10.348 billion yuan, a year-on-year increase of 7.2%, indicating effective management of receivables [1] Industry Outlook - The report highlights that the cement industry is experiencing a downturn, but self-discipline measures are beginning to show results, with expectations for price rebounds in Q4 [1] - The report suggests that the cement sector's valuation is at historical lows, and with improved self-discipline, leading companies are likely to see valuation recovery [1] Investment Forecast - The report maintains profit forecasts for the company at 83.5 billion yuan, 97.4 billion yuan, and 112.1 billion yuan for 2024-2026, corresponding to P/E ratios of 17, 14, and 12 respectively [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.47 CNY, reflecting a 0.9 times PB for 2024 [4][6]. Core Views - The company reported a net profit of 1.873 billion CNY in Q3, a year-on-year decline of 15.13%. For the first three quarters, the revenue and net profit attributable to the parent company were 6.815 billion CNY and 5.198 billion CNY, respectively, representing declines of 31.27% and 40.05% year-on-year [1]. - The report indicates that the gross margin has shown growth both year-on-year and quarter-on-quarter, suggesting a potential bottoming out of the industry and highlighting the value advantage of leading companies in the new cycle [3]. - The company is expected to see improved performance in Q4 and next year due to rising cement prices and a favorable cost structure, with a projected increase in net profit for 2024-2026 [2][4]. Financial Performance Summary - The overall gross margin for the first three quarters was 19.54%, with a Q3 gross margin of 20.78%, reflecting increases of 1.21 percentage points and 4.60 percentage points year-on-year, respectively [3]. - The company’s operating cash flow for the first three quarters was 10.348 billion CNY, an increase of 6.47 billion CNY year-on-year, with a cash collection ratio of 118.58% [3][11]. - The company’s total assets as of Q3 2023 were 246.189 billion CNY, with a debt ratio of 21.46% [3][10]. Market Position and Outlook - The company has significant production capacity, including 27.4 million tons of clinker and 39.9 million tons of cement, which provides a competitive edge in the market [4]. - The report anticipates a strong willingness from the company to raise prices in the current cycle, supported by recent government initiatives to boost infrastructure spending, which may enhance cement demand [2][4].

Investment Rating - The report maintains a "Recommended" rating for Conch Cement (600585.SH) [1] Core Views - The company's revenue for Q3 2024 was 68.15 billion yuan, a year-on-year decline of 31.3%, with a net profit attributable to shareholders of 5.20 billion yuan, down 40.1% year-on-year [3] - The cement industry faced pressure on both volume and price due to declining demand from real estate and weakening infrastructure needs, leading to a year-on-year decline in performance [4] - There is an expectation for profit recovery in Q4 2024, supported by successful price increases in the Yangtze River Delta region and a slight improvement in demand [4] - The company has a strong cash position with net cash flow from operating activities of 10.35 billion yuan, exceeding the previous year's 9.70 billion yuan [4] Financial Summary - Revenue (in million yuan) is projected to grow from 140,999 in 2023 to 171,223 in 2026, with year-on-year growth rates of 6.8%, 5.6%, 7.8%, and 6.7% respectively [5] - Net profit (in million yuan) is expected to decline from 10,430 in 2023 to 9,112 in 2024, before recovering to 11,910 in 2026 [5] - Gross margin is projected to decrease from 16.6% in 2023 to 14.4% in 2024, with a slight recovery to 15.5% by 2026 [5] - The company’s P/E ratio is expected to be 15.2 in 2024, decreasing to 11.6 by 2026 [5] Cash Flow Analysis - The net cash flow from operating activities is expected to decrease from 20.11 billion yuan in 2023 to 14.55 billion yuan in 2024, before gradually increasing to 17.15 billion yuan in 2026 [8] - The company’s cash position remains strong, with cash on hand of 75.03 billion yuan at the end of the reporting period, significantly higher than interest-bearing liabilities of 30.45 billion yuan [4] Market Outlook - The report anticipates that the cement supply-demand dynamics will improve in 2025, driven by increased infrastructure spending and potential policy support from the government [4] - The company is positioned as a leader in the cement industry, maintaining cost control and offering attractive valuation and dividend yield [6]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 22,584,738,660, a decrease of 32.89% compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2024 was CNY 1,872,817,793, down 15.13% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,694,170,382, a decrease of 15.38% compared to the previous year[3]. - The basic earnings per share for the year-to-date period was CNY 0.35, reflecting a decline of 39.81% compared to the same period last year[3]. - The company reported a significant decrease in net profit attributable to shareholders for the year-to-date period, down 40.05% compared to the same period last year[8]. - Total operating revenue for the first three quarters of 2024 was CNY 68.15 billion, a decrease of 31.3% compared to CNY 99.16 billion in the same period of 2023[17]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 5.20 billion, a decline of 40.1% from CNY 8.67 billion in 2023[18]. - The company's comprehensive income for the first three quarters of 2024 was CNY 5.29 billion, compared to CNY 8.32 billion in the same period of 2023, reflecting a decrease of 36.4%[19]. - Basic earnings per share for the first three quarters of 2024 were CNY 0.99, down from CNY 1.64 in 2023[19]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 252,090,916,161, an increase of 2.33% from the end of the previous year[4]. - The total current assets reached ¥105,244,967,169, compared to ¥101,232,721,726 at the end of 2023, indicating an increase of about 4%[14]. - The company's inventory decreased to ¥8,901,003,430 from ¥10,155,441,636, reflecting a decline of approximately 12.4%[14]. - The total assets of the company as of September 30, 2024, were ¥252,090,916,161, up from ¥246,356,360,411 at the end of 2023, marking an increase of around 2.3%[14]. - The company's long-term equity investments stood at ¥7,824,017,749, slightly up from ¥7,765,191,948, showing a growth of about 0.76%[14]. - The company's total liabilities increased to CNY 54.10 billion in Q3 2024, up from CNY 48.34 billion in Q3 2023, representing an increase of 11.5%[16]. - The company's long-term borrowings decreased to CNY 11.08 billion in Q3 2024 from CNY 15.61 billion in Q3 2023, a reduction of 29.2%[16]. - The company's total liabilities were not explicitly stated, but the increase in current liabilities suggests a strategic focus on managing short-term financial obligations[14]. Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 10,347,782,944, showing an increase of 7.15% compared to the previous year[3]. - In the first three quarters of 2024, the cash inflow from operating activities was CNY 81.79 billion, a decrease of 28.7% compared to CNY 114.74 billion in the same period of 2023[21]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 10.35 billion, an increase of 7.1% from CNY 9.66 billion in the same period of 2023[21]. - The cash outflow from investing activities in the first three quarters of 2024 was CNY 26.93 billion, down 36.8% from CNY 42.57 billion in the same period of 2023[21]. - The net cash flow from investing activities was -CNY 6.77 billion in the first three quarters of 2024, an improvement from -CNY 10.75 billion in the same period of 2023[21]. - The cash inflow from financing activities was CNY 11.51 billion in the first three quarters of 2024, compared to CNY 19.09 billion in the same period of 2023[22]. - The net cash flow from financing activities was CNY 2.81 billion in the first three quarters of 2024, a significant recovery from -CNY 2.43 billion in the same period of 2023[22]. - The total cash and cash equivalents at the end of the third quarter of 2024 reached CNY 17.94 billion, an increase from CNY 12.86 billion at the end of the same period in 2023[22]. Operational Highlights - The company completed the acquisition of Anhui Conch Information Technology Engineering Co., Ltd. in January 2024, which required restating prior financial statements[5]. - Non-recurring gains and losses for the reporting period totaled CNY 178,647,411, with significant contributions from government subsidies and investment management gains[6]. - The weighted average return on equity decreased by 1.91 percentage points compared to the previous year, indicating a decline in profitability[3]. - The company reported a significant reduction in research and development expenses, which were not detailed in the current report but were previously CNY 1.31 billion in 2023[17]. - The company did not report any significant changes in shareholder structure or major new strategies during the reporting period[12]. - There were no new product launches or technological advancements mentioned in the report, indicating a potential area for future growth[12]. - The cash outflow for purchasing goods and services was CNY 55.26 billion in the first three quarters of 2024, a decrease of 38.4% from CNY 89.76 billion in the same period of 2023[21].

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） 更改 H 股股份過戶登記處 安徽海螺水泥股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 自二零二四年十一月一日起，本公司之 H 股股份過戶登記處將更改為： 香港中央證券登記有限公司 香港灣仔皇后大道東 183 號 傳真號碼：(852) 2865 0990 由二零二四年十一月一日起，本公司的 H 股股份過戶登記手續將由香港中央證券登記 有限公司辦理。於二零二四年十月三十一日下午四時三十分後仍未領取之本公司 H 股 股票，可於二零二四年十一月一日起到香港中央證券登記有限公司領取。 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 合和中心 17 樓 1712-1716 號舖 電話號碼：(852) ...

股票简称：海螺水泥 股票代码：600585 公告编号：临 2024-35 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于担保实施进展的公告 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： ● 被担保人名称：杭州富阳海中环保科技有限责任公司（以下简称"富阳海中 环保"），为安徽海螺水泥股份有限公司（以下简称"本公司"）附属公司。 ● 担保金额及已实际为其提供的担保余额：本次由本公司附属公司安徽海中环 保有限责任公司（以下简称"安徽海中环保"）为富阳海中环保提供担保，担保金 额为人民币 550 万元。截至本公告披露日，除本次担保外，本公司附属公司向富阳 海中环保提供的担保余额为 4,225 万元。 ● 担保是否有反担保：无 1 ● 担保逾期情况：无 ● 特别风险提示：无 一、担保情况概述 近日，富阳海中环保与兴业银行股份有限公司杭州富阳支行（以下简称"兴业 银行杭州富阳分行"）签订了借款金额为人民币 1,000 万元的借款合同，借款期限为 1 年。同时，安徽海中 ...

安徽海螺水泥股份有限公司 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 聯席公司秘書 虞水 中華人民共和國安徽省蕪湖市 二零二四年十月十六日 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。 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） 董事會會議通告 安徽海螺水泥股份有限公司（「本公司」）之董事（「董事」）會（「董事會」） 謹此宣佈於二零二四年十月二十九日（星期二）就以下目的舉行董事會會議： 1. 審議及批准截至二零二四年九月三十日止九個月本公司及其附屬公司（「本集 團」）未經審核之業績； 承董事會命 2. 審議及批准根據香港聯合交易所有限公司證券上市規則刊載截至二零二四年九月 三十日止九個月本集團未經審 ...

安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 证券代码：600585 证券简称：海螺水泥 公告编号：临 2024-34 - 1 - | 联席主承销商 | 中国工商银行股份有限公司、徽商银行股份有限公司、交通银行股份有限 | | --- | --- | | | 公司、浙商银行股份有限公司、兴业银行股份有限公司、渤海银行股份有 | | | 限公司、上海浦东发展银行股份有限公司、中国民生银行股份有限公司 | | 名称 | 安徽海螺水泥股份有限公司 24 海螺水泥 简称 | | | | --- | --- | --- | --- | | | 2024 年度第四期中期票据 MTN004 | | | | 代码 | 102484128 期限 5 年 | | | | 起息日 | 2024 年 月 18 兑付日 2029 年 9 月 18 日 | 9 | 日 | | 计划发行总额 | 35 亿元 实际发行总额 35 亿元 | | | | 发行利率 | 2.10% 发行价格 100 元/百元面值 | | | | 簿记管理人 | 兴业银行股份有限公司 | | | | 主承销商 | ...

证券代码：600585 证券简称：海螺水泥 公告编号：临 2024-33 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于召开 2024 年半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： 会议问题征集：投资者可于 2024 年 9 月 6 日（星期五）至 9 月 12 日（星期 四）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 2024 年 8 月 27 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 年半年度报告，在 香港联合交易所有限公司及本公司网站发布 2024 年半年度业绩公告。为便于广大投 资者更加全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 13 日下午 15:00-16:30 ...