他营业收入占比已经到了海外的他我不是营业收入就是他的海外的在营业周围占比已经到了24%就是海外的同时的话非水利人物的话它的占比已经是 先宣布总监彭总来和我们交流我们本次的策略会线上交流主要以问答的形式展开所以各位投资者如果有疑问也欢迎在线上或者是在电话端提出提问我们也会平易地接入那么我们首先先请彭总简单介绍一下公司的基本情况然后我们后续开放问答环节有请彭总 谢谢各位投资者大家早上好 下面我简单的对我们公司的情况做一个介绍,因为大家可能对我们公司比较熟悉,因此我就介绍的就相对比较简单。我们华新水创始于1907年,是中国最早的三家水利企业之一。 在目前就是说离近百年沧桑极变而元气存活至今并重新焕发新生活力的国内的水利企业目前就是我们法新水利一家我们法新通过上世以来30年的发展目前的话我们总体的产能的话就是说业务的话 覆盖国内17个省市海外的业务目前的话就是覆盖了16个国家通过一体化协作部级目前拥有三倍以下生产公司水泥产能的话目前的话是1.27亿吨古料产能的话是2.8亿吨然后混凝土的产能的话是每小时5.2万方的产能规模 然后环保组织能力是1700万人然后目前我们公司是支持已经成为全球产业产业建材全员建材以全产业链一 ...

2024 年 12 月 18 日 公司研究 全资收购巴西骨料资产，正式进军南美市场 ——华新水泥（600801.SH）收购巴西骨料资产公告点评 | --- | --- | --- | --- | --- | |-------------------------------------------------------------|--------------------|-------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Maintains an "Overweight" rating for Huaxin Cement (600801) [1] Core Views - Huaxin Cement has signed a share acquisition agreement to acquire 100% of Company A (which holds 60% of Company B) and 40% of Company B for a total consideration of $186.6 million, making the target companies wholly-owned subsidiaries upon completion [2] - This marks the company's first entry into the South American market, expanding its overseas aggregate business [3] - The target companies operate 4 aggregate plants in Brazil with a total capacity of 8.8 million tons/year (actual production of 6.2 million tons in 2023), located in the metropolitan area of São Paulo, Brazil's economic and population center [3] - Brazil's construction industry is benefiting from government infrastructure investment and real estate market recovery, with cement sales growing 4.6% YoY in Jan-Oct 2024 [3] - The target companies demonstrated strong profitability, with Company B reporting net profits of $17.13 million in 2023 and $12.82 million in Jan-Sep 2024, implying a 11x P/E multiple based on 2023 earnings [3] - The company's overseas expansion continues with recent acquisitions in Nigeria and Brazil, adding 10.6 million tons/year of cement grinding capacity and 8.8 million tons/year of aggregate capacity [4] - By mid-2024, the company will operate 10 overseas aggregate plants (up from 6) with total overseas cement grinding capacity exceeding 33 million tons/year [4] Financial Projections - Revenue is projected to grow from RMB 33.76 billion in 2023 to RMB 42.96 billion in 2026, with YoY growth rates of 1.1%, 16.3%, and 8.2% in 2024-2026 respectively [1] - Net profit attributable to shareholders is forecasted to decline 36.7% YoY to RMB 1.75 billion in 2024, then recover to RMB 2.35 billion (+34.1% YoY) in 2025 and RMB 2.75 billion (+17.2% YoY) in 2026 [1] - EPS is expected to be RMB 0.84 in 2024, RMB 1.13 in 2025, and RMB 1.32 in 2026 [1] - P/E ratios are projected at 14.7x, 11.0x, and 9.4x for 2024-2026 respectively [1] Market Data - Current share price: RMB 12.35 [8] - 52-week range: RMB 9.91-16.09 [8] - Market cap: RMB 25.68 billion [8] - P/B ratio: 0.89x [8] Financial Position - Total assets: RMB 68.80 billion in 2023, projected to grow to RMB 80.50 billion by 2026 [12] - Debt-to-asset ratio: 51.52% [9] - ROE: 9.55% in 2023, expected to decline to 5.82% in 2024 before recovering to 8.29% by 2026 [12]

Overseas Expansion and Acquisition - Huaxin Cement plans to acquire building materials assets in Nigeria from Holcim Limited for USD 560 million and USD 280 million respectively [1] - After the transaction, Huaxin Cement will indirectly hold 83.81% of the target company and include it in its consolidated financial statements [2] - The target company reported net profits of USD 57 million in 2023 and USD 36 million in the first half of 2024, potentially contributing an incremental profit of CNY 400-500 million to Huaxin Cement [2] - The acquisition requires approval from Huaxin Cement's shareholders' meeting, China's National Development and Reform Commission, Ministry of Commerce, and relevant Nigerian authorities [4] Overseas Market Performance - Huaxin Cement's overseas cement and clinker sales volume increased by 41% YoY in the first nine months of 2024, generating revenue of CNY 5.936 billion and net profit of CNY 847 million [5] - Overseas business accounted for less than 25% of Huaxin Cement's total revenue but contributed approximately half of its net profit in the first three quarters of 2024 [5] - Overseas markets have become a crucial support for stabilizing Huaxin Cement's performance [6] - Huaxin Cement has expanded its overseas presence to 12 countries, including Tajikistan, Cambodia, Nepal, South Africa, and Mozambique [5] Industry Comparison - Huaxin Cement's net profit exceeded CNY 1.1 billion in the first three quarters of 2024, outperforming most peers in the cement industry [5] - The net profit margin of the target company in Nigeria is around 12.5%, slightly lower than Huaxin Cement's existing overseas business net profit margin of 14.3% [9] - Conch Cement's overseas market gross profit margin reached 39.99% in the first half of 2024, significantly higher than its domestic market gross profit margins of 18.79%-23.24% [6] - Tianshan Cement's overseas regional gross profit margin reached 43.93% in the first half of 2024 after integrating China National Building Materials' assets [7] Market Potential in Nigeria - Nigeria is Africa's most populous country and largest economy, with a concentrated cement industry structure and only three major cement manufacturers [8] - The largest cement manufacturer in Nigeria holds over 50% of the market share, and the current per capita cement consumption is only about 140 kg annually, indicating significant growth potential [8] - The target company has four large cement plants in Nigeria's core markets and holds high-quality limestone resources [9] Holcim's Asset Restructuring - Holcim Limited was formed through the merger of Lafarge and Holcim in 2014, with a history dating back to 1833 and 1912 respectively [10][11] - Holcim has been active in the Chinese market since before the merger, with investments in companies like Huaxin Cement and Dujiangyan Lafarge Cement [11][12] - Holcim has been divesting assets globally, including a failed USD 2.15 billion asset sale in the Philippines in 2019 and a USD 1.05 billion sale of its Indian cement business to Adani Group in 2022 [4][15] - The estimated value of the Nigerian target company's 100% equity is between USD 1.1 billion and USD 1.6 billion [17] Transaction Details - Huaxin Cement will need to conduct a mandatory tender offer for the remaining 16.19% public shares of the Nigerian target company after completing the initial acquisition [16] - The transaction is still in its early stages and faces multiple uncertainties, including regulatory approvals from Chinese and Nigerian authorities [17][18]

证券研究报告 华新水泥 (6655 HK/600801 CH) 港股通 | --- | --- | --- | |-----------------------------|------------------------------|-----------------------------------------| | | | | | 投资评级： 目标价： 港币： | 6655 HK 买入 (维持) 10.09 | 600801 CH 买入 ( 维持 ) 人民币： 15.73 | 华泰研究 公告点评 | --- | --- | |---------------------------------------|-----------------------------------------| | 研究员 | 龚劼 | | SAC No. S0570519110002 SFC No. BHG354 | gongjie@htsc.com +(86) 21 2897 2095 | | | 方晏荷 | | 研究员 SAC No. S0570517080007 | fangyanhe@htsc.com | | SF ...

Investment Rating - Maintains a "Buy" rating [8] Core Views - Optimistic about the price elasticity of the cement industry in 2025, with overseas expansion solidifying long-term growth logic [1] - The company is expected to benefit from rising cement prices in the short term, with overseas capacity expansion further strengthening its long-term growth logic [1] - The company's dividend yield is 4.1% (excluding mergers and acquisitions and Q4 price increases), indicating excellent allocation value [1] Summary by Sections Industry Overview - Cement prices have rebounded in Q4 2024 due to increased production curtailment in regions like the Yangtze River Delta, Hubei, and Chongqing, with prices rising by over 100 yuan/ton [1] - High-grade cement prices in these regions have surpassed the Q4 2023 peak, indicating potential price elasticity in 2025 if demand recovers and production curtailment continues [1] African Market Expansion - The company is optimistic about the African cement market, particularly in Nigeria, where per capita cement consumption is 140 kg and is expected to rise with Belt and Road projects [3] - Nigeria's cement market is highly concentrated, with the top three companies holding significant market share, and the company's acquisition is expected to enhance operational performance and create substantial merger value [3] - The acquisition of Lafarge Africa Plc's cement assets in Nigeria, with a total capacity of 10.6 million tons, is a strategic move to enter Africa's largest economy and expand its presence in northern and western Africa [4] - The acquired assets generated $450 million in revenue and $57 million in net profit in 2023, accounting for 9.4% and 12.4% of the company's total revenue and net profit, respectively [4] - The acquisition price is approximately 20.6x 2024E PE, and the acquired company's revenue represents 57.6% of the company's overseas revenue in 2023 [4] Financial Performance - The company's total market capitalization is 269.85 billion yuan, with a circulating market capitalization of 174.49 billion yuan [6] - The 52-week high/low stock price is 16.09/9.91 yuan, with a 52-week high/low PE of 15.60/8.20 and a 52-week high/low PB of 1.14/0.73 [6] - The 52-week stock price increase is 1.28%, with a turnover rate of 164.29% [6] Earnings Forecast - The company's net profit attributable to the parent company is expected to be 2.21 billion yuan in 2024, 2.80 billion yuan in 2025, and 3.05 billion yuan in 2026, with corresponding PE ratios of 12.21x, 9.62x, and 8.86x [12] - Revenue is forecasted to grow from 33.76 billion yuan in 2023 to 39.76 billion yuan in 2026, with a growth rate of 10.79% in 2023, 7.97% in 2024, 6.32% in 2025, and 2.61% in 2026 [12] - EBITDA is projected to increase from 8.44 billion yuan in 2023 to 10.30 billion yuan in 2026 [12]

证券研究报告·公司点评报告·水泥 华新水泥（600801） 收购豪瑞尼日利亚资产，海外水泥加速壮大 2024 年 12 月 02 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|-------|---------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 30470 | 33757 | 34130 | 39689 | 42956 | | 同比（ % ） | (6.14) | 10.79 | 1.10 | 16.29 | 8.23 | | 归母净利润（百万元） | 2699 | 2762 | 1748 | 2345 | 2747 | | 同比（ % ） | (49.68) | 2.34 | (36.72) | 34.14 | 17.16 | | EPS- 最新摊薄（元 / 股） | 1.30 | 1.33 | 0.84 | 1.13 | ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华新水泥（600801.SH） [Table_Title] 静待国内涨价弹性落地 | --- | --- | --- | |----------------------------------------------------------------------------------------------------|------------|-------| | 报告要点 | | | | [Table_Summary] 公司披露 2024 年 3 季报：前 3 季度公司实现营业总收入 | 2.29% ，归 | | | 母净利润 11.38 亿，同比下降 39.26% 。第三季度营收为 润为 4.08 亿元，同比下降 40.17% 。 | ；净利 | | | | | | 分析师及联系人 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 请阅读最后评级说明和重要声明 华新水泥（600801.SH） cjzqdt11111 2024-11-04 资料来源：Wind 相 ...

华新水泥（600801.SH） 水泥 证券研究报告/公司点评报告 2024 年 10 月 30 日 Q3 国内水泥仍承压，静待价格修复后拐点到来 全国水泥产量 13.3 亿吨，同比-10.7%，其中 7-9 月单月产量 1.5、1.6、1.7 亿吨，单 月同比-12.4%、-11.9%、-10.3%，金九银十传统旺季下，9 月单月降幅略有收窄，但 仍为 2010 年以来同期最低水平。从区域来看，据数字水泥网，公司国内水泥熟料产 能前三布局地区湖北、云南、湖南 24Q3 产量分别同比-7.2%、-13.1%、-14.7%；价 格水平来看，武汉、昆明、长沙 24Q3 水泥价格分别同比-5.9%、+5.3%、+14.0%， 季度环比-3.2%、+9.7%、+7.9%，区域价格涨跌不一，但均处于相对较低水平，我们 认为 24Q3 公司国内水泥量价仍整体承压拖累收入，支撑收入同比增长主要依靠海外 水泥市场及骨料等非水泥业务增长。随着 9 月末开始的区域价格提涨，我们预计公司 国内水泥单价有望逐步企稳修复。 毛利率仍阶段性承压，汇率扰动影响费用端。24Q3 公司整体实现毛利率 24.7%，同 比-5.2pcts，环比-0 ...

Investment Rating - Maintains an "Overweight" rating with a target price of RMB 17.67, up from the previous target of RMB 13.79 [3][4] Core Views - The company's Q3 2024 results met expectations, with revenue of RMB 24.719 billion, up 2.29% YoY, but net profit attributable to shareholders declined by 39.26% YoY to RMB 1.138 billion [3] - Overseas cement business continues to grow, with Q3 overseas cement sales increasing by over 30% YoY, offsetting domestic sales decline [3] - Domestic cement profitability remains weak, but overseas profitability is stable, with Q4 price hikes expected to improve margins [3] - Aggregate business shows strong profitability resilience despite a decline in sales volume due to increased competition and market demand weakness [3] Financial Performance - Q3 2024 revenue was RMB 8.482 billion, up 1.78% YoY, with net profit attributable to shareholders of RMB 408 million, down 40.17% YoY [3] - 2024-2026 EPS forecasts are maintained at RMB 0.91, RMB 1.09, and RMB 1.34, respectively [3] - The company's net debt ratio stands at 43.00% [6] Market and Valuation - The company's current market price is RMB 14.08, with a 52-week price range of RMB 10.10 to RMB 15.87 [5] - The total market capitalization is RMB 29.272 billion, with a P/E ratio of 15.47x for 2024E [5][10] - The company's P/B ratio is 1.0x, with a net asset value per share of RMB 13.91 [6] Industry and Competitive Position - The company's overseas cement business is a key driver of growth, compensating for the decline in domestic cement demand [3] - Domestic cement sales in Q3 2024 showed a single-digit YoY decline, but the decline narrowed compared to Q2 2024 [3] - Price hikes in Q4 2024, particularly in the Yangtze River region, are expected to improve profitability [3] Future Outlook - The company expects cement price increases in Q4 2024 to drive industry profit recovery [3] - Capacity replacement and carbon emission policies in 2025 may improve the supply structure of the industry [3] - The company's overseas business is expected to maintain stable profitability, with manageable foreign exchange risks [3]