Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance remains resilient despite weak domestic cement demand, with a year-on-year revenue increase of 2.29% to 24.719 billion yuan for the first three quarters of 2024, although net profit decreased by 39.26% to 1.138 billion yuan [2][3] - Domestic cement prices have seen multiple rounds of increases since September, which may lead to a recovery in annual performance [4] - The company's overseas business continues to grow, with the Dondo plant project in Mozambique expected to enhance competitiveness in the market [4][5] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 8.482 billion yuan, a year-on-year increase of 1.78%, while net profit was 408 million yuan, down 40.17% year-on-year [2][3] - The financial expense ratio for the first three quarters of 2024 was 2.86%, an increase of 0.95 percentage points year-on-year, attributed mainly to exchange rate losses [3] Market Conditions - National cement production for the first nine months of 2024 was 1.327 billion tons, a decrease of 10.70% year-on-year, marking the lowest level since 2010 [3] - The weak demand is influenced by ongoing real estate investment stabilization and local government debt pressures, leading to fewer new projects [3] Future Projections - Revenue projections for 2024-2026 are 34.962 billion yuan, 38.101 billion yuan, and 41.678 billion yuan, with year-on-year growth rates of 3.57%, 8.98%, and 9.39% respectively [5] - Net profit forecasts for the same period are 2.504 billion yuan, 2.901 billion yuan, and 3.128 billion yuan, with growth rates of -9.35%, 15.85%, and 7.82% respectively [5] Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 11.70 for 2024, 10.10 for 2025, and 9.37 for 2026 [5][7]

它的成本今年1到9月份的成本到了309元同比是上涨了60.40元因此在毛利方面水利业务的增毛利今年全三季度是66元同比去年是下滑了将近15元然后国内的话增毛利只有28元相较去年是下降了24.36元 海外还是保持维持了一个较好的一地水平墩堡率是168元但是同比也下降了36元这是水泥业务然后古料业务上今年1到9月份的话整体的古料的销量是1.04亿吨同比是增长了18%其中古料的价格是40.3元 同比是下滑了0.84元古料的成本今年1到9月份是20.9同比是下滑了1.18元然后古料的锚地的话是19.4元同比去年是增长了0.33元混凝土业务方面1到9月份的话总体的销量是2275.83万方 同比增长26%混凝土的价格今年也是出现了下跌价格只有264元同比下降了21.6元然后成本也是出现了下跌成本是234.6同比是下滑了下降了14.35元因为价格下滑的幅度大于成本下降的幅度所以 混凝土登发毛利只有29.7元同比去年是下滑了7.26元这是我们前三季度的整体的产品的经营情况我先介绍这么多大家如果有问题我们再进行深入交流谢谢好的好的这个非常感谢彭总那我这边有几个小问题先请教一下 第一个就是刚才也听您介绍了咱们从前三队来看的话海外 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is experiencing short-term profit pressure but has strong growth potential in overseas and non-cement businesses [2][4]. - The third quarter saw a decline in net profit by 40.17% year-on-year, with a net profit of 408 million yuan [1][2]. - The company has made significant strides in its overseas cement business, which now accounts for 41.3% of its cement revenue, up 17.7 percentage points year-on-year [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 2,471.9 million yuan, a year-on-year increase of 2.29%, while net profit decreased by 39.26% to 1,138 million yuan [1]. - The gross margin for the first three quarters was 24.02%, down 2.28 percentage points year-on-year, with a net margin of 6.39%, down 2.81 percentage points [3]. - The company’s cash flow from operations for the first three quarters was 3,382 million yuan, a decrease of 121 million yuan year-on-year [3]. Business Segment Insights - The company’s overseas cement operations have expanded significantly, with production capacities reaching 15.44 million tons per year in Central Asia [2]. - Non-cement business segments, including aggregates and concrete, are expected to contribute positively to the overall performance despite domestic cement demand decline [4]. Valuation Metrics - The company’s projected net profits for 2024-2026 are revised to 1,831.6 million yuan, 2,093.97 million yuan, and 2,437.61 million yuan respectively, with corresponding P/E ratios of 15, 13, and 11 [4][5]. - The current dividend yield stands at 4.02%, with a dividend payout ratio of 40% [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - Cement prices continue to rise, and Q4 performance is expected to improve [1] - In Q3, the company reported revenue of 8.482 billion yuan, a year-on-year increase of 1.78%, while net profit attributable to shareholders decreased by 40.17% to 408 million yuan [2] - Domestic cement prices are under pressure, leading to a significant decline in profits for Q3 [2] - The company’s gross margin for Q3 was 24.74%, down 5.22 percentage points year-on-year, and net margin was 6.59%, down 3.89 percentage points [2] - The Yangtze River Delta region is planning to increase clinker prices, which may support Q4 performance [2] Financial Performance Summary - Revenue (in million yuan): - 2022A: 30,470 - 2023A: 33,757 - 2024E: 32,682 - 2025E: 35,738 - 2026E: 38,982 [4] - Net profit (in million yuan): - 2022A: 2,699 - 2023A: 2,762 - 2024E: 1,738 - 2025E: 2,190 - 2026E: 2,584 [4] - EPS (in yuan): - 2022A: 1.30 - 2023A: 1.33 - 2024E: 0.84 - 2025E: 1.05 - 2026E: 1.24 [5] Profitability Metrics - Gross margin for 2024E is projected at 23.6% [4] - Net profit margin for 2024E is projected at 6.2% [5] - PE ratios for 2024E, 2025E, and 2026E are projected at 15.8, 12.5, and 10.6 respectively [4] Future Outlook - The company is expected to achieve net profits of 1.738 billion yuan in 2024, with a year-on-year decline of 37.1%, followed by a recovery in 2025 and 2026 with growth rates of 26.0% and 18.0% respectively [3] - The latest closing price corresponds to a PE of 16 for 2024, indicating potential for investment [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 24.719 billion yuan and a net profit attributable to shareholders of 1.138 billion yuan for the first three quarters of 2024, reflecting a year-on-year change of +2.3% and -39.3% respectively. In Q3 alone, the revenue was 8.482 billion yuan with a net profit of 408 million yuan, showing a year-on-year change of +1.8% and -40.2% [2] - Domestic cement demand is stabilizing, with Q3 revenue remaining steady. The gross margin for Q3 was 24.7%, down 5.2 percentage points year-on-year, primarily due to unexpected declines in domestic cement demand. However, it is expected that margins may improve in Q4 as prices rebound in the central region [2][3] - The company has effectively controlled its operating expenses, with a Q3 expense ratio of 14.3%, down 0.5 percentage points year-on-year. The sales net profit margin and net profit margin attributable to shareholders were 6.6% and 4.8%, respectively, both down year-on-year [2] - Capital expenditure has been reduced, with cash outflows for fixed assets and other long-term assets amounting to 1.977 billion yuan, a decrease of 16.5% year-on-year. The company's debt level has also decreased, with a debt-to-asset ratio of 51.5% [2] Summary by Sections Financial Performance - Total revenue for 2022 was 30.47 billion yuan, with a forecast of 33.757 billion yuan for 2023 and 34.13 billion yuan for 2024, reflecting a year-on-year growth of 10.79% and 1.10% respectively [1] - The net profit attributable to shareholders was 2.699 billion yuan in 2022, with forecasts of 2.762 billion yuan for 2023 and 1.736 billion yuan for 2024, indicating a significant decline of 37.16% in 2024 [1] - The latest diluted EPS is projected to be 0.83 yuan for 2024, with a P/E ratio of 15.81 [1] Industry Outlook - The cement industry is expected to see a rebound in demand due to strengthened supply-side discipline and improved pricing dynamics. The company is well-positioned to benefit from this recovery, particularly in the central market [3] - The company's overseas expansion is progressing steadily, with overseas cement revenue accounting for 22% of total revenue in the first half of the year [3] Valuation - The profit forecasts for 2024-2026 have been adjusted to 1.74 billion yuan, 2.13 billion yuan, and 2.36 billion yuan respectively, with corresponding P/E ratios of 16, 13, and 12 times [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 13.20 CNY [6]. Core Views - The company reported a revenue of 24.719 billion CNY for the first three quarters of 2024, a year-on-year increase of 2.29%, while the net profit attributable to shareholders decreased by 39.26% to 1.138 billion CNY [1]. - Despite a weak supply-demand environment in the cement industry, the company outperformed the industry average, with overseas cement revenue increasing by 55% in the first half of 2024, accounting for 41% of its cement business [2]. - The company's "Cement+" product line saw a revenue increase of 29.4% in the first half of 2024, contributing 42.5% to total revenue and 57.9% to gross profit [2]. - The company is expected to maintain a forward-looking strategy in overseas markets, "Cement+", and low-carbon initiatives, with projected net profits of 1.79 billion CNY, 2.05 billion CNY, and 2.25 billion CNY for 2024-2026 [4]. Financial Performance - For Q3 2024, the company achieved a revenue of 8.482 billion CNY, a year-on-year increase of 1.78%, while the net profit attributable to shareholders was 408 million CNY, down 40.17% [1]. - The gross margin for Q1-Q3 2024 was 24.02%, an increase of 2.28 percentage points year-on-year, while the net margin was 6.39%, a decrease of 2.81 percentage points [1]. - The company's operating cash flow remained stable at 3.382 billion CNY, a year-on-year decrease of 3.46% [4]. - Accounts receivable increased by 35.32% year-on-year, accounting for 15.04% of revenue, indicating a potential risk related to the expansion of the concrete business [4]. Cost and Expenses - The company's expense ratio rose to 13.69%, an increase of 1.14 percentage points year-on-year, with financial expenses in Q3 2024 reaching 306 million CNY, up 41% quarter-on-quarter and 42% year-on-year [3].

证券代码：600801 证券简称：华新水泥 公告编号：2024-024 华新水泥股份有限公司 第十一届董事会第五次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 华新水泥股份有限公司（以下简称"公司"）第十一届董事会第五次会议于 2024 年 10 月 25 日以现场结合通讯方式召开。会议应到董事 9 人，实到 9 人。本次会议由董事长徐永 模先生主持，董事会秘书出席了本次会议。监事会主席及部分高管列席了本次会议。公司于 2024 年 10 月 15 日以通讯方式向全体董事发出了会议通知。会议符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定，合法有效。 二、董事会会议审议情况 本次董事会会议经审议并投票表决，通过如下重要决议： 1.公司2024年三季度报告（表决结果：同意9票，反对0票，弃权0票） 本报告已经董事会审计委员会审议通过，并同意提交董事会审议。 2.关于修订《公司章程》部分条款的议案（表决结果：同意9票，反对0票，弃权0票） 本议案需提交股东会审议。 详情请 ...

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个别及连带责任。 华新水泥股份有限公司（以下简称"公司"）分别于2020年8月11日、2020 年9月25日召开公司第九届董事会第十八次会议及2020年第二次临时股东大会， 审议通过了《关于公司2020-2022年核心员工持股计划（草案）及其摘要的议案》、 证券代码：600801 证券简称：华新水泥 公告编号：2024-026 华新水泥股份有限公司 关于2020-2022年核心员工持股计划 第三个锁定期届满的提示性公告 《关于提请股东大会授权董事会办理公司2020-2022年核心员工持股计划相关事 宜的议案》等相关议案，具体内容详见公司分别于2020年8月13日、2020年9月26 日在指定信息披露媒体发布的相关公告。 根据中国证券监督管理委员会《关于上市公司实施员工持股计划试点的指导 意见》、《上海证券交易所上市公司自律监管指引第1号——规范运作》及《公 司2020-2022年核心员工持股计划》等相关规定，公司2020-2022年核心员工持股 计划（以下简称"持股计划"）第三个锁定期将于2 ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-025 华新水泥股份有限公司 关于修订《公司章程》部分条款的公告 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个别及连带责任。 根据《中华人民共和国公司法》（2023年修订）、中国证监会最新颁布的《上市公司独立 董事管理办法》《境内企业境外发行证券和上市管理试行办法》以及《香港联合交易所有限 公司证券上市规则》等有关规定，经华新水泥股份有限公司于2024年10月25日召开的第十一 届董事会第五次会议审议通过，拟对《公司章程》及其附件《股东会议事规则》《董事会议 事规则》《监事会议事规则》相关条款进行修订，修订详情如下： 一、对《公司章程》的修订 | 序号 | 章程原条款 | 拟修订 | | --- | --- | --- | | | 第 1 条 为维护公司、股东和债权人的合法权益,规范公司的组织和行 为,根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）、《国务院关于股份有限公 | 第 1 条 为维护公司、股东和债权人的合 ...

华新水泥股份有限公司 章 程 （2024 年 10 月修订） 1 | 第一章 总 则 3 | | --- | | 第二章 经营宗旨和范围 5 | | 第三章 股 份 6 | | 第一节 股份发行 6 | | 第二节 股份增减和回购 7 | | 第三节 股份转让 8 | | 第四章 股票和股东名册 10 | | 第五章 股东和股东会 12 | | 第一节 股东 12 | | 第二节 股东会的一般规定 15 | | 第三节 股东会的召集 17 | | 第四节 股东会的提案与通知 18 | | 第五节 股东会的召开 20 | | 第六节 股东会的表决和决议 24 | | 第六章 类别股东表决的特别程序 29 | | 第七章 董事会 31 | | 第一节 董 事 31 | | 第二节 董事会 33 | | 第八章 经理及其他高级管理人员 38 | | 第九章 监事会 40 | | 第一节 监 事 40 | | 第二节 监事会 40 | | 第十章 公司董事、监事、经理和其他高级管理人员的义务 43 | | 第十一章 财务会计制度、利润分配和审计 45 | | 第一节 财务会计制度 45 | | 第二节 内部审计 47 ...