股价表现 公司快报 2024 年 09 月 05 日 华新水泥(600801.SH) 国内水泥经营承压，海外水泥量价齐 升，骨料业务表现亮眼 事件：公司发布 2024 年半年报，2024H1 实现营收 162.37 亿元 （yoy+2.56%），实现归母净利润 7.31 亿元（yoy-38.74%），实现 扣非归母净利润 6.80 亿元（yoy-41.88%）；2024Q2 实现营收 91.54 亿元（yoy-0.54%），实现归母净利润 5.53 亿元（yoy-41.45%）， 实现扣非归母净利润 5.29 亿元（yoy-43.57%）。 2024H1 营收同比增长，国内水泥经营下滑。2024 年上半年公司 实现营业收入 162.37 亿元（yoy+2.56%），Q1、Q2 各季度公司营 收增速分别为 6.87%和-0.54%，上半年国内和海外业务营业收入 分别同比-4.2%、55.46%。主营水泥业务销量和均价同比下滑，实 现营收 86.66 亿元（yoy-11.25%），2024H1 销量约 2848.44 万吨 （yoy-4.90%），水泥销售均价约 304.24 元/吨（同比-21.76 元/ 吨） ...

[Table_Stock] 华新水泥（600801） 证 券 研 究 报 告 公 司 点 评 [Table_Rating] 增持（维持） [◼Table_Summary] 投资摘要 事件概述： 2024年09月02日 [行业Table_Industry] : 建筑材料 日期: shzqdatemark | --- | --- | |----------------|-------------------| | | | | [Table_Author] | | | 分析师 : | 方晨 | | Tel: | 021-53686475 | | E-mail: | fangchen@shzq.com | | SAC 编号 : | S0870523060001 | | --- | --- | |-----------------------------|-------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 10.70 | | 12mth A 股价格区间（元） | 10.62-15.87 | | 总股本（百万股） | 2,079.00 | | 无限售 ...

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company's mid-year report for 2024 meets expectations, demonstrating strong profitability in overseas cement and aggregate operations despite a decline in domestic cement demand and increased competition [1] - The company achieved revenue of 16.237 billion yuan in the first half of 2024, a year-on-year increase of 2.56%, while net profit attributable to shareholders was 731 million yuan, a year-on-year decrease of 38.47% [2] - The report anticipates a narrowing decline in domestic cement sales in Q3, as the company enhances customer retention during the downturn [2] - Overseas cement sales continue to grow significantly, with a 47% year-on-year increase in the first half of 2024, supported by strong performance in African markets and ongoing capacity expansion [2] - Aggregate sales are also expected to maintain high growth, although price pressures have begun to emerge in Q3 [2] Financial Summary - The company reported a net profit of 731 million yuan in the first half of 2024, down 38.47% year-on-year, with earnings per share (EPS) projected to be 0.91 yuan for 2024, down from previous estimates [2][3] - Revenue is forecasted to grow from 33.757 billion yuan in 2023 to 34.578 billion yuan in 2024, reflecting a modest increase of 2.4% [3] - The company's net asset return rate is projected to decline to 6.3% in 2024, with a price-to-earnings (P/E) ratio of 11.58 for the same year [3][14]

Investment Rating - The report assigns a "Buy" rating for the company, Huaxin Cement, as of September 2, 2024 [1][4]. Core Views - The company has shown strong performance in overseas cement and aggregate businesses, while domestic cement demand remains under pressure [3][4]. - The report highlights the company's potential to benefit from high overseas cement demand and its early entry into the aggregate business, which has higher profit margins compared to cement [4]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 16.24 billion yuan, a year-on-year increase of 2.6%, but a decline in net profit attributable to shareholders by 38.7% to 730 million yuan [2][3]. - The cement business revenue was 8.37 billion yuan, down 9.0% year-on-year, with domestic and overseas revenues at 5.11 billion yuan and 3.58 billion yuan, respectively, showing a decline of 31.6% and an increase of 55.4% [3]. Sales and Margins - The overall sales volume for cement and clinker in H1 2024 was 28.484 million tons, down 4.9% year-on-year, with domestic sales down 15.7% and overseas sales up 47.0% [3]. - The average selling price per ton for overseas cement was 470.9 yuan, up 5.7%, while domestic prices fell by 18.8% to 244.5 yuan [3]. Non-Cement Business - Non-cement businesses, including aggregates and concrete, showed significant growth with revenues of 2.96 billion yuan and 3.94 billion yuan, respectively, marking increases of 37.0% and 24.2% year-on-year [3]. - The gross margins for aggregates and concrete were 47.4% and 11.6%, respectively, indicating a strong performance compared to the cement business [3]. Profitability and Cash Flow - The company's gross margin in H1 2024 was 23.7%, with a net profit margin of 4.5% [4]. - Operating cash flow for H1 2024 was 1.73 billion yuan, down 18.6% year-on-year, primarily due to increased cash payments to employees [4]. Future Projections - The report forecasts revenues of 34.91 billion yuan, 37.35 billion yuan, and 40.56 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 2.00 billion yuan, 2.17 billion yuan, and 2.37 billion yuan [4][5]. - The expected EPS for the same years is 0.96 yuan, 1.04 yuan, and 1.14 yuan, with corresponding P/E ratios of 10.93, 10.12, and 9.25 [5][6].

第二期（2024 年）核心员工持股计划实施进展公告 证券代码：600801 证券简称：华新水泥 公告编号：2024-021 华新水泥股份有限公司 2023-2025 年核心员工持股计划之 特此公告。 华新水泥股份有限公司董事会 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。 2024 年 9 月 3 日 华新水泥股份有限公司（以下简称"公司"）分别于 2023 年 6 月 30 日、2023 年 7 月 20 日召开第十届董事会第二十六次会议、2023 年第三次临时股东大会审 议通过了《关于公司 2023-2025 年核心员工持股计划（草案）的议案》及其摘 要等相关议案，具体内容详见公司于 2023 年 7 月 1 日、2023 年 7 月 21 日披露 的相关公告。 本期计划的资金来源为公司计提的激励对象 2024 年度长期激励薪酬 3918.03 万元。本期计划的股票来源为通过二级市场购买（包括大宗交易以及竞 价交易等方式）的公司 A 股普通股股票。截至 2024 年 8 月 31 日，本期计划已累 计买入公司 A ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.69 CNY, reflecting a 13x PE for 2024 [2][4]. Core Insights - The company's revenue for the first half of 2024 was 16.24 billion CNY, a slight increase of 2.56% year-on-year, while the net profit attributable to shareholders decreased by 38.7% to 731 million CNY [1][2]. - Domestic cement operations are under pressure, but overseas performance continues to grow, with overseas cement revenue increasing by 55.41% year-on-year [1]. - Non-cement business revenue grew by 24.7% year-on-year, contributing significantly to overall performance [2]. Financial Performance Summary - The company reported a net profit of 731 million CNY for H1 2024, down 38.7% year-on-year, with a non-recurring net profit of 680 million CNY, down 41.88% [1]. - The cement business generated 8.67 billion CNY in revenue, a decline of 11.25% year-on-year, with domestic revenue falling by 31.57% and international revenue rising by 55.41% [1]. - The company sold 28.48 million tons of cement and clinker, a decrease of 4.9% year-on-year, while overseas sales increased by 47% [1]. Business Segment Performance - The non-cement segment achieved revenue of 7.57 billion CNY, with the aggregate business growing by 36.96% and concrete business by 24.21% [2]. - The gross margin for the non-cement business was 47.41%, reflecting a year-on-year increase of 2.29 percentage points [2]. - The overseas cement business accounted for 41.3% of total cement revenue, an increase of 17.7 percentage points year-on-year [1]. Future Outlook - The company is expanding its overseas operations, with several projects underway in Mozambique, Malawi, Zambia, and South Africa, expected to add significant production capacity [1]. - The report suggests that the non-cement and overseas business segments have promising growth prospects, supporting the long-term growth outlook for the company [2].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company achieved revenue growth against the trend, with cement prices declining putting pressure on profits. In the first half of 2024, the company reported operating revenue of 16.237 billion yuan, a year-on-year increase of 2.56%, while net profit attributable to shareholders fell by 38.74% to 731 million yuan [1][2] - Despite a significant decline in domestic cement demand, the company managed to increase its revenue, supported by growth in aggregate and concrete business, as well as overseas sales [2][3] - The overseas cement and clinker sales volume increased by 47.0% year-on-year, reaching 7.5976 million tons in the first half of 2024, contributing significantly to the company's performance [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company reported a cement and clinker sales volume of 28.4844 million tons, a decrease of 4.9% year-on-year, with average selling prices dropping by 21.76 yuan/ton to 304.24 yuan/ton [1] - The overall gross margin decreased by 0.73 percentage points compared to the same period last year, standing at 24.38% [1] - The aggregate business revenue grew significantly, reaching 2.962 billion yuan, a year-on-year increase of 36.96%, while concrete business revenue was 3.943 billion yuan, up 24.21% year-on-year [1][2] Revenue Forecast - The company is expected to achieve operating revenues of 34.117 billion yuan, 37.384 billion yuan, and 39.187 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 1.874 billion yuan, 2.434 billion yuan, and 2.602 billion yuan [2][3] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 11.9, 9.1, and 8.5 respectively, compared to the average valuation of comparable companies at 20.4 times P/E for 2024 [2][4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total revenue of 16.24 billion yuan in the first half of 2024, a year-on-year increase of 2.6%, while the net profit attributable to shareholders was 731 million yuan, a year-on-year decrease of 38.7% [2][8] - Domestic cement demand is under increasing pressure, but aggregate and overseas cement sales continue to contribute positively [2][8] - The company’s cement and clinker sales reached 28.48 million tons in the first half, a decrease of 5% year-on-year, with domestic and overseas sales at 20.89 million tons and 7.60 million tons, respectively, reflecting a year-on-year decline of 16% and an increase of 41% [2][8] - The company is expanding its overseas operations, with new production lines in Mozambique and Malawi expected to add approximately 3 million tons of clinker capacity annually [2][8] - The gross margin for the first half was 23.7%, only a slight decrease of 0.7 percentage points year-on-year, supported by the higher contribution from aggregates and overseas cement [2][8] - The company’s financial expenses increased due to foreign exchange losses amounting to 115 million yuan [2][8] - The overall industry is experiencing significant losses, with over 50% of companies in the sector reporting losses, but there are signs of self-discipline and improvement in the industry [2][8] - The company has adjusted its net profit forecasts for 2024-2026 to 2.11 billion, 2.56 billion, and 2.80 billion yuan, respectively, reflecting a downward adjustment due to unexpected declines in domestic cement demand [2][8] Summary by Sections Revenue and Profit Forecast - Total revenue for 2024 is estimated at 35.09 billion yuan, with a year-on-year growth of 3.95% [2][8] - Net profit for 2024 is forecasted at 2.11 billion yuan, a decrease of 23.49% year-on-year [2][8] - The earnings per share (EPS) for 2024 is projected to be 1.02 yuan [2][8] Financial Metrics - The company’s total assets are projected to reach 71.89 billion yuan by 2024, with a debt-to-asset ratio of 51.18% [2][8] - The price-to-earnings (P/E) ratio is expected to be 10.53 for 2024 [2][8] Cash Flow and Capital Expenditure - The net cash flow from operating activities is expected to be 5.82 billion yuan in 2024 [9] - Capital expenditures are projected to be 6.63 billion yuan in 2024 [9]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 10.70 yuan [2]. Core Views - The company reported a revenue of 16.237 billion yuan for the first half of 2024, a year-on-year increase of 2.56%, while the net profit attributable to shareholders decreased by 38.74% to 731 million yuan [1]. - Domestic cement business is under pressure, while overseas cement business continues to expand, with overseas sales increasing by 47% year-on-year [1]. - The "Cement+" business segment shows strong growth, with revenue reaching 6.904 billion yuan, a year-on-year increase of 29.38% [1]. - The company is focusing on overseas expansion and low-carbon initiatives to adapt to the slowing domestic real estate and infrastructure demand [1]. Summary by Sections Financial Performance - For 2024H1, the gross margin was 23.65%, a decrease of 0.73 percentage points year-on-year, and the net profit margin was 6.29%, down 2.24 percentage points [1]. - The company’s overseas business gross margin was 33.19%, significantly higher than the domestic margin of 20.78% [1]. - The company expects net profits attributable to shareholders to be 2.027 billion yuan, 2.181 billion yuan, and 2.352 billion yuan for 2024, 2025, and 2026 respectively [2]. Business Segments - Domestic cement demand remains weak, with a total national cement production of 850 million tons in 2024H1, a year-on-year decrease of 10.76% [1]. - The company’s cement and clinker sales were 28.4844 million tons, down 4.9% year-on-year, with domestic sales estimated to have decreased by around 16% [1]. - The "Cement+" business, which includes aggregates and concrete, achieved a sales volume of 71.5261 million tons, a year-on-year increase of 41.6% [1]. Cost and Expenses - The company’s financial expenses increased by 63.09% year-on-year to 400 million yuan, primarily due to increased foreign exchange losses [1]. - As of the end of 2024H1, accounts receivable amounted to 3.185 billion yuan, a year-on-year increase of 40.97%, mainly due to the expansion of the concrete business [1].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 16,237,373,654, representing a 2.56% increase compared to CNY 15,831,572,500 in the same period last year[15]. - Net profit attributable to shareholders decreased by 38.74% to CNY 730,553,374 from CNY 1,192,560,395 year-on-year[15]. - The net cash flow from operating activities was CNY 1,730,584,063, down 18.64% from CNY 2,127,167,281 in the previous year[15]. - The company's EBITDA for the reporting period was CNY 3,698,000,000, a decline of 1.88% year-on-year[15]. - Basic earnings per share decreased by 39.66% to CNY 0.35 from CNY 0.58 in the same period last year[16]. - The weighted average return on net assets fell to 2.49%, down 1.75 percentage points from 4.24% in the previous year[16]. - The company reported a net profit of CNY 316,453,435 from Huaxin Cement (Wuxue) Co., Ltd., with operating revenue of CNY 1,184,482,565[40]. - The total profit for the first half of 2024 was CNY 1,343,287,311, down from CNY 1,738,266,841 in the same period of 2023, a decrease of 22.73%[109]. - The company’s total comprehensive income for the first half of 2024 was CNY 1,107,518,927, compared to CNY 730,796,704 in the same period of 2023, reflecting a significant increase[113]. Asset and Liability Management - Total assets increased slightly by 0.25% to CNY 68,975,448,352 compared to CNY 68,800,268,263 at the end of the previous year[15]. - The net assets attributable to shareholders decreased by 0.85% to CNY 28,687,519,804 from CNY 28,932,949,847 at the end of the previous year[15]. - The total liabilities increased to CNY 35,992,702,978, up from CNY 35,505,385,821, reflecting a growth of approximately 1.37%[106]. - The company's interest-bearing debt increased from 5.517 billion RMB at the beginning of the reporting period to 6.237 billion RMB at the end, reflecting a year-on-year change of 13.05%[94]. - The current ratio decreased to 0.79 from 0.80, while the quick ratio fell to 0.58 from 0.60, indicating a slight decline in liquidity[102]. - The asset-liability ratio increased to 52.2%, up by 0.6 percentage points compared to the previous year[102]. Market and Operational Insights - The domestic cement market saw a 10.76% year-on-year decline in production, totaling 850 million tons, marking the lowest level since 2011[19]. - As of June 30, 2024, the company's cement production capacity reached 127 million tons per year, with cement sales accounting for 53% of total revenue[20]. - Cement and clinker sales volume was 28.48 million tons, down 4.9% year-on-year, while overseas sales increased by 47.0% to 7.60 million tons[28]. - The company’s cement business revenue was CNY 8.67 billion, down 11.25% year-on-year, with domestic revenue declining by 31.57%[28]. - The company operates in 17 provinces in China and 16 countries overseas, with a total of over 300 subsidiaries[20]. Environmental and Sustainability Efforts - The company is actively expanding its low-carbon product offerings, including ultra-high-performance concrete and new wall materials[23]. - The company utilized 2.20 million tons of alternative fuels, achieving a thermal substitution rate of 21.5% and reducing CO2 emissions by 1.20 million tons[30]. - The company is committed to promoting low-carbon cement products and optimizing production processes to reduce carbon emissions[60]. - The company strictly adhered to environmental regulations, with no penalties for exceeding pollutant discharge limits during the reporting period[51]. - The company conducted internal environmental audits to enhance pollution prevention measures and compliance with environmental laws[59]. Financial Strategy and Shareholder Engagement - The company did not distribute profits or increase capital reserves during the reporting period[3]. - The company has not proposed any profit distribution or capital reserve increase for the half-year period[47]. - Major shareholders include Hong Kong Central Clearing Limited with 734,719,919 shares and Holchin B.V. with 451,333,201 shares, indicating strong institutional support[76]. - The management team, including the CEO, increased their shareholdings, with the CEO acquiring an additional 156,800 shares during the reporting period[78]. - The company has not engaged in any share buyback activities during the reporting period, maintaining its current capital structure[76]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, advising investors to be cautious[4]. - The company faces risks from declining domestic cement demand and overcapacity, which may lead to performance declines[41]. - The company plans to enhance its competitive strength through supply-side structural reforms and green low-carbon development initiatives[42]. Research and Development - Research and development expenses increased to CNY 70,954,352, compared to CNY 58,342,983 in the previous year, marking a growth of 21.83%[109]. - The company is actively pursuing market expansion strategies, although specific new product launches were not detailed in the report[76]. Financial Reporting and Compliance - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the financial position and operating results as of June 30, 2024[124]. - The company has sufficient operating funds to cover operational needs and repay due debts, supporting the appropriateness of preparing financial statements on a going concern basis[122]. - Significant judgments and estimates are made in preparing financial statements, affecting the reported amounts of income, expenses, assets, and liabilities[185].