Summary of Huanxin Cement Conference Call Industry Overview - The cement market in 2025 is expected to perform relatively well, with a gradual price increase anticipated due to several key factors [3][4][6] - The supply-demand balance in the cement industry is stabilizing, influenced by production control and varying recovery rates between northern and southern regions [4][5][6] Key Points Market Dynamics - The cement market is experiencing a controlled supply with delayed kiln openings, particularly in the southern market, which is gradually recovering but overall demand has not exceeded expectations [4][5] - Factors affecting cement demand include municipal infrastructure, real estate, and new rural construction, with a need to monitor funding availability and policy rhythms [4][6] Supply-Side Trends - There is a noticeable trend of later kiln openings compared to previous years, with significant production halts in January and February 2025 [7][8] - Major state-owned enterprises are focusing on supply control to avoid price wars and significant losses, leading to a reduction in effective market supply [8][9] Profitability and Strategy Adjustments - The industry's profit-seeking behavior is driving companies to adjust strategies, emphasizing production control to maintain profit levels after experiencing substantial losses in previous years [8][9] - The cement industry is expected to see a more stable market in 2025, with price stability being a key focus due to the lessons learned from past price wars [9][10] Huanxin Cement's Position - Huanxin Cement has a strong overseas business presence, with investments in 21 countries and a total capacity of 50 million tons, of which 35 million tons are overseas [4][11] - The company is focusing on low-carbon initiatives, having published a low-carbon white paper and entered the European low-carbon supply chain, positioning itself for future opportunities in carbon trading [15][16] Domestic Market Performance - Domestically, Huanxin Cement's operations are concentrated in Hunan, Hubei, and Yunnan, with Hubei being a significant base contributing to revenue [13][14] - The company has seen price increases earlier than expected in 2025, positively impacting its performance, with integrated business operations, particularly in aggregates, contributing significantly to profits [13][14] Investment Recommendation - Huanxin Cement is recommended for investment due to its strong growth potential in overseas markets, cost advantages in integrated operations, solid domestic foundation, and leadership in low-carbon initiatives [16]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 15.51 RMB based on a 13x valuation for 2025 [3]. Core Viewpoints - The company is well-positioned for growth in overseas markets, particularly in Africa, South America, and the Middle East, benefiting from its early entry and flexible decision-making [2][3]. - The company has diversified its business structure, with concrete and aggregate contributing nearly 50% to gross profit, and has made significant strides in low-carbon initiatives [3][11]. - The company’s revenue is expected to grow steadily, with projected revenues of 343.96 billion RMB, 384.64 billion RMB, and 422.68 billion RMB for 2024-2026, reflecting growth rates of 2%, 12%, and 10% respectively [3][6]. Summary by Sections Company Overview - Founded in 1907, the company specializes in cement, aggregates, and concrete, with a strong domestic presence in Hubei and Hunan provinces and international operations in Africa and the Middle East [1][11]. - In the first three quarters of 2024, the company achieved revenues of 24.719 billion RMB, a year-on-year increase of 2.3%, while net profit attributable to shareholders was 1.138 billion RMB, a decrease of 39.3% [1]. Overseas Expansion - The company has established a significant overseas presence, with a cement grinding capacity of 22.54 million tons and a clinker capacity of 15.44 million tons as of 2024H1, aiming for a total capacity of 50 million tons in the medium to long term [2][30]. - The company is actively acquiring quality assets in Nigeria and Brazil, with Nigeria being a key market due to its high economic potential and favorable market structure [2][33]. Domestic Market - The company has strengthened its domestic market position, with concrete and aggregate contributing nearly 50% to gross profit, and has been proactive in low-carbon development since 2021 [3][11]. - Despite a downward trend in domestic cement demand, the company has managed to maintain revenue growth through diversification and international expansion [3][18]. Financial Projections - The company’s revenue projections for 2024-2026 are 343.96 billion RMB, 384.64 billion RMB, and 422.68 billion RMB, with corresponding net profits of 21.01 billion RMB, 24.80 billion RMB, and 31.17 billion RMB [3][6]. - The report anticipates a decline in net profit for 2024, followed by a recovery in subsequent years, with growth rates of -24%, 18%, and 26% for net profit from 2024 to 2026 [3][6].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 15.51 RMB based on a 13x valuation for 2025 [3]. Core Views - The company is well-positioned for growth in overseas markets, particularly in Africa, South America, and the Middle East, benefiting from its early entry and flexible decision-making [2][3]. - The domestic market is also strong, with a significant contribution from integrated operations, and the company is leading in low-carbon initiatives [3]. Summary by Sections Company Overview - Founded in 1907, the company specializes in cement, aggregates, and concrete, with a strong domestic presence in Hubei and Hunan provinces and international operations in Africa and the Middle East. In the first three quarters of 2024, the company achieved revenue of 24.719 billion RMB, a year-on-year increase of 2.3%, while net profit attributable to shareholders was 1.138 billion RMB, a decrease of 39.3% [1]. Overseas Expansion - The company has a significant overseas presence, with a cement grinding capacity of 22.54 million tons and a clinker capacity of 15.44 million tons as of 2024H1. The long-term goal is to exceed 50 million tons. The company is strategically expanding into Nigeria and Brazil, with Nigeria being a key market due to its high economic concentration and limited competition [2][3]. Domestic Market - The company has strengthened its domestic market position, with integrated operations contributing nearly 50% to gross profit. Since 2020, it has diversified into non-cement businesses, which have helped mitigate the impact of declining cement demand [3]. Profit Forecast and Valuation - The company is expected to see revenue growth from 34.396 billion RMB in 2024 to 42.268 billion RMB in 2026, with corresponding net profits projected to rise from 2.101 billion RMB to 3.117 billion RMB. The report anticipates a PE ratio of 12, 10, and 8 for the years 2024, 2025, and 2026, respectively [3][6].

Caricement B.V. 已审备考合并财务报表 2023年度及截至2024年9月30日止九个月期间 Caricement B.V. | 目 录 | | --- | | | | 页 次 | | | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 - | 4 | | | 二、 | 已审备考合并财务报表 | | | | | | 备考合并资产负债表 | 5 - | 6 | | | | 备考合并利润表 | 7 | | | | | 备考合并财务报表附注 | 8– | | 42 | 审计报告 安永华明（2025）专字第70009578_C01号 Caricement B.V. 华新水泥股份有限公司： 一、审计意见 我们接受华新水泥股份有限公司的委托，审计了Caricement B.V.的备考合并财务 报表，包括2023年12月31日、2024年9月30日的备考合并资产负债表，2023年度、截 至2024年9月30日止九个月期间的备考合并利润表以及相关财务报表附注。 我们认为，后附的Caricement B.V.的备考合并财务报表在所有重大方面按照附注 二所述基础编制。 ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-003 华新水泥股份有限公司 关于收购豪瑞尼日利亚资产之关联交易事项的进展公告 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、本次交易基本情况 2024 年 11 月 29 日，本公司第十一届董事会第六次会议审议通过了《关于收购豪 瑞尼日利亚资产之关联交易的议案》，批准控股全资子公司海南华新泛非投资有限公 司以 56,044 万美元（并可根据《股权收购协议》价值减损条款进行向下的惯常调整） 现金收购 Holderfin B.V.持有的 Caricement B.V. （以下简称"标的公司 A"）100%股 权；全资子公司华新（香港）国际控股有限公司，在 Associated International Cement Limited（以下简称"AICL"）将其持有的 Lafarge Africa Plc（以下简称"最终标的公 司"）27.77%股权转入到 Davis Peak Holdings Limited（以下简称"标的公司 B"，与 "标的公司 A ...

华新水泥股份有限公司 2025 年第一次临时股东会 会议资料 2025 年 3 月 19 日 | | | | 一、会议议程 ……………………………………………………………2 | | --- | | 二、会议议案 ……………………………………………………………2 | | 1.关于收购豪瑞尼日利亚资产之关联交易的议案 ……………………………3 | | 2.关于公开发行公司债券的议案 …………………………………………… | | 3.关于发行中期票据的议案 ………………………………………………… | | 关于修订《公司章程》部分条款的议案………………………………… | 1 会议议程 会议时间：2025 年 3 月 19 日 14:00 会议地点：湖北省武汉市东湖新技术开发区高新大道 426 号华新大厦 B 座 2 楼会 议室 会议主席：徐永模 一、会议开始 会议主席宣布现场会议参会人数、代表股数。 二、审议议案 三、议案表决 四、宣布表决结果 1、关于收购豪瑞尼日利亚资产之关联交易的议案 2、关于公开发行公司债券的议案 3、关于发行中期票据的议案 4、关于修订《公司章程》部分条款的议案 关于收购豪瑞尼日利亚资产之关联 ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-004 华新水泥股份有限公司 关于召开 2025 年第一次临时股东会的通知 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。 一、 召开会议的基本情况 (一) 股东会类型和届次 2025 年第一次临时股东会 召开的日期时间：2025 年 3 月 19 日 14 点 00 分 召开地点：湖北省武汉市东湖新技术开发区高新大道 426 号华新大厦 B 座 2 楼 会议室 股东会召开日期：2025年3月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 3 月 19 日 至 2025 年 3 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-002 华新水泥股份有限公司 第十一届董事会第九次会议决议公告 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"）第十一届董事会第九次会议（临时会议） 于 2025 年 2 月 24 日以通讯方式召开。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。公司于 2025 年 2 月 17 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： 审议通过《关于提请召开公司 2025 年第一次临时股东会的议案》（表决结果：同意 9 票，反对 0 票，弃权 0 票）。 公司董事会同意召开 2025 年第一次临时股东会，审议前次董事会审议通过后，尚需提 交股东会审议的《关于收购豪瑞尼日利亚资产之关联交易的议案》《关于公开发行公司债券 的议案》《关于发行 ...

Investment Rating - The report maintains a "Buy" rating for Huaxin Cement, with a target price not specified [7]. Core Views - Huaxin Cement has expanded its overseas production capacity significantly, with a total overseas clinker capacity of 15.44 million tons per year and cement grinding capacity of 22.54 million tons per year as of Q3 2024. The overseas clinker sales volume increased by 41% year-on-year to 12.05 million tons, contributing to a net profit of 8.47 billion yuan, which is a 32% increase year-on-year [1][2][38]. - The company is expected to achieve a total net profit of 1.8 billion yuan for the year, with projections for net profits of 1.83 billion, 2.88 billion, and 3.15 billion yuan for 2024-2026, respectively [1][38]. Summary by Sections Overseas Business Expansion - Huaxin Cement has established a presence in 16 countries, with a focus on regions such as Central Asia, Southeast Asia, the Middle East, and Africa. The company ranks third in overseas production capacity among Chinese cement companies, with an annual capacity of 14.86 million tons [2][12]. - The share of overseas revenue has increased from 14% in 2022 to 22% in the first half of 2024, with overseas revenue reaching 3.7 billion yuan, a year-on-year increase of 55.5% [2][15]. Profitability and Financial Performance - The overseas EBITDA for 2023 was approximately 1.934 billion yuan, a 38% increase year-on-year, accounting for 24% of total EBITDA. By the first half of 2024, the overseas EBITDA rose to approximately 912 million yuan, representing 28% of total EBITDA [2][15]. - The report indicates that the overseas EBITDA margin is consistently higher than the domestic margin by about 10 percentage points, with margins of 24.7% for overseas and 18.5% for domestic operations as of the first half of 2024 [2][15]. Future Growth Potential - The company has plans for further expansion in Africa, where urbanization rates and per capita cement consumption are still low compared to historical levels in China. This indicates significant growth potential for cement demand in the region [4][30]. - Recent acquisitions, including a 3000T/D clinker production line in Mozambique and a significant investment in Nigeria, are expected to contribute additional profits, estimated between 700 million to 1 billion yuan from new assets [3][25][30]. Financial Projections - The report forecasts a net profit of 1.83 billion yuan for 2024, with expectations of continued growth in subsequent years. The current valuation stands at 12x PE, with a dividend yield of approximately 4.4% [1][38]. - The projected revenues for 2024-2026 are 34.78 billion, 40.24 billion, and 42.42 billion yuan, respectively, with corresponding growth rates of 3.03%, 15.69%, and 5.42% [5][38].

证券代码：600801 证券简称：华新水泥 公告编号：2025-001 华新水泥股份有限公司 关于 "一带一路"科技创新公司债券（高成长产业债） （第一期）发行结果的公告 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。 华新水泥股份有限公司（以下简称"公司"或"本公司"）2023年第二次临时股东大 会已于2023年2月17日审议通过了《关于公开发行公司债券的议案》。债券发行规模不超过 人民币30亿元（含30亿元），期限为不超过5年，可以为单一期限品种，也可以是多种期限 混合品种。 4、票面利率：2.14% 5、付息方式：本期债券采用单利计息，付息频率为按年付息 6、募集资金用途："一带一路"沿线目标公司投资及补充流动资金 7、发行人主体评级：AAA（中诚信） 8、债项评级：AAA（中诚信） 本次债券发行有利于进一步拓宽公司融资渠道，优化融资结构，满足公司业务发展的 资金需求。 特此公告。 本公司已于近日完成了华新水泥股份有限公司2025年面向专业投资者 "一带一路"科 技创新公司债券（高成长产业债）（第一期）（"本期债券 ...