Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 17.67 CNY, while the current price is 12.97 CNY [5][11]. Core Views - The company's 2024 annual report meets expectations, with domestic cement sales declining year-on-year but offset by strong overseas growth. Both domestic and international cement profitability are on a recovery path [2][11]. - The company achieved a revenue of 34.217 billion CNY in 2024, a year-on-year increase of 1.36%, and a net profit attributable to the parent company of 2.416 billion CNY, a decrease of 12.5% [11]. Financial Summary - **Revenue**: - 2023A: 33,757 million CNY - 2024A: 34,217 million CNY (+1.4%) - 2025E: 35,375 million CNY (+3.4%) - 2026E: 38,445 million CNY (+8.7%) - 2027E: 40,458 million CNY (+5.2%) [4][13] - **Net Profit (attributable to parent)**: - 2023A: 2,762 million CNY - 2024A: 2,416 million CNY (-12.5%) - 2025E: 3,047 million CNY (+26.1%) - 2026E: 3,527 million CNY (+15.7%) - 2027E: 3,875 million CNY (+9.9%) [4][13] - **Earnings Per Share (EPS)**: - 2023A: 1.33 CNY - 2024A: 1.16 CNY - 2025E: 1.47 CNY - 2026E: 1.70 CNY - 2027E: 1.86 CNY [4][13] - **Return on Equity (ROE)**: - 2023A: 9.5% - 2024A: 8.0% - 2025E: 9.5% - 2026E: 10.4% - 2027E: 10.8% [4][13] Market Data - The company's market capitalization is 26,965 million CNY, with a total share capital of 2,079 million shares [6]. - The stock has traded within a range of 10.10 to 15.87 CNY over the past 52 weeks [6]. Industry Insights - The company’s cement and clinker sales for 2024 are projected at 60.27 million tons, a year-on-year decrease of 3%, while overseas sales are expected to reach 16.20 million tons, a year-on-year increase of 38% [11]. - The report highlights that the company is experiencing a recovery in profitability, with a projected average price of 312 CNY per ton for cement in 2024 and a gross profit of 73 CNY per ton [11].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 15.2 CNY for the next six months [5]. Core Views - The company reported a revenue of 34.217 billion CNY for 2024, a year-on-year increase of 1.36%, but the net profit attributable to shareholders decreased by 12.52% to 2.416 billion CNY [2][3]. - The domestic cement revenue faced pressure due to insufficient demand, while overseas revenue saw significant growth, increasing by 46.79% to 7.984 billion CNY [2][9]. - The company's integrated strategy has shown significant results, with non-cement business revenue accounting for 45% of total revenue, contributing to stable performance [4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross profit margin of 24.69%, down 2.02 percentage points year-on-year, with a net profit margin of 8.63% [3]. - The quarterly net profit growth rates were -28.43%, -41.45%, -40.17%, and 43.94%, with Q4 showing a significant increase primarily due to asset disposal gains [3]. Revenue Breakdown - The main cement business generated 18.031 billion CNY in revenue, a decrease of 1.64% year-on-year, with sales volume around 57.02 million tons [2]. - The average selling price of cement was approximately 316.21 CNY per ton, with a cost of 241.11 CNY per ton, leading to a gross profit of 75.10 CNY per ton [2]. International Expansion - The company accelerated its international expansion, signing contracts for new cement production capacities in Nigeria and Brazil, and completed several new production lines in Mozambique and Zambia [9]. - By the end of 2024, the company's overseas operational and under-construction cement capacity exceeded 25 million tons, ranking third nationally in clinker capacity [9]. Future Projections - Revenue projections for 2025-2027 are 36.352 billion CNY, 39.697 billion CNY, and 43.037 billion CNY, with expected net profits of 2.425 billion CNY, 2.696 billion CNY, and 3.047 billion CNY respectively [11].

公司报告 | 年报点评报告 华新水泥（600801） 证券研究报告 非水泥板块量增带动业绩贡献提升，海外连攻数城，利润释放正当时 公司 24 年全年实现归母净利润 24.16 亿元，Q4 扣非利润环比显著修复 公司发布 24 年年报，全年实现收入/归母净利润 342.17/24.16 亿元，同比+1.36%/-12.52%， 全年实现扣非归母净利润 17.84 亿元，同比-23.15%，非流动性资产处置损益所致（7.4 个亿）。 其中 Q4 单季度实现收入/归母净利润 94.98/12.78 亿元，同比-0.98%/+43.94%，扣非归母净利 润 7.21 亿元，同比+44.62%。 非水泥板块量增带动业绩贡献提升，海外连攻数城 24 年公司水泥及熟料业务收入同比-2.5%达 187.9 亿元，水泥熟料销量同比-3%达 6027 万吨， 主要受国内水泥销量下滑较多所致，测算吨均价/吨成本分别为 311.8/239.0 元，同比分别 +0.4/+8.4 元，最终实现吨毛利 72.9 元，同比下滑 8.1 元。受益于去年四季度水泥涨价行情， 24Q4 公司收入/归母净利润环比分别+12%/+213%达 95/1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8][5]. Core Views - The company achieved a total revenue of 34.22 billion yuan and a net profit attributable to shareholders of 2.42 billion yuan for the year 2024, reflecting a year-on-year change of +1.36% and -12.52% respectively [1][5]. - The non-cement segment has become a significant profit growth driver, contributing 45% to total revenue and 48% to gross profit, with a year-on-year increase of 2.2 percentage points and 3.6 percentage points respectively [2][3]. - The company is actively expanding its overseas operations, with a total overseas revenue of 7.98 billion yuan, marking a year-on-year increase of 47% and accounting for 23.3% of total revenue [3][5]. Financial Performance - The company reported a gross margin of 24.69% for the year, a decrease of 2.02 percentage points year-on-year, while the net profit margin stood at 8.63%, down by 0.90 percentage points [4]. - The company plans to increase capital expenditures to approximately 13.3 billion yuan in 2025, focusing on aggregate and overseas cement capacity [2][5]. - The company’s cash dividend for the year was 960 million yuan, maintaining a dividend payout ratio of 40%, which corresponds to a current dividend yield of 4.09% [5]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders is adjusted to 3.14 billion yuan for 2025 and 3.55 billion yuan for 2026, with an expected net profit of 4.1 billion yuan for 2027 [5][7]. - The company’s revenue is projected to grow to 35.87 billion yuan in 2025, with a growth rate of 4.82% [7][8].

证券研究报告·公司点评报告·水泥 华新水泥（600801） 2024 年年报点评：海外发展持续提速，国内 景气有望反弹 股价走势 -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 2024/3/27 2024/7/26 2024/11/24 2025/3/25 华新水泥 沪深300 市场数据 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 33757 | 34217 | 38243 | 39957 | 41680 | | 同比（%） | 10.79 | 1.36 | 11.77 | 4.48 | 4.31 | | 归母净利润（百万元） | 2762 | 2416 | 2738 | 3064 | 3334 | | 同比（%） | 2.34 | (12.52) | 13.30 | 11.91 | 8.82 | | EPS-最新摊薄（元/股） | 1.33 | 1.16 | 1. ...

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [8]. Core Views - The company's revenue and net profit for 2024 are reported at 34.22 billion and 2.42 billion RMB, respectively, showing a year-on-year change of +1.4% and -12.5%. The Q4 results indicate a revenue of 9.50 billion RMB and a net profit of 1.28 billion RMB, with a notable increase in net profit by 43.9% year-on-year due to improved gross margins and asset disposal gains of 730 million RMB [1][2]. - The rebound in cement prices is expected to catalyze further recovery in profitability in Q1 2025, supported by international expansion and energy-saving initiatives driving long-term growth [1][4]. Revenue and Profitability - In 2024, the company sold 5.7 million tons of cement, 14.3 million tons of aggregates, and 3.2 million cubic meters of concrete, with year-on-year changes of -2.0%, +9.0%, and +16.7%, respectively. Revenue from these segments was 18.03 billion, 5.64 billion, and 8.42 billion RMB, showing changes of -1.6%, +5.2%, and +10.0% [2]. - The overall gross margin for 2024 was 24.7%, down 2.0 percentage points year-on-year, while Q4 gross margin was 26.4%, reflecting a slight improvement [2]. Cost Management and Cash Flow - The company's expense ratio for 2024 was 12.6%, a decrease of 0.3 percentage points year-on-year. The operating cash flow for 2024 was 5.98 billion RMB, down 4.1% year-on-year, but is expected to remain stable as cement business profitability improves [3]. International Expansion and Sustainability - The company's overseas revenue reached 8.04 billion RMB in 2024, a 46.5% increase year-on-year, with international business accounting for 23.5% of total revenue. The company has over 25 million tons of cement production capacity overseas [4]. - The company is committed to green and low-carbon development, achieving a reduction in domestic clinker energy consumption by 0.67 kgce/t in 2024 [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected at 1.19, 1.47, and 1.55 RMB, respectively. The target price for A-shares is raised to 15.83 RMB, based on a price-to-earnings (PE) ratio of 13.3x for 2025 [5]. - The target price for H-shares is adjusted to 11.74 HKD, reflecting a PE ratio of 9.2x for 2025, with a discount rate consistent with historical averages [5].

Financial Performance - In 2024, the company achieved a net profit of CNY 1,928,498,891, with a consolidated net profit attributable to shareholders of CNY 2,416,280,487[6]. - The company's operating revenue for 2024 was CNY 34,217,347,727, representing a year-on-year increase of 1.36% compared to CNY 33,757,087,272 in 2023[21]. - The net profit attributable to shareholders decreased by 12.52% from CNY 2,762,116,715 in 2023 to CNY 2,416,280,487 in 2024[21]. - The basic earnings per share for 2024 was CNY 1.16, down 12.78% from CNY 1.33 in 2023[22]. - The company's total assets as of the end of 2024 were CNY 69,512,689,187, a 1.11% increase from CNY 68,747,865,736 in 2023[21]. - The net cash flow from operating activities for 2024 was CNY 5,977,317,233, a decrease of 4.14% from CNY 6,235,555,071 in 2023[21]. - The company's net assets attributable to shareholders increased by 4.7% to CNY 30,291,427,176 at the end of 2024[21]. - The weighted average return on equity for 2024 was 8.16%, down from 9.82% in 2023[22]. Sales and Market Performance - Aggregate sales volume of aggregates reached 143.23 million tons, up 9% year-on-year[32]. - Concrete sales volume increased to 31.81 million cubic meters, reflecting a 17% year-on-year growth[32]. - In 2024, the company achieved total sales of cement and clinker of 60.27 million tons, a year-on-year decline of 3%[61]. - The company reported a total revenue of RMB 34.217 billion, an increase of 1.36% compared to the previous year[61]. - The company's aggregate sales reached 143.23 million tons, representing a year-on-year growth of 9%[61]. - The sales volume of ready-mixed concrete was 31.81 million cubic meters, reflecting a year-on-year increase of 17%[61]. International Expansion - The company signed contracts for cement and aggregate projects in Nigeria and Brazil, accelerating international expansion[32]. - The company has established a cement production network across nine provinces in China and has operational and under-construction capacity exceeding 25 million tons overseas, solidifying its presence in Africa[47]. - The company’s overseas cement production capacity exceeded 25 million tons by the end of 2024[33]. Environmental Initiatives - The company was recognized with multiple awards for its green initiatives, including being named a national "Green Factory" in 2024[34]. - The company achieved a heat value substitution rate of 21.66%, an increase of 1.66 percentage points from 2023[32]. - The total amount of alternative fuels used reached 4.41 million tons, an increase of 50,000 tons year-on-year[33]. - The company has accumulated the ecological use of nearly 25 million tons of waste-derived alternative fuels by the end of 2024[53]. - The company reduced carbon emissions by 4,160,305 tons during the reporting period[163]. - The carbon emission intensity of domestic kiln factories decreased by 1.32 kg compared to the same period last year[163]. Corporate Governance and Management - The company has implemented measures to ensure the independence of its operations from its controlling shareholders[106]. - The company has proposed to reappoint Ernst & Young as its auditor for the 2024 fiscal year[109]. - The company is focused on enhancing its corporate governance structure in compliance with relevant regulations[106]. - The company has a structured approach to executive compensation, ensuring alignment with performance metrics and shareholder interests[119]. - The company appointed several new executives, including a new vice president starting from May 2024, indicating a strategic shift in management[115]. Future Outlook and Strategic Plans - The company anticipates a rebound in cement prices in 2024, which will improve overall industry profitability[87]. - For 2025, the company expects total revenue to reach 37.1 billion yuan, with planned sales of 5.7 million tons of cement and clinker, and 1.7 million tons of aggregates[92]. - The company plans capital expenditures of approximately 13.3 billion yuan in 2025, focusing on aggregate and overseas cement capacity[92]. - The company aims to enhance operational efficiency and reduce costs through various strategies, including optimizing industrial indicators and improving fuel cost strategies[96]. Research and Development - The company holds 99 invention patents and 121 utility model patents, showcasing its strong innovation capabilities[55]. - The total R&D investment accounted for 0.70% of the company's revenue[72]. - The company is investing $50 million in research and development for new technologies aimed at enhancing product efficiency[111]. Financial Management - The company has implemented a cash-centric business model to control credit risk, achieving its annual accounts receivable control targets without any overdue incidents[36]. - The company reported a total investment in public fund products of CNY 1,060,000,000, with a redemption amount of CNY 1,030,000,000[182]. - The company has not proposed any capital reserve fund conversion into share capital for the fiscal year 2023[138]. Shareholder Information - The total number of ordinary shareholders increased from 51,386 to 52,723 during the reporting period[191]. - The top ten shareholders hold a total of 1,588,000,000 shares, representing 77.34% of the total shares[193]. - The largest unrestricted shareholder, Hong Kong Central Clearing Limited, holds 734,719,919 shares[194]. Compliance and Legal Matters - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating a clean compliance record[122]. - The company is involved in a significant arbitration case with Moncement, with a claim amount of approximately 77.07 million USD[172].

% (51,282,083) (16,059,409) (5,696,747) - (73,038,239) 华新水泥: 2024年度审计报告 | H | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | / | / | / 1,000 | | | | | | | ) | | | | | | | | | | TZS 2000/T | | | | | | | | | | | 202023 | | | | | | | | | % | | | | | | 202031 | | 202211 | | | | | | | | 2022 1 | 1 | | | | | | | | | 201578 | | | | | | | | | - | - | | | | | | - | | | | | | | | | - | | | 200,844,348 | | | | | | | | % | | | | | | | | | % | % | | | | | | | | | % | | | | | | B | | 11,491,305 11,491, ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's operating revenue was approximately RMB 34.22 billion, an increase of 1.36% compared to RMB 33.76 billion in 2023[4]. - The net profit attributable to shareholders for 2024 was approximately RMB 2.42 billion, a decrease of 12.52% from RMB 2.76 billion in 2023[4]. - Basic earnings per share for 2024 were RMB 1.16, down 12.78% from RMB 1.33 in 2023[4]. - The company's net cash flow from operating activities for 2024 was RMB 5.98 billion, a decrease of 4.14% compared to RMB 6.24 billion in 2023[8]. - The weighted average return on equity for 2024 was 8.16%, down from 9.82% in 2023, representing a decrease of 1.66 percentage points[8]. - The company achieved a total operating revenue of RMB 34.22 billion, an increase of RMB 460 million year-on-year, with a decrease in cement and clinker sales by 1.64 million tons (2.6%) and an increase in concrete sales by 4.54 million cubic meters (17%)[30]. - The company reported a gross profit margin of 24.69%, a decrease of 2.02 percentage points compared to the previous year[30]. - Net profit attributable to shareholders decreased by 12.52% year-on-year, amounting to RMB 2.42 billion[37]. - The company achieved a net profit of CNY 1,928,498,891 for the fiscal year 2024, with a consolidated net profit attributable to shareholders of CNY 2,416,280,487[70]. - The company reported a decrease in clinker sales to RMB 760,340,715 in 2024, down 19.7% from RMB 947,002,919 in 2023[115]. Shareholder Information - The number of registered shareholders decreased from 52,723 as of December 31, 2024, to 51,386 as of February 28, 2025[9]. - Holcim Limited remains the controlling shareholder and actual controller of the company as of December 31, 2024[13]. - The company plans to distribute a cash dividend of CNY 0.46 per share based on a total share capital of 2,078,995,649 shares[70]. Operational Highlights - Overseas production capacity exceeded 22.5 million tons per year, reflecting an 8% year-on-year growth[23]. - The aggregate sales volume of aggregates reached 143.23 million tons, up 9% year-on-year[26]. - The company signed contracts for cement projects in Nigeria and aggregate projects in Brazil, accelerating international expansion[26]. - The company launched the first ultra-high-performance concrete product with a compressive strength exceeding 600 MPa in China[27]. - The company utilized 4.41 million tons of alternative fuels, an increase of 50,000 tons year-on-year[27]. - The company’s organizational structure was optimized into three segments: business operations, business management, and business support[27]. Cost and Expense Management - Operating costs increased by RMB 1.03 billion year-on-year, primarily due to the rise in concrete and aggregate sales, which contributed to a cost increase of RMB 971 million[31]. - The company maintained a cash-centric business model, achieving a 31.44% increase in accounts receivable to RMB 2.97 billion due to the expansion of concrete business[38]. - The company reported a decrease in sales expenses by 1.26% to RMB 1.50 billion, while management expenses increased by 3.34% to RMB 1.88 billion[35]. - The company implemented a comprehensive procurement strategy, achieving a six-month consecutive decline in raw material costs per ton of cement[29]. Cash Flow and Investments - The net cash flow from operating activities for the current period is RMB 5,977,317,233, a decrease of 4.14% compared to the same period last year[40]. - The net cash outflow from investing activities decreased by 43.10% to RMB -3,672,026,564, primarily due to reduced acquisition expenditures[40]. - The net cash outflow from financing activities increased by 54.69% to RMB -1,472,260,983, mainly due to the repayment of maturing corporate bonds[41]. Debt and Liabilities - Interest-bearing liabilities increased by 6.87% to RMB 18,122,243,730, attributed to the increase in long-term borrowings related to projects[43]. - The debt-to-asset ratio improved, decreasing by 1.74 percentage points to 49.80%[43]. - Total liabilities decreased to CNY 34,614,884,740 from CNY 35,432,552,822 year-over-year[74]. Future Outlook - The outlook for 2025 indicates a narrowing decline in domestic construction material demand, supported by government policies aimed at stabilizing the real estate market[50]. - The global economic growth is projected to stabilize at 3.2% in 2025, with certain regions expected to achieve over 5% growth[52]. - For 2025, the company projects total revenue to reach 37.1 billion yuan, with planned sales of approximately 5.7 million tons of cement and clinker[56]. - The company plans capital expenditures of about 13.3 billion yuan in 2025, focusing on aggregate, overseas cement capacity, and alternative fuel construction[57]. Risk Management - The company faces risks from declining domestic cement demand and severe overcapacity, which may lead to performance declines[63]. - Increased production costs due to various factors, including energy market uncertainties and compliance with carbon reduction targets, pose a risk to the company[64]. - The company is actively implementing various risk hedging strategies to mitigate regional economic and foreign exchange risks[68]. Environmental and Social Responsibility - The company achieved a carbon emission intensity of 583.26 kg, a reduction of 2.61 kg year-on-year[24]. - The company is committed to green and low-carbon development, increasing investments in safety and environmental protection measures[67]. - The company received multiple awards, including the "National May Day Labor Award" and recognition as a "Low Carbon Standardization Work Station" in the cement industry[29].