Investment Rating - The industry rating is "Recommended" [5] Core Views - The construction materials industry is entering a peak season, with increasing downstream demand and effective implementation of staggered production, benefiting companies like Conch Cement, Huaxin Cement, and Tapai Group [1][7] - The recovery of second-hand housing transactions and government initiatives to boost consumption are expected to drive demand for consumer building materials, recommending companies such as Sankeshu and Weixing New Materials [1][8] - The government's focus on low-altitude economy development presents opportunities for companies like Huase Group and Design Institute [1][8] - Major engineering projects, such as the Yarlung project, are anticipated to commence, benefiting companies like Zhongyan Dadi [1][9] - The domestic demand for automotive coatings is expected to grow due to strong domestic substitution demand, recommending companies like Songji Coatings [1][11] Summary by Sections Market Overview - In the 11th week of 2025, new home transactions in 30 major cities showed a 2% year-on-year increase, with a total transaction area of 1,733.17 million square meters, up 11% year-on-year [2] - Second-hand housing transactions in 15 monitored cities increased by 42% year-on-year, indicating a robust market [2] Cement Market - The national average cement price rose to 393.86 yuan/ton, a 1.6% increase from the previous week, with significant price hikes in East, Central, and Southwest regions [3][24] - The operating load of cement mills increased to 37.12%, reflecting a recovery in demand [32] Investment Recommendations - Recommended companies include: - Conch Cement and Huaxin Cement for benefiting from rising cement prices [1][7] - Sankeshu and Weixing New Materials for their strong consumer building materials attributes [1][8] - Huase Group and Design Institute for low-altitude economy opportunities [1][8] - Zhongyan Dadi for potential orders from the Yarlung project [1][9] - Songji Coatings for growth in automotive coatings [1][11]

Investment Rating - The report indicates a positive investment outlook for the building materials industry, emphasizing price increases and improved shipping conditions as key drivers for growth in 2025 [1][3]. Core Insights - Price increases are the main theme for the building materials industry in spring 2025, signaling a return to rational competition after a period of aggressive price wars [3][32]. - The cement sector is experiencing price hikes driven by low inventory levels, with a consensus among companies to avoid destructive competition, leading to a gradual recovery in profitability [3][11]. - The consumer building materials segment is witnessing price increases across various categories, indicating a potential turning point for the industry [3][32]. - The fiberglass industry is seeing multiple rounds of price increases, suggesting a recovery in profitability, while the glass sector faces challenges related to construction completions [3][32]. Summary by Sections Cement - Low inventory levels are driving price increases, with significant hikes reported in various regions starting from March 2025 [7][8]. - The industry has reached a consensus to prevent destructive competition, which is expected to lead to a gradual recovery in profitability [11][12]. - Major companies such as Conch Cement are highlighted for their cost and scale advantages, with profitability expected to improve [18][19]. Consumer Building Materials - The demand for consumer building materials is improving due to active second-hand housing transactions, which are expected to boost shipments [36][49]. - Price increases in categories like gypsum board and coatings are signaling a shift towards profitability recovery [36][39]. - Companies such as Beixin Building Materials and Weixing New Materials are recommended for their strong market positions and growth potential [37][40]. Fiberglass - The fiberglass sector is experiencing a recovery in prices, with electronic yarn and cloth prices showing upward trends [52][53]. - The industry is expected to continue benefiting from new application scenarios and sustained demand growth [53][54]. Glass - The flat glass sector is under pressure due to declining construction completions, necessitating close monitoring of supply-side adjustments [32][49]. - Companies like Qibin Group and South Glass A are recommended for their market positions amid these challenges [32][49].

Investment Rating - The industry investment rating is "Recommended" [1] Core Viewpoints - The construction materials sector has shown a decline in the Shenyin Wanguo Construction Materials Index by 0.30%, underperforming the CSI 300 Index by 2.28% [4][5] - The cement prices have slightly decreased, while glass prices have increased. The national average cement price is 391.17 RMB/ton, down by 0.51% from January 27 [7][14] - The report highlights a significant drop in real estate transactions due to the Spring Festival, with a 71.5% decrease in transaction area [6] Summary by Sections Market Performance Review - The Shenyin Wanguo Construction Materials Index fell by 0.30%, while the CSI 300 Index rose by 1.98%, indicating a 2.28% underperformance [5] - The cement index decreased by 0.88%, while the glass and fiberglass index increased by 1.74% [5] Industry Dynamics and Key Sub-industry Tracking - Real estate transactions in 30 major cities saw a total of 5,359 units sold, a decrease of 12,846 units from the previous week, with a transaction area of 56.18 million square meters, down 71.5% [6] - The national cement average price has slightly decreased, with the largest drop in East China at 6.67 RMB/ton [7] - The national average price for float glass increased to 1,347.14 RMB/ton, up by 1.51% from January 27, with the largest increase in South China at 80 RMB/ton [14] Core Investment Insights - The cement industry is experiencing a continued price decline with reduced inventory levels, indicating a potential bottoming out of the market [16] - The glass industry is facing a balance of weak supply and demand, with a slight increase in production expected in 2024 compared to 2023 [16] - The report identifies a positive trend in the plastic pipe, building coatings, and gypsum board sectors, with leading companies likely to increase market share [17] Recommended Stocks - Recommended stocks include Conch Cement, Huaxin Cement, Qibin Group, and Weixing New Materials, with expected net profits for 2024-2026 outlined for each company [18][20]

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 ...

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 ...

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：2025-002 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 ...