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].

华新水泥: 董事会审计委员会履职情况报告 华新水泥股份有限公司 董事会审计委员会 2024 年度履职情况报告 根据中国证监会《上市公司治理准则》《上海证券交易所上市公司自律监管 指引第 1 号-规范运作》 《公司章程》及《公司董事会审计委员会工作细则》的有 关规定，华新水泥股份有限公司（以下简称"公司"）董事会审计委员会认真履 行职责，现就 2024 年度履职情况报告如下： 一、审计委员会基本情况 报告期内，公司董事会审计委员会由 5 名委员组成（3 名独立董事、2 名非 执行董事），其中委员会召集人由具有专业会计资格的独立董事担任。审计委员 会全部成员均具有能够胜任审计委员会工作职责的专业知识和工作经验，符合上 海证券交易所的相关规定和《公司章程》《公司董事会审计委员会工作细则》的 有关要求。 二、审计委员会会议召开情况 报告期内，审计委员会本着勤勉尽职的原则，依法规范地履行职责，召开审 计委员会会议 7 次。具体会议情况如下： （简称"安永华明"）执行年度财务报表审计及内部控制审计工作情况进行了 充分沟通，内容包括但不限于：审计时间安排、审计范围、审计计划、审计方法、 审计中关注的重点问题等，认真督促注册 ...

华新水泥股份有限公司（以下简称"公司"）现有独立董事 3 人，分别为黄灌球先生、张继 平先生、江泓先生。根据中国证监会《上市公司独立董事管理办法》相关规定，公司独立董事 对自身的独立性情况进行了自查，并将自查情况提交了董事会。自查结果显示，公司独立董事 均符合《上市公司独立董事管理办法》第六条的独立性要求，独立董事与公司及其主要股东、 实际控制人之间不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判断的关系， 能够独立履行职责，不受公司及其主要股东、实际控制人等单位或者个人的影响。 二、董事会对独立董事独立性情况的评估意见 经深入核查上述 3 位独立董事的任职经历及个人签署的相关自查文件，确认各位独立董事 于 2024 年未在公司担任除独立董事、董事会专门委员会委员以外的任何职务，亦未在公司的 主要股东单位中担任任何职务。独立董事与公司及其主要股东之间不存在利害关系或其他可能 影响其独立客观判断的关系。公司独立董事在 2024 年度始终保持高度的独立性，其履职行为 符合《上市公司独立董事管理办法》《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《公司章程》中关于独立董事独立性的要求， ...

华新水泥: 关于召开2024年度业绩说明会的公告 证券代码：600801 证券简称：华新水泥 公告编号：2024-010 华新水泥股份有限公司 关于召开 2024 年度业绩说明会的公告 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。 重要内容提示： ??会议召开时间：2025 年 4 月 11 日(星期五) 上午 10:00-11:00 ? 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ??投资者可于 2025 年 4 月 1 日(星期二) 至 4 月 7 日(星期一)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor@huaxincem.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 华新水泥股份有限公司（以下简称"公司"）已于 2025 年 3 月 27 日发布了 公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营 ...