Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company, with a target price of 12.86 CNY per share for A shares and 7.83 HKD per share for H shares [5][14]. Core Views - The company reported a revenue of 16.237 billion CNY in the first half of 2024, a year-on-year increase of 2.56%, while the net profit attributable to shareholders was 731 million CNY, a decrease of 38.74% [2][9]. - The profitability from overseas cement operations offsets losses from domestic operations, with a slight increase in overseas average prices [2][9]. - Aggregate and concrete sales showed strong growth, with aggregates contributing significantly to profit margins [3][9]. Financial Performance Summary - **Revenue and Profit**: In H1 2024, the company achieved a revenue of 16.237 billion CNY, with a net profit of 731 million CNY, reflecting a decline in profitability compared to the previous year [2][9]. - **Sales Volume**: Total cement and clinker sales volume was 28.48 million tons, down 4.9% year-on-year, with domestic sales down 15.7% and overseas sales up 47% [2][9]. - **Pricing and Costs**: The average selling price for cement was 304 CNY per ton, down 22 CNY year-on-year, while the cost per ton was 241 CNY, down 10 CNY [2][9]. Business Segment Performance - **Cement and Clinker**: This segment accounted for 53% of total revenue, with domestic operations underperforming due to market pressures [2][9]. - **Aggregates**: Aggregate sales volume increased by 42% year-on-year to 71.53 million tons, with stable profit margins [3][9]. - **Concrete**: Concrete sales volume rose by 34% year-on-year, although profit margins faced pressure due to market conditions [3][9]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 2 billion CNY in 2024, 2.2 billion CNY in 2025, and 2.5 billion CNY in 2026, with corresponding P/E ratios of 11.7, 10.6, and 9.1 [14][12]. - The report suggests a reasonable PB valuation of 0.9 times for A shares, indicating potential for price appreciation [14][12].

[Table_Title] 评级：买入（维持） 市场价格：10.49 元 分析师：孙颖 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 分析师：刘铭政 执业证书编号：S0740524070003 Email：liumz01@zts.com.cn | --- | --- | |---------------------|--------| | | | | 总股本 ( 百万股 ) | 2,079 | | | | | 流通股本 ( 百万股 ) | 1,344 | | 市价 ( 元 ) | 10.49 | | 市值 ( 百万元 ) | 21,809 | | 流通市值 ( 百万元 ) | 14,101 | [Table_QuotePic] 股价与行业-市场走势对比 | --- | --- | |-------------------------------------------------------------------|-----------------------------------------| | | | | 10% 15% 华新水泥 | 沪深 300 | ...

Investment Rating - The investment rating for Huaxin Cement is maintained as "Buy - A" with a target price of 12.74 CNY [4]. Core Views - The report highlights that domestic cement operations are under pressure, while overseas cement sales and prices are rising. The aggregate business is performing well [2][3]. - In H1 2024, the company achieved revenue of 16.237 billion CNY, a year-on-year increase of 2.56%, but the net profit attributable to shareholders decreased by 38.74% to 731 million CNY [2][3]. - The report anticipates marginal improvement in domestic cement demand as the real estate sector stabilizes, alongside supply-side measures that may lead to price and profit recovery [6]. Summary by Sections Financial Performance - In H1 2024, Huaxin Cement's revenue was 16.237 billion CNY, with Q1 and Q2 growth rates of 6.87% and -0.54% respectively. Domestic revenue fell by 4.2%, while overseas revenue surged by 55.46% [2]. - The cement business generated 8.666 billion CNY in revenue, down 11.25% year-on-year, with sales volume at approximately 28.484 million tons, a decrease of 4.90% [2][3]. - The gross profit margin for the cement segment was 20.71%, down 2.1 percentage points year-on-year, while the overall gross margin was 23.65% [3]. Overseas Operations - The overseas cement business generated 3.578 billion CNY in revenue, a year-on-year increase of 55.41%, accounting for about 22.04% of total revenue [3][6]. - New production lines in Mozambique and Malawi are expected to contribute significantly to future revenue growth, with an anticipated increase in clinker production capacity of approximately 3 million tons per year [3][6]. Non-Cement Business - The aggregate business showed strong growth, with revenue reaching 2.962 billion CNY, up 36.96% year-on-year, and a gross margin of 47.41% [6]. - The concrete business also performed well, with revenue of 3.943 billion CNY, a year-on-year increase of 24.21% [6]. Future Outlook - The report projects overall revenue for 2024-2026 to be 34.981 billion CNY, 36.825 billion CNY, and 38.298 billion CNY, with respective year-on-year growth rates of 3.62%, 5.27%, and 4.00% [6]. - Net profit forecasts for the same period are 2.039 billion CNY, 2.322 billion CNY, and 2.572 billion CNY, with growth rates of 26.18%, 13.90%, and 10.76% respectively [6].

Investment Rating - The investment rating for the company is "Increase" (maintained) [5][9]. Core Views - The domestic cement industry is experiencing a downturn in the first half of 2024, putting pressure on the company's domestic cement business [5]. - The company's overseas business has seen significant growth, with revenue increasing by 55.41% year-on-year, supporting overall performance [6]. - Non-cement business revenue has risen to 47% of total revenue, with aggregate business growth contributing significantly to profit [6][8]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 16.237 billion yuan, a year-on-year increase of 2.56%, while net profit attributable to shareholders decreased by 38.74% to 731 million yuan [7]. - Domestic cement business revenue fell by 31.57% to 5.106 billion yuan, primarily due to declines in both sales volume and prices [7]. - The company’s overseas cement business generated 3.578 billion yuan in revenue, marking a 55.41% increase year-on-year, driven by a 47% increase in overseas sales volume [7]. Business Segments - The company is accelerating its overseas expansion, with ongoing projects in Mozambique and other African countries, which are expected to significantly increase production capacity [7]. - The aggregate business has seen a sales volume increase of 41.60%, with a gross profit margin of 47.41%, contributing to the company's profitability [8]. Future Projections - Revenue projections for 2024-2026 are estimated at 34.737 billion yuan, 37.826 billion yuan, and 41.409 billion yuan, with corresponding net profits of 2.502 billion yuan, 2.835 billion yuan, and 3.234 billion yuan [9][10]. - The company is expected to maintain a price-to-earnings ratio of 8.89, 7.85, and 6.88 for the years 2024-2026 [10][12].

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]