Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 10.70 yuan [2]. Core Views - The company reported a revenue of 16.237 billion yuan for the first half of 2024, a year-on-year increase of 2.56%, while the net profit attributable to shareholders decreased by 38.74% to 731 million yuan [1]. - Domestic cement business is under pressure, while overseas cement business continues to expand, with overseas sales increasing by 47% year-on-year [1]. - The "Cement+" business segment shows strong growth, with revenue reaching 6.904 billion yuan, a year-on-year increase of 29.38% [1]. - The company is focusing on overseas expansion and low-carbon initiatives to adapt to the slowing domestic real estate and infrastructure demand [1]. Summary by Sections Financial Performance - For 2024H1, the gross margin was 23.65%, a decrease of 0.73 percentage points year-on-year, and the net profit margin was 6.29%, down 2.24 percentage points [1]. - The company’s overseas business gross margin was 33.19%, significantly higher than the domestic margin of 20.78% [1]. - The company expects net profits attributable to shareholders to be 2.027 billion yuan, 2.181 billion yuan, and 2.352 billion yuan for 2024, 2025, and 2026 respectively [2]. Business Segments - Domestic cement demand remains weak, with a total national cement production of 850 million tons in 2024H1, a year-on-year decrease of 10.76% [1]. - The company’s cement and clinker sales were 28.4844 million tons, down 4.9% year-on-year, with domestic sales estimated to have decreased by around 16% [1]. - The "Cement+" business, which includes aggregates and concrete, achieved a sales volume of 71.5261 million tons, a year-on-year increase of 41.6% [1]. Cost and Expenses - The company’s financial expenses increased by 63.09% year-on-year to 400 million yuan, primarily due to increased foreign exchange losses [1]. - As of the end of 2024H1, accounts receivable amounted to 3.185 billion yuan, a year-on-year increase of 40.97%, mainly due to the expansion of the concrete business [1].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 16,237,373,654, representing a 2.56% increase compared to CNY 15,831,572,500 in the same period last year[15]. - Net profit attributable to shareholders decreased by 38.74% to CNY 730,553,374 from CNY 1,192,560,395 year-on-year[15]. - The net cash flow from operating activities was CNY 1,730,584,063, down 18.64% from CNY 2,127,167,281 in the previous year[15]. - The company's EBITDA for the reporting period was CNY 3,698,000,000, a decline of 1.88% year-on-year[15]. - Basic earnings per share decreased by 39.66% to CNY 0.35 from CNY 0.58 in the same period last year[16]. - The weighted average return on net assets fell to 2.49%, down 1.75 percentage points from 4.24% in the previous year[16]. - The company reported a net profit of CNY 316,453,435 from Huaxin Cement (Wuxue) Co., Ltd., with operating revenue of CNY 1,184,482,565[40]. - The total profit for the first half of 2024 was CNY 1,343,287,311, down from CNY 1,738,266,841 in the same period of 2023, a decrease of 22.73%[109]. - The company’s total comprehensive income for the first half of 2024 was CNY 1,107,518,927, compared to CNY 730,796,704 in the same period of 2023, reflecting a significant increase[113]. Asset and Liability Management - Total assets increased slightly by 0.25% to CNY 68,975,448,352 compared to CNY 68,800,268,263 at the end of the previous year[15]. - The net assets attributable to shareholders decreased by 0.85% to CNY 28,687,519,804 from CNY 28,932,949,847 at the end of the previous year[15]. - The total liabilities increased to CNY 35,992,702,978, up from CNY 35,505,385,821, reflecting a growth of approximately 1.37%[106]. - The company's interest-bearing debt increased from 5.517 billion RMB at the beginning of the reporting period to 6.237 billion RMB at the end, reflecting a year-on-year change of 13.05%[94]. - The current ratio decreased to 0.79 from 0.80, while the quick ratio fell to 0.58 from 0.60, indicating a slight decline in liquidity[102]. - The asset-liability ratio increased to 52.2%, up by 0.6 percentage points compared to the previous year[102]. Market and Operational Insights - The domestic cement market saw a 10.76% year-on-year decline in production, totaling 850 million tons, marking the lowest level since 2011[19]. - As of June 30, 2024, the company's cement production capacity reached 127 million tons per year, with cement sales accounting for 53% of total revenue[20]. - Cement and clinker sales volume was 28.48 million tons, down 4.9% year-on-year, while overseas sales increased by 47.0% to 7.60 million tons[28]. - The company’s cement business revenue was CNY 8.67 billion, down 11.25% year-on-year, with domestic revenue declining by 31.57%[28]. - The company operates in 17 provinces in China and 16 countries overseas, with a total of over 300 subsidiaries[20]. Environmental and Sustainability Efforts - The company is actively expanding its low-carbon product offerings, including ultra-high-performance concrete and new wall materials[23]. - The company utilized 2.20 million tons of alternative fuels, achieving a thermal substitution rate of 21.5% and reducing CO2 emissions by 1.20 million tons[30]. - The company is committed to promoting low-carbon cement products and optimizing production processes to reduce carbon emissions[60]. - The company strictly adhered to environmental regulations, with no penalties for exceeding pollutant discharge limits during the reporting period[51]. - The company conducted internal environmental audits to enhance pollution prevention measures and compliance with environmental laws[59]. Financial Strategy and Shareholder Engagement - The company did not distribute profits or increase capital reserves during the reporting period[3]. - The company has not proposed any profit distribution or capital reserve increase for the half-year period[47]. - Major shareholders include Hong Kong Central Clearing Limited with 734,719,919 shares and Holchin B.V. with 451,333,201 shares, indicating strong institutional support[76]. - The management team, including the CEO, increased their shareholdings, with the CEO acquiring an additional 156,800 shares during the reporting period[78]. - The company has not engaged in any share buyback activities during the reporting period, maintaining its current capital structure[76]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, advising investors to be cautious[4]. - The company faces risks from declining domestic cement demand and overcapacity, which may lead to performance declines[41]. - The company plans to enhance its competitive strength through supply-side structural reforms and green low-carbon development initiatives[42]. Research and Development - Research and development expenses increased to CNY 70,954,352, compared to CNY 58,342,983 in the previous year, marking a growth of 21.83%[109]. - The company is actively pursuing market expansion strategies, although specific new product launches were not detailed in the report[76]. Financial Reporting and Compliance - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the financial position and operating results as of June 30, 2024[124]. - The company has sufficient operating funds to cover operational needs and repay due debts, supporting the appropriateness of preparing financial statements on a going concern basis[122]. - Significant judgments and estimates are made in preparing financial statements, affecting the reported amounts of income, expenses, assets, and liabilities[185].

Financial Performance - For the six months ending June 30, 2024, the group's unaudited revenue was RMB 16,237 million, an increase of 2.56% compared to RMB 15,832 million in the same period of 2023[2] - The group's unaudited EBITDA for the same period was RMB 3,698 million, a decrease of 1.88% from RMB 3,769 million in the prior year[2] - The profit attributable to equity holders for the six months was RMB 731 million, down 38.74% from RMB 1,192 million in the same period last year, with basic earnings per share of RMB 0.35[2] - The net profit for the first half of 2024 was RMB 1,022 million, down from RMB 1,350 million in the same period of 2023[5] - The company reported a decrease in total comprehensive income to RMB 1,188 million from RMB 1,456 million in the same period last year[5] - The total profit for the first half of 2024 is $1,343,287,311, a decrease from $1,738,266,841 in the same period of 2023, representing a decline of approximately 22.7%[17] - The weighted average return on equity for the company is 2.49%, with basic and diluted earnings per share both at $0.35 for the first half of 2024[18] - The net profit attributable to shareholders was CNY 731 million, a year-on-year decrease of 38.74%[29] Revenue and Sales - For the first half of 2024, the company's total revenue reached RMB 16,237,373,654, an increase from RMB 15,831,572,500 in the same period of 2023, representing a growth of approximately 2.56%[9] - Cement sales accounted for RMB 8,367,925,294 in the first half of 2024, down from RMB 9,191,200,494 in the same period of 2023, reflecting a decline of approximately 8.97%[10] - The company’s cement business revenue was CNY 8.666 billion, down 11.25% year-on-year, with domestic revenue declining by 31.57%[29] - Cement and clinker sales volume was 28.4844 million tons, down 4.9% year-on-year, while overseas sales increased by 47.0% to 7.5976 million tons[29] Costs and Expenses - Total operating costs for the first half of 2024 were RMB 14,939 million, with operating costs specifically at RMB 12,397 million, compared to RMB 14,092 million in the same period of 2023[4] - The cost of revenue for the first half of 2024 was RMB 12,396,833,893, compared to RMB 11,971,182,161 in the first half of 2023, indicating an increase of about 3.55%[9] - Financial expenses for the first half of 2024 totaled RMB 399,954,782, significantly higher than RMB 245,237,036 in the same period of 2023, marking an increase of approximately 62.93%[15] - The average selling price of cement decreased by CNY 21.76 per ton to CNY 304.24 per ton, while the cost fell by CNY 10.39 per ton to CNY 241.24 per ton[30] Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 68,975 million, slightly up from RMB 68,800 million at the end of 2023[6] - The company's total liabilities as of June 30, 2024, amounted to RMB 35,992,702,978, an increase from RMB 35,505,385,821 as of December 31, 2023[7] - The total equity attributable to shareholders was RMB 28,687,519,804 as of June 30, 2024, down from RMB 28,932,949,847 at the end of 2023, a decrease of about 0.85%[7] - The total non-current liabilities reached RMB 17,092,323,471 as of June 30, 2024, up from RMB 16,571,170,755 at the end of 2023, representing an increase of approximately 3.15%[7] Cash Flow and Receivables - Cash and cash equivalents decreased to RMB 5,257 million from RMB 5,849 million at the end of 2023[6] - Accounts receivable as of June 30, 2024, total $3,185,256,332, an increase from $2,259,496,157 as of December 31, 2023, reflecting a growth of approximately 41%[19] - The allowance for bad debts increased to $262,665,491 as of June 30, 2024, compared to $235,701,561 at the end of 2023, marking an increase of about 11.4%[23] - The company has written off accounts receivable amounting to $3,085,320 during the current period[24] Strategic Focus and Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[2] - The company anticipates continued challenges in revenue generation due to market conditions, impacting future earnings guidance[17] - The company is focusing on improving its collection processes to manage accounts receivable more effectively[19] - The company plans to enhance its overseas business, with new production lines in Mozambique and Malawi expected to add a total of approximately 3 million tons of clinker capacity per year[31] - The company anticipates a seasonal recovery in cement demand in the second half of 2024, although overall demand is expected to decline for the year[33] - The company aims to become a leading multinational building materials enterprise, focusing on overseas multi-business development and digital AI-driven strategies[33] Governance and Compliance - The audit committee has been established to oversee the financial reporting process, risk management, and internal control systems[36] - The company adhered to the principles and code provisions of the Corporate Governance Code during the reporting period[37] - The company did not engage in any significant litigation or arbitration matters during the reporting period[34] - No significant events affecting the group occurred from the end of the reporting period until the announcement date[38]

Investment Rating - The report assigns an "Accumulate" rating for the company [6] Core Views - The company's transformation strategy is showing results, with dual drivers from overseas expansion and aggregate business supporting performance through cycles [3][6] - Despite the downturn in the cement industry, the company maintains a cost-first approach, achieving a reduction in cement clinker costs and sustaining a gross margin above industry levels [3][4] - The company has significantly expanded its overseas operations, with a notable increase in production capacity and revenue contribution from international markets [4][6] - The aggregate business has become a major profit source, with high margins and rapid growth in production capacity [4][6] - The company is leading in green initiatives, focusing on energy saving and carbon reduction strategies [4][6] Summary by Sections Company Overview - Founded in 1907, the company has evolved from a local cement factory to a global building materials group, recognized as a top brand in China [11] - The company has a strong foreign investment background, with Holcim as the largest shareholder, aiding its international expansion [13][16] Cement Business - The company focuses on cost management in its domestic cement operations, maintaining a competitive edge in production capacity [31][33] - In 2023, the company achieved a revenue of 33.757 billion yuan, marking a 10.79% year-on-year increase, with net profit reaching 2.762 billion yuan, a 2.34% increase [23][24] Non-Cement Business - The aggregate segment has seen substantial growth, with production capacity reaching 277 million tons in 2023, making it a key profit contributor [4][26] - The concrete business has also expanded significantly, with production capacity increasing by 77.45% year-on-year [4][26] Financial Forecast and Investment Suggestions - The company is expected to achieve revenues of 34.933 billion, 37.967 billion, and 41.551 billion yuan from 2024 to 2026, with corresponding net profits of 2.913 billion, 3.192 billion, and 3.601 billion yuan [6][7] - The current stock price corresponds to a PE ratio of 9.57, 8.73, and 7.74 for the years 2024 to 2026, indicating potential for investment [6][7]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.08 CNY [4]. Core Views - The company, a long-established cement leader, demonstrates strong resilience and growth during industry downturns, supported by its integrated layout and overseas development strategy [2]. - The company has diversified its operations, achieving significant revenue growth in aggregate and concrete businesses, with overseas revenue also showing strong growth [2][3]. - The domestic cement market is currently under pressure, but supply-side adjustments and price recovery expectations are anticipated to improve profitability [3]. Summary by Sections Company Overview - The company has a history of over 100 years and ranks fourth in China with a total clinker capacity of 76.576 million tons as of 2023 [2][15]. - It operates in nine provinces in China and has expanded its business to 16 countries, becoming a leader in the Central Asian cement market [12][15]. - The company has implemented an integrated development strategy over the past two decades, enhancing its production and sales of concrete, aggregates, and high-tech building materials [12]. Operational Performance - The company achieved a revenue CAGR of 8.65% and a net profit CAGR of 9.48% from 2012 to 2023, with a year-on-year revenue growth of 10.79% in 2023 despite industry challenges [2][19]. - The aggregate business accounted for 15.89% of total revenue in 2023, with a gross margin of 45.88%, significantly higher than the overall gross margin of 26.71% [2][16]. - The overseas business has also seen a revenue increase of 29.99% year-on-year, contributing to overall profitability [2]. Market Dynamics - The domestic cement demand is currently in a downturn, but infrastructure projects are expected to support regional demand growth [3]. - The supply-side adjustments since 2022 have led to a shift in the industry's pricing strategy, with companies focusing on profitability rather than market share [3]. - The global cement demand is expected to remain stable, with regions like the Middle East, India, and Africa benefiting from local economic and infrastructure development [6]. Financial Forecasts - The company is projected to achieve revenues of 35.033 billion CNY, 36.177 billion CNY, and 37.590 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.794 billion CNY, 3.116 billion CNY, and 3.467 billion CNY [6][7]. - The company’s PE ratios for 2024, 2025, and 2026 are expected to be 9.8, 8.8, and 7.9, respectively, indicating a favorable valuation [6].

证券代码：600801 证券简称：华新水泥 公告编号：2024-020 华新水泥股份有限公司董事会 本公司已于近日完成了华新水泥股份有限公司2024年面向专业投资者公开发行科 技创新公司债（第一期）（"本期债券"）的发行。 本期债券发行的基本情况如下： 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。 华新水泥股份有限公司 关于公司债发行的公告 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（"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》。债券规模不超过人民币30亿元（含30 亿元），债券的期限为不超过5年，可以为单一期限品种，也可以是多种期限混合品种。 2024年8月15日 1、发行人：华新水泥股份有限公司 2、发行规模：人民币11亿元 3、债券期限： 5年期 4、票面利率：2.49% 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：偿还到期债券 7、发行人主体评 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 華新水泥股份有限公司 HUAXIN CEMENT CO., LTD.* （於中華人民共和國註冊成立的股份有限公司） *僅供識別 - 1 - 華新水泥股份有限公司（「 」）董事會（「 」）謹此宣布，董事會將 於二零二四年八月三十日 (星期五) 舉行董事會會議，以考慮及通過（包括其他事 項）本公司及其附屬公司截至二零二四年六月三十日止的六個月的中期業績。 承董事會命 主 席 中國湖北省武漢市 二零二四年八月十二日 於本公告日期，本公司董事會成員包括執行董事李葉青先生（總裁）及劉鳳山先生（副總裁）； 非執行董事徐永模先生（主席）、Martin Kriegner先生、羅志光先生及陳婷慧女士；獨立非執 行董事黃灌球先生、張繼平先生及江泓先生。 （股份代號：6655） ...

华新水泥股份有限公司 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 7 月 31 日，本期计划已累 计买入公司 A 股股票 1,387,476 股，占公司总股本的 0.0667%，成交均价 13.94 元/股，成交总金额为 1,934 万元（不含交易费）。 证券代码：600801 证券简称：华新水泥 公告编号：2024-019 2023-2025 年核心员工持股计划之 第二期（2024 年）核心员工持股计划实施进展公告 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。 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 ...

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 6 月 30 日，本期计划已累 计买入公司 A 股股票 441,764 股，占公司总股本的 0.0212%，成交均价 13.48 元/股，成交总金额为 595.42 万元（不含交易费）。 证券代码：600801 证券简称：华新水泥 公告编号：2024-018 华新水泥股份有限公司 2023-2025 年核心员工持股计划之 第二期（2024 年）核心员工持股计划实施进展公告 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。 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 ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-017 华新水泥股份有限公司 关于2024 年度"提质增效重回报"行动方案 的提示性公告 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。 为深入贯彻中央经济工作会议和中央金融工作会议精神，响应上海证券交 易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，践行以"投 资者为中心"的发展理念，维护公司全体股东利益，进一步提高上市公司质量 和投资价值，持续优化公司经营，规范治理，强化市场竞争力，积极回报广大 投资者，树立良好的资本市场形象，公司制定了 2024 年度"提质增效重回报" 行动方案。具体内容如下： 一、总体工作思路 2024年，面对国内水泥、骨料、混凝土等建材的需求持续下滑，价格竞争 更趋激烈的不利局面，公司围绕"创建世界一流跨国企业"的目标，通过扎实 推进"一体化转型发展、海外发展、新型建材业务拓展、传统工业+数字化创新" 四大战略，加快绿色化智能化国际化转型，逆风破浪，变局开新。在国内市场， 以更大力度抓好市场开拓，降本增效，努力实现稳市场 ...