证券研究报告·公司点评报告·水泥 华新水泥（600801） 2024 年一季报点评：一体化+海外布局对冲 2024年 04月 29日 国内水泥景气下行 证券分析师 黄诗涛 增持（维持） 执业证书：S0600521120004 huangshitao@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 房大磊 营业总收入（百万元） 30,470 33,757 35,884 39,647 43,523 执业证书：S0600522100001 fangdl@dwzq.com.cn 同比（%） (6.14) 10.79 6.30 10.49 9.78 证券分析师 石峰源 归母净利润（百万元） 2,699 2,762 2,545 3,217 3,581 执业证书：S0600521120001 同比（%） (49.68) 2.34 (7.86) 26.40 11.32 shify@dwzq.com.cn EPS-最新摊薄（元/股） 1.30 1.33 1.22 1.55 1.72 P/E（现价&最新摊薄） 11.03 10.78 ...

公司研 究 证 券研究 报 告 水泥 2024年04月29日 华 新水泥（600801）2024年一季报点评 推 荐 （维持） 国内水泥拖累下 Q1 业绩略低于预期，一体 目标价：17.30元 化/海外布局夯实底部盈利 当前价：14.72元 事项： 华创证券研究所  公司发布 2024 年一季报：2024Q1 公司实现营业收入 70.84 亿元，同比增加 证券分析师：王彬鹏 6.87%；实现净利润2.92 亿元，同比增加3.28%，实现归母净利润1.77 亿元， 同比下降28.43%。 邮箱：wangbinpeng@hcyjs.com 评论： 执业编号：S0360519060002 证券分析师：鲁星泽  业绩略低于预期，国内水泥业务盈利下滑及汇兑损益有所拖累。2024Q1公 司实现营业收入70.84 亿元，同比增加6.87%；实现净利润2.92 亿元，同比 电话：021-20572575 增加3.28%。据国家统计局，一季度全国/湖北省水泥产量分别为3.37/ 0.18 邮箱：luxingze@hcyjs.com 亿吨，分别同比-11.8%/-19.2%，受主销地水泥需求整体偏弱影响，我们预计 执业编号： ...

股 票 研 究 [Table_industryInfo] 建材/原材料 [ Table_Main[华ITnaf 新bol]e 水_Ti泥tle]( 600801) [评Tab级le_：Inv est] 增持 上次评级： 增持 海外水泥弥补国内量价下滑 目标价格： 16.93 上次预测： 18.20 公 ——华新水泥2024 年一季报点评 当前价格： 14.72 司 鲍雁辛(分析师) 杨冬庭(分析师) 花健祎(分析师) 2024.04.29 更 0755-23976830 0755-23976166 0755-23976858 [交Ta易bl数e_M据a rket] 新 baoyanxin@gtjas.com yangdongting@gtjas.com huajianyi@gtjas.com 证书编号 S0880513070005 S0880522080004 S0880521010001 52周内股价区间（元） 11.62-15.18 报 总市值（百万元） 30,603 告 本报告导读： 总股本/流通A股（百万股） 2,079/1,344 流通 B股/H股（百万股） 0/735 公司2024年一季报低于预期 ...

[Table_Page] 季报点评|水泥 证券研究报告 [华Table_新Title] 水泥(600801.SH/06655.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 14.72元/7.41港元 国内水泥承压，海外水泥及骨料等继续贡献增长 合理价值 19.64元/11.00港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-28 ⚫ 公司发布 2024 年一季报，实现收入 70.8 亿元，同比+6.9%，净利润 [相Tab对le_P市icQ场uote表] 现 2.9亿元，同比+3.3%，归母净利润1.8亿元，同比-28.4%。 ⚫ 国内水泥承压，海外水泥贡献增长。1 季度地产和基建需求双弱，据 10% 4% 国家统计局，Q1 水泥行业产量同比下滑 12%（用产量直接计算下滑 -2%04/23 06/23 08/23 10/23 12/23 02/24 04/24 16%），预计公司国内水泥业务销量双位数下滑；海外水泥销量同比高 -8% 增，主要系 2023 年并购的阿曼、南非和莫桑比克三个国家项目在 1 -14% -20% 季度 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.72 yuan [7]. Core Views - The company reported a revenue of 7.084 billion yuan in Q1 2024, a year-on-year increase of 6.87%, while the net profit attributable to shareholders was 177 million yuan, a decrease of 28.43% year-on-year [2]. - The domestic cement business is under pressure due to increased rainfall, weak real estate investment, and insufficient infrastructure project commencement, leading to a national cement price drop of 15.40% year-on-year [3]. - The company has seen significant structural contributions from aggregates and overseas cement production capacity, benefiting from lower coal prices and increased overseas joint venture earnings [4]. - The financial expenses have notably impacted overall performance, with a financial expense of 182 million yuan in Q1 2024, up from 68.57 million yuan in the same period last year, primarily due to exchange rate losses [5]. - The company aims for a mid-term target of 50 million tons of overseas production capacity, focusing on high-profit regions to enhance competitiveness [6]. Summary by Sections Financial Performance - Q1 2024 revenue was 7.084 billion yuan, with a gross margin of 21.89%, up 1.66 percentage points year-on-year but down 5.82 percentage points quarter-on-quarter [2]. - The net profit margin was 4.12%, a slight decrease of 0.15 percentage points year-on-year [2]. - The company expects net profits attributable to shareholders for 2024-2026 to be 2.817 billion, 3.337 billion, and 3.777 billion yuan, respectively, with corresponding PE ratios of 11x, 9x, and 8x [6]. Market Conditions - The domestic cement market is facing challenges with a national cement production of 33.684 million tons in Q1 2024, a year-on-year decrease of 16.28% [3]. - The average national cement price fell to 362 yuan per ton, with significant declines in various regions, indicating a worsening supply-demand imbalance [3]. Strategic Outlook - The company is focusing on optimizing supply-side structures domestically while expanding efficient production capacity overseas [6]. - The report highlights the company's proactive overseas expansion and commitment to low-carbon and environmentally friendly practices, positioning it favorably against peers amid slowing domestic real estate and infrastructure demand [6].

Financial Performance - The company's operating revenue for 2023 was RMB 33,757,087,272, representing a 10.79% increase compared to RMB 30,470,382,363 in 2022[15]. - Net profit attributable to shareholders for 2023 was RMB 2,762,116,715, a 2.34% increase from RMB 2,698,868,510 in 2022[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 9.95% to RMB 2,322,113,737 from RMB 2,578,634,452 in 2022[15]. - The net cash flow from operating activities increased by 36.51% to RMB 6,235,555,071 compared to RMB 4,567,694,220 in 2022[15]. - As of December 31, 2023, the net assets attributable to shareholders were RMB 28,932,949,847, a 5.42% increase from RMB 27,446,305,028 at the end of 2022[15]. - Total assets as of December 31, 2023, reached RMB 68,800,268,263, reflecting a 7.10% increase from RMB 64,241,676,265 in 2022[15]. - Basic earnings per share for 2023 was CNY 1.33, a 2.31% increase compared to CNY 1.30 in 2022[17]. - Diluted earnings per share for 2023 was CNY 1.32, reflecting a 3.13% increase from CNY 1.28 in 2022[17]. - The weighted average return on equity for 2023 was 9.82%, down from 10.03% in 2022, a decrease of 0.21 percentage points[17]. - The total profit for 2023 was CNY 4,326 million, up from CNY 3,988 million in 2022, indicating a growth of 8.5%[197]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 0.53 per share (including tax) for the 2023 fiscal year[5]. - The board proposed a cash dividend of 0.53 RMB per share for the 2023 fiscal year, pending approval at the annual general meeting[41]. - As of December 31, 2023, the total number of registered shareholders was 54,007, which decreased to 49,549 by February 29, 2024[107]. - The top three shareholders hold significant stakes: Hong Kong Central Clearing Limited at 35.34%, Holchin B.V. at 21.71%, and Huaxin Group Limited at 16.26%[108]. - Holcim Limited remains the controlling shareholder with a total stake of 41.81% across A and H shares as of December 31, 2023[113]. Operational Highlights - The company continues to focus on developing high-value-added products and expanding its market presence[15]. - The company has established a matrix organizational structure combining regional management, business operations, and functional management to enhance operational efficiency[24]. - The company has cumulatively used nearly 20 million tons of waste-derived alternative fuels, achieving a thermal substitution rate of 23% across all domestic kiln lines by the end of 2023[27]. - The company has developed a comprehensive technical innovation system, holding 77 invention patents and 130 utility model patents as of the end of 2023[28]. - The company has expanded its business to cover 17 provinces and municipalities in China and 16 countries overseas, with over 300 subsidiaries[23]. Market and Industry Context - The cement industry faced a 5% decline in total cement production in 2023, amounting to 2.023 billion tons[21]. - The cement clinker capacity utilization rate for 2023 was estimated at 59%, a decrease of 7 percentage points from 2022[21]. - The company is focusing on high-quality development and carbon emission control in response to national policies aimed at reducing energy consumption and emissions[21]. - The company anticipates ongoing challenges due to a decline in domestic cement demand and severe overcapacity, which may lead to increased market competition and pressure on cement prices[81]. Risk Management and Compliance - The company has detailed potential risks in its report, which investors are advised to review[5]. - The company is implementing multiple risk hedging strategies to reduce exposure to regional economic and foreign exchange risks[82]. - The company has established a cash dividend policy that complies with its articles of association and shareholder resolutions, ensuring clarity in dividend standards and decision-making processes[179]. - The company has established procedures for identifying, assessing, and managing significant risks, including a system for internal monitoring of sensitive information[183]. Research and Development - The total R&D investment reached 324,894,605 CNY, accounting for 0.96% of operating revenue, with capitalized R&D making up 7.3% of the total[49]. - Research and development expenses surged by 285.22% to CNY 301.1 million, up from CNY 78.2 million year-on-year[58]. - The company is investing $30 million in R&D for new technologies aimed at improving production efficiency[123]. Leadership and Governance - The company has a strong leadership team with significant experience in the cement industry and related sectors[126]. - The company has established a Nomination Committee in accordance with corporate governance codes and regulatory requirements, responsible for recommending new directors and evaluating the independence of non-executive directors[167]. - The company’s board of directors confirmed their responsibility for the financial reports for the year ending December 31, 2023, ensuring compliance with applicable accounting policies[178]. - The company has mechanisms in place to ensure the board receives independent opinions and insights[162]. Future Outlook - The company plans to sell approximately 63 million tons of cement and clinker, 156 million tons of aggregates, and 30.52 million cubic meters of concrete in 2024, with total revenue expected to reach ¥37.1 billion[79]. - The company aims to enhance its green and low-carbon development strategy, focusing on digital transformation and international expansion[77]. - The global cement demand, excluding China, is projected to increase by 2.4% in 2024, driven by growth in India, the Middle East, and Africa[76].

Financial Performance - Revenue for the reporting period reached RMB 7,083,601,678, representing a year-on-year increase of 6.87%[4] - Net profit for the period was RMB 291,984,821, reflecting a year-on-year increase of 3.28%[4] - Net profit attributable to shareholders decreased by 28.43% to RMB 177,469,351[4] - The net profit excluding non-recurring gains and losses decreased by 35.09% due to declining performance from some wholly-owned subsidiaries[6] - Total operating revenue for Q1 2024 reached RMB 7,083,601,678, an increase of 6.85% compared to RMB 6,628,435,263 in Q1 2023[14] - Net profit attributable to shareholders of the parent company was RMB 177,469,351, a decrease of 28.36% from RMB 247,979,284 in the same period last year[14] - Operating profit for Q1 2024 was RMB 355,565,938, a decrease of 5.1% compared to RMB 374,673,438 in Q1 2023[14] - The total comprehensive income for Q1 2024 was RMB 375,752,767, compared to RMB 9,604,553 in the same period last year[14] - The company reported a basic earnings per share of RMB 0.09, down from RMB 0.12 in Q1 2023[15] Cash Flow and Assets - Cash flow from operating activities decreased significantly by 67.77% to RMB 106,994,109[4] - Cash flow from operating activities generated a net amount of RMB 106,994,109, down from RMB 331,923,337 in Q1 2023[16] - Cash flow from investing activities resulted in a net outflow of RMB 268,956,676, compared to a net outflow of RMB 1,121,597,464 in the previous year[17] - Cash flow from financing activities generated a net inflow of RMB 678,111,238, down from RMB 1,084,213,674 in Q1 2023[18] - Cash and cash equivalents rose to RMB 6,332,848,244 from RMB 5,849,465,351, marking an increase of approximately 8.25%[12] - The cash and cash equivalents at the end of Q1 2024 amounted to RMB 5,881,347,510, a decrease from RMB 6,882,809,533 at the end of Q1 2023[19] - Current assets increased to RMB 15,731,204,056 from RMB 15,219,588,022, representing a growth of about 3.36%[12] - Total assets at the end of the reporting period were RMB 69,240,660,681, a slight increase of 0.64% from the previous year[4] - As of March 31, 2024, the total assets of the company amounted to RMB 69,240,660,681, an increase from RMB 68,800,268,263 as of December 31, 2023, reflecting a growth of approximately 0.64%[12] Shareholder and Equity Information - The total number of shareholders as of March 31, 2024, was 49,123, including 49,115 A-share shareholders[7] - Equity attributable to shareholders increased by 0.80% to RMB 29,164,435,662[4] - The company's total equity as of March 31, 2024, was RMB 33,366,961,566, slightly up from RMB 33,294,882,442, indicating a growth of approximately 0.22%[13] - The company's total liabilities to equity ratio as of March 31, 2024, was approximately 1.08, indicating a stable leverage position[13] Governance and Corporate Structure - The company adhered to the principles and provisions of the Corporate Governance Code as outlined in Appendix C1 of the Listing Rules during the reporting period[21] - The board of directors includes executive directors Mr. Li Yeqing (CEO) and Mr. Liu Fengshan (Vice President), along with non-executive and independent non-executive directors[21] - The board is chaired by Mr. Xu Yongmo, ensuring compliance with governance standards[21] - The company continues to maintain a structured governance framework to enhance transparency and accountability[21] - The board composition reflects a balance of executive and non-executive members, promoting diverse perspectives[21] - The governance practices are aligned with the expectations of the Hong Kong Stock Exchange[21] - The company emphasizes the importance of corporate governance in its operational strategy[21] - The announcement serves as a formal declaration of the company's commitment to governance principles[21] - The board's commitment to governance is crucial for stakeholder confidence and long-term sustainability[21] Asset and Liability Changes - Total liabilities increased to RMB 35,873,699,115 from RMB 35,505,385,821, which is an increase of about 1.04%[13] - Long-term borrowings rose to RMB 9,410,026,488 from RMB 8,623,019,715, an increase of approximately 9.12%[13] - The company's inventory increased to RMB 3,597,246,539 from RMB 3,462,938,165, reflecting a growth of about 3.87%[12] - The company's accounts receivable increased to RMB 3,032,437,003 from RMB 2,259,496,157, representing a significant growth of about 34.2%[12] - The company's goodwill increased to RMB 794,289,719 from RMB 769,271,896, reflecting a growth of approximately 3.25%[12] - The weighted average return on equity decreased by 0.29 percentage points to 0.61%[4]

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 2023 年年度股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 5 月 21 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 楼贵宾厅。 (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 2024 年 5 月 21 日 至 2024 年 5 月 21 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 9:15-15:00。 股东大会召开日期：2024年5月21日 本次股东大会采用的网络投票系统： ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 7,083,601,678, representing a year-on-year increase of 6.87%[4] - Net profit for the period was RMB 291,984,821, reflecting a year-on-year increase of 3.28%[4] - Net profit attributable to shareholders of the listed company decreased by 28.43% to RMB 177,469,351[4] - Basic earnings per share were RMB 0.09, down 25.00% compared to the same period last year[4] - Operating profit for Q1 2024 was ¥355,565,938, a decrease of 5.1% from ¥374,673,438 in Q1 2023[14] - Net profit for Q1 2024 was ¥291,984,821, representing an increase of 3.5% compared to ¥282,721,516 in Q1 2023[14] - The total comprehensive income for Q1 2024 was ¥375,752,767, a substantial increase from ¥9,604,553 in Q1 2023[15] Assets and Liabilities - Total assets at the end of the reporting period were RMB 69,240,660,681, an increase of 0.64% from the end of the previous year[5] - The company's total assets as of March 31, 2024, amounted to ¥69,240,660,681, up from ¥68,800,268,263 at the end of 2023[13] - Current assets increased to ¥15,731,204,056 from ¥15,219,588,022, reflecting a growth of 3.36%[13] - Total liabilities rose to ¥35,873,699,115, compared to ¥35,505,385,821 at the end of 2023, indicating an increase of 1.04%[13] Cash Flow - The net cash flow from operating activities decreased significantly by 67.77% to RMB 106,994,109[4] - In Q1 2024, the company reported a net cash flow from operating activities of ¥106,994,109, a decrease of 67.8% compared to ¥331,923,337 in Q1 2023[16] - Total cash inflow from operating activities was ¥6,572,717,778, up 3.1% from ¥6,376,645,458 in the same period last year[16] - The company experienced a net cash outflow from investing activities of ¥268,956,676, an improvement from a net outflow of ¥1,121,597,464 in Q1 2023[16] - Cash inflow from financing activities totaled ¥1,364,000,000, a decrease of 20.2% compared to ¥1,710,941,054 in Q1 2023[16] - The net increase in cash and cash equivalents for Q1 2024 was ¥511,231,525, compared to an increase of ¥266,787,755 in Q1 2023[17] - The ending balance of cash and cash equivalents was ¥5,881,347,510, down from ¥6,882,809,533 at the end of Q1 2023[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 49,123[8] Research and Development - Research and development expenses for Q1 2024 were ¥33,984,891, significantly higher than ¥11,645,467 in Q1 2023, marking an increase of 191.5%[14] Non-Recurring Items - The company reported non-recurring gains and losses totaling RMB 25,765,707 for the period[6] - The decline in net profit attributable to shareholders was primarily due to the poor performance of some wholly-owned subsidiaries and increased revenue share from joint ventures[7] Sales and Purchases - Cash received from sales of goods and services was ¥6,247,674,304, an increase of 1.3% from ¥6,169,998,853 in Q1 2023[16] - The company paid ¥4,424,342,047 for purchases of goods and services, reflecting an increase of 2.8% from ¥4,303,963,154 in the previous year[16] - The company received ¥812,076,500 from investment recoveries, down from ¥1,231,088,671 in Q1 2023[16] - The company’s cash outflow for acquiring fixed assets was ¥569,406,415, significantly lower than ¥1,126,739,268 in Q1 2023[16]

华新水泥股份有限公司 第十届董事会第三十二次会议决议公告 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。 证券代码：600801 证券简称：华新水泥 公告编号：2024-008 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"）第十届董事会第三十二次会议（临时会议） 于2024年4月26日以现场结合通讯方式召开。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，董事会秘书出席了本次会议。监事会主席及部分高管列席了本次会议。 公司于2024年4月16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： 1、公司 2024 年第一季度报告（表决结果：同意9票，反对0票，弃权0票） 本报告已经董事会审计委员会审议通过，并同意提交董事会审议。 2、关于子公司发行境外债券及为其提供担保的议案（表决结果：同意9票，反对0票， 弃权0票） 议案详情请见附件一。 本议案需提 ...