华新水泥股份有限公司 2023 年年度股东大会 会议资料 2024 年 5 月 21 日 | | | | 一、会议议程 1 | | --- | | 二、会议议案 1 | | 1.公司 2023 年度董事会工作报告 2 | | 2.公司 2023 年度监事会工作报告 6 | | 3.公司 2023 年度财务决算及 2024 年度财务预算报告 9 | | 4.公司 2023 年度利润分配方案 13 | | 5.公司 2023 年年度报告 14 | | 6.关于续聘安永华明会计师事务所(特殊普通合伙)作为本公司 2024 年度财 | | 务审计和内部控制审计之核数师的议案 15 | | 7.关于为子公司提供担保的议案 18 | | 8.关于子公司发行境外债券及为其提供担保的议案 20 | | 9.关于选举公司第十一届董事会董事的议案 23 | | 10.关于选举公司第十一届董事会独立董事的议案 24 | | 11.关于选举公司第十一届监事会股东监事的议案 25 | | 三、听取独立董事 2023 年度述职报告 26 | | 1.独立董事黃灌球 2023 年度述职报告 26 | | 2.独立董事张继平 2023 年度 ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-007 华新水泥股份有限公司 关于 2023 年度业绩说明会召开时间调整的公告 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： 投资者可于 2024 年 5 月 6 日(星期一) 至 5 月 10 日(星期五)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 2024 年 3 月 29 日在上海 证券交易所网站（http://www.sse.com.cn）披露了《华新水泥关于召开 2023 年度业绩说明会的公告》（公告编号：2024-006）。根据实际工作安排，现调整本 次会议召开时间，公司计划于 2024 年 5 月 13 日 11:00-12:00 举行 2023 年度业 绩说明会，具体情况如下： 一、 说明会类型 本次投资者 ...

证券研究报告 | 2024年04月10日 华新水泥（600801.SH） 买入 2023 年年报点评：非水泥业务大幅增长，海外发展稳步突破 核心观点 公司研究·财报点评 收入逆势稳健增长，资产处置贡献收益。2023年公司实现营收337.6亿元， 建筑材料·水泥 同比+10.8%，归母净利27.6亿元，同比+2.34%，扣非归母净利23.2亿元， 证券分析师：任鹤 证券分析师：陈颖 同比-10.0%，EPS为1.33元/股，并拟10派5.3元（含税），受益非水泥业 010-88005315 0755-81981825 renhe@guosen.com.cn chenying4@guosen.com.cn 务和海外拓展贡献成长，收入逆势稳健增长。Q4单季实现营收95.9亿元， S0980520040006 S0980518090002 同比+10.8%，归母净利8.9亿元，同比+87.2%，扣非归母净利5.0亿元，同 基础数据 比+11.4%，其中资产处置贡献收益4.2亿元，主因获得工业用地收储补偿。 投资评级 买入(维持) 合理估值 非水泥业务大幅增长，海外发展稳步突破。分产品看，1）全年水泥熟料销 收盘价 1 ...

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） （股份代號：6655） 華新水泥股份有限公司（「 」）董事會（「 」）謹此宣布，董事會將 於二零二四年四月二十六日 (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三月三十一日止的三個月的季度業績。 承董事會命 主 席 中國湖北省武漢市 二零二四年四月八日 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。 - 1 - *僅供識別 ...

公司报告 | 年报点评报告 华新水泥（600801） 证券研究报告 2024年03月 30日 投资评级 非水泥利润贡献增大，海外业务前景可期 行业 建筑材料/水泥 6个月评级 买入（维持评级） 当前价格 13.66元 公司23年全年实现归母净利润27.62亿元，同比增长2.34% 公司发布 23 年年报，全年实现收入/归母净利润337.57/27.62亿元，同比 目标价格 17.09元 +10.79%/+2.34%，全年实现扣非归母净利润23.22亿元，同比-9.95%，非经 常性损益主要系非流动性资产处置损益所致。其中Q4 单季度实现收入/归 基本数据 母净利润 95.92/8.88 亿元，同比+10.77%/+87.21%，扣非归母净利润 4.99 A股总股本(百万股) 1,344.28 亿元，同比+11.44%。 流通A股股本(百万股) 1,344.28 水泥吨毛利维持高位，非水泥收入和产能持续增长 A股总市值(百万元) 18,362.81 23年公司水泥及熟料业务实现收入 192.8亿元，同比-6.4%，其中水泥熟料 流通A股市值(百万元) 18,362.81 销量同比增长2.48%达6190 万吨， ...

Investment Rating - The report maintains a "Buy" rating for Huaxin Cement (600801.SH) [2] Core Views - In 2023, Huaxin Cement achieved revenue of 33.8 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 2.8 billion yuan, up 2% year-on-year [6] - The company plans to distribute a cash dividend of 1.1 billion yuan, with a dividend payout ratio of 40%, corresponding to a dividend yield of approximately 4% [6] - The cement business saw a sales volume increase of 6% year-on-year, although revenue decreased by 3% due to falling prices [7] - The concrete business experienced significant growth, with revenue rising by 49% year-on-year, and the aggregate business revenue increased by 75% year-on-year [8] - The company aims for nearly double-digit revenue growth in 2024, targeting total revenue of 37.1 billion yuan, a year-on-year increase of 9.9% [9] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 9.6 billion yuan, a net profit of 890 million yuan, and a net profit excluding non-recurring items of 500 million yuan, with respective year-on-year increases of 11%, 87%, and 11% [6] - The cement business generated revenue of 18.3 billion yuan in 2023, with a gross margin of 26.8%, reflecting a year-on-year increase of 0.8 percentage points despite a decrease in average selling price [7] - The concrete business achieved revenue of 7.65 billion yuan, with a gross margin of 15.5% [8] Business Segments - The cement segment's average selling price was 315 yuan per ton, down 8% year-on-year, while the cost per ton decreased by 9% to 231 yuan [7] - The concrete segment's sales volume reached 27.27 million cubic meters, a 66% increase year-on-year, with an average price of 281 yuan per cubic meter [8] - The aggregate segment's sales volume doubled to 13.1 million tons, with revenue of 5.36 billion yuan [8] Future Outlook - For 2024, the company plans to sell approximately 63 million tons of cement and clinker, a 1.8% increase year-on-year, and aims for a total revenue of 37.1 billion yuan [9] - Capital expenditures are projected at 6.9 billion yuan, focusing on expanding aggregate, concrete, and overseas cement production capacity [9] - The company anticipates maintaining an asset-liability ratio of around 51% in 2024 [9] Valuation and Profit Forecast - The report adjusts the net profit forecasts for 2024 and 2025 to 2.8 billion yuan and 3.2 billion yuan, respectively, reflecting a decrease of 33% and 38% [10] - The report highlights the potential for a bottom reversal in cement stock profitability, maintaining a positive outlook for the sector [10]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨华新水泥（ ） 600801.SH [Table_Title] 海外延续高景气，骨料加速放量 报告要点 [2T0a2b3le年_S营um业m收a入ry]337.6亿元，同比增长10.79%；归母净利润27.6亿元，同比增长2.34%。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 13.66 yuan as of March 29 [2][4]. Core Insights - The company reported a revenue of 33.757 billion yuan in 2023, representing a year-on-year increase of 10.79%. The net profit attributable to shareholders was 2.762 billion yuan, up 2.34% year-on-year, while the non-recurring net profit decreased by 9.95% to 2.322 billion yuan [1][2]. - The company is optimizing its cement business structure, with a notable increase in its "Cement+" business. Despite a weak downstream demand, the net sales volume of cement clinker reached 619 million tons, a year-on-year increase of 2.48%, primarily driven by overseas acquisitions [1][2]. - The company is actively expanding its overseas operations, achieving a revenue of 5.439 billion yuan from international markets, which accounts for 16% of total revenue, marking a 30% year-on-year growth [1][2]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 9.592 billion yuan, up 10.77% year-on-year, and a net profit of 880 million yuan, a significant increase of 87.34% year-on-year. The gross margin for 2023 was 26.71%, with a net margin of 9.53% [1][2]. - The company’s financial expenses increased by 52.62% to 699 million yuan, attributed to a rise in interest-bearing liabilities. The operating cash flow net amount was 6.236 billion yuan, up 36.51% year-on-year [1][2]. Business Segments - The cement and clinker revenue decreased by 2.64% and 46.14%, respectively, while the "Cement+" segment, including aggregates and concrete, saw substantial growth. Aggregate sales doubled to 131 million tons, generating 5.364 billion yuan in revenue, a 75.01% increase [1][2]. - The company’s concrete sales grew by 66% to 27.27 million cubic meters, resulting in a revenue of 7.652 billion yuan, a 49.08% increase year-on-year [1][2]. Future Outlook - The company is expected to maintain a strong growth trajectory, with projected net profits of 3.05 billion yuan, 3.43 billion yuan, and 3.70 billion yuan for 2024, 2025, and 2026, respectively. The dynamic PE ratios for these years are estimated at 9x, 8x, and 8x [1][2].

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 海外水泥及骨料业务保持高增 目标价格： 18.20 上次预测： 18.20 公 ——华新水泥2023 年报点评 当前价格： 13.66 司 鲍雁辛(分析师) 杨冬庭(分析师) 花健祎(分析师) 2024.03.31 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） 11.62-16.12 报 总市值（百万元） 28,399 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 2023年报符合预期，国 ...

Investment Rating - The report maintains an "Overweight" rating for the company [3][4]. Core Views - The company reported a revenue of 33.757 billion yuan for 2023, a year-on-year increase of 10.79%, driven primarily by rapid growth in ready-mixed concrete and aggregate businesses [3][4]. - The net profit attributable to shareholders for 2023 was 2.762 billion yuan, reflecting a year-on-year increase of 2.34% [3][4]. - In Q4 2023, the company achieved a revenue of 9.592 billion yuan, up 10.77% year-on-year, with a significant net profit increase of 87.21% to 888 million yuan, attributed to volume compensation and asset disposal gains [3][4]. - The company's product revenue breakdown shows cement, concrete, aggregate, and other businesses with revenues of 18.332 billion yuan, 7.652 billion yuan, 5.364 billion yuan, and 1.462 billion yuan respectively, with notable growth in concrete and aggregate due to increased market efforts [3][4]. - Regional revenue growth was observed across all areas, with East China, South China, and overseas markets showing significant increases of 25.46%, 24.24%, and 29.99% respectively [3][4]. - The company’s overseas production capacity reached 20.91 million tons per year in 2023, a 69% year-on-year increase, indicating successful international expansion [3][4]. - The average selling price and gross profit per ton for cement decreased due to industry oversupply and weak demand, with the cement gross profit margin at 26.76% [3][4]. - The company’s comprehensive gross margin for 2023 was 26.71%, a slight increase of 0.49 percentage points year-on-year, while the net profit margin decreased to 9.53% [3][4]. - The report projects net profits for 2024-2026 to be 3.263 billion yuan, 3.725 billion yuan, and 4.267 billion yuan respectively, with corresponding PE ratios of 8.4, 7.3, and 6.4 [3][4]. Summary by Sections Financial Performance - 2023 revenue was 33.757 billion yuan, with a 10.79% year-on-year growth [3][4]. - 2023 net profit was 2.762 billion yuan, reflecting a 2.34% increase [3][4]. - Q4 2023 revenue reached 9.592 billion yuan, with net profit soaring by 87.21% to 888 million yuan [3][4]. Product Breakdown - Revenue from cement, concrete, aggregate, and other businesses was 18.332 billion yuan, 7.652 billion yuan, 5.364 billion yuan, and 1.462 billion yuan respectively [3][4]. - Concrete and aggregate businesses saw significant growth, with year-on-year increases of 49.08% and 75.01% respectively [3][4]. Regional Performance - Revenue growth was noted in all regions, particularly in East China, South China, and overseas markets [3][4]. - The overseas production capacity reached 20.91 million tons per year, marking a 69% increase year-on-year [3][4]. Profitability Metrics - The comprehensive gross margin for 2023 was 26.71%, with a slight increase year-on-year [3][4]. - The net profit margin decreased to 9.53% due to rising costs [3][4]. Future Projections - Projected net profits for 2024-2026 are 3.263 billion yuan, 3.725 billion yuan, and 4.267 billion yuan respectively [3][4].