Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total revenue of 33.757 billion yuan in 2023, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 2.762 billion yuan, up 2.3% year-on-year [8][9] - The company achieved significant growth in sales of cement, concrete, and aggregates, with non-cement gross profit contribution rising to 44% [9][12] - The company continues to strengthen its integrated and overseas strategies, which are expected to contribute to new growth points [14] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 33.757 billion yuan, with a year-on-year growth of 10.8% and a net profit of 2.762 billion yuan, reflecting a 2.3% increase [8][9] - The company plans to distribute a cash dividend of 0.53 yuan per share (tax included) [8] Sales and Production - Cement and clinker sales reached 61.9 million tons, a year-on-year increase of 2.5%, exceeding the operational plan by 9% [9] - Concrete sales grew significantly by 66.4% year-on-year, reaching 27.27 million cubic meters [9] - Aggregate sales nearly doubled, increasing by 99.7% year-on-year to 131.37 million tons [9] Cost and Profitability - The gross profit contribution from aggregates and concrete reached 27.3% and 13.1%, respectively, with non-cement gross profit contributing 44% [9][12] - The company reported a net profit margin of 9.5% in 2023, a slight decrease of 0.4 percentage points year-on-year [12] Capital Expenditure and Cash Flow - The company controlled capital expenditures, spending 4.85 billion yuan on fixed assets, a decrease of 37.2% year-on-year [12] - The net cash flow from operating activities was 6.236 billion yuan, reflecting a 36.5% increase year-on-year [12] Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 2.545 billion yuan and 3.217 billion yuan, respectively, with a new forecast for 2026 at 3.581 billion yuan [14] - The company maintains a price-to-earnings ratio of 11.2 for 2024, 8.8 for 2025, and 7.9 for 2026 based on the closing price on March 29 [14]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company reported a revenue of 33.8 billion yuan in 2023, representing a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 2.8 billion yuan, up 2.3% year-on-year [3][4] - The company plans to maintain a dividend payout of approximately 40%, with a proposed dividend of 0.53 yuan per share [3][4] - The non-cement business continues to show high growth, contributing significantly to the company's revenue and profit margins [4][6] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 9.6 billion yuan, a year-on-year increase of 10.8%, and a net profit of 0.89 billion yuan, up 87.2% year-on-year [3][4] - The cement clinker sales volume reached 61.9 million tons in 2023, a 2.5% increase year-on-year, while the average price per ton decreased by 29 yuan to 311 yuan [4][8] - The company’s total revenue for 2024 is projected to be 35.5 billion yuan, with a net profit of 3.5 billion yuan, reflecting a growth rate of 26.3% [5][10] Business Segments - The aggregate and concrete businesses have shown strong growth, with revenues of 5.4 billion yuan and 7.7 billion yuan respectively, representing year-on-year increases of 75% and 49% [4][6] - Non-cement businesses accounted for 43% of total revenue and 44% of gross profit in 2023, indicating a potential second growth curve for the company [4][6] Future Outlook - The company plans to invest 69 billion yuan in capital expenditures in 2024, focusing on expanding production capacity in aggregates, concrete, and overseas cement operations [6][7] - The company has successfully acquired stakes in Oman Cement and Natal Portland Cement, expanding its overseas operations and increasing its effective cement grinding capacity to 20.91 million tons per year by the end of 2023 [7][8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.68 yuan, 1.91 yuan, and 2.17 yuan respectively, with a reasonable valuation range of 16.80 to 20.16 yuan per share based on a price-to-earnings (P/E) ratio of 10 to 12 times [4][10]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 17.3 CNY [1][9]. Core Views - The company has a strong historical performance with a revenue compound annual growth rate (CAGR) of 13.2% and a net profit CAGR of 16.0% from 2007 to 2022 [1][21]. - The company is well-positioned in the aggregate industry, which has strong resource attributes and competitive barriers, despite current demand being at a low point [1][34]. - The overseas cement market presents significant growth opportunities, with the company having established a diversified presence in multiple regions over the past decade [1][30]. - The domestic cement industry is currently at a low profitability point, but the company maintains a competitive advantage in its core regions [1][30]. Summary by Sections Company Overview - The company, founded in 1907, has a rich history and a strong governance structure with a mix of foreign and state-owned shareholders [1][14][16]. - The management team has extensive experience, with the president having led the company for 25 years [1][18]. Aggregate Industry - The aggregate industry is characterized by strong resource attributes, with limited downside for leading companies' profitability due to ongoing consolidation and policy constraints [1][34]. - The company has a significant market share in the East Hubei region, with a production capacity of 241 million tons as of H1 2023 [1][34]. Cement Business - The domestic cement market is expected to remain under pressure, with industry profits projected to decline significantly in 2023 [1][30]. - The company has been proactive in adopting carbon reduction technologies, which may provide a cost advantage in the future [1][30]. Financial Projections - The company is expected to achieve net profits of 2.546 billion CNY in 2023, 2.998 billion CNY in 2024, and 3.398 billion CNY in 2025, with corresponding earnings per share (EPS) of 1.22 CNY, 1.44 CNY, and 1.63 CNY [2][9]. - The report anticipates a recovery in profitability post-2023, driven by the company's integrated business model and international expansion [1][9]. Investment Thesis - The company's integrated business model and international strategy are expected to yield long-term benefits, enhancing its competitive moat [1][8]. - The report highlights the company's ability to maintain profitability despite industry challenges, indicating strong operational resilience [1][8].

[Table_Page] 年报点评|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 13.14元/6.84港元 国内水泥业务盈利见底，骨料和海外水泥贡献增长 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 2024-03-29 ⚫ 公司发布2023年年报，2023年收入337.6亿元，同比+10.8%，归母 [相Tab对le_P市icQ场uote表] 现 净利润27.6亿元，同比+2.3%，扣非归母净利润23.2亿元，同比-9.9%。 单4季度收入95.9亿元，同比+10.8%，归母净利润8.9亿元，同比+ 2% -3%03/23 05/23 07/23 09/23 11/23 01/24 03/24 87%，扣非归母净利润5.0亿元，同比+11.4%。 -8% ⚫ 国内水泥业务盈利见底，海外水泥快速增长。根据公司年报，2023年 -12% 公司水泥和熟料销量 6190 万吨（同比+2.5%），水泥业务收入占比降 -17% ...

Financial Performance - In 2023, the company achieved a net profit of CNY 2,482,299,167 and a net profit attributable to shareholders of CNY 2,762,116,715, representing a 2.34% increase compared to the previous year[3]. - The total operating revenue for 2023 was CNY 33,757,087,272, marking a 10.79% increase from CNY 30,470,382,363 in 2022[15]. - The net cash flow from operating activities increased by 36.51% to CNY 6,235,555,071 compared to CNY 4,567,694,220 in 2022[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 9.95% to CNY 2,322,113,737 from CNY 2,578,634,452 in 2022[15]. - The company reported a total profit for the year of 4.33 billion RMB, with a net profit attributable to shareholders of 2.76 billion RMB, reflecting increases of 8.48% and 2.34% respectively compared to the previous year[43]. Earnings and Dividends - The basic earnings per share for 2023 were CNY 1.33, a 2.31% increase from CNY 1.30 in 2022[16]. - The diluted earnings per share rose to CNY 1.32, reflecting a 3.13% increase from CNY 1.28 in the previous year[16]. - The company plans to distribute a cash dividend of CNY 0.53 per share based on the total share capital of 2,078,995,649 shares as of the end of 2023[3]. Assets and Liabilities - The company's total assets as of the end of 2023 were CNY 68,800,268,263, a 7.1% increase from CNY 64,241,676,265 at the end of 2022[15]. - The net assets attributable to shareholders increased by 5.42% to CNY 28,932,949,847 compared to CNY 27,446,305,028 at the end of 2022[15]. - The company's total liabilities reached CNY 35.51 billion in 2023, up from CNY 33.40 billion in 2022, marking an increase of around 6.31%[199]. Production and Sales - Aggregate sales volume increased by 100% to 13.137 million tons year-on-year[24]. - Concrete sales volume grew by 66% to 2.727 million cubic meters year-on-year[24]. - The company's operating revenue from overseas markets was 5.439 billion RMB, reflecting a 30% year-on-year growth[24]. - The company sold 13.14 million tons of aggregates, a significant increase of 100% year-on-year, and concrete sales reached 2.73 million cubic meters, up by 66%[43]. Capacity and Expansion - Aggregate production capacity reached 277 million tons per year, up 32% year-on-year[24]. - Concrete production capacity increased by 77% to 122 million cubic meters per year[24]. - The company successfully acquired 64.66% of Oman Cement Company SAOG and 100% of Natal Portland Cement Company (Pty) Ltd., expanding its overseas business to the Middle East and Southern Africa, with an effective overseas cement grinding capacity of 20.91 million tons per year by the end of 2023[25]. Research and Development - The company’s research and development expenses surged by 285.22% to 301.1 million RMB, indicating a strong focus on innovation[44]. - The company holds 77 invention patents and 130 utility model patents as of the end of 2023, showcasing its strong innovation capabilities[36]. - Research and development investments increased by 30%, focusing on innovative cement technologies[81]. Environmental and Sustainability Efforts - The company is committed to digital transformation, successfully implementing low-carbon manufacturing systems in 8 domestic plants and establishing a digital framework in overseas facilities[25]. - The company achieved a total alternative fuel usage of 4.37 million tons, an increase of 500,000 tons compared to the previous year, with a group-wide calorific value substitution rate reaching 20%, up by 6 percentage points from 2022[25]. - The company aims to reduce carbon emissions by 20% over the next five years through new technologies[81]. - The company reported a significant reduction in SO2 emissions across various plants, with values consistently below regulatory limits[124]. Strategic Initiatives - The company will continue to implement its four strategic initiatives, focusing on integrated development, overseas expansion, new building materials, and digital innovation[66]. - The company is actively developing new low-carbon building materials, including ultra-high-performance concrete and new wall materials, to provide green solutions for construction[32]. - The company is exploring potential mergers and acquisitions to strengthen its market position and enhance operational efficiency[124]. Governance and Compliance - The company’s governance structure complies with the requirements of modern enterprise systems and relevant regulations, with no significant discrepancies noted[74]. - The company has established a comprehensive compensation system to motivate employees and align their performance with company goals[106]. - The company reported no significant risks identified by the supervisory board during the reporting period[103].

Financial Performance - For the fiscal year ending December 31, 2023, the company's operating revenue was approximately RMB 33.76 billion, an increase of 10.79% compared to 2022[2]. - The net profit attributable to shareholders for 2023 was approximately RMB 2.76 billion, reflecting a growth of 2.34% year-on-year[5]. - Basic earnings per share for 2023 were RMB 1.33, up by 2.31% from RMB 1.30 in 2022[5]. - The overall gross profit margin for the company was 26.71%, an increase of 0.49 percentage points year-on-year[21]. - Operating profit increased by 8.18% year-on-year, with total profit rising by 8.48%[26]. - Total revenue for 2023 reached RMB 33,757,087,272, an increase of 10.5% compared to RMB 30,470,382,363 in 2022[45]. - The cost of goods sold for 2023 was RMB 24,741,414,727, up from RMB 22,481,901,607 in 2022, reflecting a cost increase of 10.1%[65]. - The revenue from cement sales in 2023 was RMB 18,331,734,881, a decrease of 2.6% from RMB 18,829,682,529 in 2022[66]. Cash Flow and Financial Position - The net cash flow from operating activities increased by 36.51% to RMB 6.24 billion in 2023, compared to RMB 4.57 billion in 2022[5]. - The net cash flow from operating activities increased to RMB 6,235,555,071 in 2023, up 36.6% from RMB 4,567,694,220 in 2022[47]. - The net cash outflow from investing activities decreased by 1.929 billion RMB, a reduction of 23.02% year-on-year, mainly due to decreased expenditures on asset purchases and construction projects[29]. - The net cash flow from financing activities decreased by 2.724 billion RMB, a decline of 153.72% compared to the previous year, primarily due to increased repayments of maturing loans[29]. - Interest-bearing liabilities increased by 16.99% year-on-year, reaching 16.957 billion RMB at the end of the reporting period, mainly due to the addition of long-term loans and corporate bonds[30]. - The debt-to-asset ratio improved slightly, decreasing by 0.39 percentage points to 51.60%[30]. - The company’s total asset forecast for 2024 is approximately 73.7 billion yuan, with a projected debt-to-asset ratio of around 51%[37]. Shareholder Information - The number of registered shareholders decreased from 54,007 as of December 31, 2023, to 49,549 by February 29, 2024[7]. - Holcim Limited remains the controlling shareholder and actual controller of the company as of December 31, 2023[10]. - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[12]. Operational Highlights - Aggregate sales volume increased by 100% to 131.37 million tons, while concrete sales volume rose by 66% to 27.27 million cubic meters[17]. - The company achieved an overseas production capacity of 20.91 million tons per year, a 69% increase year-on-year, contributing RMB 5.44 billion in revenue, up 30%[17]. - The company added 6.7 million tons of aggregate production capacity, bringing total capacity to 27.7 million tons per year[18]. - The company successfully acquired 64.66% of Oman Cement Company and 100% of Natal Portland Cement Company, expanding its overseas operations[18]. - The company expanded its scale in concrete operations, leading to a 63.42% increase in accounts receivable year-on-year[28]. Cost and Expense Management - Cement production costs decreased by 10.29% year-on-year, with domestic cement costs down 12.79%[18]. - Significant increases in costs were noted, with raw material costs for cement rising by 20.9% and labor costs for concrete increasing by 87.5%[24]. - Financial expenses rose by 52.35% year-on-year, primarily due to increased interest payments[25]. Future Outlook - The domestic demand for building materials is expected to remain weak in 2024, with challenges in the real estate market and infrastructure investments continuing to be a focus for economic stability[33]. - 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[35]. - The company aims to accelerate its transformation towards green, intelligent, and international development, focusing on integrated development, overseas expansion, and new building materials business in 2024[36]. - For 2024, the company plans to sell approximately 63 million tons of cement and clinker, 15.6 million tons of aggregates, and 30.52 million cubic meters of concrete, with projected total revenue reaching 37.1 billion yuan[37]. - The company aims for capital expenditures of about 6.9 billion yuan in 2024, focusing on capacity expansion in aggregates, concrete, and overseas cement production[37]. Risk Management - The company is committed to enhancing compliance and risk management to mitigate potential business risks and improve operational efficiency[38]. - The company faces risks from declining domestic cement demand and rising production costs due to various external factors[39]. - The company will implement various risk hedging strategies to reduce exposure to regional economic and foreign exchange risks[40].

环境、社会及管治（ESG）报告 本报告编制参考了包括香港联合交易所有限公司主板上市规则附录 C2《环境、社会及管治报告指引》、联合国 2030 年可持续发展目标（SDGs）、全球可持续发展标准委员会《GRI 可持续发展报告标准》（GRI Standards） 在内的报告准则及标准。 本报告遵循主板上市规则附录 C2 所要求的四项原则，即重要性、可量化、平衡性和一致性原则。 时间范围 2023 年 1 月 1 日至 2023 年 12 月 31 日（以下简称"报告期"）。为增强报告可比性及前瞻性，部分内容往前 后年度适度延伸。 地址 : 湖北省武汉市东湖新技术开发区高新大道 426 号华新大厦 电话 :4001-100-800 公司 网址：www.huaxincem.com 华新水泥股份有限公司 关于本报告 华新水泥股份有限公司（以下简称"华新水泥""华新""公司""本公司"或"我们" ）自 2009 年起每年发布社会 责任 / 环境、社会及管治报告，此份《2023 华新水泥股份有限公司环境、社会及管治（ESG）报告》 （以下简称"本 报告"）将全面阐述公司的社会责任理念和政策，以及 2023 年度公司在环境、 ...

华新水泥股份有限公司 已审财务报表 2023年度 H t ■ 2024 70009578_C01 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 进行查验 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mot.gov.cn） 进行查验 。 华新水泥股份有限公司 目 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 | | 6 | | ן ו 已审财务报表 | | | | | 合并资产负债表 | 7 | | ರ | | 合并利润表 | 10 | l | 11 | | 合并股东权益变动表 | 12 | — | 13 | | 合并现金流量表 | 14 | — | 15 | | 公司资产负债表 | 1 ୧ | — | 17 | | 公司利润表 | | 18 | | | 公司权益变动表 | 19 | — | 20 | | 公司现金流量表 | 21 | ー | 22 | | 财务报表附注 | 23 | — | 174 | | 补充资料 | | | | | 1. 非经常性损益明细表 ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-006 华新水泥股份有限公司 关于召开 2023 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： 投资者可于 2024 年 4 月 8 日(星期一) 至 4 月 12 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 日发布了 公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经营 成果、财务状况，公司计划于 2024 年 4 月 15 日上午 10:00-11:00 举行 2023 年 度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 董事、总裁李叶青先生，副总裁、董事会秘书叶家兴先生，副总裁、财务总 监陈骞先生。 四、 投资者参加方式 （一）投资者可在 20 ...

华新水泥股份有限公司 独立董事黃灌球 2023 年度述职报告 本人作为华新水泥股份有限公司（以下简称"公司"）的第十届董事会（以下简称 "董事会"）独立董事，2023 年度任职期间严格按照相关《公司法》﹑《证券法》﹑《上 市公司独立董事规则》等法规和《公司章程》的相关要求，履行诚信勤勉义务，始终站 在独立、公正的立场上参与公司决策，充分发挥自己的专业知识和工作经验，发挥宏观 经济研究领域优势，研究应对经济形势和政策变化所带来的机遇与挑战，做好政府相关 政策解读工作，为公司的发展战略提出合理的建议；加强同公司董事会、监事会、管理 层的沟通交流，促进中外大股东之间的沟通理解，更好地维护公司全体股东特别是中小 股东的合法权益。现将 2023 年度具体工作报告如下： 一﹑ 独立董事的基本情况 黄灌球先生, 1960 年出生, 香港大学社会科学学士。本人为 Bull Capital Partners Ltd. （在开曼群岛注册成立）的创始人兼董事, 并在香港上市公司 REF Holdings Limited （股票代码: 1631）任独立非执行董事。2021 年 4 月起出任公司独立董事。 2023 年，本人依规出席股 ...