Investment Rating - Maintains a "Buy" rating [8] Core Views - Optimistic about the price elasticity of the cement industry in 2025, with overseas expansion solidifying long-term growth logic [1] - The company is expected to benefit from rising cement prices in the short term, with overseas capacity expansion further strengthening its long-term growth logic [1] - The company's dividend yield is 4.1% (excluding mergers and acquisitions and Q4 price increases), indicating excellent allocation value [1] Summary by Sections Industry Overview - Cement prices have rebounded in Q4 2024 due to increased production curtailment in regions like the Yangtze River Delta, Hubei, and Chongqing, with prices rising by over 100 yuan/ton [1] - High-grade cement prices in these regions have surpassed the Q4 2023 peak, indicating potential price elasticity in 2025 if demand recovers and production curtailment continues [1] African Market Expansion - The company is optimistic about the African cement market, particularly in Nigeria, where per capita cement consumption is 140 kg and is expected to rise with Belt and Road projects [3] - Nigeria's cement market is highly concentrated, with the top three companies holding significant market share, and the company's acquisition is expected to enhance operational performance and create substantial merger value [3] - The acquisition of Lafarge Africa Plc's cement assets in Nigeria, with a total capacity of 10.6 million tons, is a strategic move to enter Africa's largest economy and expand its presence in northern and western Africa [4] - The acquired assets generated $450 million in revenue and $57 million in net profit in 2023, accounting for 9.4% and 12.4% of the company's total revenue and net profit, respectively [4] - The acquisition price is approximately 20.6x 2024E PE, and the acquired company's revenue represents 57.6% of the company's overseas revenue in 2023 [4] Financial Performance - The company's total market capitalization is 269.85 billion yuan, with a circulating market capitalization of 174.49 billion yuan [6] - The 52-week high/low stock price is 16.09/9.91 yuan, with a 52-week high/low PE of 15.60/8.20 and a 52-week high/low PB of 1.14/0.73 [6] - The 52-week stock price increase is 1.28%, with a turnover rate of 164.29% [6] Earnings Forecast - The company's net profit attributable to the parent company is expected to be 2.21 billion yuan in 2024, 2.80 billion yuan in 2025, and 3.05 billion yuan in 2026, with corresponding PE ratios of 12.21x, 9.62x, and 8.86x [12] - Revenue is forecasted to grow from 33.76 billion yuan in 2023 to 39.76 billion yuan in 2026, with a growth rate of 10.79% in 2023, 7.97% in 2024, 6.32% in 2025, and 2.61% in 2026 [12] - EBITDA is projected to increase from 8.44 billion yuan in 2023 to 10.30 billion yuan in 2026 [12]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company plans to acquire 83.81% of the equity of two target companies in Nigeria for a total of $560 million and $278 million in cash, significantly enhancing its overseas cement capacity by 47% [2] - The acquisition will strengthen the company's presence in Africa, filling a gap in the West African market, and positioning Nigeria as a strategic hub due to its rapid economic and infrastructure growth [2] - The target company is one of Nigeria's oldest cement enterprises, with a cement production capacity of 10.6 million tons per year and concrete production capacity of 400,000 cubic meters per year [2] - The acquisition is expected to enhance the company's operational efficiency through potential technical and management optimizations, leading to cost reductions and increased production [3] - The transaction is valued at approximately 6.3 times EV/EBITDA, indicating a reasonable pricing compared to historical transactions and replacement value [3] - The Nigerian cement market has significant growth potential, with high market concentration and favorable industry dynamics, which will support stable industry profitability [3] - The company forecasts net profits for 2024-2026 to be 1.75 billion, 2.35 billion, and 2.75 billion yuan respectively, maintaining a price-to-earnings ratio of 15, 12, and 10 times [4] Financial Projections - Total revenue is projected to increase from 33.757 billion yuan in 2023 to 42.956 billion yuan in 2026, with a compound annual growth rate of approximately 8.23% [1][4] - The net profit attributable to the parent company is expected to decline to 1.748 billion yuan in 2024 before rebounding to 2.747 billion yuan in 2026 [1][4] - The earnings per share (EPS) is projected to be 0.84 yuan in 2024, increasing to 1.32 yuan in 2026 [1][4]

本议案已经公司独立董事专门会议及公司董事会审计委员会审议通过，并同意提交董事 会审议。 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。 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"）第十一届董事会第六次会议（临时会议） 于 2024 年 11 月 29 日以现场结合通讯方式召开。因关联董事回避出席本次董事会，会议应 到董事 6 人，实到 6 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 11 月 22 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： 关于收购豪瑞尼日利亚资产之关联交易的议案（表决结果：同意6票，反对0票，弃权0 票） 证券代码：600801 证券简称：华新水泥 公告编号：2024-027 关联董事Martin Kriegner先生、罗志光先生及陈婷慧女士回避出席本次会 ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-029 华新水泥股份有限公司 关于收购豪瑞尼日利亚资产之关联交易的公告 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： 1 一、关联交易概述 华新水泥股份有限公司（以下简称"公司"或"本公司"）拟通过控股全资子公司海南华 新泛非投资有限公司（以下简称"买方 A"）以 56,044 万美元（并可根据《股权收购协 议》价值减损条款进行向下的惯常调整）现金收购 Holderfin B.V.（以下简称"卖方"） 持有的 Caricement B.V. （以下简称"标的公司 A")100%股权；通过全资子公司华新（香 港）国际控股有限公司（以下简称"买方 B"，与"买方 A"合称"买方"），在 Associated International Cement Limited（以下简称"AICL"）将其持有的 Lafarge Africa Plc（以下 简称"最终标的公司"）27.77%股权转入到 Davis Peak Holdings Limited（以 ...

证券代码：600801 证券简称：华新水泥 编号：2024-028 华新水泥股份有限公司 第十一届监事会第四次会议决议公告 本公司监事会及全体监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。 公司监事会全体成员一致发表上述审核意见。 特此公告。 华新水泥股份有限公司监事会 2024 年 12 月 2 日 华新水泥股份有限公司（以下简称"公司"）第十一届监事会第四次会议（临时 会议），于 2024 年 11 月 29 日召开。会议应到监事 5 人，实到 5 人。本次会议由监 事会主席明进华先生主持。公司于 2024 年 11 月 23 日以通讯方式向全体监事发出了 会议通知，会议符合有关法律、法规、规章、规范性文件和公司章程等规定，合法有 效。 公司监事会全体成员经认真讨论，就《关于收购豪瑞尼日利亚资产之关联交易的 议案》发表如下审核意见： 本次收购豪瑞尼日利亚资产，是落实公司"海外多业务发展战略"的有力体现， 是公司布局西非发展、加快建设世界一流跨国建材企业的重大举措。本次关联交易是 在遵循公开、公平、公正和市场化定价原则的基础上，经双方公 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [7]. Core Views - The domestic cement market remains under pressure, with a year-on-year production decline of 10.7% in Q3, reaching a total of 1.33 billion tons. The production levels in July, August, and September were the lowest since 2010 for the same period [1][2]. - The company is expected to see a gradual price recovery in domestic cement sales due to price increases initiated at the end of September [1]. - The company's gross margin is under temporary pressure, with a Q3 gross margin of 24.7%, down 5.2 percentage points year-on-year. The net profit margin for Q3 was 6.6%, a decrease of 3.9 percentage points year-on-year [1][2]. - The overseas and non-cement business segments are expected to support growth, with significant contributions from operations in countries like Tajikistan, Kyrgyzstan, and Uzbekistan, and a notable increase in aggregate and commercial concrete revenues [1][2]. Summary by Sections Financial Performance - The company reported a revenue of 84.8 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.3%. However, the net profit attributable to the parent company was 2.76 billion yuan, down 39.3% year-on-year [2][3]. - The forecast for net profit attributable to the parent company for 2024-2026 has been adjusted to 1.74 billion, 2.14 billion, and 2.53 billion yuan, respectively [1][2]. Market Dynamics - The report highlights that the domestic cement market is experiencing a downturn, with production and pricing pressures. However, the overseas market and non-cement business segments are expected to provide a buffer against these challenges [1][2]. - The company has established a significant presence in the overseas market, with a total cement clinker capacity of 15.44 million tons per year and ongoing projects that will further enhance this capacity [1][2]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024-2026 are projected at 14.7, 12.0, and 10.1, while the price-to-book (P/B) ratios are expected to be 0.8 for 2024 and 0.7 for 2026 [1][2].

Investment Rating - Maintains an "Overweight" rating with a target price of RMB 17.67, up from the previous target of RMB 13.79 [3][4] Core Views - The company's Q3 2024 results met expectations, with revenue of RMB 24.719 billion, up 2.29% YoY, but net profit attributable to shareholders declined by 39.26% YoY to RMB 1.138 billion [3] - Overseas cement business continues to grow, with Q3 overseas cement sales increasing by over 30% YoY, offsetting domestic sales decline [3] - Domestic cement profitability remains weak, but overseas profitability is stable, with Q4 price hikes expected to improve margins [3] - Aggregate business shows strong profitability resilience despite a decline in sales volume due to increased competition and market demand weakness [3] Financial Performance - Q3 2024 revenue was RMB 8.482 billion, up 1.78% YoY, with net profit attributable to shareholders of RMB 408 million, down 40.17% YoY [3] - 2024-2026 EPS forecasts are maintained at RMB 0.91, RMB 1.09, and RMB 1.34, respectively [3] - The company's net debt ratio stands at 43.00% [6] Market and Valuation - The company's current market price is RMB 14.08, with a 52-week price range of RMB 10.10 to RMB 15.87 [5] - The total market capitalization is RMB 29.272 billion, with a P/E ratio of 15.47x for 2024E [5][10] - The company's P/B ratio is 1.0x, with a net asset value per share of RMB 13.91 [6] Industry and Competitive Position - The company's overseas cement business is a key driver of growth, compensating for the decline in domestic cement demand [3] - Domestic cement sales in Q3 2024 showed a single-digit YoY decline, but the decline narrowed compared to Q2 2024 [3] - Price hikes in Q4 2024, particularly in the Yangtze River region, are expected to improve profitability [3] Future Outlook - The company expects cement price increases in Q4 2024 to drive industry profit recovery [3] - Capacity replacement and carbon emission policies in 2025 may improve the supply structure of the industry [3] - The company's overseas business is expected to maintain stable profitability, with manageable foreign exchange risks [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company's Q3 performance continues to decline, but there are expectations for a recovery in future earnings [3][4] - The revenue for the first three quarters of 2024 reached approximately 24.719 billion yuan, a year-on-year increase of 2.29%, while the net profit attributable to the parent company was 1.138 billion yuan, a year-on-year decrease of 39.26% [1][3] - The revenue growth in Q3 was primarily driven by increased overseas sales, while domestic sales remain under pressure [1][3] Summary by Sections Financial Performance - In Q3, the company achieved revenue of 8.482 billion yuan, a year-on-year increase of 1.78%, with a net profit of 408 million yuan, down 40.17% year-on-year [1] - The gross margin for the first three quarters was 24.02%, a decrease of 2.28 percentage points year-on-year, while the Q3 gross margin was 24.74%, down 5.23 percentage points year-on-year [3] Market Conditions - The domestic cement market remains sluggish, with a national cement production of 544 million tons in Q3 2024, a year-on-year decrease of 11.85% [1] - Cement prices in major cities showed mixed trends, with prices in Wuhan, Kunming, and Changsha changing by -22 yuan, +18 yuan, and +42 yuan respectively [1] Earnings Forecast - The company is expected to see a bottoming out of earnings in Q3, with a reasonable outlook for recovery [4] - The forecasted net profits for 2024-2026 are 2.333 billion yuan, 2.730 billion yuan, and 3.277 billion yuan respectively, with corresponding P/E ratios of 13X, 11X, and 9X [4]

Investment Rating - The investment rating for Huaxin Cement (600801.SH) is "Outperform the Market" [3][17][20] Core Views - The report highlights that despite a year-on-year revenue growth of 2.29% to CNY 24.719 billion in the first nine months of 2024, the company's net profit decreased by 39.26% to CNY 1.138 billion, primarily due to declining domestic cement prices [1][5][17] - The report emphasizes the ongoing pressure on profitability due to a decrease in gross margin, which fell to 24.0%, down 2.28 percentage points year-on-year [1][8] - The company is focusing on overseas business expansion and non-cement operations, with non-cement revenue accounting for 47% of total revenue as of mid-2024 [1][17] Financial Performance Summary - For the first nine months of 2024, Huaxin Cement achieved a revenue of CNY 24.719 billion, with a net profit of CNY 1.138 billion, and an earnings per share (EPS) of CNY 0.55 [1][5] - The gross margin for the same period was 24.0%, with a quarterly breakdown showing Q1 at 21.9%, Q2 at 25.0%, and Q3 at 24.7% [1][8] - The operating cash flow for the first nine months was CNY 3.382 billion, reflecting a year-on-year decrease of 3.5% [1][8] Future Outlook - The report suggests that recent policy changes are expected to improve demand, alongside a recovery in cement prices, particularly in Hubei province, which has seen four consecutive price increases since September [1][17] - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to CNY 0.88, CNY 1.00, and CNY 1.19 respectively, with a corresponding price-to-earnings (PE) ratio of 16.0, 14.0, and 11.8 [1][17][18]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance remains resilient despite weak domestic cement demand, with a year-on-year revenue increase of 2.29% to 24.719 billion yuan for the first three quarters of 2024, although net profit decreased by 39.26% to 1.138 billion yuan [2][3] - Domestic cement prices have seen multiple rounds of increases since September, which may lead to a recovery in annual performance [4] - The company's overseas business continues to grow, with the Dondo plant project in Mozambique expected to enhance competitiveness in the market [4][5] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 8.482 billion yuan, a year-on-year increase of 1.78%, while net profit was 408 million yuan, down 40.17% year-on-year [2][3] - The financial expense ratio for the first three quarters of 2024 was 2.86%, an increase of 0.95 percentage points year-on-year, attributed mainly to exchange rate losses [3] Market Conditions - National cement production for the first nine months of 2024 was 1.327 billion tons, a decrease of 10.70% year-on-year, marking the lowest level since 2010 [3] - The weak demand is influenced by ongoing real estate investment stabilization and local government debt pressures, leading to fewer new projects [3] Future Projections - Revenue projections for 2024-2026 are 34.962 billion yuan, 38.101 billion yuan, and 41.678 billion yuan, with year-on-year growth rates of 3.57%, 8.98%, and 9.39% respectively [5] - Net profit forecasts for the same period are 2.504 billion yuan, 2.901 billion yuan, and 3.128 billion yuan, with growth rates of -9.35%, 15.85%, and 7.82% respectively [5] Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 11.70 for 2024, 10.10 for 2025, and 9.37 for 2026 [5][7]