Financial Performance - Revenue for Q3 2024 reached ¥8,481,719,094, an increase of 1.78% compared to the same period last year[2] - Net profit attributable to shareholders decreased by 40.17% to ¥407,874,433 in Q3 2024[2] - The net profit after deducting non-recurring gains and losses was ¥383,066,355, down 41.34% year-on-year[2] - EBITDA for the year-to-date period was ¥5.586 billion, a decline of 9.04% compared to the previous year[4] - The net profit attributable to the parent company for the first three quarters of 2024 is CNY 1,138,427,807, a decrease from CNY 1,874,323,694 in the same period of 2023, representing a decline of approximately 39.3%[13] - Total operating revenue for the first three quarters of 2024 is CNY 24,719,092,748, an increase of 2.3% compared to CNY 24,164,876,879 in the same period of 2023[13] - Total operating costs increased to CNY 22,746,306,525, up 6.5% from CNY 21,351,174,063 in the first three quarters of 2023[13] - The company's operating profit for the first three quarters of 2024 is CNY 2,113,231,271, down from CNY 2,909,709,095 in the same period of 2023, reflecting a decrease of approximately 27.3%[13] - The total comprehensive income for the first three quarters of 2024 is CNY 1,543,394,712, down from CNY 2,153,463,903 in the same period of 2023[14] - Basic earnings per share for the first three quarters of 2024 is CNY 0.55, compared to CNY 0.90 in the same period of 2023[14] Assets and Liabilities - Total assets at the end of the reporting period were ¥68,830,895,971, reflecting a slight increase of 0.04% from the end of the previous year[3] - Current assets totaled RMB 15.09 billion, down from RMB 15.22 billion at the end of 2023, with cash and cash equivalents at RMB 5.52 billion[11] - Accounts receivable increased significantly to RMB 3.56 billion from RMB 2.26 billion, indicating a growth of approximately 57%[11] - Total liabilities stood at RMB 35.46 billion, a marginal decrease from RMB 35.51 billion at the end of 2023[12] - The company's equity attributable to shareholders was RMB 28.92 billion, slightly down from RMB 28.93 billion at the end of 2023[12] Cash Flow - The company reported a net cash flow from operating activities of ¥3,381,818,805, down 3.46% compared to the same period last year[2] - The net cash flow from operating activities for the first three quarters of 2024 is CNY 3,381,818,805, a decrease from CNY 3,502,921,498 in the same period of 2023[15] - The company reported a net cash outflow from investing activities of CNY 1,748,072,245 for the first three quarters of 2024, compared to a net outflow of CNY 2,767,490,621 in the same period of 2023[15] - The net cash flow from financing activities for the first three quarters of 2024 is CNY -1,843,090,185, slightly improved from CNY -1,862,927,893 in the same period of 2023[15] - The cash and cash equivalents at the end of the third quarter of 2024 amount to CNY 5,083,527,232, a decrease from CNY 5,587,057,061 at the end of the same period in 2023[16] Shareholder Information - The company has 46,297 common shareholders as of the end of the reporting period[7] - The first phase of the employee stock ownership plan unlocked 802,646 shares, representing 0.0386% of the total share capital[10] - The second phase of the employee stock ownership plan involved the purchase of 3,290,225 shares, accounting for 0.1583% of the total share capital[10] Other Financial Metrics - The weighted average return on net assets was 1.42%, a decrease of 2.83 percentage points year-on-year[3] - The decline in net profit was primarily attributed to the drop in domestic cement prices[6] - Non-recurring gains totaled ¥24,808,078 for the current period, with government subsidies contributing ¥22,432,866[5] - The company issued RMB 11 billion in corporate bonds with a maturity of 5 years and a coupon rate of 2.49%[9] - The company reported a decrease in short-term borrowings to RMB 516.57 million from RMB 644.33 million[12] - Inventory decreased to RMB 3.25 billion from RMB 3.46 billion, reflecting a reduction of approximately 6%[11]

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。 *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 於二零二四年十月二十五日 (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九月三十日止的九個月的季度業績。 承董事會命 主 席 中國湖北省武漢市 二零二四年十月十日 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。 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） ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-023 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 工持股计划完成股票购买的公告 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。截至本公告披露日，本期计划已完成二级市场购买股票事宜，本 期计划专用证券账户总计持有公司 A 股股票 3,290,225 股，占公司总股本的 0.1583%，成交均价 11.9 元/股，成交总金额为 3916.54 万元（不含交易费）。 本期计划专用证券账户持有的股票按照本期计划的相关规定，锁定期为自本 公告披露之日起 12 个月。锁定期间，因公司发生送股、资本公积金转增股本、 配股、可转换债换股等情形所衍生取得的股份，亦应遵守上述股份锁定安排。本 1 期计划所获标的股票分三期解锁，解锁时点分别为自公司公告最后一笔标的股票 过户至本期持股计划账户名下之日起满 12 个月、24 个月、36 个月，每期解锁比 例分别为可归属股份的 30%、30%、40%。本期计划所取得标的股票，因公司分配 股票股利、资本公积转增等情形所衍生取得的股份，亦 ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-022 华新水泥股份有限公司 关于2023-2025年核心员工持股计划之 第一期（2023年）核心员工持股计划第一个锁定期届满的提示性公告 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。 华新水泥股份有限公司（以下简称"公司"）2023年7月20日召开的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年7月21日披露的相关 公告。 2023年7月20日，公司召开第十届董事会第二十七次会议，审议通过了《关 于公司 2023-2025 年核心员工持股计划之第一期（2023年）核心员工持股计划 的议案》，具体内容详见公司于2023年7月21日披露的相关公告。 根据中国证券监督管理委员会《关于上市公司实施员工持股计划试点的指导 意见》《上海证券交易所上市公司自律监管指引第1号——规范运作》及《公司 2023-2025年核心员工持股计划》等相关规定，公司2023-2 ...

[Definitions](index=3&type=section&id=I.%20Definitions) Provides definitions of key terms used throughout the report [Company Information](index=3&type=section&id=II.%20Company%20Information) Presents fundamental details about the company's registration and contact information [Management Discussion and Analysis](index=5&type=section&id=III.%20Management%20Discussion%20and%20Analysis) Analyzes the company's operational performance, financial condition, and future outlook [Industry Trends and Main Business](index=5&type=section&id=Report%20Period%20Industry%20Trends%20and%20Main%20Business%20Overview) In H1 2024, the domestic cement industry faced severe challenges from declining real estate investment, with national cement output hitting a new low since H1 2011; despite this, Huaxin Cement diversified into concrete, aggregates, and environmental services across 17 domestic provinces and 16 overseas countries, with non-cement businesses becoming significant profit contributors even as cement still dominated revenue at **53%** H1 2024 Macroeconomic and Industry Data | Indicator | Value | YoY Change | | :--- | :--- | :--- | | Gross Domestic Product (GDP) | - | +5.0% | | National Fixed Asset Investment | 24.54 trillion yuan | +3.9% | | Infrastructure Investment | - | +5.4% | | Real Estate Development Investment | - | -10.1% | | National Cumulative Cement Output | 8.5 million tons | -10.76% | - The company has evolved into a global, integrated building materials group with a full industry chain, encompassing cement, concrete, aggregates, environmental protection, equipment manufacturing and engineering, and new building materials[11](index=11&type=chunk) Company's Main Production Capacity as of June 30, 2024 | Business Segment | Annual Capacity/Processing Capacity | | :--- | :--- | | Cement Capacity | 127 million tons | | Commercial Concrete | 52,184 cubic meters/hour | | Aggregates | 280 million tons | | Waste Disposal | 16.87 million tons | - As of the end of the reporting period, cement business revenue accounted for **53%** of the company's total operating revenue, remaining dominant, but non-cement businesses have become significant profit contributors[11](index=11&type=chunk) [Analysis of Core Competencies](index=5&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company maintained strong comprehensive competitiveness by continuously strengthening its core advantages in scale, industrial chain integration, green development, technological innovation, brand, product quality, strategic layout, intelligent management, and management team - The company continuously strengthened and enhanced eight core competitive advantages: scale and industrial chain, green and low-carbon development, technological innovation, brand, product quality, strategic layout, intelligent management, and management team[12](index=12&type=chunk) [Overview of Operating Performance](index=6&type=section&id=Overview%20of%20Operating%20Performance%20During%20the%20Reporting%20Period) In H1 2024, despite domestic cement market challenges, the company achieved **2.56%** revenue growth to **16.237 billion yuan** driven by strong overseas, aggregates, and concrete businesses, effectively offsetting a **38.74%** decline in net profit due to domestic cement price and volume drops H1 2024 Key Performance Indicators | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 16.237 billion yuan | +2.56% | | Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) | 3.698 billion yuan | -1.88% | | Net Profit Attributable to Parent Company | 731 million yuan | -38.74% | H1 2024 Major Product Sales Volume | Product | Sales Volume | YoY Change | | :--- | :--- | :--- | | Cement and Commercial Clinker (Total) | 28.4844 million tons | -4.9% | | - Of which: Overseas Cement and Clinker | 7.5976 million tons | +47.0% | | Aggregates | 71.5261 million tons | +41.60% | | Concrete | 14.7005 million cubic meters | +34.25% | H1 2024 Operating Revenue by Business Segment | Business Segment | Revenue (RMB) | YoY Change | | :--- | :--- | :--- | | Cement Business (Total) | 8.666 billion yuan | -11.25% | | - Of which: Domestic Cement | 5.106 billion yuan | -31.57% | | - Of which: Overseas Cement | 3.578 billion yuan | +55.41% | | Aggregates Business | 2.962 billion yuan | +36.96% | | Concrete Business | 3.943 billion yuan | +24.21% | - The company continued to advance its overseas business development, with new construction or upgrade projects in Mozambique, Malawi, Zambia, South Africa, and Zimbabwe, expected to add approximately **3 million tons/year** of clinker capacity and **2.7 million tons/year** of cement grinding capacity[14](index=14&type=chunk) - The company adhered to green and low-carbon development, cumulatively using **2.2 million tons** of alternative fuels in the first half, achieving a thermal substitution rate of **21.5%** and reducing carbon dioxide emissions by **1.2 million tons**[14](index=14&type=chunk) [Analysis of Key Operating Performance](index=7&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's financial expenses increased significantly due to exchange losses, while net cash outflow from investing activities improved due to reduced M&A and construction expenditures, and accounts receivable grew with concrete business expansion [Analysis of Income Statement and Cash Flow Statement](index=7&type=section&id=Analysis%20of%20Changes%20in%20Key%20Items%20of%20Income%20Statement%20and%20Cash%20Flow%20Statement) During the reporting period, financial expenses significantly increased by **63.09%** due to higher exchange losses, while net cash outflow from investing activities narrowed by **46.95%** due to reduced M&A and construction expenditures, and financing cash outflow also narrowed by **47.27%** from decreased debt repayments Changes in Key Items of Income Statement and Cash Flow Statement | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 16,237,373,654 | 15,831,572,500 | 2.56 | | Financial Expenses | 399,954,782 | 245,237,036 | 63.09 | | Net Cash Flow from Operating Activities | 1,730,584,063 | 2,127,167,281 | -18.64 | | Net Cash Flow from Investing Activities | -1,178,576,055 | -2,221,519,537 | 46.95 | | Net Cash Flow from Financing Activities | -1,083,480,073 | -2,054,800,997 | 47.27 | - The change in financial expenses was primarily due to increased exchange losses[15](index=15&type=chunk) - The change in net cash flow from investing activities was primarily due to reduced expenditures on corporate acquisitions and construction projects[16](index=16&type=chunk) [Assets and Liabilities](index=7&type=section&id=Assets%20and%20Liabilities) As of the reporting period end, accounts receivable increased by **40.97%** due to expanded concrete business, while employee compensation and taxes payable decreased, and long-term payables surged by **178.38%** due to increased mining rights transfer fees Changes in Key Items of Balance Sheet | Item | Current Period End (yuan) | Change from Prior Year End (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Accounts Receivable | 3,185,256,332 | 40.97 | Expanded concrete business | | Employee Compensation Payable | 139,927,592 | -55.21 | Payment of prior year performance bonuses | | Taxes Payable | 409,223,155 | -42.04 | Lower profitability, reduced income tax payable | | Other Payables | 1,421,829,979 | 41.54 | H-share dividends to be paid after distribution | | Long-term Payables | 920,951,115 | 178.38 | Increased mining rights transfer fees | [Other Financial Notes](index=8&type=section&id=Other%20Notes) As of the reporting period end, the group's capital structure, liquidity, and financial resources remained stable, with the asset-liability ratio slightly increasing to **52.2%**, and capital expenditures of approximately **1.44 billion yuan** primarily for overseas expansion and energy-saving upgrades - The group's asset-liability ratio increased from **51.6%** at the beginning of the year to **52.2%** at the end of the reporting period[19](index=19&type=chunk) Bank Loan Maturity Analysis (as of June 30, 2024) | Maturity | Amount (RMB) | | :--- | :--- | | Within 1 year | 3,592,702,902 | | 1 to 2 years | 3,256,340,280 | | 2 to 5 years | 4,663,064,870 | | Over 5 years | 670,752,151 | | **Total** | **12,182,860,203** | - Capital expenditures in H1 2024 were approximately **1.44 billion yuan**, primarily for overseas production line construction and energy-saving upgrades[23](index=23&type=chunk) [Outlook for H2 2024](index=9&type=section&id=Outlook%20for%20H2%202024) For H2 2024, the company anticipates seasonal recovery in cement demand driven by infrastructure policies but expects overall annual demand decline and overcapacity to persist, thus implementing four new strategies to stabilize domestic performance and expand overseas - In H2, with the issuance of ultra-long-term special treasury bonds and the advancement of the 'Three Major Projects,' infrastructure investment is expected to maintain growth, and cement demand may see a seasonal rebound, though the full-year demand trend is still projected to decline[25](index=25&type=chunk) - The company set its long-term strategic goal to become a global leading multinational building materials enterprise and will implement four new strategies: - Overseas multi-business development strategy - Domestic integrated synergy strategy - Carbon reduction and value-added innovation strategy - Digital AI-driven strategy[25](index=25&type=chunk) [Significant Matters](index=10&type=section&id=IV.%20Significant%20Matters) Details major corporate events, including guarantees, litigation, and share-related activities [Significant Guarantees and Other Matters](index=10&type=section&id=Significant%20Guarantees%20Performed%20and%20Outstanding%20During%20the%20Reporting%20Period) During the reporting period, the company had no significant related-party transactions or new major litigation, with outstanding guarantees to subsidiaries totaling **10.534 billion yuan**, representing **31.94%** of net assets - As of the end of the reporting period, the company's total guarantee balance to its subsidiaries was **10,533,738,439 yuan**, accounting for **31.94%** of the company's net assets[27](index=27&type=chunk) - During the reporting period, the company had no new significant litigation or arbitration matters, nor did it repurchase, sell, or redeem any of its listed securities[27](index=27&type=chunk) [Share Changes and Shareholder Information](index=11&type=section&id=V.%20Share%20Changes%20and%20Shareholder%20Information) Outlines changes in share capital and provides an overview of the company's shareholder structure [Shareholder Information](index=11&type=section&id=Shareholder%20Information) As of June 30, 2024, the company's share capital structure remained unchanged with **42,076** shareholders, and Holcim Ltd, through its controlled entities, held a total of **41.81%** equity interest - As of June 30, 2024, the company had a total of **42,076** shareholders, including **42,067** A-share shareholders and **9** H-share shareholders[28](index=28&type=chunk) Top Ten Shareholders' Holdings (as of June 30, 2024) | Shareholder Name | Share Class | Number of Shares Held | Percentage (%) | | :--- | :--- | :--- | :--- | | Hong Kong Securities Clearing Company Nominees Limited | H-share | 734,719,919 | 35.34 | | HOLCHIN B.V. | A-share | 451,333,201 | 21.71 | | Huaxin Cement Group Co., Ltd. | A-share | 338,060,739 | 16.26 | | Hong Kong Securities Clearing Company Limited | A-share | 29,245,175 | 1.41 | - To the best knowledge of the Directors, major shareholder Holcim Ltd, through its controlled entities, collectively held **869,235,668** A-shares and H-shares, accounting for **41.81%** of the total share capital[31](index=31&type=chunk) [Directors, Supervisors, and Senior Management](index=14&type=section&id=VI.%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Provides information on the company's governance structure, including personnel changes and employee details [Changes in Directors, Supervisors, and Senior Management](index=14&type=section&id=Changes%20in%20Information%20of%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20During%20the%20Reporting%20Period) On May 21, 2024, the company completed the re-election of its Board of Directors and Supervisory Committee, with Mr. Xu Yongmo elected as Chairman and Mr. Li Yeqing appointed as President, while some Vice Presidents and Supervisors ceased their roles due to the re-election - On May 21, 2024, the company completed the re-election of its Board of Directors and Supervisory Committee, with Mr. Xu Yongmo elected as the new Chairman of the Board and Mr. Li Yeqing appointed as the company's President[35](index=35&type=chunk) [Employee Information](index=15&type=section&id=Employee%20Information) As of June 30, 2024, the group employed **20,576** staff globally, implementing a performance-linked compensation system and diverse training programs to enhance capabilities and support overseas expansion - As of June 30, 2024, the Group had a total of **20,576** employees on duty (including overseas)[42](index=42&type=chunk) [Equity Incentive Plans](index=15&type=section&id=Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's '2020-2022 Stock Ownership Plan' second lock-up period expired in May 2024, while the first phase of the '2023-2025 Stock Ownership Plan' failed to meet performance targets, leading to the disposal of unvested shares, and the second phase is approved but not yet implemented - The second lock-up period of the company's 2020–2022 Core Employee Stock Ownership Plan expired on May 26, 2024[44](index=44&type=chunk) - The first phase (2023) of the company's 2023–2025 Core Employee Stock Ownership Plan failed to meet performance assessment targets, and some unvested shares were recovered and disposed of by the Stock Ownership Plan Management Committee[50](index=50&type=chunk) - The second phase (2024) of the company's 2023–2025 Core Employee Stock Ownership Plan has been approved by the Board of Directors, but as of the end of the reporting period, the purchase of shares and grant of awards had not yet been completed[53](index=53&type=chunk) [Other Information](index=19&type=section&id=VII.%20Other%20Information) Covers additional disclosures such as dividend policies and significant events occurring after the reporting period [Interim Dividends and Post-Balance Sheet Events](index=19&type=section&id=Interim%20Dividends%20and%20Post-Balance%20Sheet%20Events) The Board resolved not to declare an interim dividend for 2024, and post-reporting, the company successfully issued **1.1 billion yuan** in technology innovation corporate bonds on August 14, 2024, to repay maturing debt - The Board resolved not to declare an interim dividend for 2024, nor to implement a capital increase from capital reserves[56](index=56&type=chunk) - Post-balance sheet event: On August 14, 2024, the company completed the issuance of **1.1 billion yuan** in 5-year technology innovation corporate bonds with a coupon rate of **2.49%**, with proceeds used to repay maturing bonds[56](index=56&type=chunk) [Financial Report (Unaudited)](index=20&type=section&id=VIII.%20Financial%20Report%20%28Unaudited%29) Presents the company's unaudited consolidated financial statements, including balance sheet, income statement, and cash flow statement [Consolidated Balance Sheet](index=20&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2024, the company's total assets were **68.975 billion yuan**, total liabilities **35.993 billion yuan**, and total shareholders' equity **32.983 billion yuan**, with the asset-liability ratio slightly increasing to **52.2%** Key Items of Consolidated Balance Sheet (as of June 30, 2024) | Item | Amount (RMB) | | :--- | :--- | | **Total Assets** | **68,975,448,352** | | Total Current Assets | 14,892,060,709 | | Total Non-current Assets | 54,083,387,643 | | **Total Liabilities** | **35,992,702,978** | | Total Current Liabilities | 18,900,379,507 | | Total Non-current Liabilities | 17,092,323,471 | | **Total Shareholders' Equity** | **32,982,745,374** | | Equity Attributable to Parent Company Shareholders | 28,687,519,804 | [Consolidated Income Statement](index=26&type=section&id=Consolidated%20Income%20Statement) In H1 2024, total operating revenue grew **2.56%** to **16.237 billion yuan**, but operating profit decreased **22.78%** to **1.359 billion yuan**, resulting in a **38.74%** decline in net profit attributable to parent company shareholders to **731 million yuan** Key Items of Consolidated Income Statement (H1 2024) | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 16,237,373,654 | 15,831,572,500 | | Operating Profit | 1,359,412,532 | 1,760,441,304 | | Total Profit | 1,343,287,311 | 1,738,266,841 | | Net Profit | 1,021,686,381 | 1,349,942,719 | | Net Profit Attributable to Parent Company Shareholders | 730,553,374 | 1,192,560,395 | | Basic EPS (yuan/share) | 0.35 | 0.58 | [Consolidated Cash Flow Statement](index=30&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2024, net cash flow from operating activities was **1.731 billion yuan**, a **18.64%** decrease, while net cash outflows from investing and financing activities significantly narrowed by **46.95%** and **47.27%** respectively, with cash and cash equivalents at period-end totaling **4.824 billion yuan** Consolidated Cash Flow Statement Summary (H1 2024) | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,730,584,063 | 2,127,167,281 | | Net Cash Flow from Investing Activities | -1,178,576,055 | -2,221,519,537 | | Net Cash Flow from Financing Activities | -1,083,480,073 | -2,054,800,997 | | Net Increase in Cash and Cash Equivalents | -546,065,554 | -2,073,146,359 | | Cash and Cash Equivalents at Period End | 4,824,050,431 | 4,542,875,419 | [Notes to Financial Statements](index=37&type=section&id=Notes%20to%20Financial%20Statements) The notes provide essential background and detailed information for understanding the financial statements, covering the company's basic situation, basis of preparation, significant accounting policies, estimates, and detailed explanations of major consolidated financial statement items

证券研究报告 建筑材料行业 证券分析师 戴铭余 S1350524060003 daimingyu@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 联系人 市场表现： -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 相关研究 首次覆盖报告 2024 年 9 月 9 日 华新水泥 ( 600801 ) 增持（首次覆盖） ——后地产时代行业转型典范，周期底部盈利显著抬升 投资要点： ➢ 百年华新，新时代水泥企业转型典范。公司始创于 1907 年，被誉为中国水泥工业的摇篮。当 前国内水泥行业仍处寻底阶段，水泥企业整体盈利在 2024 年存在继续下行可能，但公司在这 一轮水泥景气高位（2019 年）时开始谋求转型，全面加速了海外市场以及骨料、混凝土业务 的布局。2023 年公司营收和盈利均实现逆势增长，吨毛利更是实现了对行业典范海螺水泥的 反超，转型红利逐步进入释放期。 ➢ 海外布局红利逐步释放，有效对冲国内景气下行压力。公司背靠国际水泥巨头拉豪集团，海外 布局具有先天优势，2019 年起公司海外 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company, with a target price of 12.86 CNY per share for A shares and 7.83 HKD per share for H shares [5][14]. Core Views - The company reported a revenue of 16.237 billion CNY in the first half of 2024, a year-on-year increase of 2.56%, while the net profit attributable to shareholders was 731 million CNY, a decrease of 38.74% [2][9]. - The profitability from overseas cement operations offsets losses from domestic operations, with a slight increase in overseas average prices [2][9]. - Aggregate and concrete sales showed strong growth, with aggregates contributing significantly to profit margins [3][9]. Financial Performance Summary - **Revenue and Profit**: In H1 2024, the company achieved a revenue of 16.237 billion CNY, with a net profit of 731 million CNY, reflecting a decline in profitability compared to the previous year [2][9]. - **Sales Volume**: Total cement and clinker sales volume was 28.48 million tons, down 4.9% year-on-year, with domestic sales down 15.7% and overseas sales up 47% [2][9]. - **Pricing and Costs**: The average selling price for cement was 304 CNY per ton, down 22 CNY year-on-year, while the cost per ton was 241 CNY, down 10 CNY [2][9]. Business Segment Performance - **Cement and Clinker**: This segment accounted for 53% of total revenue, with domestic operations underperforming due to market pressures [2][9]. - **Aggregates**: Aggregate sales volume increased by 42% year-on-year to 71.53 million tons, with stable profit margins [3][9]. - **Concrete**: Concrete sales volume rose by 34% year-on-year, although profit margins faced pressure due to market conditions [3][9]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 2 billion CNY in 2024, 2.2 billion CNY in 2025, and 2.5 billion CNY in 2026, with corresponding P/E ratios of 11.7, 10.6, and 9.1 [14][12]. - The report suggests a reasonable PB valuation of 0.9 times for A shares, indicating potential for price appreciation [14][12].

[Table_Title] 评级：买入（维持） 市场价格：10.49 元 分析师：孙颖 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 分析师：刘铭政 执业证书编号：S0740524070003 Email：liumz01@zts.com.cn | --- | --- | |---------------------|--------| | | | | 总股本 ( 百万股 ) | 2,079 | | | | | 流通股本 ( 百万股 ) | 1,344 | | 市价 ( 元 ) | 10.49 | | 市值 ( 百万元 ) | 21,809 | | 流通市值 ( 百万元 ) | 14,101 | [Table_QuotePic] 股价与行业-市场走势对比 | --- | --- | |-------------------------------------------------------------------|-----------------------------------------| | | | | 10% 15% 华新水泥 | 沪深 300 | ...

Investment Rating - The investment rating for Huaxin Cement is maintained as "Buy - A" with a target price of 12.74 CNY [4]. Core Views - The report highlights that domestic cement operations are under pressure, while overseas cement sales and prices are rising. The aggregate business is performing well [2][3]. - In H1 2024, the company achieved revenue of 16.237 billion CNY, a year-on-year increase of 2.56%, but the net profit attributable to shareholders decreased by 38.74% to 731 million CNY [2][3]. - The report anticipates marginal improvement in domestic cement demand as the real estate sector stabilizes, alongside supply-side measures that may lead to price and profit recovery [6]. Summary by Sections Financial Performance - In H1 2024, Huaxin Cement's revenue was 16.237 billion CNY, with Q1 and Q2 growth rates of 6.87% and -0.54% respectively. Domestic revenue fell by 4.2%, while overseas revenue surged by 55.46% [2]. - The cement business generated 8.666 billion CNY in revenue, down 11.25% year-on-year, with sales volume at approximately 28.484 million tons, a decrease of 4.90% [2][3]. - The gross profit margin for the cement segment was 20.71%, down 2.1 percentage points year-on-year, while the overall gross margin was 23.65% [3]. Overseas Operations - The overseas cement business generated 3.578 billion CNY in revenue, a year-on-year increase of 55.41%, accounting for about 22.04% of total revenue [3][6]. - New production lines in Mozambique and Malawi are expected to contribute significantly to future revenue growth, with an anticipated increase in clinker production capacity of approximately 3 million tons per year [3][6]. Non-Cement Business - The aggregate business showed strong growth, with revenue reaching 2.962 billion CNY, up 36.96% year-on-year, and a gross margin of 47.41% [6]. - The concrete business also performed well, with revenue of 3.943 billion CNY, a year-on-year increase of 24.21% [6]. Future Outlook - The report projects overall revenue for 2024-2026 to be 34.981 billion CNY, 36.825 billion CNY, and 38.298 billion CNY, with respective year-on-year growth rates of 3.62%, 5.27%, and 4.00% [6]. - Net profit forecasts for the same period are 2.039 billion CNY, 2.322 billion CNY, and 2.572 billion CNY, with growth rates of 26.18%, 13.90%, and 10.76% respectively [6].

Investment Rating - The investment rating for the company is "Increase" (maintained) [5][9]. Core Views - The domestic cement industry is experiencing a downturn in the first half of 2024, putting pressure on the company's domestic cement business [5]. - The company's overseas business has seen significant growth, with revenue increasing by 55.41% year-on-year, supporting overall performance [6]. - Non-cement business revenue has risen to 47% of total revenue, with aggregate business growth contributing significantly to profit [6][8]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 16.237 billion yuan, a year-on-year increase of 2.56%, while net profit attributable to shareholders decreased by 38.74% to 731 million yuan [7]. - Domestic cement business revenue fell by 31.57% to 5.106 billion yuan, primarily due to declines in both sales volume and prices [7]. - The company’s overseas cement business generated 3.578 billion yuan in revenue, marking a 55.41% increase year-on-year, driven by a 47% increase in overseas sales volume [7]. Business Segments - The company is accelerating its overseas expansion, with ongoing projects in Mozambique and other African countries, which are expected to significantly increase production capacity [7]. - The aggregate business has seen a sales volume increase of 41.60%, with a gross profit margin of 47.41%, contributing to the company's profitability [8]. Future Projections - Revenue projections for 2024-2026 are estimated at 34.737 billion yuan, 37.826 billion yuan, and 41.409 billion yuan, with corresponding net profits of 2.502 billion yuan, 2.835 billion yuan, and 3.234 billion yuan [9][10]. - The company is expected to maintain a price-to-earnings ratio of 8.89, 7.85, and 6.88 for the years 2024-2026 [10][12].