qscc(600425) 证券时报网·2025-03-16 10:42Core Viewpoint - Qingsong Jianhua (600425) reported a stable operating performance for 2024, with a slight decline in revenue and a consistent cash dividend distribution to shareholders [1] Group 1: Financial Performance - The company achieved an operating revenue of 4.328 billion yuan, a decrease of 3.6% compared to the same period last year [1] - The net profit attributable to shareholders was 354 million yuan, marking the fourth consecutive year of cash dividends, totaling 160 million yuan distributed to shareholders [1] Group 2: Market Position and Product Offering - Qingsong Jianhua is one of the oldest cement manufacturers in Xinjiang and the largest in the Bingtuan region, with a cement production capacity of 15 million tons, significantly influencing local cement prices [1] - The company has developed a range of special cement products, becoming a major supplier in the fields of oil well cement, road cement, and dam cement [2] - Qingsong Jianhua is the only designated supplier of cement for oil wells deeper than 5000 meters in Xinjiang, highlighting its unique market position [2] Group 3: Industry Context - The cement industry in Xinjiang continues to face overcapacity, with average sales prices declining due to ongoing adjustments in the real estate sector and a slowdown in fixed asset investments [2] - Despite a 9.5% year-on-year decline in cement production among large enterprises nationwide, Qingsong Jianhua maintained a high gross margin of 31.24% for its core cement products, generating 3.31 billion yuan in revenue [2] Group 4: Future Prospects - The company is expected to play an increasingly important role in optimizing market pricing and integrating regional markets as outdated production capacity is phased out [1] - The coal mine project owned by Qingsong Jianhua's affiliate, which has recently resumed operations, is anticipated to bring substantial investment returns once production commences [4]