Group 1 - The company reported a revenue of 34.22 billion yuan for 2024, a year-on-year increase of 1.4%, while the net profit attributable to shareholders was 2.42 billion yuan, a decrease of 12.5% year-on-year [1] - In Q4 2024, the company achieved a revenue of 9.5 billion yuan, a year-on-year decrease of 1.0%, but the net profit attributable to shareholders increased by 43.9% to 1.28 billion yuan [1] - The overall demand for cement in China is under pressure in 2024, with a significant decline in domestic sales volume by approximately 12% [1] Group 2 - The company's overseas revenue reached 7.98 billion yuan in 2024, a year-on-year increase of 47%, with overseas cement sales volume growing by 37% to 16.2 million tons [1] - The company’s aggregate sales volume increased by 9% to 143 million tons in 2024, with a slight decrease in average price but an increase in gross margin [2] - The company has signed agreements for new projects in Nigeria and Brazil, which are expected to enhance overseas performance [2] Group 3 - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 2.318 billion yuan, 2.671 billion yuan, and 2.789 billion yuan respectively [3] - The company maintains a "buy" rating based on the adjusted profit forecasts [3]
华新水泥(600801):海外及一体化布局带来较强韧性 关注25年行业供需改善+海外新项目贡献