HUAXIN CEMENT(600801) 新浪财经· Xin Lang Cai Jing·2025-04-01 00:33Core Viewpoint - The company achieved revenue growth despite a declining industry demand, with a 1.36% increase in revenue to 34.217 billion yuan in 2024, while net profit fell by 12.52% to 2.416 billion yuan [1][2]. Industry Overview - The overall demand for cement is declining due to continued downturns in real estate investment and slowing infrastructure investment, leading to a 9.5% decrease in cement production to 1.825 billion tons in 2024 [2]. - The company's revenue growth is notable against this backdrop, indicating resilience in its business model [2]. Business Performance - The company has successfully diversified its operations beyond cement, with significant contributions from concrete, aggregates, and environmental materials, achieving vertical integration within the industry [2]. - In 2024, the company sold 14.3 million tons of aggregates (up 9%), 31.81 million cubic meters of ready-mixed concrete (up 17%), and processed 4.41 million tons of waste in its environmental business [2]. International Expansion - The company accelerated its international expansion, signing contracts for cement and aggregate projects in Nigeria and Brazil, resulting in overseas production capacity exceeding 22.5 million tons per year, an 8% increase [3]. - Overseas cement sales reached 16.2 million tons, a 37% increase, contributing 7.984 billion yuan in revenue, a 47% increase [3]. Financial Forecast - The company is projected to achieve revenue growth rates of 5.90%, 5.50%, and 5.31% for 2025-2027, with adjusted revenue forecasts of 36.236 billion yuan, 38.229 billion yuan, and 40.259 billion yuan for those years [3]. - The expected net profit for 2025-2027 is 2.543 billion yuan, 3.016 billion yuan, and 3.255 billion yuan, with corresponding price-to-earnings ratios of 11.1, 9.3, and 8.6 [3].