HUAXIN CEMENT(600801) 长江商报·2025-04-09 03:07Core Viewpoint - Company is focusing on international expansion of its aggregate business as a new growth point, indicating that the competitive landscape in the aggregate industry is expected to be stronger than that of the cement industry [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 34.217 billion yuan, a year-on-year increase of 1.36%, with total profit of 4.112 billion yuan and net profit attributable to shareholders of 2.416 billion yuan, reflecting a decrease of 4.95% and 12.52% respectively [3]. - The revenue from the cement business accounted for 55% of total revenue, while non-cement businesses have shown steady growth, becoming significant contributors to profits [3]. - Aggregate sales exceeded 14.323 million tons, a year-on-year increase of 9%, with revenue from aggregates reaching approximately 5.642 billion yuan, up 5.18% [3]. Group 2: Industry Context - The cement industry in China is under pressure, with a production capacity of approximately 2.561 billion tons and a production volume of 1.825 billion tons in 2024, marking the lowest level since 2010, with a capacity utilization rate of only 71.24% [2]. - The company has adapted to the challenging market by optimizing its organizational structure and implementing various strategic initiatives over the past two decades, including integrated development and environmental transformation [2]. Group 3: International Expansion - The company has established a presence in 12 countries, including Tajikistan, Kyrgyzstan, and South Africa, with a cement production capacity of 12.6 million tons, becoming a leader in the Central Asian cement market [5][6]. - In 2024, overseas revenue reached 7.984 billion yuan, a year-on-year increase of 47%, with overseas cement sales of 16.2 million tons, up 37% [7]. - The company plans to invest approximately 13.3 billion yuan in overseas capital expenditures in 2025, focusing on acquisitions and projects in Nigeria and Brazil [7]. Group 4: Future Outlook - The company aims to achieve total revenue of 37.1 billion yuan in 2025, with projected sales of 5.7 million tons of cement and clinker, 17 million tons of aggregates, and 3 million cubic meters of concrete [9].