HUAXIN CEMENT(600801) 新浪财经·2025-04-30 06:26Core Insights - The company reported Q1 2025 revenue of 7.162 billion yuan, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 234 million yuan, up 31.80% year-on-year [1] - The increase in domestic cement prices and a decrease in coal costs contributed to gross profit, despite slow recovery in domestic demand impacting sales [2] - The company expects continued profit growth from overseas cement operations and stable unit profitability from aggregates, with net profit projections for 2025-2027 being 2.438 billion, 2.504 billion, and 2.642 billion yuan respectively [3] Financial Analysis - The average price of high-standard cement in Q1 was 398 yuan/ton, reflecting a year-on-year increase of 35 yuan/ton, indicating a significant price recovery [2] - The difference between net profit and net profit attributable to shareholders is influenced by shareholding ratios in overseas operations, with minority interests exceeding 110 million yuan in Q1 [2] - Financial expenses increased by 70% year-on-year, primarily due to exchange rate impacts, with sales, management, and financial expense ratios reported at 5.30%, 6.41%, and 4.32% respectively [2] Profit Forecast and Valuation - The company maintains a "buy" rating, with expected net profit growth rates of 1%, 3%, and 6% for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 11, 11, and 10 [3] - The company is expected to manage exchange rate risks effectively as it expands overseas operations, learning from experiences to mitigate profit volatility [3]