Zhi Tong Cai Jing·2025-10-31 08:55Core Viewpoint - Bank of America Securities reports that Conch Cement (600585)(00914) achieved a 21% year-on-year increase in net profit after tax for the first three quarters, reaching 6.3 billion RMB, with the third quarter net profit rising 3% year-on-year to 1.94 billion RMB, aligning with the bank's expectations [1] Financial Performance - The third quarter's self-produced cement volume slightly decreased by 0.5% year-on-year to 69 million tons, with a gross profit per ton of 55 RMB, indicating a decline in production that is significantly better than the industry average [1] - The estimated gross profit per ton of cement for Conch Cement in the fourth quarter is projected to be 64 RMB, assuming sales remain stable, which would result in a net profit of 2.24 billion RMB [1] Target Price and Earnings Forecast - The target price for Conch Cement has been slightly reduced from 27 HKD to 26 HKD, with the company's earnings forecasts for the next two years being lowered by 12% and 6% respectively [1] - The bank maintains a "Buy" rating, optimistic about the sustainable recovery of the company's profitability [1]