Core Insights - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 120.73% in Q3, driven by rising domestic cement prices, reduced costs, and strong overseas performance [1] - The completion of the equity transfer for Nigerian assets marks a strategic expansion, with the transaction valued at approximately $773.86 million, enhancing the company's international footprint [2] - The management is committed to shareholder returns, distributing a cash dividend of 0.46 CNY per share, totaling approximately 956.34 million CNY, which represents 40% of the net profit for the year [3] Financial Performance - In Q3, the company achieved a revenue of 8.986 billion CNY, a 5.95% increase year-on-year, and a net profit of 900 million CNY, reflecting a 120.73% increase [1] - For the first three quarters, the company reported a total revenue of 25.033 billion CNY, up 1.27% year-on-year, and a net profit of 3.449 billion CNY, which is a 64.95% increase [1] - The company’s non-recurring net profit for Q3 was 866 million CNY, marking a 125.96% increase year-on-year [1] Strategic Developments - The company has made significant progress in its overseas operations, with multiple projects completed in Zimbabwe, Zambia, South Africa, and Tanzania, enhancing production capacity [2] - The acquisition of 100% equity in a Brazilian aggregate company further strengthens the company's international presence [2] - New production lines are under construction in Malawi and Mozambique, indicating ongoing expansion efforts [2] Shareholder Engagement - The management has shown confidence in the company's future by purchasing 195,300 shares in the secondary market [3] - The proposed dividend distribution reflects a strong commitment to sharing the company's growth with shareholders [3] Profit Forecast - The company forecasts net profits attributable to shareholders of 2.969 billion CNY, 3.312 billion CNY, and 3.671 billion CNY for the years 2025 to 2027 [3] - A target price of 18.34 HKD is set for 2026, based on a PE ratio of 10.5 times, indicating a positive outlook for the company's valuation [3]
华新水泥(6655.HK)：三季度归母净利润同比增长120.73% 海外多业务发展持续取得进展