ACC(600585) 民生证券·2024-08-29 04:12Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expected relative benchmark index increase of over 15% [1][6] Core Views - The company's performance outperformed the industry, with a widening profitability gap [1] - Despite industry-wide pressure, the company maintained leading profitability in the cement sector [1] - The report expects a profit recovery in the second half of 2024, driven by marginal demand improvement and supply compression [1] Financial Performance Revenue and Profit - 2024H1 revenue: 45.566 billion yuan, down 30.37% YoY [1] - 2024H1 net profit attributable to parent company: 3.326 billion yuan, down 48.59% YoY [1] - 2024H1 gross margin: 18.93%, down 0.5 pct YoY [1] - 2024H1 net margin: 7.43%, down 2.97 pct YoY [1] Cement Business - 2024H1 cement clinker sales volume: 126 million tons, down 3.35% YoY [1] - 2024H1 cement clinker revenue: 30.21 billion yuan, down 23.99% YoY [1] - 2024H1 cement clinker average price: 239.76 yuan/ton, down 21.58% YoY [1] - 2024H1 cement clinker gross margin: 21.78%, down 4.96 pct YoY [1] Aggregate and Ready-mix Concrete Business - 2024H1 aggregate revenue: 2.191 billion yuan, up 29.84% YoY [1] - 2024H1 aggregate gross margin: 47.84%, down 9.71 pct YoY [1] - 2024H1 ready-mix concrete revenue: 1.178 billion yuan, up 20.6% YoY [1] - 2024H1 ready-mix concrete gross margin: 8.42%, down 4.2 pct YoY [1] Overseas Business - 2024H1 overseas revenue: 2.3 billion yuan, up 5.72% YoY [1] - 2024H1 overseas gross margin: 39.99%, up 10.23 pct YoY [1] Industry Overview - 2024H1 national cement output: 850 million tons, down 10% YoY [1] - 2024H1 national cement industry estimated loss: 1 billion yuan [1] - 2024H1 national cement average price: down 12.9% YoY [1] - 2024H1 East China cement average price: down 16% YoY [1] - 2024H1 South China cement average price: down 19.9% YoY [1] Future Projections - 2024-2026 projected net profit attributable to parent company: 8.012, 8.237, 8.522 billion yuan [1] - 2024-2026 projected PE ratio: 14x, 13x, 13x [1] - 2024-2026 projected EPS: 1.51, 1.55, 1.61 yuan [2]