Investment Rating - The report maintains a "Buy" rating for the company [3][5][12] Core Views - The company has announced the acquisition of 91.02% of CILU for USD 3.7 million (HKD 28.86 million), which is expected to enhance its cement production capacity in the Democratic Republic of the Congo [1][2] - The enterprise value of the target company (CILU) is estimated at USD 12 million, with a projected EBITDA of USD 14.7 million for 2023, resulting in an EV/EBITDA ratio of 8.2x [1][2] - The acquisition is anticipated to strengthen the company's regional advantage in the Congolese cement market, where cement prices range from USD 140 to 150 per ton [2] Financial Projections - The company is projected to achieve net profits attributable to shareholders of CNY 1.09 billion, CNY 1.95 billion, and CNY 2.79 billion for the years 2024, 2025, and 2026 respectively [3]
西部水泥：收购点评：刚果（金）再下一城，水泥产能布局继续扩张