Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][11]. Core Insights - The company forecasts a revenue decline of 8% year-on-year to 8.33 billion yuan for 2024, while the net profit attributable to shareholders is expected to grow by 35% to 45% [1]. - Domestic profit contribution is estimated at 200 to 300 million yuan, with overseas profit expected to be between 600 to 700 million yuan, leading to a total net profit of approximately 600 to 700 million yuan [1]. - The company is actively expanding its overseas operations, with new acquisitions and production lines, including a recent acquisition in the Democratic Republic of Congo and plans for further projects in Mozambique, Uganda, Zimbabwe, and Ethiopia [1][2]. - The company anticipates significant profit improvements in Ethiopia due to rising cement prices and expects continued price and profit increases domestically in 2025 [2]. Summary by Sections Financial Forecasts - For 2025, the overall net profit is projected to be 1.7 billion yuan, down from a previous estimate of 1.95 billion yuan due to industry-wide demand pressures [2]. - The net profit estimates for 2026 and 2027 have been adjusted to 2.9 billion yuan and 3.5 billion yuan, respectively, reflecting a year-on-year growth of 178% and 21% [2]. Company Valuation - The current price-to-book (PB) ratio is 0.67, indicating significant potential for market value appreciation compared to recent acquisitions in the sector, which have been valued at higher PB ratios [2].
西部水泥（02233）：盈利预告点评：海外盈利符合预期，产能持续扩张释放高业绩弹性