ACC(600585) 东吴证券·2025-03-25 11:46Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that the self-discipline in the supply side of the cement industry has led to a rebound in profits from the bottom [8] - The company achieved a total revenue of 91.03 billion yuan in 2024, a year-on-year decrease of 35.5%, and a net profit attributable to shareholders of 7.696 billion yuan, down 26.2% year-on-year [12] - The report emphasizes the company's cost control measures and the impact of reduced coal prices on profitability, which has allowed it to outperform peers [13] Summary by Sections Event - The company disclosed its 2024 annual report, reporting total revenue of 91.03 billion yuan and a net profit of 7.696 billion yuan, with a cash dividend of 0.71 yuan per share [12] Commentary - The self-discipline in the cement supply side has led to a rebound in Q4 profits, with a total sales volume of 268 million tons, down 6.1% year-on-year, and an average price of 246 yuan per ton [13] - The company has seen a decrease in sales volume but an increase in profit margins due to effective cost management and rising cement prices in Q4 [13] - The company is expanding its overseas operations, adding 2.3 million tons of overseas clinker capacity and 8 million tons of cement capacity through relocations [13] Financial Forecast and Investment Rating - The company is expected to see net profits of 10.9 billion yuan in 2025 and 12.2 billion yuan in 2026, with a new forecast for 2027 at 12.6 billion yuan [17] - The report indicates that the current price-to-book ratio for the cement sector is at a historical low, suggesting potential for valuation recovery as industry self-discipline improves [17]