ACC(600585) 华龙证券·2025-03-26 11:18Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The report indicates that the company's profitability is expected to improve as the industry stabilizes, despite a significant decline in revenue and profit in 2024 due to a downturn in the cement market and real estate sector [3][5] - The cement industry is anticipated to experience a "bottoming out and recovery" trend in 2025, supported by infrastructure demand and ongoing supply-side reforms [5][6] Summary by Sections Recent Performance - In 2024, the company achieved operating revenue of 91.03 billion yuan, a year-on-year decline of 35.51% - The net profit attributable to shareholders was 7.70 billion yuan, down 26.19% year-on-year [3] Industry Outlook - The cement industry faced a significant downturn in 2024, with a 10.6% decrease in real estate investment leading to a 9.5% drop in national cement production [5] - The report forecasts a recovery in 2025, driven by continued infrastructure demand and government efforts to stabilize the real estate market [5] Company Strategy - The company is focusing on strengthening its core cement business while expanding internationally and integrating its upstream and downstream operations [5] - Key projects include the establishment of overseas offices and the commissioning of new production facilities in various countries [5] Financial Projections - Revenue growth is projected at 2.48% for 2025, with expected revenues of 93.29 billion yuan, and net profit of 9.87 billion yuan, reflecting a recovery trend [6][7] - The report estimates a PE ratio of 13.0 for 2025, compared to an average of 14.7 for comparable companies [6][8]