华新水泥（600801）：非水泥板块量增带动业绩贡献提升，海外连攻数城，利润释放正当时

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8][5]. Core Views - The company achieved a total revenue of 34.22 billion yuan and a net profit attributable to shareholders of 2.42 billion yuan for the year 2024, reflecting a year-on-year change of +1.36% and -12.52% respectively [1][5]. - The non-cement segment has become a significant profit growth driver, contributing 45% to total revenue and 48% to gross profit, with a year-on-year increase of 2.2 percentage points and 3.6 percentage points respectively [2][3]. - The company is actively expanding its overseas operations, with a total overseas revenue of 7.98 billion yuan, marking a year-on-year increase of 47% and accounting for 23.3% of total revenue [3][5]. Financial Performance - The company reported a gross margin of 24.69% for the year, a decrease of 2.02 percentage points year-on-year, while the net profit margin stood at 8.63%, down by 0.90 percentage points [4]. - The company plans to increase capital expenditures to approximately 13.3 billion yuan in 2025, focusing on aggregate and overseas cement capacity [2][5]. - The company’s cash dividend for the year was 960 million yuan, maintaining a dividend payout ratio of 40%, which corresponds to a current dividend yield of 4.09% [5]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders is adjusted to 3.14 billion yuan for 2025 and 3.55 billion yuan for 2026, with an expected net profit of 4.1 billion yuan for 2027 [5][7]. - The company’s revenue is projected to grow to 35.87 billion yuan in 2025, with a growth rate of 4.82% [7][8].