华新水泥（600801）：Q4业绩同比高增，全年海外业务亮眼

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 15.2 CNY for the next six months [5]. Core Views - The company reported a revenue of 34.217 billion CNY for 2024, a year-on-year increase of 1.36%, but the net profit attributable to shareholders decreased by 12.52% to 2.416 billion CNY [2][3]. - The domestic cement revenue faced pressure due to insufficient demand, while overseas revenue saw significant growth, increasing by 46.79% to 7.984 billion CNY [2][9]. - The company's integrated strategy has shown significant results, with non-cement business revenue accounting for 45% of total revenue, contributing to stable performance [4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross profit margin of 24.69%, down 2.02 percentage points year-on-year, with a net profit margin of 8.63% [3]. - The quarterly net profit growth rates were -28.43%, -41.45%, -40.17%, and 43.94%, with Q4 showing a significant increase primarily due to asset disposal gains [3]. Revenue Breakdown - The main cement business generated 18.031 billion CNY in revenue, a decrease of 1.64% year-on-year, with sales volume around 57.02 million tons [2]. - The average selling price of cement was approximately 316.21 CNY per ton, with a cost of 241.11 CNY per ton, leading to a gross profit of 75.10 CNY per ton [2]. International Expansion - The company accelerated its international expansion, signing contracts for new cement production capacities in Nigeria and Brazil, and completed several new production lines in Mozambique and Zambia [9]. - By the end of 2024, the company's overseas operational and under-construction cement capacity exceeded 25 million tons, ranking third nationally in clinker capacity [9]. Future Projections - Revenue projections for 2025-2027 are 36.352 billion CNY, 39.697 billion CNY, and 43.037 billion CNY, with expected net profits of 2.425 billion CNY, 2.696 billion CNY, and 3.047 billion CNY respectively [11].