HUAXIN CEMENT(600801) 华龙证券·2025-03-31 09:10Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][5] Core Views - The company achieved revenue growth against the trend, with cement and related businesses, as well as overseas income, supporting its performance. In 2024, the company reported operating revenue of 34.217 billion yuan, a year-on-year increase of 1.36%, while net profit attributable to shareholders decreased by 12.52% to 2.416 billion yuan [3][5]. Summary by Sections Revenue Performance - Despite a decline in overall industry demand, the company managed to achieve revenue growth. The cement production in the industry fell by 9.5% year-on-year to 1.825 billion tons, yet the company's revenue increased by 1.36% [5]. Business Segments - The company's "Cement+" business has steadily improved, becoming a significant contributor to profits. In 2024, external aggregate sales reached 14.3 million tons, up 9%, and ready-mixed concrete sales were 31.81 million cubic meters, up 17% [5]. International Expansion - The company accelerated its international layout, signing contracts for cement and aggregate projects in Nigeria and Brazil. By the end of 2024, overseas production capacity exceeded 22.5 million tons per year, a year-on-year increase of 8%. Overseas cement sales reached 16.2 million tons, up 37%, generating revenue of 7.984 billion yuan, a 47% increase [5]. Profit Forecast and Valuation - The company is expected to maintain revenue growth despite ongoing market challenges, with projected revenue growth rates of 5.90%, 5.50%, and 5.31% for 2025-2027. The adjusted profit forecasts for 2025 and 2026 are 2.543 billion yuan and 3.016 billion yuan, respectively. The current stock price corresponds to P/E ratios of 11.1, 9.3, and 8.6 for the next three years, compared to an average valuation of 15.6 times P/E for comparable companies [5][7].