HUAXIN CEMENT(600801) 光大证券·2025-04-07 10:50Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 342 billion yuan, a year-on-year increase of 1%, while net profit attributable to shareholders decreased by 13% to 24 billion yuan [4] - The company plans to significantly increase capital expenditure in 2025 to approximately 133 billion yuan, focusing on aggregate and overseas cement capacity [9] - The company's international business is expanding rapidly, with overseas revenue growing by 47% to 80 billion yuan, covering 16 countries [7] Summary by Sections Financial Performance - In 2024, the company reported revenue of 342 billion yuan, net profit of 24 billion yuan, and a cash dividend of 9.6 billion yuan, maintaining a dividend payout ratio of 40% [4][5] - The cement business generated revenue of 180 billion yuan, a decrease of 2%, with sales volume also down by 2% to 57 million tons [5] - The concrete business saw revenue growth of 10% to 84 billion yuan, with sales volume increasing by 17% to 31.81 million cubic meters [6] International Expansion - The company’s overseas cement sales reached 16.2 million tons, a year-on-year increase of 37%, with total overseas capacity exceeding 25 million tons per year [7] - The company has signed contracts for cement projects in Nigeria and aggregate projects in Brazil, indicating accelerated internationalization [7] Capacity and Future Outlook - As of the end of 2024, the company has a cement production capacity of 126 million tons per year, ranking fourth globally in clinker capacity [8] - For 2025, the company targets total revenue of 371 billion yuan, an 8% increase, with a focus on expanding aggregate and overseas cement production [9]