HUAXIN CEMENT(SH:600801) Changjiang Securities·2025-09-16 04:43Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The report emphasizes the recommendation of Huaxin Cement, highlighting the high elasticity of the African cement market which is expected to accelerate [6][9] - The African cement market has a significant capacity of approximately 270 million tons, with a strong mid-term prosperity supported by urbanization [6] - Huaxin Cement is positioned as a leader in the African market, with recent projects in Nigeria exceeding profit expectations and plans for overseas asset spin-offs to accelerate expansion [6][9] Summary by Sections Cement Market - Cement shipments have shown a slight recovery, with a national average shipment rate of approximately 46.4%, a month-on-month increase of 1.2 percentage points, but a year-on-year decrease of 4.4 percentage points [7][24] - The average national cement price increased by 0.4% month-on-month, as companies push for price increases to improve profitability [7][24] Glass Market - The float glass market has seen a slight price increase, with some regions experiencing price fluctuations, but overall demand remains moderate [8][35] - The production capacity remains stable, with 283 production lines and a daily melting capacity of 159,455 tons [8][35] Special Fabrics and African Chain - The report recommends special fabrics, particularly focusing on Zhongcai Technology as a core leader due to high demand and supply barriers [9] - The African chain includes recommendations for Huaxin Cement and Keda Manufacturing, with both companies expected to benefit from market conditions and expansion plans [9] Stock Performance - The report indicates that the construction materials sector has outperformed the CSI 300 index over the past 12 months, with a performance of 56% [10]