Investment Rating - The report assigns an "Accumulate" rating to the company [1][11][19] Core Views - The company is a leader in overseas cement production, with a strong presence in sub-Saharan Africa, and has initiated its overseas strategy since 2020 [2][11] - The company is expected to achieve significant growth in net profit from 2025 to 2027, with projected figures of 1.143 billion, 1.422 billion, and 2.015 billion RMB respectively [19] - The report highlights the company's strategic decision to divest from domestic assets in Xinjiang to alleviate debt pressure and support overseas expansion [11][19] Financial Summary - Total revenue is projected to grow from 9.024 billion RMB in 2023 to 14.146 billion RMB in 2027, with a CAGR of approximately 17% [4] - Gross profit is expected to increase from 2.460 billion RMB in 2023 to 5.227 billion RMB in 2027 [4] - Net profit is forecasted to recover from a significant drop in 2023 to 2.015 billion RMB by 2027, reflecting a strong recovery trajectory [4] Market Position - The company holds the largest market share in Shaanxi province, with a production capacity of 21.7 million tons, leading the local market [21][24] - The company has established a diversified overseas presence in countries such as Mozambique, Congo, Ethiopia, and Uzbekistan, with plans for further expansion [11][66] Overseas Expansion - The company has seen rapid growth in overseas sales, reaching 403 million tons in 2024 and expected to exceed 880 million tons by 2025 [69] - The average selling price of cement in overseas markets is significantly higher than in China, contributing to higher profit margins [72] - The report emphasizes the strong demand for cement in sub-Saharan Africa, driven by population growth and economic development [45][51]
西部水泥（02233）：首次覆盖报告：水泥出海翘楚，非洲布局广泛