Guoxin Securities·2025-10-29 11:21Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company achieved a revenue of 25.033 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 1.27%. The net profit attributable to shareholders was 2.004 billion yuan, up 76.0% year-on-year, with a non-recurring net profit of 1.936 billion yuan, increasing by 82.0% year-on-year. The earnings per share (EPS) was 0.97 yuan, and a cash dividend of 3.4 yuan (before tax) was proposed [2][9]. - The company’s gross margin improved to 29.5%, an increase of 5.47 percentage points year-on-year, with a significant contribution from overseas operations that effectively offset domestic profit declines [3][12]. - The company is accelerating its internationalization strategy, with non-cement business revenue accounting for 43% and EBITDA contributing 44% to overall profits. The acquisition in Nigeria has been completed, and overseas cement grinding capacity has surpassed 35 million tons per year [4][25]. Financial Performance Summary - For the first three quarters of 2025, the company reported a net operating cash flow of 3.227 billion yuan, a decrease of 4.6% year-on-year. The asset-liability ratio stood at 53.22%, slightly up by 2.26 percentage points from June [3][12]. - The company’s revenue and profit growth are primarily driven by overseas business expansion and contributions from the Nigerian acquisition, while domestic cement prices remain under pressure [2][4]. - The forecast for EPS from 2025 to 2027 is 1.43, 1.77, and 1.92 yuan per share, with corresponding price-to-earnings ratios (PE) of 15.6, 12.6, and 11.6 [4][5].