华润建材科技（01313）：水泥主业成本持续压缩，管理费用改善增厚业绩

Investment Rating - The report maintains a "Buy" rating for China Resources Cement Technology (01313.HK) [5] Core Views - In 2025, the company achieved revenue of 21.055 billion RMB, a year-on-year decrease of 8.61%, while the net profit attributable to shareholders was 479 million RMB, an increase of 127.33% [5] - The fourth quarter saw a revenue of 5.985 billion RMB, down 17.60% year-on-year, with a net profit of 148 million RMB, up 251.89% year-on-year, marking a significant turnaround from the previous year [5] - The cement business faced pressure on revenue and gross margins, with revenues from cement, concrete, and aggregate businesses at 12.657 billion, 4.389 billion, and 2.885 billion RMB respectively, showing year-on-year changes of -15.8%, +5.5%, and +14.3% [5][6] Summary by Sections Revenue and Profitability - The company reported a total revenue of 21.055 billion RMB in 2025, down 8.61% from the previous year, while net profit increased to 479 million RMB, reflecting a growth of 127.33% [5] - For Q4, revenue was 5.985 billion RMB, a decline of 17.60% year-on-year, with net profit reaching 148 million RMB, a significant increase of 251.89% [5] Business Segments Performance - Cement Business: Sales volume decreased by 10.2% to 55.421 million tons, with average price and cost per ton down by 15 RMB and 18 RMB respectively, leading to a gross profit of 39 RMB per ton, an increase of 2 RMB [6] - Concrete Business: Sales volume increased by 18.3% to 15.407 million cubic meters, with average price and cost per ton down by 35 RMB and 36 RMB respectively, resulting in a gross profit of 41 RMB per ton, up by 2 RMB [6] - Aggregate Business: Sales volume rose by 23.4% to 85.596 million tons, but average price decreased by 3 RMB, leading to a gross profit of 8 RMB per ton, down by 5 RMB [6] Cost Management - The company successfully reduced management expenses significantly in Q4, with total expenses per ton decreasing by 25.2 RMB to 57 RMB, primarily due to a reduction in goodwill impairment and fixed asset impairment compared to 2024 [3] Future Outlook - The company is expected to benefit from improved cost control and potential policy changes aimed at reducing overcapacity in the cement industry, with projected net profits of 734 million, 890 million, and 981 million RMB for 2026, 2027, and 2028 respectively [5]