华润建材科技（01313）：降本增效提供业绩支撑

Investment Rating - The investment rating for the company is "Buy" [6][8]. Core Views - The company reported a revenue of 21.055 billion yuan for 2025, a year-on-year decrease of 8.6%, while the net profit attributable to shareholders was 479 million yuan, reflecting a significant year-on-year increase of 127.3% [3][4]. Summary by Relevant Sections Operational Analysis - Demand remains under pressure, but cost reduction efforts provide marginal support. The company's cement production for 2025 was 55.42 million tons, a decline of 10.2% year-on-year, which is greater than the national average decline of 6.9%. This indicates a sacrifice in market share [4]. - The average selling price of cement in 2025 was 228 yuan per ton, down 6.3% year-on-year, while the ready-mixed concrete price decreased by 10.8% to 285 yuan per cubic meter. The aggregate price fell by 7.4% to 34 yuan per ton [4]. - The cost per ton of cement was 192 yuan, down 8% year-on-year, primarily due to a 16.5% decrease in coal procurement prices to 670 yuan per ton, along with a notable reduction in electricity costs [4][5]. Profitability and Expenses - The gross profit per ton of cement increased by 2 yuan to 39 yuan, while the gross profit for ready-mixed concrete also rose by 2 yuan to 41 yuan per cubic meter. However, the gross profit for aggregates decreased by 5 yuan to 8 yuan per ton [5]. - Total selling, general, and administrative expenses were 2.85 billion yuan, down approximately 200 million yuan year-on-year, and financial expenses were 447 million yuan, a decrease of nearly 100 million yuan [5]. Future Performance Expectations - The company is expected to achieve net profits of 570 million yuan and 840 million yuan in 2026 and 2027, respectively, corresponding to price-to-earnings ratios of 17 and 11 times [6]. - Capital expenditures for 2025 were 1.83 billion yuan, significantly reduced from 3.03 billion yuan in 2024, indicating a cautious expansion strategy amid a down cycle [8].