Huachuang Securities·2024-03-21 16:00Investment Rating - The investment rating for the company is "Recommended" with a target price of 30.00 CNY per share [2]. Core Views - The company's revenue for 2023 reached 141.0 billion CNY, a year-on-year increase of 6.8%, while the net profit attributable to shareholders was 10.43 billion CNY, a decrease of 33.4% [2]. - The demand for cement remains weak, leading to price pressure, but the company has increased its market share to 14.09%, up 0.73% from the previous year [2]. - The company is experiencing a decline in gross profit margins due to price reductions, with the gross profit per ton falling to 82.0 CNY, a decrease of 17.5% year-on-year [2]. - The company is rapidly developing its integrated business model and advancing overseas projects, including renewable energy initiatives [2]. Financial Performance Summary - In 2023, the company's cement and clinker revenue was 77.93 billion CNY, down 14.2% year-on-year, while the self-produced cement and clinker sales volume was 285 million tons, a slight increase of 0.7% [2]. - The average selling price of cement and clinker decreased by 14.8% year-on-year to 273.5 CNY per ton [2]. - The company plans to invest 15.2 billion CNY in capital expenditures in 2024, with expected new clinker capacity of 3.9 million tons [2]. - The projected earnings per share (EPS) for 2024 and 2025 are adjusted to 1.87 CNY and 2.23 CNY, respectively, with a new EPS forecast for 2026 at 2.45 CNY [2].