JIDONG CEMENT(000401) INDUSTRIAL SECURITIES·2024-03-30 16:00Investment Rating - The report maintains a rating of "Accumulate" for the company [11][12]. Core Views - The company reported a revenue of 28.235 billion yuan in 2023, a year-on-year decrease of 18.26%, primarily due to oversupply and insufficient effective demand, leading to a decline in cement prices in key regions [11]. - The net profit attributable to shareholders was -1.498 billion yuan, a significant decline of 210.36% year-on-year [11]. - The report forecasts a gradual recovery in net profit, projecting 224 million yuan in 2024, 415 million yuan in 2025, and 992 million yuan in 2026, with corresponding PE ratios of 63.5, 34.3, and 14.4 [11]. Market Data - As of March 29, 2024, the closing price of the company's stock was 5.36 yuan, with a total share capital of 2,658.21 million shares and a circulating share capital of 1,547.30 million shares [3]. Financial Performance - The company's gross profit margin for 2023 was 11.78%, down 8.70 percentage points from the previous year, mainly due to weak market demand and significant price declines [11]. - The company achieved a cement production volume of 8.7 million tons in 2023, an increase of 11.61% year-on-year, while sales volume reached 8.6 million tons, up 10.74% year-on-year [11]. - The average price per ton for cement and clinker was 269.91 yuan, a decrease of 58.49 yuan year-on-year, while the cost per ton was 231.30 yuan, down 49.91 yuan year-on-year [11]. Segment Analysis - Revenue from cement, clinker, hazardous waste disposal, aggregates, and other products was 22.415 billion yuan, 1.633 billion yuan, 1.024 billion yuan, 1.461 billion yuan, and 1.702 billion yuan, respectively, with year-on-year changes of -16.17%, -41.53%, -15.01%, +26.33%, and -35.83% [11]. - The Northeast region saw a revenue increase of 5.46% year-on-year, attributed to new production lines, while other regions experienced declines [11]. Cash Flow - The company reported a net operating cash flow of 2.990 billion yuan in 2023, an increase of 31.75% year-on-year, indicating effective cost reduction measures [11].