ACC(SH:600585) 光大证券研究·2025-05-06 09:12Core Viewpoint - The article discusses the financial performance and operational goals of Conch Cement for Q1 2025, highlighting a decline in revenue but an increase in net profit and cash flow [3][4][5]. Financial Performance - In Q1 2025, Conch Cement reported total revenue of 19.1 billion yuan, a decrease of 11% year-on-year, while net profit attributable to shareholders increased by 21% to 1.8 billion yuan, and net profit excluding non-recurring items rose by 22% to 1.7 billion yuan [3]. - The gross margin improved to 22.9%, up by 5.1 percentage points year-on-year, contributing to a net profit margin of 9.5%, which is an increase of 2.5 percentage points [4]. Cash Flow Analysis - The net cash flow from operating activities for Q1 2025 was 500 million yuan, an increase of 340 million yuan year-on-year, attributed to a significant reduction in procurement expenses [5]. - The cash collection ratio for Q1 2025 was 111%, down by 7 percentage points year-on-year, with accounts receivable at 11.1 billion yuan, a decrease of 100 million yuan year-on-year but an increase of 1.4 billion yuan quarter-on-quarter [5]. Operational Goals - For the full year of 2025, Conch Cement aims to maintain net sales of cement and clinker at 268 million tons, with capital expenditures planned at 11.98 billion yuan, primarily funded by internal resources [6]. - The company expects to add 19.6 million tons of aggregate capacity (up 12% year-on-year) and 27.8 million cubic meters of ready-mixed concrete capacity (up 54% year-on-year) [6].