海螺水泥 20251114 摘要 2023 年前三季度全国水泥产量同比下降 5.2%，水泥价格呈现前高后低 走势，PO 42.5 水泥市场平均价格为 372 元/吨，同比下降 0.5%，反映 出需求下行和供需矛盾加剧的市场环境。 海螺水泥前三季度实现不含税营业收入 613 亿元，同比下降 10.1%， 但归属于上市公司股东的净利润为 63.04 亿元，同比增长 21.3%，主 要得益于成本管控和毛利率的提升。 尽管水泥熟料自产品净销量同比下降 0.4%，但海螺水泥通过全流程成 本对标管控，使得水泥熟料自产品综合成本同比降低 18 元/吨（降幅为 9.7%），毛利率同比上升 5.8 个百分点，有效提升了盈利能力。 海螺水泥积极拓展国内外业务布局，包括新疆尧柏项目交割并表，骨料 商砼业务稳步拓展，以及新能源项目的推进，旨在完善市场布局和实现 产业链协同发展。 预计四季度水泥需求仍将延续下滑态势，但整体将好于三季度，全年需 求降幅预计在 7%左右，行业盈利能力面临挑战，需通过错峰生产等措 施稳定价格。 公司坚持有效投资导向，不断扩展国内外业务布局。国内方面，新疆尧柏项目 顺利交割并表，进一步完善了国内市场布局；骨料 ...

Group 1 - The event "Xinhua Index Empowering High-Quality Development 2025 Summer Release" was successfully held in Deqing, Zhejiang, focusing on the industrial upgrading path in the digital economy era [1] - The Yushu Tibetan Autonomous Prefecture in Qinghai Province showcased its wild Cordyceps, known as "highland golden grass," emphasizing its ecological and industrial value [1] - The wild Cordyceps industry in Yushu plays a significant role in ecology, economy, and livelihood, with a strong market reputation and optimistic development prospects [1] Group 2 - As of April 20, the Xinhua Yushu Wild Cordyceps Price Index stood at 809.90 points, showing stable trends due to macroeconomic fluctuations and increased production [2] - The price of wild Cordyceps is expected to rise in the 2025 new production season, driven by inventory consumption and improved consumer purchasing power [2] - Yushu is enhancing its brand through "wild Cordyceps + traditional culture," which complements the price index and expands the product's recognition and influence [2] Group 3 - Yushu is recognized as the "hometown of wild Cordyceps," with rich resources in other specialty industries such as yaks, Tibetan sheep, and mineral water [2] - The local government has issued measures to strengthen investment attraction and develop a modern industrial system with Yushu's unique advantages [2] - The government has introduced 49 specific measures to promote ecological protection and high-quality development, inviting global visitors to experience Yushu's unique environment [2]

Core Viewpoint - The company aims to enhance competitiveness by reducing costs and improving production efficiency, particularly in high-precision aluminum production, as outlined in its 2025 strategic plan [1][11]. Financial Performance - In 2024, the company reported a revenue of 22.76 billion yuan, a 21.12% increase from 18.79 billion yuan in the previous year [3][7]. - Operating costs rose by 29.75% to 20.55 billion yuan, primarily due to increased sales volume of aluminum products and rising prices of key raw materials like alumina [3][7]. - The net profit attributable to shareholders was 704 million yuan, reflecting a 39.30% decline year-on-year [3][7]. Inventory and Production - The company's aluminum product inventory reached 39,800 tons, a 47.68% increase compared to the previous year, attributed to the highest production and sales volume in the company's history [4]. - The company produced approximately 500,000 tons of aluminum can materials in 2024, with global demand for this product being less than 7 million tons [3][4]. Raw Material Costs - Alumina prices exceeded 5,000 yuan per ton, marking the highest level in nearly 20 years, contributing to increased operating costs [3][10]. - The company faced higher electricity costs due to the integration of thermal power and varying settlement methods during different water periods [3][10]. Strategic Initiatives - The company plans to implement energy-saving modifications in its electrolytic aluminum and power plant operations to lower costs [11][12]. - It aims to enhance resource utilization by integrating waste heat from power plants with urban heating demands [11][12]. - The company is focusing on investments in low-carbon energy sources such as wind and solar power, and has registered a new company for product development in the new energy sector [11][12]. Market Position and Trade Relations - The company reported a 76.07% increase in revenue from international markets, totaling 9.28 billion yuan [10]. - The company has adjusted its sales strategy in response to international trade dynamics, particularly reducing expectations for the U.S. market due to trade tensions [11].