水泥出海翘楚，非洲布局广泛 西部水泥(2233) 西部水泥首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | | | 申浩(分析师) | 021-23185636 | shenhao2@gtht.com | S0880525040041 | [当前价格 Table_CurPrice] (港元)： | 3.24 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | | | 冯晨阳(分析师) | 021-23183846 | fengchenyang@gtht.com | S0880525040020 | | | 本报告导读： 公司水泥海外产能除了乌兹别克斯坦外，均布局在撒哈拉以南非洲地区，是中国水 泥企业出海的翘楚。 投资要 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Views - The cement industry is accelerating its overseas expansion, particularly in Africa, which is seen as a significant investment opportunity due to its rapid population growth and urbanization [3][20] - The recent performance of the construction materials sector shows a positive trend, with the CITIC construction materials index rising by 2.63% [12] - The report highlights the importance of monetary policy in supporting economic recovery, emphasizing a coordinated approach between monetary and fiscal policies [2][14] Summary by Sections Market Review - The Shanghai and Shenzhen 300 index increased by 1.95%, while the construction materials sector rose by 2.63% [12] - Notable stock performances include Saitex New Materials (+27.0%) and Guotong Shares (+14.2%) [12] Cement Industry Expansion - Recent data shows a decline in property sales in major cities, with a year-on-year decrease of 10.14% [2][15] - Companies like Western Cement and Huaxin Cement are making significant moves in Africa, with Western Cement planning to sell assets in Xinjiang to support its expansion [3][20] - Huaxin Cement's new project in Zambia has successfully increased production capacity, indicating a trend of overseas investment in the cement sector [3] Key Recommendations - The report recommends a focus on companies such as China National Materials, Honghe Technology, Western Cement, Huaxin Cement, and others, which are expected to benefit from the ongoing market dynamics [20][4] - The report suggests that traditional building materials are nearing a cyclical bottom, while new materials are expected to continue their growth trajectory [21]