Core Viewpoint - Western Cement (02233.HK) has reversed its declining performance by accelerating its overseas expansion, with a projected net profit increase of approximately 80% to 100% year-on-year for the first half of 2024 [1][2]. Group 1: Financial Performance - The company expects a net profit of approximately 6.96 billion to 7.74 billion RMB for the first half of 2024, compared to 3.87 billion RMB in the same period last year [1][2]. - Overseas cement sales are projected to reach approximately 116 million tons in the first half of 2024 and 380 million tons in the first half of 2025, representing a year-on-year increase of about 230% [1][2]. - Overseas cement revenue is expected to be around 18.81 billion RMB, significantly exceeding last year's revenue of 9.23 billion RMB, marking an increase of approximately 104% [1][2]. Group 2: Cost and Pricing - In the first half of 2025, the average selling price of cement in China is expected to be approximately 281 RMB per ton, up from 270 RMB per ton in the same period last year, while the sales cost is expected to decrease to 217 RMB per ton from 230 RMB [3]. - The gross profit from cement sales in China is projected to increase by approximately 48%, reaching 4.2 billion RMB in the first half of 2025 [3]. Group 3: Asset Management and Expansion - The company plans to sell its cement and related assets in Xinjiang for a total price of 1.65 billion RMB to Conch Cement, with proceeds aimed at repaying priority notes and supporting overseas expansion [1][7]. - In 2024, the company reported that cement and clinker sales from Africa and Uzbekistan amounted to approximately 4.03 million tons, accounting for about 20% of total sales, while contributing 38% to total revenue and 67% to gross profit [7]. Group 4: Future Outlook - The chairman of Western Cement emphasized the need to closely monitor macroeconomic conditions and align with national policies to enhance operational efficiency [8]. - The company plans to implement differentiated marketing strategies, strengthen supplier relationships, and optimize procurement costs to improve overall efficiency and resource utilization [8].