Core Viewpoint - Southwest Securities issued a report on August 20, giving a "buy" rating for Beixin Building Materials (000786.SZ, latest price: 26.5 yuan) based on strong growth in both domestic and international markets [2] Group 1: Financial Performance - The company continues to show high growth in its two main business segments, with notable performance overseas [2] - There is a slight decrease in gross margin and a minor increase in impairment [2] Group 2: Business Strategy - The company has diversified its business layout, showcasing significant overall momentum [2]

Core Viewpoint - Goldman Sachs reported that China Resources Cement Holdings (01313) achieved a net profit of 307 million RMB in the first half of the year, with earnings per share of 4.4 cents, representing an 85% year-on-year increase. However, the results fell short of the bank's and market expectations [1] Financial Performance - The company's recurring net profit increased by 98% year-on-year to 391 million RMB, but still below expectations [1] - The interim dividend declared is 1.4 Hong Kong cents per share, with a payout ratio of 30% [1] Earnings Forecast - Goldman Sachs has reduced the company's earnings forecast for this year by 54%, while maintaining the forecast for next year unchanged. The forecast for 2027 has been lowered by 2% [1] - The bank predicts that the unit gross profit for cement will rise from 45 RMB per ton in the second half of this year to 65 RMB per ton by 2026 [1] Target Price and Rating - The target price for the stock has been raised from 2 HKD to 2.1 HKD, with a maintained rating of "Buy" [1]

高盛发布研报称，华润建材科技(01313)上半年纯利达3.07亿元人民币(下同)，以及每股盈利达4.4分，同 比升85%，经常性净利润同比升98%至3.91亿元，低于该行及市场预期。集团中期每股派息1.4港仙，派 息率达30%。该行表示，将集团今年盈利预测下调54%，明年维持不变，2027年则下调2%，同时预测单 位水泥毛利由今年下半年的每吨45元升至2026年的每吨65元，其目标价由2港元上调至2.1港元，维持评 级为"买入"。 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [3][7]. Core Views - The company demonstrates steady revenue growth and high interim dividends, showcasing its value [7]. - The company is a leading player in the decorative materials sector, focusing on furniture panels and has effectively diversified its product offerings [7]. Financial Performance Summary - **Revenue**: The company is projected to achieve revenues of CNY 9,063 million in 2023, with a slight growth to CNY 9,189 million in 2024, and further growth to CNY 11,057 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8% from 2024 to 2027 [1][8]. - **Net Profit**: The net profit is expected to reach CNY 689 million in 2023, with a forecasted increase to CNY 985 million by 2027, indicating a growth rate of 10.7% in 2027 compared to 2026 [1][8]. - **Return on Equity (ROE)**: The ROE is projected to remain strong, with values of 21.2% in 2023 and stabilizing around 20.9% by 2027 [1][8]. - **Earnings Per Share (EPS)**: The EPS is expected to grow from CNY 0.83 in 2023 to CNY 1.19 in 2027 [1][8]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is projected to decrease from 12.7 in 2023 to 8.9 by 2027, indicating an attractive valuation over time [1][8]. Business Segment Performance - **Custom Home Revenue**: The custom home segment showed a revenue increase of 4.46% year-on-year, while the decorative materials segment experienced a decline of 9.05% [1][2]. - **Gross Margin Improvement**: The gross margin for decorative materials improved to 17.59%, driven by effective cost control and a focus on high-margin products [1][2]. - **Sales Growth in Channels**: The company reported a 46.5% increase in sales through home decoration company channels, indicating successful channel expansion efforts [1][2]. Dividend Policy - The company plans to distribute a cash dividend of CNY 2.8 per share, totaling CNY 2.29 billion, which represents 85% of the net profit attributable to shareholders [7].

Group 1 - A new company, Changde Xingshengyuan Building Materials Co., Ltd., has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Zhang Jun [1] - The company's business scope includes sales of construction steel products, manufacturing and sales of cement products, and sales of building materials [1] Group 2 - The company is involved in the manufacturing of lightweight building materials and new building materials (excluding hazardous chemicals) [1] - It also engages in the manufacturing of specialized machinery for building materials production and the manufacturing and sales of concrete structural components [1] - The company is permitted to conduct legal activities that are not prohibited or restricted by laws and regulations [1]

Group 1 - The core viewpoint of the report is a recommendation rating for Beixin Building Materials (000786.SZ) at a latest price of 26.53 yuan, highlighting its potential for growth despite some challenges [2] - The report notes a slight increase in expense ratio and credit impairment that has negatively impacted profit levels [2] - Significant growth in international business is emphasized, with the company continuing to advance its "one body, two wings" strategy [2]

Group 1 - A new company, Suixi County Miaomiao New Building Materials Co., Ltd., has been established with a registered capital of 1.1 million RMB [1] - The legal representative of the company is Dai Yating [1] - The company's business scope includes a wide range of activities related to building materials, such as sales and manufacturing of non-metallic mineral products, cement products, and various construction materials [1] Group 2 - The company is involved in the sales of construction and decorative materials, as well as the manufacturing of new building materials and concrete structural components [1] - Additional activities include the sale of hardware products, doors and windows manufacturing, and sales of insulation materials and coatings [1] - The company is permitted to operate various projects that are not prohibited or restricted by laws and regulations [1]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - Economic growth shows a slowdown in the decline of container shipping freight rate indices, with power plant daily consumption falling from a high level, and demand - side indicators showing mixed trends [1][4]. - Inflation presents a situation where pork prices are slowly falling at a low level, and there are fluctuations in CPI and PPI components [2][4]. Group 3: Summary by Directory 1. Economic Growth: Slowdown in the Decline of Container Shipping Freight Rate Indices 1.1 Production: Power Plant Daily Consumption Falls from a High Level - Power plant daily consumption has declined. On August 19, the average daily consumption of 6 major power - generating groups was 912,000 tons, a 4.5% drop from August 12. On August 14, the daily consumption of power plants in eight southern provinces was 2.369 million tons, a 5.3% drop from August 6 [4][11]. - Blast furnace operating rates fluctuated slightly. On August 15, the national blast furnace operating rate was 83.6%, down 0.2 percentage points from August 8, while the capacity utilization rate was 90.2%, up 0.2 percentage points. The blast furnace operating rate of Tangshan steel mills remained flat at 92.6% [4][17]. - Tire operating rates were weakly stable. On August 14, the operating rate of truck - used all - steel tires was 63.1%, up 2.1 percentage points from August 7, and that of car - used semi - steel tires was 72.1%, down 2.3 percentage points [4][19]. 1.2 Demand: Slowdown in the Decline of Container Shipping Freight Rate Indices - The decline in the month - on - month sales of new homes in 30 cities slowed down. From August 1 to 19, the average daily sales area of commercial housing in 30 large and medium - sized cities was 179,000 square meters, down 6.1% from July, 15.0% from August last year, and 32.4% from August 2023 [4][24]. - The retail sales of the auto market are gradually picking up. In August, retail sales increased by 2% year - on - year, and wholesale sales increased by 20% year - on - year [4][27]. - Steel prices generally fell. On August 19, rebar, wire rod, hot - rolled coil, and cold - rolled prices decreased by 3.5%, 3.1%, 2.8%, and 0.2% respectively compared to August 12 [4][32]. - Cement prices generally rebounded. On August 19, the national cement price index rose 1.4% from August 12, with prices in East China and the Yangtze River region rising 4.4% and 4.3% respectively [4][33]. - Glass prices stopped falling and rebounded. On August 19, the active glass futures contract price was 1,215 yuan/ton, up 13.9% from August 12 [4][37]. - The decline of container shipping freight rate indices slowed down. On August 15, the CCFI index decreased by 0.6% from August 8, and the SCFI index decreased by 2.0% [4][40]. 2. Inflation: Slow Fall of Pork Prices at a Low Level 2.1 CPI: Slow Fall of Pork Prices at a Low Level - Pork prices are slowly falling at a low level. On August 19, the average wholesale price of pork was 20.2 yuan/kg, a 0.2% drop from August 12 [4][46]. - The agricultural product price index is slowly rising. On August 19, the agricultural product wholesale price index rose 0.8% from August 12, with different fluctuations in various varieties [4][51]. 2.2 PPI: Weak Fluctuation of Oil Prices - Oil prices are weakly fluctuating. On August 19, the spot prices of Brent and WTI crude oil were $67.6 and $62.4 per barrel respectively, down 0.01% and 1.3% from August 12 [4][54]. - Copper and aluminum prices declined. On August 19, the LME 3 - month copper and aluminum prices decreased by 0.2% and 1.4% respectively compared to August 12 [4][58]. - The month - on - month increase of the domestic commodity index narrowed. On August 19, the Nanhua Industrial Products Index decreased by 2.5% from August 12, and the CRB index decreased by 0.3% from August 11 [4][58].

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Policy Overview - The announcement from the Ministry of Finance and the State Taxation Administration outlines the VAT refund policy for resource comprehensive utilization projects, with refund rates of 30%, 50%, 70%, 90%, and 100% depending on the type of product or service [4]. Compliance Issues - A case study highlights a construction materials company that faced issues due to non-compliance with invoice regulations, resulting in a loss of potential VAT refunds. The company had a sales revenue of 20 million yuan but could not claim refunds for 30% of its raw materials purchased without valid invoices [4]. Tax Refund Calculation - The tax authority emphasized that companies must obtain VAT invoices for recycled resources purchased domestically to qualify for the VAT refund policy. Failure to provide such invoices means that the corresponding sales revenue cannot benefit from the immediate refund policy [4].