华新水泥 20251026 摘要 华新水泥三季度业绩亮眼，营收同比增长 76%，达 20 亿元，主要得益 于尼日利亚拉法基非洲并表，海外业务贡献显著，单三季度海外收入约 13 亿元人民币，净利润约 3.68 亿元人民币。 国内市场水泥产量下降 5.2%，华新水泥国内销量略有下降，但价格有 所提升，前三季度国内均价为 255 元，同比增加 10 元，累计销售 4,400 万吨。 公司上调了今年和明年的业绩指引及目标市值，计划通过技改和扩张产 能增强竞争力，并持续推进海外业务，如尼日利亚 1,000 万吨产能项目， 预计将持续贡献收益。 2025 年三季度业绩超预期，受益于汇率稳定、骨料销量增长及混凝土 毛利改善，骨料业务前三季度实现双位数增长，单三季度销量同比增长 超过 20%。 公司预计 2025 年利润接近 30 亿元，高于原来的 26 亿元预期；2026 年利润预期为 35 亿元；后年可能达到 40 亿元，海外业务量价均保持双 位数增长，并通过优化重点区域布局提升均价。 Q&A 华新水泥在 2025 年第三季度的业绩表现如何？ 华新水泥在 2025 年第三季度的业绩表现超预期。公司前三季度营收达到 250 ...

"获得国家级绿色工厂认证，相当于手持一张权威的绿色名片，有助于企业在市场中脱颖而出，吸引更 多认可绿色低碳生产的客户。"英发睿能总裁办ESG部长蒲易告诉中国证券报记者。 在政策支持、市场推动下，近年来各地企业申报绿色工厂积极性不断提升，2024年全国新增国家级绿色 工厂1382家，累计达6430家，带动地方累计梯度培育省市层面绿色工厂1.6万余家。 为推进制造业绿色低碳发展，近日，工信部发布《关于开展2025年度绿色工厂推荐工作的通知》。业内 人士表示，今年的申报工作虽然手续变简单了，但实质性要求更高了，要求企业用真实数据说话。在推 动绿色低碳转型过程中，制造业企业未来还需提升数智化管理水平、应用绿色低碳技术。 ● 本报记者 郑萃颖 申报要求更新 英发睿能正在积极申请绿色工厂认证。在四川宜宾，得益于屋顶光伏与当地丰富的水电，英发睿能旗下 的英发德耀工厂，在2024年将可再生能源使用率提升至60%。截至2024年底，英发睿能累计实施节能技 改项目200余项，帮助减少生产过程二氧化碳排放约8602吨。 蒲易发现，2025年的绿色工厂申报流程呈现出更为简便的特征，例如《通知》提到，企业登录工业节能 与绿色发展管理平 ...

Group 1 - The A-share market is showing resilience amid a complex environment, with a focus on AI technology, cyclical stocks, and large-cap blue chips as key investment directions [1] - The overall liquidity in the domestic market is balanced and slightly loose, leading to a structural market driven by liquidity, with significant trading volume in Q3 [1] - The Hang Seng Index and the US dollar index have a typical negative correlation, with the weakening dollar supporting the Hong Kong stock market [2] Group 2 - Two types of equity assets are highlighted for their investment value: high-dividend blue-chip stocks and high-growth stocks in sectors like renewable energy and AI [2] - The technology sector is expected to see structural opportunities, particularly in AI and robotics, as the government continues to promote technological innovation [3] - The bond market is anticipated to remain volatile, with a focus on defensive strategies and potential opportunities in credit bonds due to a favorable supply-demand dynamic [4]

Core Viewpoint - The enthusiasm for applying for green factory certification has increased significantly across various regions, with 1,382 new national-level green factories added in 2024, bringing the total to 6,430, and over 16,000 local green factories cultivated [1][4] Summary by Sections Application Requirements Update - The application process for green factory certification has been simplified, allowing companies to self-evaluate without needing third-party reports, thus reducing economic and time costs [2][3] - The new evaluation criteria have been streamlined to five primary indicators, down from 92 secondary indicators to 14, focusing on quantitative assessments [2][3] Increased Evaluation Standards - The weight of the "energy low-carbonization" indicator is set at 30%, requiring companies to conduct thorough assessments of energy consumption and carbon emissions [3] - The shift from qualitative to quantitative evaluation means that companies must provide solid performance data to succeed in their applications [3] Dynamic Management of Existing Green Factories - Existing national green factories will be subject to dynamic management, with those scoring in the bottom 5% for three consecutive years being removed from the list [3] - Companies found to have falsified data will be banned from reapplying for three years [3] Incentives for Application - Local governments are providing financial incentives ranging from 200,000 to 1,000,000 yuan for successful green factory applications, significantly lowering transformation costs [4] - Financing options such as special credit limits and lower interest rates for green factories are available, reducing financing costs by 1-2 percentage points compared to traditional channels [4] Benefits of Green Factory Certification - Achieving green factory status can enhance a company's market competitiveness and ESG ratings, as well as open up government procurement opportunities [5] - The transition to green manufacturing can lead to substantial cost savings through energy-efficient technologies and optimized resource use [5] Technological Innovation and Digital Management - Companies are increasingly adopting innovative technologies and digital management systems to facilitate their green transformation [6][7] - The integration of digital platforms for energy management is becoming crucial for accurate data collection and reporting, which is essential for green factory evaluations [7] Cost Management Strategies - Companies are encouraged to explore local incentive policies to cover initial investment costs and prioritize projects with high return on investment [8] - Establishing comprehensive management systems and preparing for sustainability reporting can enhance a company's readiness for green factory certification [8]

作为国民经济的重要基础产业，建材行业的持续健康发展，为我国工业增长提供了重要支撑。近年来， 受下游需求影响，以水泥、玻璃为代表的建材产品价格下跌，行业亏损面扩大，市场结构性问题凸显。 近日，工信部等六部门印发《建材行业稳增长工作方案（2025—2026年）》，提出力争未来两年内建材 行业盈利水平有效提升，2026年绿色建材营业收入超过3000亿元，绿色低碳和数字化发展水平明显提 高，为行业发展指明了方向。 围绕《工作方案》，建材行业从政策端到企业端多措并举，通过严格产能调控、培育新兴市场、加快绿 色生产等方式向高质低碳方向稳步迈进。 严控产能应对低迷市场 "2024年国内水泥全行业利润为266亿元，较2019年历史高点（1867亿元）下降约九成。当前需求规模已 回落至2010年前水平，行业面临重构竞争秩序、回归良性发展的迫切任务。"海螺水泥相关负责人接受 证券时报记者采访时称，当前水泥企业正面临实现"双碳"目标、化解产能过剩与应对市场需求疲软等多 重挑战。受房地产投资下行与基建增速放缓影响，2025年1月至9月国内水泥产量仅为12.59亿吨，同比 下降达5.2%。 延续2024年的低迷，2025年以来，我国水 ...

[Table_Title] 解密非洲隐形冠军——扬帆非洲系列 行业研究丨深度报告丨建材 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 非洲是建材品类产能出海的沃土，能够带来第二成长曲线的市场，本文从发展潜力、代表性国 家、建筑公司等视角尝试分析非洲市场的投资机会，在美元弱势背景下非洲经济增长有望加速。 非洲本土代表性龙头为华新水泥&西部水泥、科达制造、乐舒适等，其中非洲建材龙头成长较快 且盈利较高，一是建材企业由于出海难度更大且时间更晚，当前市占率较低；二是水泥、玻璃、 瓷砖均为重资产且短腿行业，卡位优势尤其重要，一旦占据足够市场份额，形成较优的竞争格 局，容易形成较优盈利水平。重点推荐华新水泥、科达制造等。 分析师及联系人 [Table_Author] SAC：S0490513080001 SAC：S0490518080002 SFC：BQK473 范超 张佩 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research.95579.com 2 [Table_Title2] 解密非洲隐形冠军——扬帆非洲系 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 25.2 CNY [4]. Core Insights - The company reported a significant increase in profitability, with a net profit of 2.003 billion CNY for the first three quarters of 2025, representing a year-on-year growth of 76.01%. The net profit for Q3 alone was 900 million CNY, showing a remarkable increase of 120.73% year-on-year [2][3]. - The revenue for the first three quarters of 2025 reached 25.032 billion CNY, a slight increase of 1.27% year-on-year, with Q3 showing a notable acceleration in revenue growth at 5.95% year-on-year. This growth is attributed to improved performance in overseas cement business and the consolidation of Nigerian assets starting in September [1][2]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 8.986 billion CNY, up 5.95% year-on-year, and a net profit of 900 million CNY, up 120.73% year-on-year. The net profit margin for Q3 was 12.30%, reflecting a significant improvement from previous quarters [1][2]. - The gross margin and net margin for the period were 29.50% and 10.01%, respectively, both showing year-on-year increases [2]. Future Outlook - Despite the domestic cement demand being in a downward trend, the company exhibits strong resilience. The ongoing international expansion and the integration of high-margin aggregate business are expected to enhance future profitability. The revenue forecasts for 2025-2027 are projected at 36.027 billion CNY, 39.343 billion CNY, and 42.837 billion CNY, with respective year-on-year growth rates of 5.29%, 9.21%, and 8.88% [3]. - The expected net profits for the same period are 3.019 billion CNY, 3.496 billion CNY, and 3.882 billion CNY, with year-on-year growth rates of 24.93%, 15.82%, and 11.03% [3].

Investment Rating - The report does not explicitly state an investment rating for the construction and decoration industry. Core Insights - High-quality development, expanding domestic demand, and comprehensive rectification of "involution" competition are key themes for the 14th Five-Year Plan. The report emphasizes the importance of a strong domestic market as a strategic support for modernization in China. It suggests that construction companies will adopt a mindset focused on cash flow and profitability rather than just revenue growth [1][2]. - As of September 2025, fixed asset investment decreased by 0.5% year-on-year, while infrastructure investment (excluding electricity) increased by 1.1%. Real estate investment saw a significant decline of 13.9% year-on-year, and manufacturing investment grew by 4.0% [1][2]. - The report indicates that infrastructure investment is expected to remain stable during the 14th Five-Year Plan period despite current challenges [2]. Market Performance - During the week of October 20-24, 2025, the construction index rose by 2.91%, and the building materials index increased by 1.60%, while the Shanghai Composite Index rose by 2.88%. Year-to-date, the construction index has increased by 9.76%, ranking 19th out of 30 industries, and the building materials index has risen by 18.69%, ranking 12th [3][8]. - The report highlights that the market is becoming more active, particularly for low-growth, low-valuation, and low-holding construction and building materials sectors, especially heavyweight stocks [3][8]. Special Bonds and Funding Status - As of October 24, 2025, a total of 1,123.61 billion yuan in new local government special bonds were issued during the week, a week-on-week increase of 459.27%. The cumulative issuance for the year reached 38,096.76 billion yuan, a year-on-year increase of 0.22% [2][19]. - The report notes that the funding availability rate for construction sites was 59.62%, with non-residential projects at 61.06% and residential projects at 52.76% [24]. Cement Industry Data - The national average cement price as of October 23, 2025, was 263.5 yuan per ton, reflecting a week-on-week increase of 0.8% but a year-on-year decrease of 17.8%. The report anticipates that cement prices will continue to fluctuate [35][39]. - Cement production from January to September 2025 totaled 1.259 billion tons, a year-on-year decrease of 5.2%, with September's production down 8.6% compared to the previous year [49][55]. Key Company Orders and Valuation - The report suggests focusing on major construction blue-chip stocks such as China Railway, China Communications Construction, and China State Construction, as well as companies involved in overseas projects and those benefiting from domestic demand [3][8]. - The current price-to-earnings ratios for the construction and building materials sectors are 9.46 and 21.72, respectively, indicating that the construction sector is at a historically low valuation level [3][14].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is experiencing weak fundamentals, with expectations for more supportive real estate policies [1] - The recent Central Committee meeting emphasized the importance of building a strong domestic market and enhancing effective investment, which could positively impact the construction materials sector [2] - The report highlights the potential for recovery in municipal engineering projects and the positive changes in supply-side dynamics for cement and glass industries [2] Summary by Sections Market Overview - From October 20 to October 24, 2025, the construction materials sector (SW) rose by 0.40%, with cement and glass manufacturing declining by 0.72% and 0.89%, respectively, while fiberglass manufacturing increased by 3.37% [1][12] - The net inflow of funds into the construction materials sector was +415 million yuan during this period [1] Cement Industry Tracking - As of October 24, 2025, the national cement price index was 343.65 yuan/ton, with a week-on-week increase of 0.13% [17] - The total cement output for the week was 2.616 million tons, up 3.46% from the previous week [17] - The capacity utilization rate for cement clinker kilns was 63.75%, reflecting a week-on-week increase of 9.39 percentage points [17] Glass Industry Tracking - The average price of float glass as of October 23, 2025, was 1243.68 yuan/ton, down 4.40% from the previous week [5] - The inventory of raw glass in 13 provinces increased by 2.9 million heavy boxes week-on-week, indicating a growing supply [5] Fiberglass Industry Tracking - The price of non-alkali fiberglass remained stable, with demand showing slight improvement [6] - The average price of electronic fiberglass was stable, with high-end products experiencing tight supply [6] Carbon Fiber Industry Tracking - The carbon fiber market price remained stable, with a production volume of 1857 tons and an operating rate of 61.69% [7] - The industry continues to face challenges with a negative gross margin, indicating ongoing losses for many companies [7] Key Stocks - Recommended stocks include: - Beixin Building Materials (Buy) [8] - Weixing New Materials (Overweight) [8] - Sankeshu (Buy) [8] - China Jushi (Buy) [8] - Yinlong Co. (Buy) [8] - Puren Co. (Buy) [8]

Investment Rating - The report maintains a positive outlook on overseas expansion opportunities, particularly in Africa, and highlights the potential for significant contributions from companies like Huaxin Cement and China National Materials [3][12] Core Viewpoints - The report emphasizes the growing foreign direct investment (FDI) inflow in Africa, with notable increases in Zambia and Mozambique for 2024, and a consistent growth trend in Tanzania from 2021 to 2024 [3][12] - The report expresses optimism regarding AI-driven new materials, anticipating that leading companies will actively expand production to meet high demand [3][13] Summary by Sections Weekly Discussion - The report notes that the focus on overseas performance is expected to rise, particularly with the recent quarterly reports from Huaxin Cement and China National Materials, indicating strong overseas order performance [3][12] - It highlights positive currency exchange trends in Africa, with significant appreciation in currencies like the Tanzanian shilling and Nigerian naira during Q3 [3][12] Cyclical Linkage - Cement prices averaged 348 RMB/t this week, down 63 RMB/t year-on-year but up 1 RMB/t month-on-month, with an average national shipment rate of 45.1% [4][14] - The report indicates a decline in glass prices, with the average price for float glass at 1243.68 RMB/ton, down 4.40% from the previous week [4][14] Market Performance - The construction materials index decreased by 0.60% this week, with specific segments like glass manufacturing and cement manufacturing showing declines of 1.82% and 1.90%, respectively [17] - The report notes that the domestic concrete mixing station's capacity utilization rate was 7.23%, reflecting a slight decrease [4][14] Price Changes in Construction Materials - The report details that the national cement market price increased by 0.4% this week, with price adjustments in regions like Guizhou and Jiangsu [24][27] - Float glass prices have shown a downward trend, with the average price dropping significantly due to increased inventory levels [40][53] Fiber and Carbon Fiber Market - The report states that the domestic price for 2400tex alkali-free winding direct yarn remains stable at 3524.75 RMB/ton, with no significant changes observed [60] - The carbon fiber market price is reported to be stable at 83.75 RMB/kg, supported by low raw material prices [67][70]