炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券之星 2025年12月，天山股份（000877.SZ）接连迎来"重击"，进一步暴露了其在行业深度调整期所面临的现 实困境。 12月15日，公司正式被调出深证100指数样本股。尽管这一调整在资本市场上并未激起过多波澜，但对 这家市值已较峰值缩水超70%、连续四年净利润下滑、且于2024年由盈转亏的水泥行业龙头而言，被指 数剔除更像是其持续下行的必然结果。 证券之星注意到，就在此次调整生效前夕，公司还密集披露了两项重大事项：一是计划挂牌转让旗下9 条水泥熟料生产线的产能指标，被市场解读为"断臂求生"的资产收缩信号；二是其子公司因税务问题需 补缴税款及滞纳金超过6100万元，暴露出内部管控可能存在缺陷。 01． 深证100"调出"，样本股光环不再 近日，深交所及深圳证券信息有限公司发布公告，根据指数编制规则，对深证成指、创业板指、深证 100、创业板50等深市指数实施样本定期调整，此次调整于2025年12月15日实施。其中，深证100更换7 只样本股，天山股份与山西焦煤、晶澳科技、晶盛机电、泰格医药、康龙化成、卓胜微一同被调出，藏 ...

（文章来源：证券日报） 证券日报网讯 12月19日，天山股份在互动平台回答投资者提问时表示，中材水泥作为公司海外投资运 营平台，目前在突尼斯、赞比亚、尼日利亚、蒙古国共计拥有水泥产能350万吨、熟料产能285万吨、商 混产能20万方、骨料产能360万吨、烧结砖产能6000万块。未来，公司将力推重点项目落地，持续拓展 国际市场。 ...

业绩方面，天山股份近期压力显现，2024年扣除非经常性损益后净亏损22.52亿元。2025年前三季度，该公司实现营收549.38亿元，同比减少10.64%；净 亏损11.81亿元，扣除非经常性损益后净亏损15.68亿元。 （来源：深圳商报） 12月5日盘后，天山股份公告称，公司子公司根据企业自查情况，需补缴税款及滞纳金共计约6185.58万元。截至本公告披露日，子公司已将上述税款及 滞纳金缴纳完毕，本次涉税事项不涉及行政处罚。 天山股份表示，根据《企业会计准则第28号——会计政策、会计估计变更和差错更正》相关规定，上述补缴税款及滞纳金事项不属于前期会计差错，不 涉及前期财务数据追溯调整。子公司补缴上述税款及滞纳金将计入2025年当期损益，预计将影响公司2025年度净利润约6185.58万元，最终以2025年度经 审计的财务报表为准。本事项不影响公司的正常经营，敬请广大投资者注意投资风险。 公开资料显示，天山股份于1999年在深交所上市，主营水泥、商混、骨料的制造与销售。 Choice数据显示，截至2025年9月30日，天山股份应收账款为302亿元，同比减少6.26%；资产负债率为65.96%，同比下滑2.13 ...

Core Viewpoint - Western Cement (02233) has seen a nearly 6% increase in stock price, attributed to its strategic international expansion plans, particularly in Africa and emerging markets [1] Group 1: Company Developments - Western Cement's stock rose by 5.49% to HKD 2.89, with a trading volume of HKD 144 million [1] - The company signed agreements with the Mozambique Ministry of Economy during the China (Shaanxi) - Mozambique Investment Promotion Conference in Xi'an [1] - Western Cement aims to establish itself as a leader in the cement and building materials industry in Africa while also expanding into Central Asia and Southeast Asia [1] Group 2: Financial Insights - According to Guotai Junan, Western Cement's overseas gross profit per ton is projected to reach RMB 288, significantly higher than the domestic gross profit of RMB 42 per ton [1] - The company plans to sell its Xinjiang cement assets for RMB 1.65 billion, which will help alleviate debt pressure and support its overseas expansion efforts [1] - Upcoming projects include new construction in Uganda, acquisitions in the Democratic Republic of the Congo, production lines in Zimbabwe, and a production line in northern Mozambique, with future plans for Angola [1]

Core Insights - The company reported a revenue of 133.4 billion, a year-on-year decrease of 1%, while net profit attributable to shareholders improved significantly to 2.96 billion from a loss of 0.68 billion in the same period last year [1] Cement Sector - Tianshan shares experienced a slight reduction in losses in Q3 2025, with a sales volume of 144.1 million tons, down 12.8% year-on-year, indicating a greater decline than the industry average [2] - The company's Q3 revenue was 18.96 billion, a year-on-year decrease of 12.9%, while net profit was -0.26 billion, a year-on-year increase of 22.6% [2] Engineering Sector - China National Materials International's Q3 2025 performance remained stable year-on-year, with a revenue of 32.998 billion, a 3.99% increase, and a net profit of 2.074 billion, a 0.68% increase [3] - The Q3 revenue was 11.322 billion, a year-on-year increase of 4.48%, while net profit decreased by 1.18% to 0.653 billion [3] New Materials Sector - China National Materials Technology reported a net profit of 0.48 billion in Q3 2025, a year-on-year increase of 235% [3] - The main business faced challenges due to credit impairment losses in blade business and a temporary decline in fiberglass prices, although prices began to rise in September [3] Gypsum Board Sector - BNBM's gypsum board business faced short-term pressure, with a revenue decline of 2.25% year-on-year for the first three quarters, and a Q3 revenue drop of 6.20% [4] - The company expects revenue growth in waterproof and paint businesses due to its state-owned enterprise background and resource advantages [4] - Q3 net profit was 0.657 billion, a year-on-year decline of 29.47% [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8][9]. Core Views - The company reported a revenue of 133.4 billion, a year-on-year decrease of 1%, while the attributable net profit was 2.96 billion, showing significant improvement compared to a loss of 0.68 billion in the same period last year. The estimated attributable net profit for Q3 2025 is 1.6 billion, up 20% from 1.33 billion in the same period last year [2][4]. Segment Summaries 1. **Cement Segment**: The company experienced a slight reduction in losses in Q3 2025. The national cement production for the first three quarters of 2025 was 1.259 billion tons, down 5.2% year-on-year. The company’s sales of cement and clinker were 144.1 million tons, a decrease of 12.8% year-on-year, indicating a more significant decline than the industry average. The single-quarter revenue for Q3 2025 was 18.96 billion, down 12.9% year-on-year, with a net profit of -0.26 billion, an increase of 22.6% year-on-year [5][6]. 2. **Engineering Segment**: The engineering business showed stable growth, with a total revenue of 32.998 billion for the first three quarters of 2025, up 3.99% year-on-year. The Q3 2025 single-quarter revenue was 11.322 billion, a year-on-year increase of 4.48%, while the net profit was 0.653 billion, down 1.18% year-on-year [6]. 3. **New Materials Segment**: The new materials segment reported a net profit of 0.48 billion in Q3 2025, a year-on-year increase of 235%. The main business saw some marginal changes, with a decrease in prices for fiberglass yarn. However, there was an improvement in the AI electronic cloth business due to increased demand and better yield rates, resulting in a net profit margin of approximately 5.7%, up 3.5 percentage points year-on-year [6][7]. 4. **North New Materials**: The gypsum board business faced short-term pressure, with a revenue decline of 2.25% year-on-year for the first three quarters of 2025, and a 6.20% decline in Q3. Despite this, the waterproof business is expected to maintain growth due to the company's strong background and funding advantages [7].

Summary of Tianshan Cement Conference Call Company Overview - Tianshan Cement is a leading national cement company in China, benefiting from the industry's anti-competition trend and supply-side reform policies, particularly the requirement to address overproduction by the end of 2025 [2][3][12]. Key Points and Arguments Industry Dynamics - The cement industry has entered a downward phase since the peak in 2020-2021, with cumulative demand expected to decline by 23% by the end of 2024 [9]. - The demand structure is shifting, with infrastructure becoming the main driver of cement demand, replacing real estate [10][11]. - The industry faces challenges such as internal competition and the need for capacity reduction, with policies in place to enforce production limits [13][14][15]. Company Performance - Tianshan Cement's clinker sales have declined in line with the industry, with a compound annual growth rate of -10.8% from 2021 to 2024 [18]. - Despite a drop in sales price from 360 RMB to approximately 250 RMB, the company maintained a competitive average price of 247 RMB per ton, second only to Huaxin Cement [18]. - In 2025, the company achieved a significant turnaround in Q2, reporting a profit of 572 million RMB, a year-on-year increase of nearly 140% [19]. Financial Health - The company has a stable financial position, with a decreasing debt-to-asset ratio and low financing costs, averaging 2.61% in 2024 [22]. - Tianshan Cement has committed to a dividend payout ratio of no less than 50% from 2025 to 2027, ensuring shareholder returns [23]. Cost Management and Efficiency - The company is implementing cost reduction measures, including increasing self-sufficiency in limestone and optimizing management, resulting in a decrease in unit costs [21]. - The average unit cost decreased by 23 RMB in 2024, while the average price per ton increased by 13 RMB in the first half of 2025 [20]. Growth Strategies - Tianshan Cement is expanding its non-clinker business, which has increased from 12% in 2020 to 37% in the first half of 2025, enhancing the overall stability of its operations [8]. - The company is also developing its overseas business, with a compound annual growth rate of nearly 21% from 2021 to 2024, and a significant increase in revenue in 2025 due to new projects [27]. Additional Important Insights - The company’s valuation is currently at a historical low, with a price-to-book (PB) ratio of 0.5, compared to the industry average of 0.74 [3][28]. - The market perception is cautious, with concerns about continued demand decline and high costs, but the company’s management believes in the potential for recovery through cost control and policy execution [29][30]. - The company’s strong shareholder structure, with nearly 90% held by the top ten shareholders, provides it with valuation flexibility [6]. Conclusion - Tianshan Cement is positioned to benefit from industry reforms and has demonstrated resilience through effective cost management and strategic expansion. The company’s financial health and commitment to shareholder returns further enhance its attractiveness as an investment opportunity.

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by overseas expansion and increased sales volume [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 5.42 billion, a year-on-year increase of 46%, and a net profit of 750 million, up 93% [1] - The total sales volume reached 10.82 million tons, representing a 23.6% increase year-on-year, with aggregate sales of 2.23 million tons, up 39.4%, while commercial concrete sales decreased by 4.6% [1] - Domestic market sales volume declined by 8.3% to 6.65 million tons, but the average selling price increased by 4.1% to 280 per ton, resulting in a gross profit of 64 per ton [1] - Overseas sales volume surged by 178% to 4.17 million tons, with an average selling price of 486 per ton, leading to a gross profit of 181 per ton [1] Group 2: Market Segmentation - Revenue from the Chinese market was 3.07 billion, while overseas revenue accounted for 2.35 billion, contributing to an overall gross profit of 1.63 billion [1] - The company’s domestic gross profit was 680 million, while overseas gross profit reached 950 million [1] Group 3: Capacity Integration and Expansion - The company announced the acquisition of 1.2 million tons of cement capacity in Congo and the sale of all operations in Xinjiang to Conch Cement, totaling 3.5 million tons of cement capacity [2] - As of H1 2025, the domestic cement production capacity was 28.5 million tons, with 17 production lines, while overseas capacity was 13.6 million tons across 7 production lines [2] - The company expects to increase its overseas cement capacity to 14.8 million tons following the completion of the acquisition of the CILU cement plant in Congo [2] Group 4: Market Outlook - The African cement market presents significant growth potential and higher profitability compared to the domestic market, positioning it as a new blue ocean for domestic enterprises [2] - The company has multiple ongoing and planned projects in Africa, which are expected to contribute to substantial performance growth once operational [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, achieving revenue of 5.42 billion and a net profit of 750 million, representing year-on-year growth of 46% and 93% respectively [2][4]. - The company experienced substantial growth in overseas markets, with overall sales volume increasing by 23.6% to 10.82 million tons, while aggregate sales volume rose by 39.4% to 2.23 million tons [4]. - The company is actively pursuing capacity integration, including the acquisition of 1.2 million tons of cement capacity in Congo and the sale of its Xinjiang operations, totaling 3.5 million tons of cement capacity [4]. - The company anticipates continued expansion in overseas markets, particularly in Africa, which presents significant growth potential and higher profitability compared to domestic markets [4]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved revenue of 5.42 billion, with 3.07 billion from the Chinese market and 2.35 billion from overseas markets. The overall gross profit was 1.63 billion, with domestic gross profit at 680 million and overseas gross profit at 950 million [4]. Sales Volume Analysis - Domestic sales volume decreased by 8.3% to 6.65 million tons, while the average selling price increased by 4.1% to 280 per ton, resulting in a gross profit of 64 per ton. In contrast, overseas sales volume surged by 178% to 4.17 million tons, with an average selling price of 486 per ton, leading to a gross profit of 181 per ton [4]. Capacity Expansion - The company has a total domestic cement production capacity of 28.5 million tons across 17 production lines, with significant capacities in Shaanxi, Guizhou, and Sichuan. The overseas production capacity stands at 13.6 million tons across 7 production lines, with ongoing projects expected to increase this capacity to 14.8 million tons [4]. Future Outlook - The company projects earnings of 1.4 billion and 1.9 billion for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 9 and 7 times, indicating a positive outlook for future performance [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported a significant improvement in profitability, with a notable increase in net profit by 31.34% year-on-year for the first half of 2025, despite a revenue decline of 9.38% [4] - The company's main business revenue showed positive growth, with a 2.31% increase in main business revenue, even as overall revenue decreased [4] - The company is expected to maintain a leading position in profitability within the industry, with projected net profits for 2025-2027 being 95.11 billion, 102.96 billion, and 113.99 billion respectively [4] Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved revenue of 412.92 billion yuan, down 9.38% year-on-year, while net profit reached 43.68 billion yuan, up 31.34% [4] - The second quarter saw revenue of 222.40 billion yuan, a decrease of 8.24% year-on-year, but net profit increased by 40.26% to 25.57 billion yuan [4] Sales and Market Position - The company’s sales volume for cement clinker was 126 million tons, a decline of 0.35%, which outperformed the industry average [4] - The company’s main business segments, including cement clinker, aggregates, and commercial concrete, generated revenues of 306.58 billion, 21.12 billion, and 15.19 billion yuan respectively [4] Profitability and Cost Management - The company experienced a significant improvement in profitability due to rising sales prices and declining costs, with gross profit margin increasing from 21.8% to 28.7% [4] - The average revenue per ton of cement clinker increased by 4 yuan to 244 yuan, while the cost per ton decreased by 14 yuan to 174 yuan [4] Strategic Initiatives - The company is expanding its business through new projects and acquisitions, including a successful contract in Xinjiang and ongoing overseas projects that have enhanced its market competitiveness [4] - The company has committed to a shareholder return plan, with a mid-term dividend of 0.24 yuan per share, totaling 12.66 billion yuan, representing 29% of the net profit for the first half of the year [4]