%% %% 港股研究丨公司深度丨华润建材科技（1313.HK） [Table_Title] 华南水泥翘楚，坐拥反转弹性 丨证券研究报告丨 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 华南区域当前受房地产投资环境影响，水泥需求阶段性承压，但是中周期来看，大湾区建设提 供中期建设动能。 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 2.08, based on its valuation and growth potential [4]. Core Views - The company is a leading cement producer in South China, benefiting from both traditional and new building materials, with cement revenue accounting for 60-80% of total income [1][11]. - The company has expanded its aggregate and new material business since 2021, with aggregate revenue contributing HKD 1.62 billion and gross profit of HKD 880 million in 2023, indicating a growing segment [1][3]. - The report highlights the potential for profit recovery in the cement sector due to recent price increases in the Guangdong and Guangxi regions, following a period of declining prices [2][4]. Summary by Sections Company Overview - The company, known as China Resources Cement Holdings, has a total share capital of approximately 6.98 billion shares and a market capitalization of about HKD 10.40 billion [1]. - The company has a debt-to-asset ratio of 36.89% and a net asset value per share of HKD 6.94 [1]. Cement Market Analysis - The demand for cement in Guangdong is expected to grow, supported by infrastructure projects and a rebound in fixed asset investments, with a projected increase in construction activities [2][23]. - The supply side has seen a significant increase in clinker capacity in Guangxi, with a total of 24.64 million tons added from 2020 to 2023, leading to a more concentrated market [2][24]. - The report notes that the price of cement in the region has been recovering since June 2023, indicating a potential for improved profitability [2][4]. Non-Cement Business - The company has made significant investments in aggregate production, with a total capacity of 92.5 million tons and sales of over 45 million tons in 2023, contributing to its revenue growth [3][13]. - The company has diversified its business into new materials, establishing a solid foundation for long-term transformation [3][11]. Financial Projections - Revenue projections for 2024-2026 are estimated at HKD 23.32 billion, HKD 23.69 billion, and HKD 25.04 billion, respectively, with a forecasted net profit of HKD 860 million, HKD 1.23 billion, and HKD 1.52 billion [4][7]. - The company maintains a high dividend payout ratio of 45-50% over the past five years, with a current price-to-book (PB) ratio of 0.26, indicating strong valuation appeal [4][7].

रव 華潤建材科技控股有限公司 China Resources Building Materials Technology Holdings Limited (於開曼群島註冊成立之有限公司) (incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code:1313 Interim Report 中期報告 公平局建材料技 公司簡介 CORPORATE PROFILE 苹滑建材科技控股有限公司(前稱華潤水泥控股有限公司)於二零零三年三月十三日根據開曼群島公司法在開曼群 島註冊成立為一家獲豁免的有限公司·並為華潤集團所有水泥及混凝土業務的控股公司 ○ 本公司曾於二零零三年七月二十九日以介紹形式在香港聯合交易所有限公司主板上市。於二零零六年,本公司被 華潤(集團)有限公司私有化成為順創投資有限公司(現稱華潤集團(水泥)有限公司)的全資附屬公司,並於二零零 六年七月二十六日撤銷其股份在聯交所的上市地位。 本公司於二零零九年十月六日以全球發售形式重新於聯交所主板上市。於二零二三年十一月三日，本公司由華潤 水泥控股有限公司更名為華潤建材 ...

Investment Rating - Maintains an "Overweight" rating for Huarun Construction Materials Technology (1313) [2][4] Core Views - The company's cement business shows resilience with stable profitability at the bottom, and the price recovery in Guangdong and Guangxi regions is expected to boost price and profit expectations for the second half of 2024 [4] - The aggregate business continues to grow rapidly, with accelerated capacity release, contributing to a new profit growth point [4] - The company's cement shipments outperformed the industry, with a 2% year-on-year decline in H1 2024, compared to a 10% decline in national cement production [5] - Cement profitability may have bottomed out, with a slight recovery in Q2 2024, and the implementation of price recovery in Guangdong and Guangxi is expected to support profit recovery in Q3 2024 [5] - The aggregate business maintained high growth, with shipments increasing by 107% year-on-year in H1 2024, and the company's aggregate capacity is expected to reach 136 million tons after the release of under-construction capacity [5] Financial Performance - In H1 2024, the company reported revenue of RMB 10.312 billion, a year-on-year decrease of 13.9%, and net profit attributable to shareholders of RMB 166 million, a year-on-year decrease of 70.2% [5] - In Q2 2024, the company's revenue was RMB 5.467 billion, with net profit attributable to shareholders of RMB 195 million, in line with previous forecasts [5] - The average price of cement and clinker in H1 2024 was RMB 238 per ton, with a cost of RMB 210 per ton, resulting in a gross profit of RMB 29 per ton [5] - The aggregate business achieved shipments of 29.5 million tons in H1 2024, with an average price of RMB 36.8 per ton and a gross profit of RMB 14.5 per ton [5] Market Data - The current stock price is HKD 1.56, with a 52-week range of HKD 1.05 to HKD 2.74 [6] - The current market capitalization is HKD 10.893 billion, with 6.983 billion shares outstanding [6] Historical Financial Summary - Revenue in 2021 was HKD 43.963 billion, decreasing to HKD 26.894 billion in 2024E [7] - Net profit in 2021 was HKD 7.767 billion, decreasing to HKD 1.002 billion in 2024E [7] - The PE ratio is expected to decrease from 15.34 in 2023 to 10.87 in 2024E [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 (於開曼群島註冊成立之有限公司) （股份代號：1313） 二零二四年中期業績公告 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|------------------------------------------------------|------------------------------------------|----------------| | | 截至六月三十日止六個月 \n二零二四年 \n( 未經審核 ) | 二零二三年 \n( 未經審核 ) ( 經重列 ) | ( 減少 ) | | 營業額 （人民幣百萬元） | 10,311.7 | 11,974.6 | (13.9)% | | 本公司擁有人應佔盈 ...

证券研究报告 华润建材科技 (1313 HK) 港股通 供给侧优化,催化盈利和估值修复 华泰研究 更新报告 2024 年 7 月 14 日│中国香港 水泥 | --- | --- | |-------------------------------|----------------------| | 投资评级(维持): | 买入 | | 目标价(港币): | 3.75 | | 研究员 SAC No. S0570519110002 | 龚劼gongjie@htsc.com | | SFC No. BHG354 | +(86) 21 2897 2095 | | 研究员 | 方晏荷 | | SAC No. S0570517080007 | fangyanhe@htsc.com | | SFC No. BPW811 | +(86) 755 2266 0892 | 1H24 业绩预告弱于预期,但最困难的阶段可能已经渡过 华润建材科技发布 1H24 业绩预告,预计期间归母净利润同比-65%~-70%, 隐含 2Q24 归母净利润同比 1.96~2.24 亿元,同比-66%~-70%%,低于市场 预期(Visible Al ...

股 票 研 究 华润建材科技(1313) 评级: 增持 [当前价格 Table_CurPrice] :(港元) 1.44 华南复价验证区域格局,盈利与估值或修复 ——华润建材科技更新报告 | [table_Authors] 鲍雁辛 ( 分析师 ) | 花健 祎 ( 分析师 ) | 巫恺洋 ( 研究助理 ) | |-----------------------------------------|------------------------|---------------------------| | 0755-23976830 | 0755-23976858 | 0755-23976666 | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读: 广西水泥前期提价落实情况良好,两广市场盈利有望企稳回升,公司作为两广区域龙 头充分受益,有望迎来盈利及估值修复。 投资要点: 维持"增持"评级。伴随区 ...

建材 华润建材科技(1313) 评级: 增持 [当前价格 Table_CurPrice] :(港元) 1.44 2024.06.26 股 票 研 究 华南复价验证区域格局,盈利与估值或修复 ——华润建材科技更新报告 | [table_Authors] 鲍雁辛 ( 分析师 ) | 花健 祎 ( 分析师 ) | 巫恺洋 ( 研究助理 ) | |-----------------------------------------|------------------------|---------------------------| | 0755-23976830 | 0755-23976858 | 0755-23976666 | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读: 广西水泥前期提价落实情况良好,两广市场盈利有望企稳回升,公司作为两广区域龙 头充分受益,有望迎来盈利及估值修复。 投资要点 ...

海 外 研 证券研究报告 究 ＃industryId＃ 水泥 ＃investSuggestion＃ ＃01313 .HK ＃华dy润Com建pa材ny＃科 技 港股通（沪/深） dyStockco ＃ 买入 ( i维nve持stS ） d e＃ 水 泥销量逆势＃提title＃升 ，骨料放量 uggesti on gC e＃ ha n ＃createTime1＃ 2024年 5月 6日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 事件：公司披露Q1业绩：营收同比下降5.6%至47.9亿元（单位人民币，下同）， 司 日期 20240506 归母净利润亏损2887万元。 跟 收盘价（港元） 1.37 踪 总股本（亿股） 70 点评：传统淡季&南方雨季频繁，水泥需求更弱，Q1行业基本处于亏损状态。 报 流通股本（亿股） 70 ——量：更注重份额保持，Q1公司出货量表现优于行业。全国水泥Q1产量同比 告 净资产（亿元） 487 -11.8%，公司水泥&熟料出货量同比+5.2%至1303万吨，广东出货量同比+9.1%， 总资产（亿元） 803 广西出货量同比基本持平。 每股净资产（元） 6.97 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 (於開曼群島註冊成立之有限公司) （股份代號：1313） 截至二零二四年三月三十一日止三個月 之未經審核財務資料 | --- | --- | --- | --- | --- | --- | |--------------------------------------------------|------------------------------------------------------------------------------------|---------------------------|-----------------------------|-----------------------------------------------------|-----------------| | | | | | | | | | | | | | | | | | （未經審核） | 二 ...