自《2024—2025年节能降碳行动方案》深入实施以来，中国塑料管道行业加速推进绿色发展转型，助力 国家稳步迈向实现"双碳"目标。中国联塑作为国内塑管领域的龙头企业，其ESG报告不仅是其可持续发 展战略的体现，更是观察行业低碳转型的重要窗口。 ESG是塑料管道行业"必答题" 对塑管行业来说，ESG是其在高质量可持续发展方向上的"必答题"。 从环境（E）来看，根据《2024年中国城乡建设领域碳排放研究报告》，2022年全国建筑与建筑业建造 碳排放总量占全国能源相关碳排放的48.3%，比例较高。关联到建材领域，塑料管道成为减碳的关键一 环，行业的绿色发展趋势明确。 从社会（S）来看，塑料管道广泛应用于市政给排水、燃气输送、农业灌溉等领域，支撑城镇化进程和 乡村振兴。塑料管道作为国民经济重要的基础产业关乎民生，其发展需要跑在其他行业部门的发展前 面，为它们的可持续发展"保驾护航"。 从公司治理（G）来看，塑料管道行业从高速扩张期转入平稳发展期，行业集中度提升，优化治理结 构、保持创新研发、提升供应链稳定性，是当前企业发展的关键。 因此，塑管企业需要将ESG管理渗透到企业战略与经营的方方面面，而从中国联塑《2024年 ...

目前，本集團已建立了超過30個先進的生產基 地，分佈於中國19個省份及海外國家。本集團擁 有覆蓋全國的廣泛分銷網絡，與2,978名的獨立 獨家一級經銷商建立長期戰略合作關係，能夠及 時及高效地為客戶提供優質豐富的產品和專業的 服務。作為中國管道建材領域產品體系最為齊全 的生產商之一，中國聯塑提供過萬種優質產品， 並廣泛應用於家居裝修、民用建築、市政給水、 排水、能源管理、電力通訊、燃氣、消防、環境 保護、農業及海洋養殖等領域。 洛杉磯(美國) ASEAN 東南亞國家聯盟 Tanzanla 坦桑尼亞 Los Angeles (USA) Shandong 山東 Jiangsu 江蘇 Henan 河南 Anhui 安徽 湖南 Sichuan 四川 Xinjiang Uygur Autonomous Region 新疆維吾爾自治區 Production base(s) 生產基地 Guizhou 貴州 Yunnan 雲南 Hainan 海南 Guangdong 廣東 Zhejiang 浙江 Fujian 福建 Hebei 河北 Jilin 吉林 江西 Gansu 甘肅 Shaanxi 陝西 Hubei 湖北 Hunan ...

那这几家的话,基本上就已经占到了市场的一半以上,那剩余的就是呃呃十万就一万吨到十万吨的这些企业也就呃三百多家,那这些的话就呃非常的零散,可能就只是地方性的一些做的比较大的这些呃公司就一些没有上市的一些公司,然后呃 大部分的企业就是大部分的都是一万吨原产能在一万吨以下的,那这些的话就超过三千多家。这种的话就是一种夫妻作坊,可能他们就只有几条生产线,那他们的一个配置也不会特别完善,他们也不会做一些弯头啊,管件啊,这些的一些配件类的产品,他们就只做只做几处机,就只做这种管管材产品。 所以这种的话他们的一个呃分布就很零散然后他们呃的一个出清啊或者是新进入的就是退出跟进入的成本都非常低因为他们就只需要配置一个呃几处设备吧呃所以这些这个情况的话呃我们预计就是整个数量管道由于他的技术门槛都是很低的所以我们就没办法去控制这些呃比较呃 地产值的这些呃玩家的一个市场因为本身他们进入也也也也也也很简单所以呃总体来说我们认为整个塑料管道的一个情况呃在未来5年都还是会保持这样的一个状态好的明白呃呃蔡总就是在刚呃就是在这个就我们自己就是在这两年的一个产能规划上是怎么样因为确实 没看到行业整体的产能应该还是就是供大于求的嘛当然我们农货公司 ...

当历史的指针划过2024年，全球经济图景呈现出前所未有的复杂性，在外部贸易保护主义抬头等背景下，我国经济发展稳住"基本盘"，得益于积极的宏观调 控政策，去年国内生产总值同比增长5.0%，展现出经济的强大韧性。 作为中国塑料管道行业的龙头企业，中国联塑在时代变局中夯实主业、守正创新、交出了一份扎实"业绩单"，去年该集团实现整体营业收入270.26亿元，公 司拥有人应占溢利16.84亿元。为回馈股东支持，董事会建议宣派年度末期股息为每股20港仙。 翻开2024年财报，多项数据印证着"强者恒强"的产业逻辑，而在这背后，是中国联塑的五大战略关键词：聚焦、深耕、智造、创新、出海，在深耕管道主业 的基础上，不断革新技术推出新产品，为营收开拓更多增长极，助力集团基业长青及高质量发展。 步入2025年，宏观环境仍在持续生变，但业内机构一致认为，我国将持续出台积极的扩内需政策，以对冲外部环境的风险；受此影响，预计地方政府会加快 化债进程，并支持重大战略工程建设，建筑建材等行业将直接受益于相关政策，后续市场需求可期。 过去一年，宏观环境存在多种波动因素，比如地缘政治动荡加剧、贸易保护主义升温、内地房地产市场亟待提振，内需活力有待 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a revenue decline of 12.45% year-on-year, with total revenue reaching 27.026 billion. The net profit attributable to shareholders decreased by 28.89% to 1.684 billion [1][12] - Despite the revenue pressure, the company’s gross margin improved by 0.7 percentage points to 27.0%, showcasing strong cost transmission capabilities [2] - The company is expected to see net profits of 2.165 billion, 2.398 billion, and 2.618 billion for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 5.7, 5.1, and 4.7 [1] Revenue Breakdown - In 2024, the revenue from various segments was as follows: plastic pipeline systems (22.819 billion), building materials and home products (2.271 billion), environmental protection (0.277 billion), supply chain services (0.930 billion), and new energy (0.223 billion), with year-on-year changes of -7.2%, -20.0%, -28.42%, -38.61%, and -77.96% respectively [2] - The core business of plastic pipeline systems saw sales of PVC and non-PVC pipes at 12.923 billion and 9.896 billion respectively, with total sales volume down by 6.2% to 2.4829 million tons [2] Profitability and Cost Structure - The company’s expense ratio increased to 19.32%, up by 1.22 percentage points year-on-year, impacting the net profit margin which fell to 6.23% [3] - The net asset return rate was reported at 7.11%, a decrease of 3.34 percentage points year-on-year [3] Strategic Developments - The company is focusing on high-quality development through smart and green manufacturing upgrades, with a designed annual capacity of 3.29 million tons and a utilization rate of 76.4% [4] - The company is expanding its international presence in Southeast Asia, Africa, and the United States, while also innovating in product offerings such as PE pipes for nuclear power plants [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 27.026 billion, a year-on-year decline of 12.4%, and a net profit of 1.684 billion, down 28.89% year-on-year [2][4]. - The gross margin improved by 0.7 percentage points to 27.0%, primarily due to a decrease in the proportion of low-margin products [8]. - The company is expected to benefit from a potential valuation recovery as the real estate market stabilizes and municipal improvements occur [8]. Summary by Sections Financial Performance - The company experienced a revenue decline across its core business segments, with plastic pipe revenue at 22.8 billion, down 7.2%, and building materials revenue at 2.3 billion, down 20% [8]. - The total sales volume for pipes was 2.4829 million tons, a decrease of 6.2%, with average prices falling by 1.1% to 0.92 million per ton [8]. - The company’s gross margin for the pipe business was 28.7%, reflecting a slight year-on-year increase [8]. Market Position and Strategy - As a leading player in the pipe industry, the company has established a strong market position through scale and channel resources, which are expected to enhance its competitive edge [8]. - The company is focusing on its core business while reducing capital expenditures, particularly in overseas ventures and solar energy investments [8]. Future Outlook - The company anticipates a stabilization in revenue as the real estate market bottoms out and municipal projects improve, with additional growth expected from agricultural and industrial pipeline segments [8]. - The projected net profit for 2025 is approximately 2.2 billion, corresponding to a price-to-earnings ratio of 5, indicating a relatively low valuation [8].

Summary of China Liansu's 2024 Earnings Call Company Overview - **Company**: China Liansu - **Year**: 2024 - **Total Revenue**: RMB 270 billion, with plastic pipe business contributing RMB 228 billion (84% of total revenue) [3][4] - **Net Profit**: RMB 16 billion, net profit margin at 6.1%, a decline of over 20% year-on-year [3][4] Key Financial Metrics - **Gross Margin**: Decreased to approximately 27% due to lower sales prices of plastic pipes, which fell to around RMB 9,200 per ton [3] - **Revenue Breakdown**: - Plastic Pipe Business: RMB 228 billion (84%) - Building Materials and Home Furnishing: RMB 23 billion (8.4%) - Other Businesses (including environmental, overseas supply chain services, and photovoltaic new energy): approximately RMB 20 billion (7.2%) [3] Market and Sales Insights - **Sales Volume**: Down 6% in 2024, with residential products dropping to 45% of sales, municipal infrastructure projects at 20%, and agricultural products rising to 16% [3][6] - **Future Projections**: Anticipated single-digit growth in sales for 2025, supported by capacity expansion [3][6] Capacity Expansion Plans - **New Capacity**: Plans to add 150,000 tons of capacity in 2025, with domestic expansions in Xinjiang and Guangxi, and 80,000 tons overseas in Africa, the Middle East, North America, and Southeast Asia [3][7] - **Utilization Rate**: Capacity utilization decreased by 3 percentage points to 76.4% in 2024 [7] Agricultural Market Focus - **Market Size**: The agricultural irrigation market is valued at RMB 80 billion, with an annual growth rate exceeding 20% [8] - **Product Application**: PVC products are used in smart irrigation systems, contributing to improved agricultural productivity [9] Overseas Market Expansion - **Current Status**: Southeast Asia operations have turned profitable, with a focus on establishing local brands through partnerships and acquisitions [11] - **Future Growth**: Expecting overseas sales to grow by approximately 30% [7][13] Pricing and Cost Expectations - **Price Trends**: Anticipated increase in domestic product prices in 2025 due to rising raw material costs, technological upgrades, and government support [14][15] - **Raw Material Prices**: PVC prices expected to range from RMB 6,300 to 6,500 per ton in 2025 [23] Debt and Capital Expenditure - **Debt Structure**: Total debt of RMB 19.2 billion, with plans to increase the proportion of RMB debt to 70% by year-end [25] - **Capital Expenditure**: Expected to be RMB 1.5 billion in 2025, with 70% allocated to plastic pipe business [25] Customer Structure Optimization - **Strategy**: Shift focus from private real estate companies to state-owned enterprises, with a new cash-on-delivery policy for private firms [16] - **Market Penetration**: Significant potential in third and fourth-tier cities, with approximately 30% market space yet to be tapped [18] Risk Management - **Asset Impairment**: Anticipated RMB 3-4 billion in receivables impairment over the next 2-3 years, with goodwill impairment expected to be resolved within two years [19] Overall Market Outlook - **Demand Forecast**: Improved demand expected in 2025 compared to 2024, driven by better local government funding and increased real estate activity [20] - **Industry Growth**: The industry is projected to grow by 2-3% annually, with leading companies gaining market share [27]

Investment Rating - The report maintains an "Outperform" rating for China LESSO Group Holdings [1][9] Core Views - The company's net profit attributable to shareholders for 2024 decreased by 28.9% year-on-year, amounting to RMB 1.684 billion, with revenue also declining by 12.4% to RMB 27.026 billion [5][9] - The decline in profits is primarily attributed to a decrease in gross profit of RMB 828 million and a reduction in the performance of joint ventures by RMB 220 million [5][9] - The company is focused on extending the value of its main business in plastic pipeline systems, with a steady recovery in gross profit margin [6][7] Financial Performance - Revenue from plastic pipeline systems was RMB 22.819 billion, down 7.2% year-on-year, with a gross profit margin of 28.7%, an increase of 0.2 percentage points [6][7] - The company expects net profits for 2025, 2026, and 2027 to be RMB 2.201 billion (+57.49%), RMB 2.476 billion (+54.58%), and RMB 2.675 billion respectively, with corresponding EPS of RMB 0.71, RMB 0.80, and RMB 0.86 [9] Market Expansion - The company is actively exploring overseas markets, focusing on Southeast Asia, Africa, and North America, and has established production bases in several countries [8][9] - It aims to enhance its overall market share and influence in the international market through collaborative efforts among diversified businesses [8]

Financial Performance - Revenue decreased by 12.4% to RMB 27.026 billion compared to the previous year[4] - Gross profit decreased by 10.2% to RMB 7.293 billion[4] - Net profit decreased by 29.4% to RMB 1.638 billion[4] - Basic earnings per share decreased by 28.6% to RMB 0.55[4] - Total comprehensive income for the year 2024 was RMB 857,525,000, a decrease from RMB 2,477,959,000 in 2023, representing a decline of approximately 65.4%[6] - The company's net profit attributable to shareholders for 2024 was RMB 899,629,000, down from RMB 2,499,787,000 in 2023, indicating a decrease of about 64.0%[6] - Basic and diluted earnings per share for 2024 were RMB 0.55, compared to RMB 0.77 in 2023, reflecting a decline of approximately 28.6%[6] - The company reported a total of RMB 3,011.2 million in recognized revenue from sales of goods and services, down from RMB 3,387.9 million in 2023[27] - The total revenue for 2024 was RMB 27,026.5 million, down from RMB 30,868.3 million in 2023, indicating a decline of 12.3%[27] - The net profit attributable to shareholders decreased by 28.9% to RMB 1.684 billion, down from RMB 2.368 billion in 2023[89] Dividends - Proposed final dividend of HKD 0.20 per share for the year ended December 31, 2024[4] - The final dividend declared for the year ending December 31, 2024, is HKD 0.20 per share, totaling HKD 615,885,000[41] - The company plans to maintain a stable dividend of HKD 0.20 per share for the fiscal year ending December 31, 2024[90] - The proposed final dividend is HKD 0.20 per share for the year ending December 31, 2024, subject to shareholder approval, with a payout ratio of 34.1% compared to 23.7% in 2023[135] Assets and Liabilities - Non-current assets totaled RMB 38,614,003,000 in 2024, slightly down from RMB 39,217,270,000 in 2023, a decrease of about 1.5%[7] - Current assets decreased to RMB 19,715,056,000 in 2024 from RMB 20,814,000,000 in 2023, representing a decline of approximately 5.3%[7] - The company’s total liabilities for 2024 were RMB 19,715,056,000, a decrease from RMB 20,482,999,000 in 2023, representing a decline of approximately 3.7%[7] - The company’s equity attributable to shareholders was RMB 1,638,017,000 in 2024, down from RMB 2,320,346,000 in 2023, indicating a decrease of about 29.4%[6] - The total current liabilities amount to RMB 21,581,685,000, compared to RMB 24,512,720,000 in 2023, indicating a decrease of approximately 12%[8] - The total assets, after deducting current liabilities, stand at RMB 36,747,374,000, an increase from RMB 35,518,550,000 in the previous year[8] - The net assets amount to RMB 24,415,375,000, slightly up from RMB 24,311,078,000 in 2023[8] - The group’s total borrowings were RMB 19,228,819,000 in 2024, slightly down from RMB 19,344,586,000 in 2023[64] Revenue Breakdown - The total revenue from external customers reached RMB 27,026,490,000, with no single external customer accounting for more than 10% of total revenue[16] - Revenue from sales related to building materials and home furnishings amounted to RMB 24,765,280,000, while revenue from new energy business sales and services was RMB 223,135,000[17] - Revenue from customer contracts in China reached RMB 23,462.7 million for 2024, a decrease of 10.4% compared to RMB 26,274.6 million in 2023[27] - Total revenue from overseas customers was RMB 1,525.8 million in 2024, compared to RMB 1,282.9 million in 2023, reflecting an increase of 19.0%[27] - Revenue from logistics and related services decreased to RMB 660,332,000 in 2024 from RMB 1,240,989,000 in 2023[26] - The building materials and home furnishings business generated revenue of 2.271 billion RMB, accounting for 8.4% of the company's total revenue[106] Operational Highlights - The company operates in three main business segments: Southern China, other regions in China, and overseas markets[13] - The company is engaged in manufacturing and selling building materials and home products, as well as providing services related to new energy and environmental engineering[13] - The company is focusing on expanding its new energy business, which saw a significant drop in revenue from RMB 1,057,321,000 in 2023 to RMB 223,135,000 projected for 2024[26] - The company plans to enhance its service offerings in environmental engineering, with revenue projected to be RMB 277,223,000 in 2024 compared to RMB 386,591,000 in 2023[26] - The company is focusing on enhancing core competitiveness in the plastic pipe system business while expanding both domestic and international markets[92] Market Outlook - The Chinese economy is projected to grow by 5.0% in 2024, reflecting resilience despite challenges[71] - The company anticipates that infrastructure investment will remain high, supported by government funding exceeding 1 trillion RMB, providing a strong impetus for economic growth[104] - The company expects a continuation of supportive real estate policies into 2025, which will help restore market confidence and reduce risk exposure for real estate firms[108] Sustainability and Innovation - The company is committed to sustainable development and aims to lead the industry's transformation towards sustainability[76] - The company emphasizes quality, technology, and customer satisfaction as its core operational principles, driving high-quality development across various sectors[83] - The company aims to enhance its core competitiveness through the integration of AI, IoT, and digital management in smart manufacturing upgrades[76] Employee and Governance - The group employed approximately 20,400 employees, with total employee costs amounting to RMB 2.349 billion during the reporting period[119] - The group maintains a high level of corporate governance and business ethics, ensuring compliance with applicable codes during the reporting period[130] - The company has reorganized its Sustainability Committee to enhance oversight on environmental, social, and governance matters, effective from March 28, 2025[131]

Investment Rating - The report assigns an "Outperform" investment rating for China LESSO Group Holdings, with a target price of HKD 4.25 based on an 8.5x PE valuation for 2025 [80]. Core Insights - China LESSO Group Holdings is a leading domestic enterprise in the plastic pipe industry, benefiting from the downward trend of raw material prices, which enhances its profitability [39][42]. - The company is expected to see stabilized downstream demand, particularly in the construction and municipal sectors, which are crucial for its plastic pipe business [53]. - The company is actively optimizing its product mix and expanding into overseas markets, including plans for local production in countries like Vietnam and Tanzania [73][76]. Company Overview - China LESSO Group Holdings is a major player in the plastic pipe industry, with over 30 advanced production bases across 19 provinces in China and overseas [4]. - The company has a wide distribution network with 2,891 independent exclusive distributors, offering over 10,000 high-quality products used in various applications [4]. Financial Performance - In the first half of 2024, the company's revenue was RMB 13.564 billion, a year-on-year decrease of 11.3%, with the plastic pipe system contributing over 80% of total revenue [6]. - The gross margin and net margin for the first half of 2024 were 27.48% and 7.47%, respectively, indicating strong profitability compared to industry peers [42]. Market Dynamics - The plastic pipe industry in China has a stable production output, with the total production in 2023 reaching 16.19 million tons, accounting for about 20% of the total plastic products industry [46]. - The demand for plastic pipes is primarily driven by agricultural, municipal, and construction applications, which together account for over 60% of the market [49]. Raw Material Trends - The company benefits from a significant reduction in raw material costs, with prices for key materials like PVC and PE down by approximately 40% compared to 2021 [39]. - The cost of raw materials constitutes over 80% of the main business costs in the plastic pipe industry, making price fluctuations critical for profitability [39]. Future Outlook - The company is diversifying its product offerings beyond traditional markets, including the development of hydrogen and oil transportation pipes [64]. - There is a projected investment of approximately RMB 4 trillion for urban infrastructure upgrades, which will likely benefit the plastic pipe sector [55]. Dividend Policy - The company has maintained a stable dividend payout ratio of around 30%, with a dividend of HKD 0.20 per share in 2023 [21].