本议案已经公司独立董事专门会议及公司董事会审计委员会审议通过，并同意提交董事 会审议。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 华新水泥股份有限公司（以下简称"公司"）第十一届董事会第六次会议（临时会议） 于 2024 年 11 月 29 日以现场结合通讯方式召开。因关联董事回避出席本次董事会，会议应 到董事 6 人，实到 6 人。本次会议由董事长徐永模先生主持，董事会秘书出席了本次会议。 监事会主席及部分高管列席了本次会议。公司于 2024 年 11 月 22 日以通讯方式向全体董事 发出了会议通知。会议符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定， 合法有效。 二、董事会会议审议情况 本次董事会会议经审议并投票表决，通过如下重要决议： 关于收购豪瑞尼日利亚资产之关联交易的议案（表决结果：同意6票，反对0票，弃权0 票） 证券代码：600801 证券简称：华新水泥 公告编号：2024-027 关联董事Martin Kriegner先生、罗志光先生及陈婷慧女士回避出席本次会 ...

证券代码：600801 证券简称：华新水泥 编号：2024-028 华新水泥股份有限公司 第十一届监事会第四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司监事会全体成员一致发表上述审核意见。 特此公告。 华新水泥股份有限公司监事会 2024 年 12 月 2 日 华新水泥股份有限公司（以下简称"公司"）第十一届监事会第四次会议（临时 会议），于 2024 年 11 月 29 日召开。会议应到监事 5 人，实到 5 人。本次会议由监 事会主席明进华先生主持。公司于 2024 年 11 月 23 日以通讯方式向全体监事发出了 会议通知，会议符合有关法律、法规、规章、规范性文件和公司章程等规定，合法有 效。 公司监事会全体成员经认真讨论，就《关于收购豪瑞尼日利亚资产之关联交易的 议案》发表如下审核意见： 本次收购豪瑞尼日利亚资产，是落实公司"海外多业务发展战略"的有力体现， 是公司布局西非发展、加快建设世界一流跨国建材企业的重大举措。本次关联交易是 在遵循公开、公平、公正和市场化定价原则的基础上，经双方公 ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-029 华新水泥股份有限公司 关于收购豪瑞尼日利亚资产之关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1 一、关联交易概述 华新水泥股份有限公司（以下简称"公司"或"本公司"）拟通过控股全资子公司海南华 新泛非投资有限公司（以下简称"买方 A"）以 56,044 万美元（并可根据《股权收购协 议》价值减损条款进行向下的惯常调整）现金收购 Holderfin B.V.（以下简称"卖方"） 持有的 Caricement B.V. （以下简称"标的公司 A")100%股权；通过全资子公司华新（香 港）国际控股有限公司（以下简称"买方 B"，与"买方 A"合称"买方"），在 Associated International Cement Limited（以下简称"AICL"）将其持有的 Lafarge Africa Plc（以下 简称"最终标的公司"）27.77%股权转入到 Davis Peak Holdings Limited（以 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a total revenue of 24.719 billion, a year-on-year increase of 2.29%, while the net profit attributable to the parent company was 1.138 billion, a year-on-year decrease of 39.26% [4][5]. - The demand in the industry remains a core constraint, with a 22.2% year-on-year decline in new housing starts and a 10.7% decrease in national cement production in the first three quarters of 2024 [4][5]. - The company is expected to face downward pressure on profitability in Q3 2024, with a potential loss of over 10 yuan per ton in net profit [5][6]. - The overseas market is stable, with ongoing projects in multiple countries expected to provide growth opportunities [6]. - Anticipation for Q4 2024 domestic market elasticity due to recent price increases in the Hubei market [6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 8.482 billion, a year-on-year increase of 1.78%, and a net profit of 408 million, a year-on-year decrease of 40.17% [4][5]. - The company’s cement production in key markets like Hubei, Hunan, and Yunnan saw declines of 7%, 13%, and 8.3% respectively in the first three quarters [4][5]. Market Dynamics - The company’s core markets are experiencing stable pricing, while the aggregate market is facing potential price declines due to increased competition and capacity [5][6]. - The company has a significant presence in the aggregate market, with a production capacity of 280 million tons as of H1 2024, nearing its target of 300 million tons [5]. Future Outlook - The company expects to see more project implementations in overseas markets, which could enhance growth [6]. - The anticipated price increases in the domestic market during the traditional peak season of Q4 2024 may provide some profitability elasticity [6]. Earnings Forecast - The projected earnings for 2024 and 2025 are 1.9 billion and 2.4 billion respectively, with corresponding price-to-earnings ratios of 17 and 13 [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [7]. Core Views - The domestic cement market remains under pressure, with a year-on-year production decline of 10.7% in Q3, reaching a total of 1.33 billion tons. The production levels in July, August, and September were the lowest since 2010 for the same period [1][2]. - The company is expected to see a gradual price recovery in domestic cement sales due to price increases initiated at the end of September [1]. - The company's gross margin is under temporary pressure, with a Q3 gross margin of 24.7%, down 5.2 percentage points year-on-year. The net profit margin for Q3 was 6.6%, a decrease of 3.9 percentage points year-on-year [1][2]. - The overseas and non-cement business segments are expected to support growth, with significant contributions from operations in countries like Tajikistan, Kyrgyzstan, and Uzbekistan, and a notable increase in aggregate and commercial concrete revenues [1][2]. Summary by Sections Financial Performance - The company reported a revenue of 84.8 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.3%. However, the net profit attributable to the parent company was 2.76 billion yuan, down 39.3% year-on-year [2][3]. - The forecast for net profit attributable to the parent company for 2024-2026 has been adjusted to 1.74 billion, 2.14 billion, and 2.53 billion yuan, respectively [1][2]. Market Dynamics - The report highlights that the domestic cement market is experiencing a downturn, with production and pricing pressures. However, the overseas market and non-cement business segments are expected to provide a buffer against these challenges [1][2]. - The company has established a significant presence in the overseas market, with a total cement clinker capacity of 15.44 million tons per year and ongoing projects that will further enhance this capacity [1][2]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024-2026 are projected at 14.7, 12.0, and 10.1, while the price-to-book (P/B) ratios are expected to be 0.8 for 2024 and 0.7 for 2026 [1][2].

Investment Rating - Maintains an "Overweight" rating with a target price of RMB 17.67, up from the previous target of RMB 13.79 [3][4] Core Views - The company's Q3 2024 results met expectations, with revenue of RMB 24.719 billion, up 2.29% YoY, but net profit attributable to shareholders declined by 39.26% YoY to RMB 1.138 billion [3] - Overseas cement business continues to grow, with Q3 overseas cement sales increasing by over 30% YoY, offsetting domestic sales decline [3] - Domestic cement profitability remains weak, but overseas profitability is stable, with Q4 price hikes expected to improve margins [3] - Aggregate business shows strong profitability resilience despite a decline in sales volume due to increased competition and market demand weakness [3] Financial Performance - Q3 2024 revenue was RMB 8.482 billion, up 1.78% YoY, with net profit attributable to shareholders of RMB 408 million, down 40.17% YoY [3] - 2024-2026 EPS forecasts are maintained at RMB 0.91, RMB 1.09, and RMB 1.34, respectively [3] - The company's net debt ratio stands at 43.00% [6] Market and Valuation - The company's current market price is RMB 14.08, with a 52-week price range of RMB 10.10 to RMB 15.87 [5] - The total market capitalization is RMB 29.272 billion, with a P/E ratio of 15.47x for 2024E [5][10] - The company's P/B ratio is 1.0x, with a net asset value per share of RMB 13.91 [6] Industry and Competitive Position - The company's overseas cement business is a key driver of growth, compensating for the decline in domestic cement demand [3] - Domestic cement sales in Q3 2024 showed a single-digit YoY decline, but the decline narrowed compared to Q2 2024 [3] - Price hikes in Q4 2024, particularly in the Yangtze River region, are expected to improve profitability [3] Future Outlook - The company expects cement price increases in Q4 2024 to drive industry profit recovery [3] - Capacity replacement and carbon emission policies in 2025 may improve the supply structure of the industry [3] - The company's overseas business is expected to maintain stable profitability, with manageable foreign exchange risks [3]

证券研究报告 建筑材料 | 水泥 非金融|公司点评报告 hyzqdatemark 2024 年 10 月 31 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 事件：公司发布 2024 年三季报， 2024 年前三季度公司实现营收约 247.19 亿元， 同比增长 2.29%；归属于母公司净利润 11.38 亿元，同比下降 39.26%。其中单三季 度实现收入 84.82 亿元，同比增长 1.78%，归母净利润 4.08 亿元，同比下降 40.17%， 业绩符合预期。 三季度收入同比增速转正，预计主要来自于海外销售增量，国内量价仍然承压。三季 度，公司收入同比增速由二季度的-0.54%回升到 1.78%，同比增速重新转正。我们 判断主要由于公司海外产能增加导致；国内看， 2024 单三季度全国水泥产量 5.44 亿吨，同比下降 11.85%（2023 年 ...

证券研究报告 | 2024年10月30日 华新水泥（600801.SH） 优于大市 2024 年三季报点评：国内水泥仍有拖累，关注复价带来的盈 利改善 收入同比逆势增长，国内水泥价格下滑拖累盈利。2024 年 1-9 月实现营收 247.19 亿元，同比+2.29%，归母净利润 11.38 亿元，同比-39.26%，扣非归 母净利润 10.63 亿元，同比-41.69%，EPS 为 0.55 元/股；其中 Q3 单季营收 84.82 亿元，同比+1.78%，Q1、Q2 单季同比+6.87%/-0.54%，归母净利润 4.08 亿元，同比-40.17%，Q1、Q2 单季同比-28.43%/-41.45%，扣非归母净利润 3.83 亿元，同比-41.34%，Q1、Q2 单季同比-35.09%/-43.57%，收入逆势增 长，但受国内水泥需求价格下滑拖累，业绩延续下滑趋势。 毛利率同环比下滑，费用率有所提升。2024 年 1-9 月，公司实现综合毛利率 24.0%，同比-2.28pp，Q1、Q2、Q3 单季度毛利率分别为 21.9%、25.0%、24.7%， Q3 同比-5.23pp，环比-0.28pp，单季度毛利 ...

[Table_Stock] 华新水泥（600801） 证 券 研 究 报 告 [Table_Author] 分析师: 方晨 Tel: 021-53686475 E-mail: fangchen@shzq.com SAC 编号: S0870523060001 [Table_BaseInfo] 基本数据 最新收盘价（元） 14.09 12mth A 股价格区间（元） 10.10-15.87 总股本（百万股） 2,079.00 无限售 A 股/总股本 64.66% 流通市值（亿元） 292.93 公 司 点 评 [Table_RiskWarning] 业绩维持韧性，国内水泥提涨业绩回稳 可期 [Table_Rating] 增持（维持） [◼Table_Summary] 投资摘要 事件概述： [行业Table_Industry] : 建筑材料 日期: shzqdatemark 2024年10月29日 [Table_QuotePic] 最近一年股票与沪深 300 比较 -29% -23% -17% -11% -5% 1% 7% 13% 19% 10/23 01/24 03/24 06/24 08/24 10/24 华新 ...

它的成本今年1到9月份的成本到了309元同比是上涨了60.40元因此在毛利方面水利业务的增毛利今年全三季度是66元同比去年是下滑了将近15元然后国内的话增毛利只有28元相较去年是下降了24.36元 海外还是保持维持了一个较好的一地水平墩堡率是168元但是同比也下降了36元这是水泥业务然后古料业务上今年1到9月份的话整体的古料的销量是1.04亿吨同比是增长了18%其中古料的价格是40.3元 同比是下滑了0.84元古料的成本今年1到9月份是20.9同比是下滑了1.18元然后古料的锚地的话是19.4元同比去年是增长了0.33元混凝土业务方面1到9月份的话总体的销量是2275.83万方 同比增长26%混凝土的价格今年也是出现了下跌价格只有264元同比下降了21.6元然后成本也是出现了下跌成本是234.6同比是下滑了下降了14.35元因为价格下滑的幅度大于成本下降的幅度所以 混凝土登发毛利只有29.7元同比去年是下滑了7.26元这是我们前三季度的整体的产品的经营情况我先介绍这么多大家如果有问题我们再进行深入交流谢谢好的好的这个非常感谢彭总那我这边有几个小问题先请教一下 第一个就是刚才也听您介绍了咱们从前三队来看的话海外 ...