Market Brief

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李樂雯女士 (Phoenix Li)
經理

現任職輝立分行經理,對股票、期貨投資經驗豐富。 樂意為客戶提供投資分析及買賣策略。 歡迎各位來電交流心得。
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2233.HK 西部水泥 West China Cement Limited

Wednesday, June 24, 2020 Views4764

業務概要

本集團主要在中國陝西省從事水泥生產,並以商標“ 堯柏”和“ 堯柏水泥”出售。它主要用於基礎設施項目的建設,例如高速公路,橋樑,鐵路和公路以及住宅建築。所有客戶均位於陝西省,在西安,渭南,安康,漢中和商洛設有5個銷售分支機構,在蒲城,藍田,旬陽,鎮安和丹鳳縣辦事處設有5個本地銷售辦事處。這些產品主要直接出售給政府基礎設施項目以及預拌混凝土站或分銷商。集團的水泥產品可分為高等級水泥和低等級水泥。高檔水泥是28天抗壓強度為42.5 MPa或更高的水泥,主要用於政府基礎設施項目。低等級水泥是在32 MPa或以下時抗壓強度為28天的水泥,主要用於住宅建築。

 

財務摘要

截至2019年12月31日止財政年度,Western Cement Co.,Ltd.的收入增長23%至RMB7.25B。主要原因是水泥平均銷售價格同比略有上升。淨利潤增長55%至人民幣1.8B。收入反映了由於有利的市場條件對公司產品和服務的需求增加。受益於匯兌淨收益的淨收益下降了83%,為人民幣2,150萬元(費用),支付的優先票據利息下降了51%,為人民幣9,080萬元(費用)。

 

投資

在中國政府可能放鬆刺激基礎設施投資的政策,從而減輕新的冠狀肺炎流行的經濟影響之後,穆迪還預計中央政府將增加基礎設施支出以應對經濟的影響。從內部獨立第三方向獨立第三方Schwenk Zement收購納米比亞的水泥生產業務,Schwenk Namibia的153萬股優先股和100股以股東貸款的股份,總現金對價為1.04億美元,將由內部資源提供資金。

 

內地水泥上市公司仍處於供不應求的狀態,部分水泥廠正加班,浙江一些水泥廠的產能利用率已超過100%。積壓的需求的集中釋放和基礎設施行業疊加建設的高峰季節即將到來。近期,內地許多地方的水泥出貨量再創新高,市場價格持續上漲。國內水泥市場已進入上半年的旺季。各個地區的基礎設施項目已經陸續恢復。下游表現良好,需求旺盛。預計今年第一季度水泥上市公司的業績下滑將迅速扭轉。隨著基礎設施項目的繼續登陸,整個市場將繼續。水泥上市公司正在滿負荷生產,需求仍然供不應求。

 

風險

新的冠狀肺炎流行的經濟影響:

國家統計局的數據顯示,2020年第一季度,建材工業增加值同比下降14.1%,1-2月降幅收窄7.7個百分點。一季度水泥產量為3億噸,同比下降23.9%,1-2月下降5.6個百分點。數據顯示,今年前兩個月,建材行業規模以上企業實現營業收入5122億元(下同),同比下降22%,利潤總額損益後餘額為273億元,同比下降37%。截至4月17日,建材行業骨幹企業開工率為99.5%,人員回酬率為92.1%,已基本恢復正常水平。

建議: 買入價:1.48目標價:1.8止損:1.4

本人李樂雯為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益

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