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Depth-Company-Huaxin Cement (600801): Years of Production Capacity Landing + Regional High Economic Performance Released Worry-Free

Depth * Company * Huaxin Cement (600801): Years of production capacity landed + regional high economic performance released

The company released the third quarter report for 2019, with revenue of 80 in the third quarter.

8.5 billion, an increase of 12.

96%; net profit attributable to mother 16.

810,000 yuan, an increase of 25.

15%; EPS0.

80 yuan, an increase of 25.


The third quarter report performed well, and the volume and price of the cement business went up.

The main points of the support level have achieved new highs, and the financial indicators have improved for several years: Q1-Q3 company revenue was 224.

72 trillion, an increase of 18.

02%; net profit attributable to mother 48.

4.4 billion, an increase of 41.


In the third quarter, cement continued to show a good trend of rising volume and price, and the indicators and financial indicators improved simultaneously.

Increased gross profit margin increased by 1.

15pct, each cost rate decreased by 1.

62 points.

The receivables turnover rate and inventory turnover rate continued to increase, the debt rate continued to fall, and the recent expansion of capital expenditures, including Yellowstone Throughput, was about to be put into production and reached historical highs.

In the third quarter, the company’s cement continued to show a rise in volume and price: According to recent research, the batch volume in July was 621 tons, the unit price was 350 yuan, and the gross profit was 149 yuan; in August, the batch volume was 673 tons, the unit price was 347 yuan, and the gross profit was 136 yuan.

About an average price of 330 yuan in the same period last year, the unit price of cement still has a considerable increase.

The year of production capacity declines, the release of performance is worry-free: 2019 is the year of the company’s capacity decline, and Yunnan’s 4,000-ton capacity has been ignited; at the end of the year, the production capacity of yellowstone tungsten carbide and overseas Uzbekistan 北京桑拿洗浴保健 and Nepal have been put into operation, a total of one day.

8 nominal.

Aggregate production capacity will be 450 tons in 2019, with a total production capacity of 2,950 tons and a planned capacity of 2,000 tons.

Industry demand is strong and regional prosperity is rising, and the company has benefited the most: From the perspective of the industry, the recovery of Q4 infrastructure coupled with the construction peak season, cement demand remains protected.

From a regional perspective, the reduction in productivity in Hunan in September led to the best performance of cement prices in central China, and the company may become the biggest beneficiary.

It is estimated that the company’s performance is basically in line with expectations. We maintain our original forecast and expect revenues of 317 in 2019-202南京桑拿网1.

53, 339.

79, 361.

1.3 billion; net profit attributable to mothers was 67.

13, 70.

02, 72.

01 ppm; EPS is 3.

20, 3.

34, 3.

43 yuan.

Maintain company buy rating.

The main risks faced by the rating were that the construction of aggregate production capacity was less than expected, the progress of coordinated disposal was less than expected, and the data in central China dropped.