全球最大水泥企业诞生!中国建材完成整合新天山水泥

2021-12-15 15:00:02

对于中国水泥产业来说,多次大规模合并重组之后,新一轮的产业变革即将来袭。

随着中国建材旗下水泥板块业务整合告一段落,天山股份在上演“蛇吞象”之后,一跃成为全球最大的水泥企业,市值也跃升至千亿元以上。

而在房地产、基建投资放缓,以及双碳大潮下,水泥行业还将开启新一轮的竞争与洗牌,更加激烈的存量优化即将到来。

千亿“新天山水泥”现身

12月11日,中国建材集团有限公司在北京召开大会,该公司旗下的水泥板块业务整合取得阶段性成果。

中国建材集团党委书记、董事长周育先在会上介绍称,水泥板块是中国建材集团非常重要的业务板块,利润贡献占比最大,是整个集团的压舱石业务;集团各水泥企业稳步推动联合重组、管理整合、改革创新和优化升级,取得了自身的跨越式发展,也促进了行业的健康发展。

周育先表示,整合之后的新天山水泥,其协同效应和核心竞争优势将进一步凸显,盈利能力、综合竞争力和可持续发展能力将进一步增强。新天山水泥将建设世界一流水泥公司,引领全球水泥产业发展方向,推动高端化、智能化和绿色化转型,并打造一批绿色智能制造基地,与行业和上下游企业合作“出海”,打造新的增长极。

2020年7月,天山股份发布停牌公告称,为解决同业竞争问题,正与中国建材筹划重大资产重组相关事宜,论证标的资产包括中联水泥、南方水泥、北方水泥、西南水泥、中材水泥的股权等,以期整合中国建材旗下水泥资产。

2020年8月7日,天山股份公告称,拟通过发行股份的方式向中国建材等股东购买其持有的中联水泥全部股权、南方水泥99.93%股权、西南水泥95.72%股权以及中材水泥100%的股权。本次交易总规模达到981亿元,成为A股历史上交易规模最大的发行股份购买资产项目。

本次交易完成后,汇集了多家企业水泥资产的天山股份,将一举超越海螺水泥,成为A股乃至全世界最大的水泥企业。天山股份是中国建材的附属公司,1999年在深交所上市,是国家重点支持结构调整的12家大型水泥企业集团之一,也是西北地区最大的水泥生产厂家、最大的油井水泥生产基地等。其在新疆12个地州分布有30余家水泥商混生产企业。

此后,中国建材旗下的水泥板块业务重组通过反垄断审核,国资监管部门也正式批复此次重组。2021年9月,中国建材旗下水泥板块业务完成标的企业资产交割,标的企业并入天山水泥合并报表范围。2021年11月,天山股份增发的73亿新股在深交所上市。

据中国建材介绍,完成整合以后,新天山水泥拥有熟料产能约3亿吨,商品混凝土产能约4亿立方米,骨料产能约1.5亿吨,下属法人单位540家,员工约7.2万人。

据了解,目前“新天山水泥”正申请更名,其A股市值也从此前的200多亿,一跃跳升至1200亿元左右。

水泥产业市场竞争激烈,运输原因导致水泥销售具有明显的地域特征。中国建材旗下各大水泥业务整合以后,市场范围已经覆盖华北、华东、华中、华南、西南、西北地区的20余个省、自治区和直辖市,设有多个业务一体化和特种水泥业务专业化公司,是全球业务规模最大、产业链完整和全国性布局的水泥公司。

华泰证券指出,新天山水泥旗下拥有10个水泥和商混骨料一体化公司、3个商混骨料公司以及1个特种水泥公司;新公司计划在2022年第一季度完成新制度的建立并在2022年底完成上述14个公司的全面业务整合,预计届时新平台的协同效应更为显著。

水泥产业变革来袭

对于中国水泥产业来说,多次大规模合并重组之后,新一轮的产业变革即将来袭。

水泥制造业对建筑行业依赖性较强,具有明显的周期性,受国民经济景气度和城市化进程等宏观因素的影响较大。随着国内房地产行业及固定资产投资的放缓,水泥行业的竞争压力不断加大。

作为传统的耗能和排放大户,在国家大气环境治理和能耗管控愈加严格的当下,水泥企业的经营压力也日益加大。

近年来,为了提高产业集中度,促进规模化和集约化经营,国务院相继颁布多个文件鼓励企业开展并购重组,培养具有国际竞争力的大型企业。

在水泥产业方面,中央与地方也多次发布产业政策,通过推进联合重组压减过剩水泥产能。此后,水泥产业多次上演整合收购,先后有中国建筑材料集团与中国中材集团合并,金隅集团和冀东水泥重组等等。

从长远来看,随着房地产、基建投资的放缓,以及碳中和、能耗双控带来的结构优化,水泥需求的下滑已经是个必然趋势,这也将倒逼整个行业进行存量优化,落后、低端的产业将被市场淘汰,头部企业的市场份额将进一步提升。

据国家统计局数据显示,今年前10月,国内水泥产量累计达到19.73亿吨,同比增长2.1%。但从月度数据来看,今年5月以后,国内水泥月度产量就呈现负增长,同比降幅从3.2%,一路扩大到17.1%。

资深业内人士向21世纪经济报道记者指出,在双碳背景下,高能耗和高碳排的水泥产业,其竞争模式正发生改变,主导行业发展的不再是简单的质量、价格,绿色低碳、技术和产业创新优势将成为未来发展与竞争的关键。

方正证券此前指出,碳达峰和碳中和对于水泥产业的供给侧影响较为显著,水泥企业降低碳排放仅有缩减总产能和降低现有产能单位碳排放两条路。

整体而言,在碳达峰和碳中和的政策背景下,水泥产业的产能或产量都将受到严格控制,并且中小企业的扩张能力和意愿将有所减弱,水泥成本中枢将有所提升,头部企业的成本相对优势将有望扩大,有利于头部企业提高产业集中度、盈利能力以及公司的相对竞争优势。

根据中国水泥协会今年3月发布的数据,截至2020年底,中国(不含港澳台)前50家大型企业集团水泥熟料设计产能供给14亿吨,占全国总产能的76%。其中,前10家大企业集团的水泥熟料产能占全国总产能比重为57%。

业内分析师指出,随着各大厂商产能置换的新产能陆续投产,“十四五”后期国内水泥熟料产能集中度有望突破60%。

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Correlation

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难关未过,未来已来。接下来,让我们一起回顾2023年水泥行业热点事件,总结过往,戮力前行。

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《中国上市公司共建“一带一路”十年百篇最佳实践案例》发布,天山股份的《中国建材赞比亚工业园助力“一带一路”行稳致远》成功入选。该案例展示了天山股份在赞比亚投资建设的综合性基础建材产业园,坚持合作共赢,将生态环保、绿色发展先进理念引入当地经济建设中,为中赞友谊谱写新篇章。

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筑梦衢州廿一载,奋楫前行向未来。衢州虎山发展至今业绩突出,曾获得2022年新天山水泥先进企业、2020-2021年度中国混凝土行业优秀企业、中国建材集团颁发的技术革新技术开发类二等奖等荣誉。面对机遇与挑战并存的未来,衢州虎山仍将把高质量发展视为首要任务,不断提高竞争力,坚定向前。

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