24, China Building Materials Co., Ltd. released its annual performance for 2022. During the period, the Group recorded operating income of RMB230.168 billion, representing a year-on-year decrease of 16.5%, and profit attributable to equity holders of RMB7.962 billion, representing a year-on-year decrease of 51.2%. The announcement said that the main reason for the decrease in revenue was that the revenue of the Group's basic building materials segment decreased by 40.372 billion yuan and that of the engineering and technical services segment decreased by 9.14 billion yuan, which was partly offset by the increase of 63.4 million yuan in the revenue of the new materials segment.
On March 27, China National Building Material Co., Ltd. held its annual performance conference in 2022.
Q: What is the price elasticity of cement? The arrangement of each dimension of the company's capital expenditure plan and the structure of debt financing?
A: There are quite a few people in this industry who are pessimistic about the next few years, including this year, but we are still cautiously optimistic in general. We believe that the next three to five years are still in a plateau period, which is based on our macro situation to make a comprehensive judgment.
In the short term, we are also cautiously optimistic. This year, we believe that the overall demand will rise steadily. From the perspective of demand structure, we believe that there may be a 3% -5% increase in cement demand driven by infrastructure. We believe that the demand for cement brought by real estate may be slightly lower or basically flat. Therefore, judging from the whole year, it should be a steady and rising trend.
Judging from the seasonal situation, quarterly improvement, the first quarter is certainly not good, the first quarter because of the continuation of last year's special reasons and the impact of spring, the first quarter is probably the worst quarter of this year, the second quarter may be flat, the third quarter will gradually improve, the fourth quarter probability will increase. We believe that this year is a quarterly improvement. In terms of
price elasticity, we believe that the second quarter is still improving further, and it is possible to return to the level of the same period last year. The third quarter of this year depends on the implementation of our peak staggering production in the second quarter, as well as the scientificity and accuracy of the implementation of our peak staggering plan in the third quarter. If the implementation is good, there is a lot of room for imagination. The key is to see how the implementation is. In terms of
capital expenditure, our capital expenditure in 2021 is 40.2 billion yuan. There is a special factor. In 2022, it is 28 billion yuan. In 2023, our current plan is 33 billion yuan. In the past five years, the annual capital expenditure will be between 30 billion yuan and 33 billion yuan. The capital expenditure invested in new materials was 7.5 billion in
21 years, accounting for 19%, and 8.1 billion in 22 years, accounting for 29%. This year, we have arranged 12.2 billion, and the proportion has increased to 37%. In the past two years, the income contribution of new materials is about 460. Glass fiber and lithium film are our two star businesses. For businesses like glass fiber and lithium film, the continuous investment of its capital expenditure will bring about the growth of its income and its profit, and it may probably contribute a good cash flow to cover its investment.
Debt ratio, after several years of efforts, the company's cash flow is very good, operating conditions are good, our debt ratio has been declining sharply, to 2022 has dropped to 77.7%, basically in line with expectations. This year, we plan to continue to reduce the debt ratio, which is expected to drop by about 10%.
We expect that this year's net cash flow will be 40 billion +, which means that this year's interest payment and dividend will be 13 billion. In addition, we have arranged 33 billion capital expenditure, in this case, we can also ensure that on the basis of a 10% reduction in the debt ratio, our interest-bearing liabilities can be appropriately increased by about 4 billion. The
company's current debt ratio is very low. Maintaining appropriate debt is beneficial to our company's current development, especially the development of our new materials, and the risk is controllable.
Ask: What are the plans for incentive schemes of listed companies or their subsidiaries? The medium and long-term layout of the company's overseas business expansion?
Answer: The management incentive at the joint-stock company level should be implemented before the end of 2023. In fact, the plan has been prepared and discussed by the board of directors.
With regard to internationalization, our internationalization index is still less than 10, so we still have a clear gap, so we have to catch up now, and we have to intensify our efforts in these places where we were originally located in 23 years. There are two main breakthroughs:
the first is the concept, we can really realize that China National Building Material Co., Ltd. should have a global layout in order to become a world-class listed company with high-quality development.
Secondly, our new materials and our basic building materials must break through, especially our basic building materials, which not only solve the bottleneck problem of domestic development that you are worried about just now, but also more importantly, after the internationalization of big customers. It can make the basic building materials continue to be a very important channel for the ballast stone business of China National Building Materials Co., Ltd.
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