需求成本双重挤压,龙头水泥企业去年业绩普遍不佳

2023-04-06 16:37:52

业内观点认为,尽管一系列措施压减了水泥的部分产量,但水泥行业产能过剩的矛盾仍未得到根本性改变。

近期,水泥行业龙头企业密集发布2022年财报,业绩表现不佳、净利润大幅下滑成为普遍现象。龙头企业的财报指出,去年行业的不景气受到水泥需求下滑、原燃料价格高涨等多重因素的影响。

业内观点认为,尽管一系列措施压减了水泥的部分产量,但水泥行业产能过剩的矛盾仍未得到根本性改变。

龙头水泥企业业绩普遍下滑

中国建材去年营收2302亿元人民币,同比下降16.5%;归母净利润为79.62亿元,同比降幅51.2%;公司计划派发末期股息每股0.378元,共计31.88亿元。

中国建材母公司中国建材集团是全球最大的综合建材产业集团,旗下拥有14家上市公司,在水泥、商混、石膏板、玻璃纤维、风机叶片和水泥玻璃工程技术服务等7项业务规模居世界第一,同时还涉足超薄电子玻璃、高性能碳纤维、锂电池隔膜、超特高压电瓷等业务。

中国建材旗下拥有新天山水泥、宁夏建材、祁连山、北新建材、中国巨石、中材国际等运营实体,经营水泥、商混、骨料、风机叶片、玻璃纤维等业务。

财报数据显示,2022年,中国建材基础建材水泥、熟料、商混等产品销量和售价均有不同程度下滑,仅骨料销量涨幅超两成,但平均售价也下滑5.5%;在新材料分布,中国建材石膏板、玻璃纤维和防水卷材的销量同比下降,风电叶片的销量增长近三成,但平均售价下降25.3%;此外,公司锂电池隔膜的销量大涨超五成,售价与2021年相当;碳纤维销量增长52.6%,平均售价增长11.5%。

财报表示,中国建材去年基础建材分部的毛利下降超五成,主要原因是煤价上升以及水泥、商混和骨料的平均售价下降导致;新材料板块也受到煤价上升,以及风电叶片售价下降和原材料价格上升的影响,导致该板块毛利率由2021年的27.8%下降至24.2%。

业绩大幅下滑成为水泥行业上市公司的普遍现象。天山股份去年实现营收1325.8亿元,同比下降22.03%;实现归母净利润454.22亿元,同比下降63.08%,计划每10股派发现金红利2.7元(含税)。天山股份目前是国内规模最大、产业链完整的全国性布局的水泥公司,水泥熟料产能、商混产能和骨料产能均居国内第一。

冀东水泥去年实现营收345.44亿元,同比下降4.94%;实现归母净利润13.58亿元,同比下滑51.69%。祁连山去年营收79.74亿元,同比增长3.93%;实现归母净利润7.58亿元,同比下滑19.96%。华新水泥去年营收小幅增长6.14%至304.7亿元,实现归母净利润26.99亿元,同比下滑49.68%。海螺水泥去年实现营收1320.22亿元,同比下滑21.4%;实现归母净利润156.61亿元,同比下滑52.92%。

需求下滑、成本上涨是主因

天山水泥在财报中表示,去年水泥需求大幅下降,价格不断下行,煤电价格同比上涨推高制造成本,毛利率同比下滑,效益同比大幅下降;商业混凝土量价齐跌,毛利率同比略降,效益同比下降,公司整体业绩同比大幅下滑。

祁连山表示,去年受到房地产市场、经济下行等多重因素的冲击,全国水泥市场需求大降,水泥产量降至2012年以来的最低水平,低迷的水泥市场需求,使得全国水泥市场价格高台跳水,全年水泥市场价格走势颓势尽显。但原材料的价格却从年初涨至年底,在水泥量价齐跌、成本高涨的双重挤压下,行业利润下滑严重。祁连山称,去年公司所属区域市场需求下滑明显,大宗原燃料价格持续高位运行,导致成本控制压力巨大,经营形势极为复杂严峻。

2022年,全国水泥市场需求的低迷贯穿全年,呈现“旺季不旺、淡季更淡”的特征。国家统计局数据显示,2022年,全国水泥产量21.3亿吨,同比下降10.5%,为近十年来以来的最低值。

一业内人士在接受采访时表示,水泥需求下降是客观事实,需求的下降导致行业利润下滑是普遍现象,燃煤成本持续高位,企业利润下滑也算合情;但行业利润腰斩显得并不合理,部分企业在明知需求下降、成本增高的情况下,还用低价倾销手段追求销量增长,这或许是导致行业效益大幅下滑的主要因素之一。

产能过剩局面未根本性改变

多家水泥企业在财报中都表示,水泥行业仍面临着去产能、绿色转型的挑战。

中国建材董事长周育先在财报中表示,建材行业需求放缓、产能过剩、成本高企等特征明显,优生态、去产能、降成本任务艰巨;但随着存量政策和增量政策叠加发力,预计需求侧有望总体回升,供给侧结构性改革将进一步推进。

天山水泥在财报中表示,水泥行业产能过剩的矛盾未有根本改变,需求仍处于平台期;水泥行业的绿色化、智能化发展成为普遍共识,绿色低碳转型是水泥业务转型升级的必由之路。

华新水泥表示,尽管“错峰生产常态化”以及其他措施会压缩水泥供给,但需求下滑、产能过剩依旧是当前水泥行业面临的主要问题,去产能仍然是行业亟待解决的问题。

冀东水泥3月30日披露的投资者关系活动记录表透露,目前公司除东北、内蒙古、冀北、晋北区域的市场未完全启动外,其他区域市场需求已恢复;受限于市场资金情况,需求恢复较预期仍有差距,但较2021年及2022年同期有明显提升。

冀东水泥在上述记录表中表示,水泥行业属产能过剩行业,底部还未真正到来。各地政府和发改部门不断推动行业去产能工作,由政府主导实行采暖季错峰及重污染天气错峰等措施消减了一部分产量;市场端,龙头企业一方面积极响应绿色低碳发展的要求,严格落实产能置换和错峰生产政策,另一方面也要引领行业积极推进整合,提高市场集中度,维护良好行业发展生态,在产能过剩的情况下实现合理的利润和产能的缩减。

为进一步推动水泥行业绿色化、数字化、智能化发展,中国水泥网将于2023年4月24-25日,在湖南长沙举办“中国水泥行业绿色发展高峰论坛暨超洁净排放技术交流大会”“第四届中国水泥智能化高峰论坛”,诚邀行业专家、水泥及相关企业,共同助力水泥行业高质量发展!会后将参观中材株洲水泥有限责任公司和国际首套“尘硝一箱化SCR脱硝项目”。

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Correlation

On October 24, the "2024 China Cement Double Carbon Conference and the 12th Energy Conservation and Environmental Protection Technology Exchange Conference" was held in Wuhu, Anhui Province. Gao Dengbang, President of China Cement Association, Zhu Shengli, General Manager of Anhui Conch Group Co., Ltd., Lv Zhijian, President of Xinjiang Building Material Industry Association, Ma Weiping, Chairman of OCC, Jiang Dehong, Vice President and Chief Engineer of Tianshan Materials Co., Ltd., Li Jian, Associate Researcher of Chinese Academy of Environmental Sciences, Fan Yueming, Professor of South China University of Technology, Zhuge Wenda, Chairman of Leishan Cement Co., Ltd., Century Xinfeng, Hubei, Yan Haochun, Technical Director of China National Inspection and Testing Holding Group and General Manager of Certification and Evaluation Center.

2024-10-24 16:55:38

Tianfeng Securities Research Report shows that with the arrival of the peak season in September, the progress of special bonds and special bonds at the infrastructure end has been accelerated and major local projects have been started, and the demand for cement is expected to pick up. Recently, the cement shipment data continued to recover, and the price side also rose synchronously. At present, most cement enterprises are still in a state of loss. With the strengthening of industry supply self-discipline, the superimposed demand is expected to improve marginally, and the industry profit center is expected to be lifted.

2024-09-19 10:18:37

From the overall situation, in the first half of 2024, the overall operating situation of the cement industry was grim, and the profits of cement enterprises basically declined sharply, and even some enterprises suffered huge losses. In terms of the operation and management of Conch Cement, the Group will pay close attention to the macroeconomic situation at home and abroad, and continue to improve the quality and efficiency of its operation in line with the guidance of national policies. Huaxin Cement said that it demonstrated the sense of responsibility of large enterprises and actively promoted and implemented new supply-side structural reform programs and measures suitable for the high-quality development of the industry.

2024-09-03 09:43:58

On the evening of August 30, Jidong Cement released its semi-annual report for 2024. In the first half of 2024, it realized operating income of 11.22 billion yuan, down 22.55% year-on-year; realized net profit of -806 million yuan, down 120.18% year-on-year; basic earnings per share of -0.3033 yuan; weighted average return on equity ROE of -2.85%. The main sources of the company's performance are the production and sale of cement and clinker, the production and sale of aggregates and the disposal of hazardous waste and solid waste.

2024-09-02 10:36:06

According to the China Cement Network Market Data Center, the shutdown of kilns in Liaoning, Northeast China, was extended to 20 days in August, the overall price was high and stable, the demand performance was not good, and the momentum to push up again was insufficient.

2024-08-02 17:28:08

According to the market data of China Cement Network, affected by the high temperature weather and rainy season, the demand performance of Beijing-Tianjin-Hebei region is flat and the price is weak.

2024-08-02 17:12:52

According to the cement network market data center news, Ningxia prices continue to decline; Shaanxi region recently due to the contradiction between supply and demand and price competition led to a larger price reduction.

2024-08-02 16:39:35

According to the data center of China Cement Market, due to the low ex-factory prices in various regions, some regions began to resume pricing this week.

2024-08-02 16:30:32

Accelerate the strategic integration of key markets, focus on Beijing-Tianjin-Hebei, Northeast and Shanxi regions, accelerate the efficiency of regional mergers and reorganizations, enhance market control and voice, and build a new pattern of coordinated development of "Beijing-Tianjin-Hebei + Northeast + Northwest".

2024-06-06 10:00:30

The serious decline in demand, coupled with the fierce market competition, the low opening and low going of cement prices, continued to bottom out, and the loss of the industry expanded. The loss of the industry in the first quarter exceeded that of 2016, and the pressure of enterprise operation was unprecedented.

2024-05-31 14:35:19

According to the incomplete statistics of China Cement Network, there are about 24 companies with aggregate business in A-share motherboard and Hong Kong listed companies, of which 16 listed companies disclose specific aggregate income..

2024-05-28 16:59:57

Affected by insufficient infrastructure support and the continuous downturn of real estate, the demand of cement industry continued to be weak throughout the year. In 2023, the national cement output was 2.023 billion tons, down 5% from the same period last year. Under the influence of the decline in demand, the contradiction of excess capacity was further intensified, the market competition was extremely fierce, the price of cement dropped significantly, the industry profit shrank sharply again, the annual profit dropped by more than 50%, the development of the cement industry entered an unprecedented difficult period, and many companies suffered heavy losses.

2024-05-23 14:01:48

According to the China Cement Network Market Data Center News, Northeast China: Northeast market demand is weak and stable, cement prices have loosened.

2024-04-19 16:57:31

According to the data center of China Cement Market, the price of cement in the surrounding market is generally at a relatively low level, and the specific implementation of this round of price increase needs to be tracked. The rest of the market demand recovery is still poor, and the overall price shows signs of loosening and declining slightly.

2024-04-08 10:34:35

In 2024, what are the development plans and layouts of the major cement enterprises in the market? According to the annual report of the enterprise, the following are arranged..

2024-04-03 13:45:12

At present, the cement industry is facing serious internal and external troubles, which can be said to be "the autumn of life and death".

2024-04-02 17:13:02

On March 29, the "2024 13th China Cement Industry Summit Main Forum and TOP100 Award Ceremony" was held grandly.

2024-03-29 18:00:30

Under the background of such a complex and severe cement market, how can the cement industry survive and develop next? The participants had a heated discussion.

2024-03-28 21:39:54

On March 28, the 13th China Cement Industry Summit and TOP100 Award Ceremony hosted by China Cement Network was held grandly.

2024-03-28 18:30:58

Enterprises with strong competitiveness and rapid response to the external environment can win the future.

2024-03-19 15:10:10

In the course of the prosperity of China's cement industry, Jidong Equipment has contributed a lot.

2024-03-13 09:10:04

The author believes that in the short term, the cement industry is still indispensable to the "bloody" "real gun combat", but after the "actual combat" industry, who can be called a winner?

2024-03-06 15:32:49

By the end of February, the National Gravel Price Index (CSPI) closed at 83.51 points, down 0.98% annually and 2.60% year-on-year. The National Machine-made Sand Price Index (MSPI) closed at 87.33 points, down 1.14% annually and 5.89% year-on-year.

2024-03-06 09:51:50

China Resources Building Materials Technology Co., Ltd. held the 2024 Working Conference of "Opening the New Situation" in Guangzhou, Guangdong Province.

2024-03-01 10:13:56

On March 28-29, China Cement Network will hold the "13th China Cement Industry Summit and TOP100 Award Ceremony" in Hangzhou. During the conference, awards will be given to the top 100 cement and supplier enterprises. At the same time, experts and scholars, China Railway and other construction units will be invited to discuss the new development trend of the cement industry in the future, and work together to create the future!

2024-02-27 09:41:58

Zhejiang: Construction is expected to start in March, which may lead to a rise in cement prices; 6 billion investment, annual production capacity of 30 million tons of projects put into operation! Huarun's "next success"; Jidong Cement: will promote related acquisition projects according to the annual investment plan; the latest market research on cement and concrete

2024-02-23 13:30:10

How about the performance of cement market after the festival? The Ministry of Industry and Information Technology issued the Guidelines for the Construction of Carbon Neutralization Standard System in the Industrial Field; Hunan assessed 6 A-level cement enterprises; Jidong Cement 3 million tons of aggregate project was officially put into production and shipped; Duyun Shangfeng Southwest Cement signed the intention of 300000 tons of cement production and marketing order; Guangzhou Lixinsha Bridge was broken.

2024-02-22 13:45:03

Although the company suffered losses in the context of the sharp decline in the operating performance of the whole industry, the operating cash flow in the first three quarters was basically flat compared with the previous year, maintaining financial stability and ensuring the potential for development.

2024-02-05 09:23:30

Can the supply and demand of cement industry improve in 2024? Can prices be boosted? How will enterprises break the situation?

2024-01-23 09:30:22

It will take some time from the policy landing to the construction of infrastructure projects.

2024-01-17 16:51:37

金隅冀东水泥发表新年贺词:以自身确定性穿越迷雾。

2023-12-31 20:09:55

煤炭是水泥生产过程中的主要燃料,其成本占到水泥熟料成本的50%~55%,煤价的波动对水泥成本有着直接的影响,特别是在需求走低的情况下,成本的控制尤为重要。

2023-12-15 09:16:08

公司回答表示,目前有多个项目正在推进中。公司坚持做强做优水泥主业,实施有效的投资策略。按照可优化产业布局和产能结构、协同价值突出等基本原则进行并购,构建公司高质量发展产业体系。

2023-11-14 10:35:05

据中国水泥网行情数据消息,受煤炭等原材料价格上涨,水泥生产成本持续走高,24日前后京津冀地区如期推动上调水泥价格35-50元/吨左右,区域内主导企业通知涨幅基本以50元/吨为主。山西地区阴雨天气较多,市场需求一般,企业出货量不高。内蒙古部分地区施工进入赶工期,工程出货量有所上升,加之前期水泥价格下跌,区域内企业涨价意愿强烈。

2023-09-28 13:49:00

天山股份:副董事长肖家祥辞职;黄冈亚东水泥年处置100万吨磷石膏综合利用项目开工;福建万亿投资登场 水泥需求获支撑;孔祥忠、姚颐辞任冀东水泥独立董事

2023-09-27 13:36:16

“本轮价格推涨落实情况有待观察。”中国水泥网分析认为,目前水泥终端需求有所好转,加之煤价上涨,企业成本增加,预计本周水泥价格或将小幅上涨。

2023-09-27 10:09:47

9月6日,在海螺水泥上半年业绩说明会上,海螺水泥执行董事、总经理李群峰表示,市场份额是企业可持续发展的基础。接下来,海螺将坚持“份额是基础,盈利是目的”的思路,维持合理的市场份额,努力提升经营效益。

2023-09-08 09:10:25

辽宁金中合资公司成立后,按照股东双方的战略要求,立足辽宁,开展水泥行业整合工作,现已完成双方在辽企业的尽职调查及审计评估现场工作,其他各项前期准备工作正在稳步推进中。

2023-08-31 12:18:19

2023年上半年,冀东水泥主营业务销售量同比增长14%,但由于市场价格跌至低位,营业收入不升反降,归母净利润较去年同期下降132%……

2023-08-29 15:34:47

2023年上半年,国内经济呈现弱复苏态势,恢复乏力。基建投资为水泥需求提供了重要支撑但增长空间有限,房地产主要经济指标均较上年同期出现大幅下降,水泥市场呈现“需求疲软、市场收缩、库存高企、存量竞争加剧、效益下滑”的运行特征。

2023-08-29 15:04:00

冀东水泥公布2023年半年度报告,报告期营业收入144.86亿元,同比下降14.01%;归属于上市公司股东的净利润为-3.69亿元,同比盈转亏。

2023-08-25 09:53:52

据中国水泥网行情数据中心消息,本周辽宁大连地区通知上调水泥价格10元/吨。黑龙江、吉林地区水泥报价暂未有明显波动。

2023-08-18 17:51:07

近日,新天山、冀东、葛洲坝水泥等企业相继发布2023年下半年工作计划。

2023-08-07 09:26:38

据中国水泥网行情数据中心消息,黑龙江、吉林地区水泥需求低迷态势依然持续,本周区域内多地水泥报价较前期有所下滑。

2023-07-21 16:28:06

在水泥市场疲软的环境下,各大水泥企业纷纷采取行动,加强与上下游的联系,并积极寻找新的合作机会以应对市场的下行压力。

2023-07-17 09:46:58

项目总投资3900万元,拟建设一条产能100万吨骨料生产线。

2023-07-14 16:20:39

水泥企业如何在生存和发展中找到平衡点?寻找新的机遇和利润增长点?

2023-07-08 14:38:57

Since the 21st, some major manufacturers in Zhanjiang, Maoming, Yangjiang and Yunfu in western Guangdong have again notified an increase in cement prices by 30 yuan/ton, and the specific implementation remains to be observed.