Comprehensive review: In 2022, CNBM achieved a total operating income of 230.168 billion yuan, a year-on-year decrease of 16.49%. Net profit attributable to shareholders of listed companies was 7.962 billion yuan, down 51.16% year on year. In 2022, due to the decline in demand and high cost in the cement industry, the revenue and profit of the company's main cement industry declined significantly, but the company sized up the situation, maintained strategic strength, accelerated the pace of transformation, the aggregate business expanded rapidly, the new material sector developed steadily, the rate of three fees continued to decline, and the company's high-quality development entered a new stage.
Figures 1 and 2: Decrease
in revenue and profit of CNBM in 2022 Data source: cement big data (https://data.ccement.com/)
Decline in the main cement industry Profit indicators declined
in 2022. Under the influence of macro-economic downturn and the continuous bottoming of real estate, the cement industry has experienced a year of "declining demand, high cost, falling price and shrinking profit". As the main business of the company, the cement business accounts for about 66% of the revenue, and the company's operating performance has declined under the constraints of the environment. Among the main profit indicators, the gross profit rate recorded 16.94%, down 6.94 percentage points from 2021, and the return on equity was also poor, 7.64% in 2022, down 9.19 percentage points from the same period. The company continued to tap the potential of cost reduction and efficiency enhancement, and the rate of three fees decreased by 1.76 percentage points to 13.11%.
Table 1: Main operating data
of CNBM in 2022 Source: Cement Big Data (https://data.ccement.com/)
In 2022, the demand of the industry contracted, and the sales volume and selling price of the Company's basic materials products declined. In that year, the 31660 of cement clinker sales was 0.33 million tons, down 15% from the same period last year. In terms of selling price, the average selling price of cement clinker in 2022 is 332.4 yuan/ton, which is 21.7 yuan/ton lower than that in 2021, a decrease of 6.13%.
Figure 3 and 4: Sales volume of CNBM cement clinker in 2022, 
Data source: Cement Big Data (https://data.ccement.com/)
Highlight 1: "Cement plus" strategy Continued to promote the rapid development
of aggregate business The Company deepened the "Cement plus" strategy and continued to expand the aggregate business. Form a new profit growth point. In 2022, the company's new aggregate production capacity was 54 million tons, the actual aggregate production capacity was over 230 million tons, the sales 13128 was 10000 tons, an increase of 26.4% over the previous year, and the operating income was 5.85 billion yuan, an increase of 19.5% over the previous year, and the contribution of aggregate business to the company's revenue was further increased.
Figure 5: China's building material aggregate sales maintain rapid growth
in 2022 Data source: Cement Big Data (https://data.ccement.com/)
Highlight 2: Promote industrial transformation and upgrading Steady development
of new materials With the breaking of the cement platform period, the space capacity of the future cement market will gradually narrow, and the industrial chain represented by new energy materials will become one of the hot new tracks in the future. While optimizing the cement business, the company accelerated the pace of transformation and upgrading, vigorously developed new energy materials business such as lithium battery diaphragm, carbon fiber, graphite new materials, hydrogen energy cylinders, etc., with a steady development momentum and a steady increase in the proportion of operating income. In 2022, the revenue of new materials business was 31.123 billion yuan, an increase of 0.07% over the previous year, accounting for 20.31% of the revenue, a significant increase of 3.49 percentage points over last year.
Figure 6: Steady increase
in operating revenue of new materials business Data source: Cement big data (https://data.ccement.com/)
Highlight 3: Exploiting the potential of cost reduction and efficiency enhancement Before
2019, the cost of building materials in China has been increasing year by year, and the higher cost of building materials has become an important drag on profits. In recent years, the company has focused on internal management, strengthened fine management and operation, tapped the potential of cost reduction and efficiency enhancement, and steadily reduced the rate of three fees. In 2022, the company's three fees were 30.165 billion yuan, down 25.8% from the same period last year, and the rate of three fees dropped to 13.11%, especially the management fees decreased significantly by nearly 28%, and the company's operational efficiency increased significantly.
Figure 7: The rate of three fees of CNBM decreases
year by year Data source: Cement Big Data (https://data.ccement.com/)
Market outlook: Consolidate the main business and accelerate the transformation Operating efficiency is expected to recover
In 2023, the Company will coordinate the business development of the three major segments of basic building materials, new materials and engineering and technical services, consolidate the core market of cement business externally, expand the layout of new materials business, consolidate the engineering and technical services business, and actively promote the internationalization strategy; internally, the Company will continue to deepen the "three fine" management and improve the quality of operation. With the gradual recovery of China's economy, the demand of the cement industry is expected to improve, and the benefits may rebound. With the support of policies, the new material industry will accelerate its pace of development and look forward to the long-term development of China's building materials industry. (This article does not constitute investment advice)
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