Recently, Tapai Group gave answers to the reasons for the decline in cement sales in 2022, photovoltaic layout, aggregate production capacity and market prospects in 2023.
1. Compared with the national average, the cement sales in the region where the company is located will decline more in 2022. What are the unique reasons besides the epidemic and real estate?
Answer: In the first half of 2022, the cement sales volume of the Company decreased significantly, mainly due to the continuous dragon boat rain in May and June. In the third quarter, the decline has gradually narrowed. According to the annual performance forecast of the Company, the cement sales volume of the Company decreased by about 8% year-on-year, which is expected to be comparable to the decline in the national cement industry.
2. Under the background of new energy consumption standards, Henan, Shandong and other provinces with large production capacity have introduced a very strict one-size-fits-all exit policy for small production capacity. At present, what is the proportion of small and medium-sized production capacity below 2000t/d in Guangdong? Are there any clear requirements at the policy level?
Answer: According to the announcement on the list of cement clinker production lines of Guangdong Province in 2021 issued by the Department of Industry and Information Technology of Guangdong Province, as of December 31, 2021, the production capacity of 2000t/d clinker production lines in Guangdong Province accounts for about 2%. At present, Guangdong has not yet issued a clear exit policy for small production capacity. With the continuous improvement of environmental protection and energy consumption requirements
, according to market rules, it is expected that small and medium-sized production capacity will be gradually cleared.
3. How much cost reduction has been achieved by the recently implemented photovoltaic projects and fuel substitution projects?
Answer: It is estimated that the economic benefits of the photovoltaic power generation project of "self-use, surplus electricity access to the grid" built in the plant area of the company are more prominent, and the cost of electricity consumption is more than 20% less than current purchase price. Fuel replacement projects are still in the pilot planning and implementation stage, and complete data on the extent of cost reduction have not yet been obtained.
4. At present, the first phase of photovoltaic projects in several factories has been put into operation, and the power generation accounts for 5% of the purchased electricity. The next step of photovoltaic or new energy plan? If all of them are put into operation, how much electricity can be generated?
Answer: The photovoltaic power generation projects invested by the Company are mainly "self-generated and self-used, with surplus electricity connected to the grid", to meet part of the demand for electricity for cement production. At present, all the photovoltaic power generation projects within the red line of the plant area of the Company's subsidiaries have been completed and put into operation.
In the next step, the Company will carry out the feasibility study on the reinforcement of the steel structure shed in the plant area for the construction of distributed photovoltaic and the construction of centralized photovoltaic in the leased site, so as to expand the construction scale of the photovoltaic power generation project, and the power generation will be calculated based on the actual construction scale at that time.
5. Limestone ownership rate of the Company? What is the current aggregate production capacity? Future capacity planning?
Answer: The cement industry is a resource industry. Enterprises with abundant reserves of limestone resources in the upstream of the cement industry have obvious advantages, and the company's limestone ownership rate is 100%. Considering the quality mix and appropriate outsourcing to maintain its own resources, the company will purchase a small part of limestone. Under the trend of more and more stringent environmental protection of limestone resources, the company expands its aggregate business by virtue of its own limestone resources, scale capital, transportation and other advantages. Guangdong Huaxinda Building Material Technology Co., Ltd., a joint venture 45% owned by the company, has an aggregate design capacity of 4 million tons per year, and the raw materials come from the waste rock of Wenhua Mine. Another aggregate production line is under construction, with a planned capacity of 2 million tons per year.
6. Please introduce the employee stock ownership plan of the company? Current progress of repurchase implementation?
Answer: The company's employee stock ownership plan is designed for six phases from 2018 to 2023, aiming at establishing and improving a long-term incentive and restraint mechanism for co-creation and sharing, promoting the company's long-term development, and aiming at long-term incentives. The capital of each phase of the employee stock ownership plan comes from the incentive bonus of each year, and each phase of the employee stock ownership plan has set strict performance appraisal conditions for increasing the number year by year. If the performance of the current year is good and the degree of completion is high, the corresponding incentive bonus will be more, and the capital entering the employee stock ownership plan will be more. The stock comes from repurchase or secondary market purchase.
As of December 31, 2022, the Company repurchased a total of 25.8552 million shares through centralized bidding transactions, accounting for 2.17% of the Company's total share capital, with the highest transaction price of 8.95 yuan per share and the lowest transaction price of 6.65 yuan per share. The total amount paid is RMB 204,729,400 (including transaction costs).
7. How does the company view the market prospect in 2023?
Answer: The downstream of cement is mainly divided into three parts: infrastructure, real estate and new rural construction, among which the real estate market is an important variable. Since the fourth quarter of 2022, regulatory authorities at all levels have issued a number of policies to stabilize the property market, and it is expected that a recovery situation will be established in 2023. During the first session of the 14th National
People's Congress of Guangdong Province in January 2023, the Guangdong Development and Reform Commission announced 1530 key projects in Guangdong in 2023, with a planned investment of about 1 trillion yuan in 2023. As an important part of steady growth, key projects are expected to boost cement demand to a certain extent. In
2023, Guangdong, Guangxi and Fujian will adhere to the principle of green, low-carbon and high-quality development of the cement industry, and continue to carry out strong peak-shifting production actions. Meanwhile, the coal price is expected to decline steadily, which will also have a positive impact on the cost, and the industry's profitability is expected to usher in a recovery.
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