Shangfeng Cement Achieved Net Profit of 744 Million yuan in 2023, New Development Model Helps Business Continue to Grow

2024-04-24 21:24:47

On the evening of April 24, Shangfeng Cement (stock code: 000672. SZ) released its annual report for 2023. In 2023, Shangfeng Cement achieved an operating income of 6.397 billion yuan and a net profit of 744 million yuan attributable to the shareholders of the listed company; the company flexibly adjusted and continuously optimized the total.

On the evening of April

24, Shangfeng Cement (stock code: 000672. SZ) released its annual report for 2023. In 2023, Shangfeng Cement realized an operating income of 6.397 billion yuan and a net profit of 744 million yuan attributable to shareholders of listed companies; During the reporting period, the operating cash flow reached 1.117 billion yuan, an increase of 9.53% over the same period last year. The total assets and net assets attributable to shareholders of listed companies increased, and the return on net assets, per capita revenue and other indicators maintained the leading position of listed companies in the industry. Under the complex situation of falling volume and price, rising cost, two-way extrusion and multiple policy adjustments in the

cement industry, in 2023, Shangfeng Cement firmly adhered to the strategic development path of "one main and two wings", focusing on the main industry of cement building materials, deeply cultivating the extension wing of the industrial chain and the equity investment wing of the new economy, and generally maintained the benign trend of "steady progress, comprehensive promotion". Strong foundation of

main business: In 2023, the scale and efficiency of cement business grew steadily, and the gross profit margin was leading

in the industry. For many years, Shangfeng Cement has focused on the manufacturing and sales of cement clinker , cement, special cement, concrete and other building materials. The scale of cement clinker ranks 14th in China. In 2023, the company firmly maintained the fine production and operation of the main cement building materials industry, high efficiency, benefit center, combination of length and length, orderly progress of new project construction, smooth operation of Guizhou Duyun Shangfeng production line, and orderly development of a series of projects such as resource allocation, product matching and asset matching. The production line indicators and cost reduction and efficiency enhancement measures of each base were significantly optimized, the manufacturing cost of cement, the main product, decreased by 15.6% year on year, and the gross profit margin of the main business continued to lead the industry.

In 2023, the production and sales volume of the main cement building materials industry increased steadily, with clinker output of 15.8576 million tons, an increase of 3.94% over the previous year, clinker sales volume of 4.6725 million tons, an increase of 4.89% over the previous year, and gross profit margin of clinker sales of 20.11%; The output of cement was 16.871 million tonnes, representing an increase of 11.58% as compared with the previous year, and the sales volume of cement was 16.7822 million tonnes, representing an increase of 12.83% as compared with the previous year. The gross profit margin of cement sales was 25.38%, and the gross profit margin of products and per capita efficiency and other indicators continued to maintain a better level in the industry.

At the same time, Shangfeng Cement actively responded to the national policy of encouraging the cement industry to promote the transformation of ultra-low emissions in an orderly manner, continuously promoted industrial upgrading and high-quality development, formulated the "Road Map for Low Carbon Development of Shangfeng Cement" with "High Efficiency, Low Consumption, Green and Low Carbon" as the main line, and carried out a series of technological transformation of ultra-low emissions and quality improvement. Enhance "low carbon competitiveness" and promote sustainable development. Driven by

"Two Wings": Extending the Industrial Chain, Forging New Quality Productivity and Making Substantial Progress

in New Economic Investment While focusing on the main business of cement building materials, Shangfeng Cement has gradually expanded the industrial chain extension related industries such as cement kiln co-processing, environmental protection, intelligent logistics, photovoltaic energy storage and so on in recent years. Equity investment business in new economic industries has been moderately carried out to continuously optimize the industrial structure and enhance operational resilience. In terms of

industrial chain extension, Shangfeng Cement sold 13.2483 million tons of aggregate in 2023, with a revenue of 493 million yuan. The total scale of aggregate business is expected to continue to increase in the future, forming a strong support for the main business and the company's performance structure; The environmental protection business, optical storage and new energy business and intelligent logistics business expanded and innovated from the inside out with the aim of forging new quality productivity: in 2023, the operation and management capabilities of co-processing of cement kilns were improved, the volume of solid hazardous waste disposal increased by 45.17% over the previous year to 285,400 tons, and the annual operating income was 222 million yuan, the proportion of revenue in the past three years continued to increase. In 2023, photovoltaic storage new energy projects were successively completed and put into operation, with new photovoltaic grid-connected installed capacity of 13.9 MW and energy storage of 1MW/2MWh, and the efficiency and benefits of the collectivized supply chain and ecological chain were steadily improved. The equity investment wing of

the new economic industry responds to the call and guidance of the national policy direction, especially focusing on new energy, energy storage materials and other fields closely related to the green low-carbon economy under the background of the "double carbon" strategy, as well as high-tech and high-growth potential industries such as semiconductors, so as to achieve the combination of long and short, and the integration of production and investment. In 2023, the Company invested in 7 new projects including Shenghe Jingwei, Hengchuan New Energy and Jinmei New Materials, with an investment amount of RMB410 million. By the end of the reporting period, the Company had invested in 22 projects in the new economic field, with a total investment of RMB1.719 billion. In 2023, Jinghe Integration has been successfully listed and issued, and the IPO application of Zhongrun Solar Energy has been reviewed by Shenzhen Stock Exchange.

As an important grasp of high-quality development in the period of new and old kinetic energy conversion, "developing new quality productivity" was first written into the Government Work Report of 2024. Shangfeng Cement will continue to adhere to the strategy of "one main and two wings", enhance the competitiveness of the main industry, expand the industrial chain, continuously improve the quality of operation, and adhere to the environmental protection concept of "harmonious development, creating green industry" to promote green sustainable development, and continue to write a new chapter in the company's development in the future.

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