24, Conch Cement (600585. SH) announced that its business income in 2024 was 91.03 billion yuan, down 35.51% from the same period last year; Net profit attributable to shareholders of listed companies was 7.696 billion yuan, down 26.19% year on year.
Next, we review the data changes of annual reports of Conch (including overseas) in the past ten years from the four perspectives of cement clinker sales volume, clinker production capacity, operating income and total profit.
1. Sales volume of conch cement clinker in recent ten years. In 2020, it reached 325 million tons, the highest sales volume in ten years. The overall sales volume of conch cement clinker products showed an upward trend, with the proportion increasing from 10.85% in 2015 to 14.68% in 2024, an increase of nearly 4 percentage points. Since 2021, the national cement production has entered a downward channel, from 2.395 billion tons in 2020 to 1.825 billion tons in 2024, but the proportion of conch cement has increased from 12.78% in 2021 to 14.68% in 2024, an increase of 1.9 percentage points.
II. Production capacity of Conch cement clinker in recent ten years. In 2023, the production capacity of conch clinker reached a peak of 235 million tons, and the peak capacity of the whole industry was 1.853 billion tons in 2016. From 10.61% in 2015 to 13.15% in 2024, the proportion of production capacity showed an overall upward trend, with the highest proportion in 2023, accounting for 13.19%.
III. Business income of Conch Cement in recent ten years. In 2020, it reached a peak of 176.24 billion yuan, and the revenue of conch cement accounted for 17.69% of the whole industry. In terms of proportion, the proportion of conch cement revenue in the whole industry has increased significantly in the past ten years, from 5.73% in 2015 to 14.61% in 2024, which is more than 2.5 times that of ten years ago. In recent years, the proportion of conch cement revenue in the whole industry has basically maintained at about 14%-18%.
IV. Total profit of Conch Cement in recent ten years. In 2020, it reached a peak of 47.108 billion yuan. From 2019 to 2023, the proportion of total profit of Conch Cement increased for four consecutive years, and remained at the second highest level of 38.57% in a decade by 2024. The
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