从上市公司半年报看水泥企业竞争力差异

2014-09-04 09:12:35

据国家统计局数据显示,今年上半年,全国规模以上水泥制造业销售额同比增长7%。近年来,由于水泥上市公司的新建产能和兼并重组,使自今年以来的产销同比增长速度高于行业平均水平,上半年销售额同比增长13.4%。但水泥上市公司之间产销增长存在差异,12家公司上半年销售额同比增长率在12%以上,其中5家公司同比增长20%以上;另外,5家公司上半年销售额比去年同期下降,5家公司同比增长率低于行业平均水平。

  2013年我国水泥主业上市公司27家:冀东水泥、江西水泥、天山股份、同力水泥、四川双马、塔牌集团、秦岭水泥、西水股份、巢东股份、青松建化、宁夏建材、狮头股份、海螺水泥、祁连山水泥、华新水泥、福建水泥、亚泰集团、博闻科技、金隅股份、山水水泥、东吴水泥、天瑞水泥、联合水泥、华润水泥、中材股份、西部水泥、中国建材(非水泥主业葛洲坝、尖峰集团不包括在财务统计分析内)。2013年年末,我国水泥上市公司水泥熟料产能10亿吨,占全国总量 53.4%;水泥产能13.2亿吨,占全国总量的39.1%。在我国水泥上市公司中,多种企业规模和经济成分并存,既有大型企业集团,也有小型企业;既有国有控股,也有私人控股、港澳台商控股、外商控股。

  我国水泥上市公司目前销售额约占行业总量的35%,实现利润占50%,说明水泥上市公司经济效益和资本运营效率走在行业前列,但水泥上市公司经济效益和企业竞争力存在巨大差异。截止到本文发稿止,尚有江西水泥和天瑞水泥未发布今年上半年中期报告。本文就今年已发布的上半年中期报告财务数据,对水泥企业经营状况和竞争力展开分析,其中江西水泥以第一季度报告财务数据替代。

  上市公司经营状况差异

  据国家统计局数据显示,今年上半年,全国规模以上水泥制造业销售额同比增长7%。近年来,由于水泥上市公司的新建产能和兼并重组,使自今年以来的产销同比增长速度高于行业平均水平,上半年销售额同比增长13.4%(见图7)。但水泥上市公司之间产销增长存在差异,12家公司上半年销售额同比增长率在12%以上,其中5家公司同比增长20%以上;另外,5家公司上半年销售额比去年同期下降,5家公司同比增长率低于行业平均水平(见图7)。

  图7 2014年上半年水泥上市公司销售额同比增长率

  今年上半年,全国规模以上水泥制造业利润总额同比增长52.7%,水泥上市公司上半年利润总额同比增长57%(见图8)。但水泥上市公司之间经济效益也存在差异,9家公司上半年利润总额同比增长率在50%以上,5家公司负增长,7家公司亏损(见图8)。

  图8 2014年上半年水泥上市公司利润总额同比增长率

  上市公司水泥单位成本相差60元

  今年上半年,全国规模以上水泥制造业销售利润率7.5%,水泥上市公司平均水平11%。今年上半年,在我国水泥上市公司中,亏损企业有7家,其中2家公司亏损额在3亿元以上。除去亏损企业,5家公司销售利润率在17%以上,其中最高的为27.3%,平均为24.4%;8家公司销售利润率在 7.5%~11.5%之间,平均为8.9%;6家公司销售利润率在0%~7.5%之间,平均为4.4%(见图9)。

  图9 2014年上半年水泥上市公司销售利润率比较

  据中国建筑材料联合会信息和经济运行部、中国建材数量经济监理学会监测统计,今年上半年,全国通用水泥平均出厂价格每吨312元,按行业平均销售利润率计算,吨水泥平均利润 23元,吨水泥平均成本费用289元。在水泥上市公司中,先进企业吨水泥平均成本费用236元,低于行业平均水平53元,低于一般企业48元,低于落后企业60元。水泥上市公司之间单位产品成本费用差距60元,是行业平均利润的两倍以上。这一方面体现了先进企业的盈利能力,另一方面也表明先进企业在水泥价格竞争中,具备游刃有余的降价空间。

  上市公司水泥生产成本相差45元

  今年上半年,全国规模以上水泥制造业毛利率为 15.9%,水泥上市公司平均水平为25.7%。今年上半年,在我国水泥上市公司中,5家公司毛利率在31%以上,平均为34.3%;5家公司毛利率在 26%~30%之间,平均为27.7%;14家公司毛利率在0%~26%之间,平均为20.2%(见图10)。

  图10 2014年上半年水泥上市公司毛利率比较

  按今年上半年全国通用水泥平均出厂价格和毛利率计算,行业吨水泥平均生产成本为263元,水泥上市公司吨水泥平均生产成本为232元。水泥上市公司技术装备和生产技术水平高于行业多数企业,生产成本低于行业平均水平。但在水泥上市公司中,生产成本也有差距,先进企业吨水泥平均生产成本为205元,低于行业平均水平58元,低于上市公司一般企业21元,低于落后企业45元。水泥上市公司之间吨水泥生产成本差距45元,是行业平均利润的近两倍,体现了水泥上市公司之间的技术装备、生产技术和管理水平差距。[Page]

  水泥上市公司管理成本相差9元

  今年上半年,全国规模以上水泥制造业管理费用占销售额的 4.1%,水泥上市公司中多为企业集团,管理人员和管理费用高于行业平均水平,管理费用平均占销售额的7.2%。今年上半年,在我国水泥上市公司中,10 家公司管理费用占销售额比重在7%以下,平均为4.9%,其中最低的为3.8%;9家公司在7%~10%之间,平均为8%;7家公司在10%以上,平均为 12.4%(见图11)。


  图11 2014年上半年水泥上市公司管理费用占销售额比重比较

  在水泥上市公司中,部分企业集团管理层次多、管理人员多、管理费用高,管理费用占销售额比重高出先进企业9元。9元的管理成本差距,吞噬了吨水泥利润,反映出水泥企业集团之间企业组织结构、管理水平的差距。

  水泥上市公司财务成本相差8元

  今年上半年,全国规模以上水泥制造业财务费用占销售额的2.8%,水泥上市公司融资成本和财务费用利息支出远高于行业平均水平,今年上半年财务费用占销售额 5.4%。今年上半年,在我国水泥上市公司中,6家公司财务费用占销售额比重在1.5%以下,平均为1.3%;12家公司在1.5%~6%之间,平均为 3.8%;8家公司在6%以上,平均为9.6%,其中6家公司在9%以上(见图12)。

  图12 2014年上半年水泥上市公司财务费用占销售额比重比较

  今年6月末,全国规模以上水泥制造业资产负债率为60.7%。多数水泥上市公司资金充裕,水泥上市公司平均资产负债率略低于行业平均水平,今年6月末平均为59.7%。在水泥上市公司中,11家企业和企业集团资产负债率在50%以下,平均为38.1%。近年来,部分企业和企业集团兼并和产能扩张过快,加之经营管理不善,潜伏很大财务风险,有15家公司资产负债率超过50%,平均为67.8%,其中2家公司资产负债率达到82.4%和104.2%(见图 13)。高额负债使企业财务成本支出大幅度增加,8家公司每百元销售额收入需支出财务费用9.6元(财务费用占销售额比重),高出先进企业8元,吞噬了吨水泥利润。

  图13 2014年上半年水泥上市公司资产负债率比较

  部分水泥上市公司

  1/3货款不能及时收回

  自我国国民经济进入新常态以来,水泥需求增速放缓,而水泥庞大的产能压力,使水泥市场形成买方市场,水泥企业应收账款急剧增加。今年6月末,全国规模以上水泥制造业应收账款余额793亿元,占销售额8.6%。中小水泥企业和多数私人控股企业由于资金短缺,对销售货款回笼控制严格,应收账款资金占用较低,而大企业集团应收账款较多。今年上半年,水泥上市公司应收账款余额为582亿元,约占规模以上水泥制造业应收账款余额的73%,占水泥上市公司销售额的 17.7%,远远高于行业平均水平(见图14)。

  图14 2014年上半年水泥上市公司应收账款占销售额比重比较

  今年上半年,在我国水泥上市公司中,6家公司应收账款余额占销售额比重控制在2.1%以下,3家公司控制在1%以内;6家公司应收账款余额占销售额比重在 30%以上,其中3家公司在50%以上(见图14)。这意味着有1/3和半数以上的货款不能及时收回。应收账款不能及时收回,不仅潜伏坏账风险,而且大量占用流动资金,使财务费用支出增加,增加资金成本,使吨水泥利润下降。

 水泥上市公司经营状况差异

  集中体现水泥企业之间竞争力差异

  今年上半年,水泥上市公司经营状况的差异,不仅反映了自我国国民经济进入新常态以后对水泥企业经营状况的影响,而且实质上体现了我国水泥行业进入市场经济以来,企业之间竞争力的差异。水泥上市公司之间的吨水泥成本费用差异,集中体现了我国水泥企业之间的竞争力差异,而吨水泥生产成本、管理和财务费用比重、应收账款风险和财务风险控制的差异,是从企业技术装备、生产技术、财务和企业管理水平等各方面全面反映出企业竞争力的差异。

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In the first three quarters, BBMG achieved a sales volume of more than 60 million tons of cement clinker (the total sales volume of cement and clinker in the same period last year was 72.07 million tons), and the comprehensive price of cement clinker was about 245 yuan/ton (excluding tax); In the third quarter, the sales volume of cement clinker was more than 20 million tons, the comprehensive price of cement clinker was about 250 yuan/ton (excluding tax), which increased by 8 yuan/ton, and the gross profit per ton was 54 yuan/ton, which increased by 13 yuan/ton.

2024-11-20 09:26:17

Insisting on the unchanged goals, tasks and momentum, we will make every effort to accomplish the year-round goals and tasks by optimizing the allocation of resources, strengthening market development and improving operational efficiency.

2024-11-19 11:12:17

The summary table of peak-shifting changes of cement clinker production line of XPCC from 2024 to 2025 (the first batch) shows that the kiln opening time of Yili Qingsong Building Materials Co., Ltd. during the peak-shifting period is from November 19 to November 21, 2024 (3 days); the kiln closing time during the non-peak-shifting period is from April 16 to April 18, 2025 (3 days), and the above changes have been approved.

2024-11-18 09:52:45

According to China Cement Network Market Data Center news, Fujian cement prices in East China once again pushed up, while the rest of the region was mainly stable in the week. This week, the Yangtze River Delta region is dominated by rainy weather, and the overall market demand is relatively stable, but some leading enterprises in the region still insist on selling at high prices, resulting in sales hovering at a low level.

2024-11-15 17:43:44

According to the information from China Cement Market Data Center, the price in Chongqing and Northeast Chongqing in the southwest region has risen by 30 yuan/ton, and the implementation remains to be observed; the price in Changdu, the Xizang, has risen by 50 yuan/ton, and the implementation remains to be observed; Sichuan and Yunnan maintain stable operation.

2024-11-15 17:34:42

As an important basic industry supporting the development of national economy, the cement industry should actively implement the spirit of the central policy documents, maintain a scientific and rational attitude, and resolutely resist the "involution" vicious competition. By building a healthy and orderly competitive environment, we can achieve efficient allocation of resources and sustainable development of the industry. This is not only a positive response to the central policy, but also an inherent demand to promote the transformation and upgrading of the cement industry and to move towards high-quality development.

2024-11-15 10:43:19

"Wanwei" brand cement is an environment-friendly product developed by Wanwei Group for resource utilization of industrial waste residue produced in chemical production, including PO52.5, PO42.5, M32.5 masonry cement, etc.

2024-11-14 12:11:29

Sincerely hope that colleagues, the future of the cement industry where to go, carry out a big discussion within the industry, brainstorm, and work together to break the situation!

2024-11-13 15:58:52

Therefore, when publicizing the capacity replacement plan, the provincial government should clearly indicate whether the replacement has the qualification of inter-provincial capacity replacement. Only with the qualification of cross-provincial placement, can we have the "next step".

2024-11-13 11:54:55

With the gradual expansion of the national carbon emissions trading market, it has brought higher requirements and greater pressure for carbon management in all walks of life. To establish and improve the carbon management system is to respond to the national dual-carbon strategy, which is also the future development trend; to improve the carbon emission management of enterprises, which can provide comprehensive analysis and decision-making for the future development strategy of enterprises; and to accurately predict the changes in the carbon market, strengthen the enterprise's response to climate change risks in all aspects, and guide the preservation and appreciation of carbon assets.

2024-11-13 11:19:44

Born in January 1929 in Xinhui, Guangdong Province, Lui Chi-wo is a well-known industrialist, philanthropist and social activist in Hong Kong, China. He has won the "Golden Bauhinia Star" of the Hong Kong Special Administrative Region Government and the Outstanding Educational Contribution Award of Peking University.

2024-11-12 09:16:51

According to the data center of China Cement Market, the overall market demand in Northwest China has declined, some kilns have been shut down, and most prices are stable. For example, the cement market demand in Gansu is weak at present, especially in Lanzhou and its surrounding areas, the inventory of some manufacturers is not high.

2024-11-08 17:27:44

According to China Cement Market Data Center, cement prices in central and southern China rose steadily this week, pushing up 30-50 yuan/ton in Guangxi, and some low-priced enterprises reported an increase of 70 yuan/ton. This week, cement prices in eastern Hubei have gradually fallen back to the level before the last round of rise, and cement prices in many places in Hunan continue to rise.

2024-11-08 17:23:08

Conch Group Intelligent Cement 5G Factory, Huarun Cement (Fengkai) Co., Ltd. Full-process Intelligent 5G Factory, Huarun Cement (Shangsi) Co., Ltd. Intelligent Manufacturing 5G + Co-management Platform Project 5G Factory, Huarun Cement (Tianyang) Co., Ltd. 5G Factory, Huarun Cement (Wuxuan) Co., Ltd. 5G Factory, 5G Industrial Internet Integration Innovation Application Factory, Enterprises such as Intelligent Drive Mining 5G Workshop will be listed in the list of 5G factories in 2024.

2024-11-08 13:56:53

Tianrui Cement said that as a shareholder of the joint venture, the group has the right to consult the financial reports, accounting books and accounting vouchers of the joint venture, which does not constitute the "improper purpose" alleged by the joint venture. The Company has sent a legal letter to the Associate in early November but has not received any response from the Associate.

2024-11-07 09:52:26

Asia Cement said in the third quarter report that looking forward to the fourth quarter, the demand for cement will pick up to a certain extent. With the support of increasing peak staggering efforts, the contradiction between supply and demand of cement will be alleviated in stages. It is expected that the results of the increase in cement prices in the third quarter will be maintained until the end of the year, and the benefits of cement enterprises are expected to usher in marginal improvement.

2024-11-06 10:05:59

This time, Huanggang Yadong Cement Co., Ltd. cooperated with Wuxue City Investment and Development Group Co., Ltd. to build a new construction aggregate production line with an annual output of 10 million tons, which can realize the comprehensive utilization of dolomite associated mineral resources in mines.

2024-11-05 14:12:05

Nowadays, with the rise of local enterprises, such as Ningbo Yiyu Environmental Protection Co., Ltd. and other high-tech enterprises, relying on their professional R & D and production capacity in the field of dust removal products and pneumatic components, they provide cement plants with reliable and cost-effective localization alternatives.

2024-11-05 13:54:53

Recently, at the invitation of Heidelberg Materials Group, Executive Director Tong Laigou, accompanied by Deputy General Manager and General Counsel Ma Aiguo and Deputy General Manager Wang Bin, went to Brevik of Heidelberg Materials Group. Factory survey and high-level meeting with Heidelberg Materials Group. Axel Conrads, Chief Technology Officer, Heidelberg Materials Group Warmly welcome Tong Laigou and his delegation to visit, comprehensively introduce the development plan of Heidelberg Materials Group, share its carbon emission reduction targets and CCUS planning, and point out that Sinoma Construction is an international company worthy of trust and trust, and hope that Sinoma Construction will extensively participate in the group's low-carbon development.

2024-11-05 13:07:08

In October, with the gradual decline of the national temperature, the northern project came to an end, and there was a small-scale rush to work in some areas, while the southern construction activities increased, the demand warmed up, and the shipment volume increased slightly. On the supply side, a number of sand and gravel aggregate projects have been successfully put into operation, production capacity has been released rapidly, sand and gravel prices have stopped falling slightly, and have entered a narrow range of volatility.

2024-11-05 11:42:36

From the recent market situation, the overall cement industry in the fourth quarter has a better expectation, the company has certain advantages in cost control and other aspects, will better benefit from the current round of price recovery and the impact of the rising boom stage.

2024-11-05 11:03:06

For companies like Conch Cement, the next step in entering the national carbon market is to reduce carbon emissions, which means that more carbon quotas can be sold in the carbon emissions trading market and get economic incentives.

2024-11-05 09:51:49

Dalian Changxing Island Economic and Technological Development Zone's "Diversified Source Reduction + Large-scale Comprehensive Utilization of Waste-free Park Model" is listed in the typical case of "Waste-free Park"; Wu'an Xinfeng Cement Co., Ltd.'s "Cement Kiln Co-processing Waste-free Economic Model" is listed in the typical case of "Waste-free Enterprise".

2024-11-04 14:18:15

As Dong Shihong said, "Carbon is the future". At the intersection of history and future, Shijing Science and Technology, with low carbon as its pen, helps the cement industry to depict a harmonious picture of green mountains, green waters and industrial prosperity, and casts a hard backbone of sustainable development in the blending of grey and green.

2024-11-04 09:35:58

According to China Cement Market Data Center News, in the central and southern regions, this week, Guangdong Pearl River Delta and Hainan regions continue to push up the cement price by 30-60 yuan/ton, and the implementation will wait and see; Guangxi region is planning to push up the cement price by 30-50 yuan/ton. After the two lakes region experienced many times of pushing up, the price was temporarily stable this week.

2024-11-01 17:35:36

According to the information from China Cement Market Data Center, the price of cement in many places in Yunnan in southwest China has risen by 100 yuan/ton, and the implementation remains to be observed; Liangshan and Panzhihua in Sichuan have also begun to push up by 50 yuan/ton. In Guizhou, some major manufacturers in Qiannan, Qianxinan, Zunyi, Tongren and other regions have recently raised the cement price by 10-40 yuan/ton, while the quotation in other regions has been stable for the time being.

2024-11-01 17:32:29

At the meeting, Yan Haochun brought the theme report "Dream of Blue Sky: Exploring the Green Footprint of Cement Industry in the Context of Carbon Market". She pointed out that the cement industry faced the risk of rising costs in the context of the carbon market.

2024-11-01 16:10:56

The incorporation of the cement industry into the national carbon market will have a significant impact on cement enterprises in terms of production and operation, data control, transaction costs, energy saving and carbon reduction investment. With the carbon quota from basic satisfaction to tight reduction, it will effectively promote production reduction, thereby affecting competitiveness and supply and demand pattern.

2024-11-01 09:52:46

In this journey of green transformation, the cement industry is firmly moving towards a low-carbon future, from technological innovation to management optimization, from the application of clean energy to the promotion of alternative fuels, each initiative is depicting a new journey for the industry. Let us work hand in hand to lead the wave of emission reduction with innovation, fulfill the green mission with practical actions, write a brilliant chapter of green and low-carbon development of the cement industry, and contribute to the construction of a beautiful earth.

2024-10-31 09:43:57

In recent years, news of technological upgrading has come from many clinker projects of Conch Cement. For example, a few days ago, the website of the People's Government of Basu County, Xizang, published the first announcement of the environmental impact assessment of the 3000t/d new dry clinker cement production line of Basu Conch Cement Co., Ltd. and its supporting 4.5M W pure low-temperature waste heat power generation project.

2024-10-30 09:31:00

On November 21, the Western Construction (002302) issued a prospectus for issuing stocks to specific targets in 2021. The company plans to introduce Conch Cement as a strategic investor through this issue, and Conch Cement will subscribe for 183 million shares, accounting for 12.48% of the total equity after the issue, becoming the second largest shareholder. The purpose of this issue is to optimize the capital structure, supplement liquidity and repay bank loans, which is expected to bring the company an annual increase of 8.85 billion yuan in operating income and a total profit of 708 million yuan, up 38.71% and 78.23% respectively from 2023.