[半年回顾]水泥行业整合大潮来临 大者愈大趋势已定

2015-07-29 10:17:17

未来,在经济增速继续减缓、投资结构调整的大环境之下,水泥消费主力房地产、基础建设减速、调整,水泥需求进入平台期。在平台期内,激烈的市场竞争已不可避免,竞争将有助于行业结构调整和优化的快速实现。在此过程中,行业将出现大量的兼并重组机遇。

  自2014年以来水泥行业景气度不断下滑,市场竞争环境日趋恶化。2014年市场需求还尚能保持弱势增长,全国水泥产量同比增长1.8%,行业效益仍可观。但今年以来,受国家宏观经济环境影响,固定资产投资力度进一步减弱,尤其是房地产继续探底之旅,纵使国家继续发力基建投资,全国水泥市场需求面已发生根本扭转,增长之势不在。上半年累计水泥产量同比增速已连续四月为负值,且降幅扩大,至6月底同比下降5.3%,单月水泥产量亦连续10个月同比负增长,这是自1991年起未曾出现的情形。

  未来,在经济增速继续减缓、投资结构调整的大环境之下,水泥消费主力房地产、基础建设减速、调整,水泥需求进入平台期。在平台期内,激烈的市场竞争已不可避免,竞争将有助于行业结构调整和优化的快速实现。在此过程中,行业将出现大量的兼并重组机遇。

  对于产能过剩、行业结构急需调整和优化的行业,国家相关部门已制定和完善一系列相关政策,以鼓励、支持企业间的兼并重组,扫除相关政策、法规上的障碍。如2014年年初国务院发布《关于进一步优化企业兼并重组市场环境的意见》,提出发挥市场机制作用,取消和下放一大批行政审批事项。随后,证监会发布修订后的《上市公司重大资产重组管理办法》以及《关于修改(上市公司收购管理办法)的决定》正式施行,进一步推进上市公司并购重组市场化进程。年底,财政部、国家税务总局联合发布《关于促进企业重组有关企业所得税处理问题的通知》和《关于非货币性资产投资企业所得税政策问题的通知》两项通知,明确了兼并重组的相关税务政策。

  市场骤变促使行业整合之势加快,水泥行业的兼并重组模式在向更高层次推进,其合资、参股、并购目标的质量都在不断升级,动作也越发频繁,以“强强联合”共同整合区域市场的方式正在成为行业兼并重组的主旋律,行业内大者愈大的轮廓也日渐清晰。

  下面具体来看国内一些龙头企业近两年的整合轨迹:

  海螺水泥:强势展开并购战略

  海螺水泥在2014年加大并购力度,五次出手拿下湖南、贵州、云南等地的7条生产线,累计增加熟料产能750.2万吨及水泥产能1100万吨,并再次收购广西四合工贸20%股权使其成为全资子公司,力度超过此前两年。2015年全年预期完成1000万吨的并购目标。6月海螺已收购江西赣州市场二把手——江西圣塔集团,增加熟料480万吨、水泥760万吨,使其产能南北呼应贯穿江西全境。除并购地区性的龙头企业外,海螺水泥也开始联合区域性的大企业(集团)已共同整合区域市场。如6月19日,其全资控股子公司海螺国际控股将以15.27亿港元的对价收购西部水泥扩股后16.7%的股份。双方联手共占陕西约55%的市场份额,未来通过成立合营企业、合并资产、资产互换等多种方式推动陕西市场的整合发展。

  中国建材:以资本为纽带缔结联盟

  中国建材通过前些年的大规模并购之后,在2014年“暂停收购”动作,转而推进资本运作,通过资本纽带联结区域大型企业。旗下中联水泥在同年5月通过同力水泥的定增,持股10.11%成为大股东。10月,山东龙头企业山水水泥向中国建材配发5.63亿股新股,中国建材持有山水水泥16.67%股权,成功入驻山水水泥,进一步整合山东以及淮海水泥市场。

  华润水泥:以“擒贼先擒王”式推进并购

  华润水泥在2013年9月与福建能源集团签订在福建共同发展和拓展水泥、混凝土业务的战略平台协议。福建能源的全资子公司——福建建材持有福建水泥约28.78%的股权。福建水泥是福建省最大的水泥生产企业,已拥有和控制水泥产能达1200万吨。此次战略合作是央企与省属国企的合作,是一次典型的强强联合,已在2014年底完成。在东边市场稳固之后,华润水泥转向西边区域。今年6月,华润水泥以增资扩股的方式入驻昆钢,以6.6亿元的代价取得昆钢水泥50%权益收入囊中。混钢水泥为云南最大的水泥企业,共拥有20条熟料线(含在建),累计熟料产能1800万吨,水泥产能约2200万吨,市场区域主要覆盖云南核心市场滇中地区及滇西南地区。华润水泥其位于滇西北大理州的市场,与之形成互补之势,共同维护云南市场,而其西南战略版图也逐渐清晰。

  天瑞水泥:实体收购及资本运作两手抓

  与2014年天瑞水泥在辽宁市场收购四家企业整得熟料产能100万吨、水泥产能220万吨相比外,其通过资本市场连连增持及大举购得同力水泥、山水水泥的股份颇受关注。在2014年底及2015年初,天瑞水泥三次举牌同力水泥,占同力水泥总股本的15.03%,超过中联水泥跻身同力水泥公司第二大股东,这也是其对同力水泥联手中联水泥的反击,以继续巩固其河南市场老大的地区,也为后期的收购预留了空间。

  2015年4月16日,天瑞水泥在接手投资公司持有的约10%山水水泥股份之后,通过二级市场大规模扫货,持股山水水泥的比例上升至28.16%,一举超过此前的第一大股东山水投资公司25.09%的股权比例。目前山水水泥的股权争夺激战正酣,充满变数。山水水泥至2014年底公司水泥总产能已逾1亿吨,熟料产能达4893万吨,其核心市场主要是山东和辽宁,同时涉足山西、内蒙古、新疆等地。天瑞与山水在辽宁地区产能重复较大,两者合计水泥产能达到辽宁省的35%左右,若天瑞取得山水控制权,将改变辽宁市场集中度不高、竞争混乱的局面。山东紧挨河南,天瑞如实际取得山水,也势必有利于山东与河南的市场整合。从更大范围来讲,天瑞水泥市场版图也将从辽宁直接向东北、华北延伸,对京津冀地区形成合围之势。

  台泥:大势并购值得期待

  台泥在2014年年底连拔两成。10月成功收购四川铁路集团水泥的全部股权,增加水泥产能200万吨、熟料产能160万吨。12月又收购湖南湘西地区的大型水泥企业——湖南金大地材料股份的全部股权,新增三条熟料线,添得熟料产能285万吨、水泥产能380万吨。此次收购能与其贵州凯里的市场形成区域联动,进一步扩大了市场占有率。台泥这一系列动作均是在完善其西南战略,扩张其在西南市场的份额。至目前台泥的水泥产能约为7000多万吨,而其要在2016年实现大陆产能9000万吨的目标,在未来一年多还有近2000万吨的产能增长目标,必然大多需要通过大举收购实现。

  亚泥:转向并购,积极酝酿之中

  2014年,一向以新建为主的亚泥快速出手收购四川彭州兰丰水泥100%股权,将两条5000t/d熟料线合计水泥产能500万吨招至麾下,此举也使公司成为成都地区市场占有率(32%)最高的水泥企业。亚泥通过新建和并购,至2014年底其水泥产能约达3500万吨。亚泥希望经由自建、并购或策略合作,努力在2016年年底前达成5000万吨总产能的最终目标。据公司董事长徐旭东在今年6月底在公司举行的股东会上透露,亚泥(中国)手上还有4、5个并购案在洽谈,每个案子涉及的年产能都在200万公吨到500万公吨之间,亚泥亦在加快并购的脚步以快速完成自己的战略目标。

  除了上述水泥企业(集团)较大规模的持股及直接并购动作外,另有一些水泥企业如金隅股份、葛洲坝、上峰水泥等也在各自目标市场内积直接展开并购扩充自身战略版图,而冀东水泥在今年4月通过认购亚泰集团非公开发行的股份,其持股比例由之前的1.11%增至4.96%,直接或间接地加强两者之间的合作。甚至一些,中型企业也在积极壮大,如5月湖北京兰水泥全资收购河北顺平金强水泥,进一步扩大其在保定及石家庄的市场份额。另有一些大型企业水泥面对产业结构调整和转型升级,设立产业并购基金,进一步拓展产业结构,实现做大做强。

  2015年是大型企业的整合之年,市场需求大幅缩减,市场倒逼机制已经形成,在现阶段市场集中度低、竞争激烈,而远期前景较好的地区,大型企业将通过合资、参股、托管、全资收购等多种方式加快市场整合步伐,快速巩固及扩大战略版图。未来,企业将进一步通过资产互换、区域市场互换等形式,真正构建彼此的“核心利润区”,实现繁荣共存。

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Correlation

According to the information from China Cement Market Data Center, the demand in Northwest China is weak, the demand in Guanzhong of Shaanxi has reached the peak, but the enterprises have stabilized the price to support the market, and the pressure of dark drop is looming; the price depression in Ningxia continues to impact the market in Gansu and Shaanxi; the situation of maintaining stability in Xinjiang is remarkable.

2025-04-25 17:28:03

According to the data center of China Cement Market, the demand for cement in southwest China is weak, the price of cement in Chongqing is weak and stable, and the fatigue in Yunnan is pushed up.

2025-04-25 17:20:00

According to the China Cement Market Data Center, cement prices in the Pearl River Delta region of Guangdong continue to decline, and Guangxi is weak and stable. Cement prices in the two lakes region generally fell.

2025-04-25 17:12:37

According to the data center of China Cement Network, the price of cement in central and southern Zhejiang has dropped by about 20 yuan/ton, the scope of price reduction in the Yangtze River Delta market has expanded, and the overall market price has changed from dark to bright around the end of the month.

2025-04-25 16:53:38

According to China Cement Network Market Data Center, driven by the policy of stopping kilns in the cement market in Northeast China, cement prices in Liaoning and Jilin have risen, while in Heilongjiang, due to the small price impact in the early stage, they have not followed the rise this time.

2025-04-25 16:44:28

According to the China Cement Market Data Center news, the Beijing-Tianjin-Hebei cement market is weakening, prices in southern Hebei are falling back; Shanxi and Inner Mongolia markets are light, and prices are temporarily stable.

2025-04-25 16:32:04

It is planned to rebuild 100000 kilometers of rural roads throughout the year, add 250 townships with three or more grades of roads, and add 12000 natural villages (groups) with large population with hardened roads. Industry insiders said that the new reconstruction of 100000 kilometers of rural roads is expected to boost domestic cement demand to a certain extent, but the volume will not be very large, expected to be 20,000-30,000 tons.

2025-04-25 16:26:25

On April 24, Ningxia Building Materials released a report for the first quarter of 2025, which showed that the company's operating income in the first quarter was 878 million yuan, down 44.0% from the same period last year; the net profit attributable to the parent company changed from a loss of 15.47 million yuan in the same period last year to a loss of 8.41 million yuan, and the loss was reduced; The net profit after deduction of non-attributable profit was changed into a loss of RMB18.32 million from a loss of RMB37.33 million in the same period of last year, and the amount of loss decreased; the net operating cash flow was RMB-27.59 million, representing a year-on-year increase of 56.4%.

2025-04-25 15:54:27

On April 24, the Chongqing Economic and Information Commission issued the Announcement on the Calculation Days of Annual Production Capacity of Chongqing Cement Clinker Production Line and the List of Enterprises Affiliated to It. According to the announcement, among the 47 cement clinker production lines in Chongqing, the annual production capacity of 22 cement clinker lines is 300 days, and that of 25 cement clinker lines is 270 days.

2025-04-25 15:54:20

It is reported that the green certificate is an electronic certificate with a unique identification code issued for renewable energy green power, and one green certificate unit corresponds to 1000 kilowatt-hours of renewable energy.

2025-04-25 14:54:47

In 2025, the cement industry in Saudi Arabia is in good shape. Companies are optimistic that domestic demand is expected to grow, supported by the "Vision 2030" project and increased government spending. Exports are expanding rapidly, while the production side is expanding cautiously. Saudi Cement's performance in 2024 has significantly strengthened its optimistic stance, and some companies have no plans to expand in the short term. The growth of the industry is driven by government projects, housing construction and export business. The promotion of large-scale projects, the recovery of housing projects and the growth of external demand jointly promote the development of the industry.

2025-04-25 13:29:25

"Overall, the cement industry into the carbon market has more advantages than disadvantages, although it increases the investment of enterprises, but it is conducive to promoting capacity clearance and industry concentration." Conch cement related responsible person said.

2025-04-25 10:46:42

Jinyuan announced that its operating income in 2024 was 6.734 billion yuan, an increase of 136.79% over the same period last year. Net profit attributable to shareholders of listed companies was 39.7145 million yuan, an increase of 105.85% over the previous year. Basic earnings per share is 0.05 yuan per share. The company plans not to distribute cash dividends, not to distribute bonus shares, and not to increase capital stock with reserve funds.

2025-04-25 10:42:03

According to the agreement, the two sides will adhere to the principles of complementary advantages, win-win cooperation and common development, and carry out in-depth cooperation in the fields of regional comprehensive development, material business and industrial integration, low-carbon and new energy industries, so as to create a model of cooperation between central and state-owned enterprises.

2025-04-25 10:42:01

Among them, 95 batches of cement products were sampled, 10 batches of unqualified products were detected, and the problem detection rate was 10.53%.

2025-04-25 10:36:16

Enterprise investigation APP shows that recently, Tianjin Dongsheng Urban Renewal Industry Operation Co., Ltd. was established. Its legal representative is Han Taoyuan, with a registered capital of 100 million yuan. Its business scope includes: park management services; landscaping construction; non-residential real estate leasing; housing demolition services, etc. Enterprise investigation of equity penetration shows that the company is jointly owned by China Jiaotong Second Highway Engineering Bureau Co., Ltd.

2025-04-25 10:27:53

The next five years will be a critical period for the transformation, upgrading and development of Shangfeng. Although we are facing all kinds of difficulties and challenges, as long as we continue to carry forward the spirit of perseverance and accumulation of Shangfeng people, make steady progress, unite as one, and go all the way, we will surely be able to achieve the goal of Shangfeng's vision and realize our life value!

2025-04-25 10:26:01

The average selling price of the company's cement products was higher than that of the same period last year, and the total operating income increased year on year. At the same time, through the work of "increasing income, reducing cost, controlling cost and increasing efficiency", the cost of cement manufacturing decreased by 2.16% year on year, and the comprehensive gross profit rate increased.

2025-04-25 10:14:17

As at the end of the reporting period, the total annual production capacity of cement clinker of the Company was approximately 18 million tons, the total annual production capacity of cement was approximately 20 million tons, the annual waste heat power generation capacity was approximately 86 MW, the total annual production capacity of commercial concrete was approximately 600,000 cubic meters, and the total annual production capacity of aggregate was approximately 18 million tons.

2025-04-25 10:04:31

On April 25, 2025, Shangfeng Cement (stock code: 000672), an A-share listed company, released its 2024 annual report and 2025 first quarterly report. In 2024, Shangfeng continued to demonstrate its excellent operational capability, and still achieved a revenue of 5.448 billion yuan and a net profit of 474 million yuan after deducting non-attributable profits despite cyclical fluctuations in the cement industry.

2025-04-25 10:01:50

On the evening of April 24, Shangfeng Cement released its annual report and quarterly report, while highlighting a new five-year development plan and a dividend scheme with a dividend rate of up to 7.5%. In the case that the scale of production capacity has not entered the top ten of the industry, the company's annual net return to the parent company ranks third among the listed companies in the industry, the comprehensive gross profit rate ranks first among the listed companies in the industry, and the net return to the parent company in a single quarter increases by 447.6%. While maintaining the high efficiency of the main business, the company's equity investment performance is outstanding, and a number of invested semiconductor science and technology enterprises have started to declare for listing one after another, and the newly released five-year planning report also clearly shows that the accumulation of its series of new economic equity investment will help the company to improve its quality and transformation.

2025-04-25 10:00:21

Iraq's prime minister launched a package of industrial projects on Thursday, mostly in the cement sector. Masna Province has launched six projects with a total investment of more than US $1.17 billion, including five cement projects and one chemical project. These projects help to achieve self-sufficiency in cement, reduce construction costs and create employment opportunities. Iraq's industrial development is facing many challenges. Since 2003, its industrial base has been destroyed and its economy is dependent on oil exports. However, the launch of this project is an important step to promote the strategy of economic diversification and lay the foundation for long-term development.

2025-04-25 09:53:11

The content shows that the replacement capacity of Xin'an Zhonglian Wanji Cement 4500t/d clinker production line is 1300t/d, and the capacity after replacement is 5800t/d. The transferred capacity comes from the 2500t/d clinker production line of the same company, which is used for the current capacity of 1300t/d, and the replacement ratio is 1:1.

2025-04-25 09:28:11

China Cement Network Market Data Center News, April 24, the Henan region again notified an increase in cement prices of about 20 yuan/ton. However, the current sales volume is 4-5% of the normal, and the demand is still low. After the opening of the kiln in early April, the cement clinker inventory of the enterprise has increased, and the implementation of the price increase remains to be observed.

2025-04-25 09:25:57

The market price of C30 concrete in Inner Mongolia ranges from 265 yuan/m3 to 315 yuan/m3, showing certain regional differences. Haraqin Banner in Chifeng City of Inner Mongolia has the highest price of 315 yuan per square meter, while Qingshuihe County and Tuoketuo County in Hohhot City of Inner Mongolia have the lowest price of 265 yuan per square meter.

2025-04-24 16:01:31

Since April 24, Henan has again notified the increase of cement price by about 20 yuan/ton, and the implementation remains to be observed..

2025-04-24 15:49:18

Since April 23, cement enterprises in Guiyang, Anshun, Tongren and other areas have been notified to raise the price of cement by about 30-60 yuan/ton, and the implementation remains to be observed..

2025-04-24 15:39:11

June this year is the 24th National "Safety Production Month", with the theme of "Everyone talks about safety, everyone will respond to emergencies-to find potential safety hazards around us", and June 16 is the National "Safety Publicity and Consultation Day".

2025-04-24 15:18:38

Implementing the negative list system of market access is an important decision-making arrangement made by the Party Central Committee and the State Council, and an important institutional arrangement for building a high-level socialist market economic system.

2025-04-24 14:39:18

The building materials industry carries out the docking activities of green building materials supply and demand and the cooperation and docking activities of inorganic non-metallic new materials industry chain. Implement the national cement production capacity management policy, guide the cement industry to carry out differentiated peak staggering production, and promote the recovery of cement prices.

2025-04-24 11:03:11

In accordance with the relevant provisions of the Company Law of the People's Republic of China and the Articles of Association of CCCC Shanghai Dredging Co., Ltd., the first meeting of the seventh session of the board of directors of CCCC Shanghai Dredging Co., Ltd. unanimously passed the following resolution: agreed to dismiss Wang Minqiu as the general manager of CCCC Shanghai Dredging Co., Ltd.; agreed to appoint Ding Jian as the general manager of CCCC Shanghai Dredging Co., Ltd.

2025-04-24 10:56:32

The content shows that there are 36 cement enterprises in the list in 2024 and 2025.

2025-04-24 10:52:51

The existing new dry process cement clinker production line with a daily output of 2500 tons (Φ4.0 * 60m) will be merged into a new dry process cement clinker production line with a daily output of 4000 tons (Φ4.8 * 72m) (i.e. 2 # clinker line). The total capacity will remain unchanged after the merger.

2025-04-24 10:42:22

On the evening of April 23, Tianshan Stock Company issued a quarterly performance announcement, saying that the revenue in the first quarter of 2025 was about 14.947 billion yuan, a decrease of 8.64% compared with the same period last year. The net profit loss attributable to shareholders of listed companies was about 1.494 billion yuan. The basic earnings per share loss was 0.2101 yuan. The revenue in the same period last year was about 16.359 billion yuan; The net profit loss attributable to shareholders of the listed company was approximately RMB1.923 billion, and the basic earnings per share loss was RMB0.222.

2025-04-24 10:03:28

Beginning in 2024, according to the requirements of the relevant policy documents of the Ministry of Industry and Information Technology, the cement industry began to fill the overcapacity. According to the statistics of China Cement Network, as of April 23, 57 production lines in the national cement industry had completed their production capacity, with a total of 19.45 million tons of cement clinker production capacity, and at least 41 production lines had been withdrawn, with a total capacity of 31.65 million tons.

2025-04-24 10:01:53

In 2024, the output of cement industry in the United States declined by 4.44%, and the dependence on imports increased. The decline in production was affected by factors such as factory closures, and domestic consumption was generally stable but seasonal differentiation. It imports 24 million tons of cement from many countries. Rising cement prices in the United States, the Trump administration's tariff policy brings uncertainty, if the tariff on Canada and Mexico has a significant impact, although American cement companies may benefit, there are also risks such as supply shortage, and some enterprises are more "Americanized".

2025-04-24 10:00:03

Xizang Langxian Gaozheng Building Materials Co., Ltd. intends to build a 4000t/d cement clinker production line project (hereinafter referred to as "Langxian Project") in Nyingchi City Langxian County by means of capacity replacement within the autonomous region.

2025-04-24 09:43:00

How to meet the "new deal of carbon emissions"? Li Kunming suggested that enterprises should work in a "three-pronged approach" from the production side, management side and market side to improve energy efficiency, increase investment in technology, establish professional teams, strengthen accounting and monitoring, and use financial instruments to actively participate in the market.

2025-04-24 09:24:04

Since April 23, the main cement enterprises in Liaozhong area have again notified the increase of cement price by 10 yuan/ton.

2025-04-23 17:24:32

The market price range of C30 concrete in Tianjin is between 280 yuan/m3 and 290 yuan/m3, showing some regional differences. Jinnan District has the highest price of 290 yuan per square meter, while Jizhou District and Xiqing District have the lowest price of 280 yuan per square meter.

2025-04-23 17:14:42

Recently, affected by the market situation, coupled with the poor implementation of the policy of staggering peak and stopping kilns, cement prices in Wuhan have fallen again, with a cumulative decline of about 30 yuan/ton..

2025-04-23 16:45:10

Relevant technicians of Suzhou Shijing Science and Technology Co., Ltd. pointed out that SCR is a very mature denitrification technology, which has been widely used in power and other industries. However, the cement industry still needs to focus on the catalyst, soot blower and reaction tower flow field to further optimize the three aspects.

2025-04-23 15:08:00

For a long time, cement has been the main loading and unloading cargo in Changgang Port. Faced with the continuous decline of domestic cement market demand in recent years, Changgang actively responded to the situation, actively sought change, timely adjusted the market development strategy, and took the development of foreign trade cement market as an important breakthrough in transformation and upgrading through comprehensive consideration of the domestic and foreign cement market.

2025-04-23 13:40:23

On April 21, information from the Beijing Property Exchange showed that 51% of the shares of Xin'an Zhonglian Wanji Cement Co., Ltd. held by China United Cement Group Co., Ltd. were listed for transfer at a base price of about 200 million yuan.

2025-04-23 11:50:52

Price governance is an important part of macroeconomic governance. In order to further deepen the price reform and improve the price governance mechanism, with the consent of the Party Central Committee and the State Council, the following opinions are put forward.

2025-04-23 10:34:13

The two sides will deepen cooperation around green building materials, new energy materials, circular economy and other fields, jointly create a new benchmark for the coordinated development of the industrial chain, and inject new momentum into the construction of "three places and one district" in Anhui.

2025-04-23 10:18:33

According to the announcement, the production capacity of Luoyang Huanghe Tongli Cement Co., Ltd. is 5000t/d after the cement clinker production line with a daily output of 4500 tons is completed. The replacement capacity for this project is 1000t/d of the 2000t/d clinker production line of Henan Tongli Cement Co., Ltd., and the replacement ratio is 2:1.

2025-04-23 10:13:11