[年报短评]金隅股份:水泥毛利率大幅提升,经营现金流明显改善

2017-03-31 09:12:00

2016年,金隅股份各板块营业收入均有明显增长,其中水泥板块增幅最大为41.89%,水泥板块整体毛利率同比增加7.23个百分点至20.56%,水泥与熟料产品综合销量同比提高40.62%,综合毛利率为22.63%,同比增加12.56个百分点,盈利情况有大幅提升。但其他板块由于成本涨幅较大导致毛利率同比均有下滑,公司整体毛利率水平较去年略有下滑。

  2016年,金隅股份各板块营业收入均有明显增长,其中水泥板块增幅最大为41.89%,水泥板块整体毛利率同比增加7.23个百分点至20.56%,水泥与熟料产品综合销量同比提高40.62%,综合毛利率为22.63%,同比增加12.56个百分点,盈利情况有大幅提升。但其他板块由于成本涨幅较大导致毛利率同比均有下滑,公司整体毛利率水平较去年略有下滑。

  表1:2016年金隅股份各板块业绩情况(单位:亿元、%)

  数据来源:金隅股份2016年年报

  2016年公司水泥及熟料综合销量为5521万吨,同比增长40.62%,其中水泥销量较去年上涨1588万吨,熟料销量与去年相差不多,主要由于2016年京津冀区域内水泥需求明显上涨。报告期内,受益于金隅冀东合并区域市场集中度提升,区域内水泥价格得到明显改善,量价齐升导致公司整体营业收入同比大幅上涨。

  房地产板块主营业务收入同比上涨,从细分数据来看,公司全年累计合同签约面积同比大幅上涨,结转面积同比下降,公司年内新增土地储备面积只有53万平方米,只有2015年的不足四分之一。

  表2:金隅股份近三年财务数据比较(单位:亿元)

  数据来源:金隅股份历年年报,Wind资讯

  从公司主要财务数据可以看出,比较明显的变化有两点,一是由于年内资产合并导致公司的资产、负债出现大幅上涨;二是销售商品提供劳务收到的现金大幅增长,经营现金流得到明显改善。

  年内金隅股份完成对冀东集团控股股权的交易,2016年10月9日开始拥有对冀东集团的实质控制权,持有冀东集团55%的股权,正式成为其控股股东。冀东发展集团有限公司总资产有135.4亿元,唐山冀东水泥股份有限公司总资产有414.8亿元,公司固定资产由于企业合并增加了282.4亿元。

  2016年,公司销售商品、提供劳务收到的现金同比增长40.32%,收到其他与经营有关的现金同比增长40.44%,经营活动现金流入整体增加38.55%,导致最终经营活动产生的现金流量净额由负转正,明显改善。投资活动依旧出现现金净流出情况,且净流出金额扩大。筹资活动现金净流量小幅增长,最终报告期内现金净增加额同比上涨45.70%。

  表3:近三年金隅股份财务指标比较

数据来源:金隅股份历年年报,Wind资讯

  从近三年的财务指标比较来看,金隅股份的大部分盈利指标较2015年有明显提升,但仍低于2014年,资产报酬率低于2014、2015两年水平,主要由于资产规模大幅增加。期间费用率较前两年上涨,主要由于三项费用均出现大幅增长,尤其是管理费用增幅达28%,职工薪酬和办公费均出现明显上涨。

  公司经营活动净收益占利润总额比重有所下降,价值变动净收益占利润总额比重由2015年的18.37%上升至33.57%,经营活动对于利润贡献的持续性有待进一步加强。

  公司的资本结构与偿债能力与前两年相比变化不大,营运能力指标略优于2015年,但应收账款周转天数增加,回款力度低于前两年;总资产周转率下滑,资产周转灵活度有待提升。

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Tapai Group said in the semi-annual report of 2024 that in the first half of this year, in order to effectively cope with the extremely severe market situation and the increasingly fierce competitive environment, the company continued to promote the work of reducing costs and increasing efficiency, continue to streamline the organization and optimize personnel, continuously improve labor productivity, continue to clear inefficient production capacity and shut down low-quality enterprises Jinta Cement, continue to slim down and strengthen the body, reduce the burden and go into battle lightly.

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The first task is to establish a strong pricing strategy to ensure that the rise in the cost side can be transmitted to the price in time to ensure corporate profits.

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In 2023, the performance of Huaxin Cement stabilized and rebounded, with operating income of 33.757 billion yuan, an increase of 10.79% over the same period last year..

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We will make every effort to promote the development of aggregate industry and the development of production capacity, promote the layout of commercial and mixed industries, and create new profit growth points.

2024-04-16 17:29:01

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The company continues to streamline the organization and optimize personnel, establish and improve the flexible salary system, and constantly reduce costs.

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Recently, due to the persistent cost pressure in the south, the price of concrete has risen slightly with the raw materials, but the growth of market demand is limited, and the overall quotation is still stable. From October 31 to November 6, the national concrete price index closed at 112.47 points, up 0.31% annually and down 10.11% year-on-year.