[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。

All can be viewed after purchase
Correlation

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.

2024-10-12 09:57:52

According to incomplete statistics, there are about 33 listed companies developing commercial mixing business in A-share motherboard, Hong Kong stock and Taiwan stock, of which 9 companies take commercial mixing as their main business.

2024-09-10 17:04:29

However, in the semi-annual reports issued by major cement listed companies, despite the sharp decline in profits of the cement sector, the development of the aggregate sector is still steady. China Cement Network data show that in the first half of 2024, the demand for aggregate for concrete fell 10.8% year-on-year, with a total demand of 6.25 billion tons, dragged down by both downstream infrastructure and real estate. Therefore, how long the aggregate can support cement enterprises is indeed a pessimistic unknown.

2024-09-04 09:39:36

From the overall situation, in the first half of 2024, the overall operating situation of the cement industry was grim, and the profits of cement enterprises basically declined sharply, and even some enterprises suffered huge losses. In terms of the operation and management of Conch Cement, the Group will pay close attention to the macroeconomic situation at home and abroad, and continue to improve the quality and efficiency of its operation in line with the guidance of national policies. Huaxin Cement said that it demonstrated the sense of responsibility of large enterprises and actively promoted and implemented new supply-side structural reform programs and measures suitable for the high-quality development of the industry.

2024-09-03 09:43:58

According to incomplete statistics, there are about 34 listed companies developing commercial mixing business in A-share motherboard, Hong Kong stock and Taiwan stock, of which 8 companies take commercial mixing as their main business.

2024-05-21 17:09:01

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.

2024-04-24 21:24:47

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.

2024-04-24 15:28:09

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..

2024-04-23 11:18:01

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

According to the annual report of Jinyu Group in 2023, the company's operating income was about 107.956 billion yuan, an increase of 4.99% over the previous year, but the net profit returned to the mother dropped by 97.92% to about 25.2628 million yuan, and the loss of non-net profit deducted expanded to 2.028 billion yuan. The decline in performance is mainly related to the large provision for impairment of assets, especially the inventory impairment of real estate projects. The decline in investment in real estate development across the country has affected the company's real estate development business. Cement production reached a new low, and the company's comprehensive sales of cement and clinker increased, but the gross profit margin decreased. In order to seek new markets, BBMG Group invested in the home and promoted the growth of the whole business. Faced with greater debt pressure, the company plans to optimize the debt structure by issuing debt financing instruments, and use idle funds to invest in financial management to improve capital efficiency.

2024-04-03 09:25:12

Tianshan Stock (000877) released its annual report in 2023, facing the challenges of overcapacity and declining demand in the cement industry, the company's revenue fell by 19.01% to 107.380 billion yuan, with a net profit of 1.965 billion yuan. Nevertheless, the company's total assets increased to 294 billion 722 million yuan, and the asset-liability ratio decreased slightly. Through lean management and technological innovation, the company promotes high-quality development, reduces costs and increases R & D investment. At the same time, Tianshan Stock Company plans to change its name to "Tianshan Material Co., Ltd." To reflect its national layout and industrial chain advantages. Among the difficulties faced by the industry, the upcoming China Cement Industry Summit will discuss the new development trend of the cement industry.

2024-03-27 10:31:17

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

2024-03-26 09:26:35

Cement demand in 2024 is expected to continue the trend of the previous two years and continue to decrease. The downstream of cement is mainly divided into three parts: infrastructure, real estate and new rural construction. It is expected that the demand for infrastructure and rural market will remain stable. The key is whether the growth rate of real estate investment can stabilize and rebound, thus supporting the demand for cement.

2024-03-18 13:43:28

CNBM is a comprehensive building materials enterprise, and the aggregate business is an extension of the cement business of the company's basic building materials sector.

2024-01-03 11:33:34

水泥市场发展已经进入瓶颈期,水泥企业已经开始“另寻出路”,砂石骨料成为水泥企业一个重要的增长极。

2023-11-23 10:20:52

目前来看,我国水泥企业走出去以大企业为主。据中国水泥网发布的2022海外投资投产排行榜显示,2022年,国内水泥企业海外投资产能继续增长,达到4679.3万吨。排名前面分别为海螺水泥、华新水泥、红狮集团。

2023-09-20 09:29:36

据不完全统计,目前在A股主板、港股以及台股中发展商混业务的上市公司约有31家,其中以商混作为主营业务的公司有9家。2023年半年报披露出具体商混收入的上市公司共有27家,而金隅集团、青松建化、中国能建以及亚泰集团未披露商混业务收入数据。关于上市公司2023年上半年商混的销量、售价、毛利率以及回款情况表现如何,具体分析详见下文:

2023-09-13 15:47:33

河南水泥价格继续松动回落; 1.大师开小灶|沈卫国:钢渣分相熟料综合效益-利废、低碳 2.海螺水泥中报业绩说明会:错峰效果边际减弱 3.总投资7.2亿元!红狮一项目进入试生产阶段 4. 陕西一4500t/d熟料迁建项目公示

2023-09-07 13:21:28

近两年水泥需求下降,相关上市公司业绩不振。据海螺水泥日前披露的半年报显示,今年1月份至6月份公司实现营业收入654.36亿元,同比增长16.28%;实现净利润64.68亿元,同比下降34.26%。产品综合毛利率为26.81%,较上年同期下降6.3个百分点。

2023-09-07 09:35:30

华新水泥在半年报中指出,上半年公司通过持续强化一体化及海外发展,加快推进“传统工业+数字化创新”发展,进一步巩固和提升了上述各项竞争优势,不断增强核心竞争力。

2023-08-29 09:13:12

小编根据报告内容特整理海螺、天山、华润、华新、天瑞、山水六大企业关于对下半年的工作重点及计划。

2023-08-26 12:45:07

海螺水泥相关人士对记者表示,受下游需求下降的影响,上半年水泥市场一直比较低迷。公司水泥熟料主营业务收入达到437.21亿元,同比下降7.08%。产品售价整体处于下跌趋势,导致公司水泥熟料主业的净利润同比下滑。

2023-08-22 13:21:41

8月21日晚间,海螺水泥发布半年报。

2023-08-22 09:10:55

8月7日晚,塔牌集团披露2023年半年报。

2023-08-08 15:08:02

在水泥市场疲软的环境下,各大水泥企业纷纷采取行动,加强与上下游的联系,并积极寻找新的合作机会以应对市场的下行压力。

2023-07-17 09:46:58

据不完全统计,目前在A股主板、港股以及台股中发展商混业务的上市公司约有33家,其中以商混作为主营业务的公司有8家。

2023-05-18 16:05:24

错峰生产成为水泥企业应对夏季用电高峰的主要举措。

2023-05-18 09:17:50

2022年,华新水泥共实现营业收入304.7亿元,同比下降6.14%;归属于上市公司股东的净利润为26.99亿元,同比下降49.68%。

2023-04-21 09:26:14

2022年,西部建设实现营业收入248.56亿元,同比减少7.69%,归属于上市公司净利润5.51亿元,同比减少34.82%……

2023-04-20 16:53:42

报告显示,报告期内西藏天路营业收入38.45亿元,较去年同期的57.77亿元,减少19.32亿元,减幅33.44%。

2023-04-19 14:30:01

报告期内海螺水泥旗下6家公司因涉嫌垄断行为被有关部门处以行政处罚,罚金合计逾亿元,但该信息在其年报等公告中未见踪影。

2023-04-18 09:23:58

当前,我国水泥产能仍然过剩是不争的事实,能源成本高企也同样是企业无法立刻解决的难题。那么,在此背景之下,水泥行业将驶向何方?

2023-04-15 10:42:40

据悉,近期多家水泥企业相继发布年度报告,均对2023年经营计划做出目标。

2023-04-08 13:55:25

[水泥大数据研究院]水泥产业链指数运行周报(2023.3.31)

2023-03-31 17:15:28

3月30日晚,新疆青松建材化工(集团)股份有限公司披露2022年年报。

2023-03-31 09:24:16

3月28日下午,海螺水泥董事长杨军、副董事长王建超携公司部分高管在香港举行业绩发布会,对公司经营管理、投资规划、转型发展、ESG管理以及水泥行业形势等重点问题作出回应。

2023-03-29 15:36:18

2022年,海螺水泥共实现营业收入1320.22亿元,同比下降21.4%。归属于上市公司股东的净利润为156.61亿元,同比下降52.92%。

2023-03-28 14:16:00

除替代原料外,公司规划每条5000t/d的熟料生产线均建设替代燃料项目,用于降低能源消耗总量,减少碳排放。以上项目若达到信披要求,公司将会及时按规定履行信息披露义务。

2023-03-22 09:36:03

祁连山公布年报,2022年实现营业收入79.74亿元,同比增长3.93%;归属于上市公司股东的净利润7.58亿元,同比下降19.96%。

2023-03-22 09:09:21

近年来,在“一带一路”倡议的推动下,我国水泥企业在海外发展的步伐开始逐渐加快,并且已经取得了实质的成效。

2023-03-15 09:22:42

华新水泥称,由于阿曼积极的市场前景以及可确定的协同效应和改进潜力,此次收购完成后,将为公司带来可观的经济收益。

2023-03-14 09:55:15

中交集团与中国建材之间的资产置换取得新进展,水泥建材企业祁连山“焕新”转型再进一步。

2023-03-10 14:39:01

无论是LCR技术,还是钢渣固碳技术,董仕宏带领的仕净科技始终争做环保赛道中不可复制的那个“唯一”和“第一”,在实现自身企业高速发展的同时,也推动着水泥行业绿色高质量升级。

2023-03-10 11:28:35

塔牌集团表示,结合水泥行业和公司实际情况,公司积极推进光伏发电项目和水泥窑协同处置固废项目建设,目前公司下属子公司厂区红线内光伏发电项目已全部投入运营,水泥窑协同处置固废项目也正紧锣密鼓推进中。

2023-01-16 14:44:46

2022年水泥行业受需求下滑、竞争加剧等因素影响,利润出现大幅回撤。近期地产政策面利好较多,均指向地产需求侧,有望带动房屋销售企稳回升。2023年,水泥行业能否迎来景气度回升?

2023-01-16 09:48:55

当前,发展砂石骨料业务已经成为各大水泥企业产业链延伸的重头戏。作为国内最大水泥生产企业,天山股份同样对砂石骨料格外关注。

2022-12-10 11:36:03

寻找新的收入增长极,打造拥有完整产业规模的企业“航空母舰” 。

2022-12-04 14:47:33

华新水泥表示,进入四季度以来,公司水泥销量及价格相比三季度均有所好转。近期各大机构发布研报普遍预计四季度水泥价格将持续环比上升趋势,水泥行业有望逐步复苏。

2022-11-16 09:20:12

海螺水泥新能源产业布局加快推进。

2022-11-11 09:55:24

Adani is also a big man in the Indian cement industry and is the second largest cement producer in India. He entered the industry in 2022 with the acquisition of Holcim's cement business in India, which acquired about 70 million tons of cement per year for $10.5 billion. Adani plans to expand its annual cement production capacity to 140 million tons by 2028. Adani has previously invested $1.6 billion to acquire Sanchi Cement and Penna Cement, and is expected to acquire an additional 21 million tons of production capacity.