[年报短评]西部建设:签约方量上涨,看好2017年业绩

2017-03-31 17:01:04

2016年西部建设混凝土产量累计3806.87万方,同比增长17.44%,实现营业收入115.29亿元,同比增长11.99%,但因营业成本同比涨幅更大导致毛利率小幅下降。综合2016年公司新签合同情况,累计新签合同总数2264个,累计签约方量6336.67万方,同比增长11.17%,同时结合对于2017年混凝土价格走势的乐观预计,我们看好西部建设2017年业绩。

  2016年西部建设混凝土产量累计3806.87万方,同比增长17.44%,实现营业收入115.29亿元,同比增长11.99%,但因营业成本同比涨幅更大导致毛利率小幅下降。综合2016年公司新签合同情况,累计新签合同总数2264个,累计签约方量6336.67万方,同比增长11.17%,同时结合对于2017年混凝土价格走势的乐观预计,我们看好西部建设2017年业绩。

  表1:2016年西部建设商混销售情况

  数据来源:西部建设2016年年报,中国水泥研究院

  2016年西部建设混凝土无论是售价还是单位成本,都有所下降,售价幅度下滑幅度较大,导致商混业务毛利率下滑,而商混业务营业收入占公司整体收入比例高达98.57%,从而导致公司整体毛利率水平略有下滑。

  公司的各项业务均有较大进展:

  基础设施业务有所突破,全年完成基础设施销售额21.5亿元,其中中建商砼基础设施项目签约占比达31.2%。

  支撑业务有序推进,外加剂板块生产近15万吨,再创新高;水泥板块水泥及熟料销量99.2万吨,首次扭亏为盈;建筑工业化板块福州、长沙、成都三个项目投产,全年累计承接项目额4.5亿元;资源综合利用板块河北迁安综合利用尾矿27.3万吨。

  海外业务稳步发展,阿尔及利亚厂、马来西亚厂分别生产混凝土8万方、18万方,正式签订马来西亚公主湾项目合同取得项目混凝土总包权,巴基斯坦PKM高速公路项目已拟定双方合作协议。

  从公司的公告统计,2016年,西部建设从各季度签约情况来看,上半年新签合同606个,累计签约方量2690.87万方;第三季新签合同520个,季度新签约方量1590万方;第四季度新签合同1138个,季度新签约方量2054.94万方。从新签合同进展可以看出,下半年,计划开工的项目要明显增加,对2017年上半年甚至全年都是一个利好的刺激,在2016年年末混凝土价格上扬的情况下,2017年上半年维持较高水平甚至价格继续提升的可能性都比较大,对于西部建设来说2017年上半年甚至全年业绩预计会有明显增长。

  公司2016年营业利润同比下降19.01%,归属于上市公司股东的净利润同比减少8.79%。造成利润同比下降的主要原因有两个方面:一是受宏观环境影响,产品单方盈利空间压缩,导致公司销售平均毛利率下降;二是财务费用同比有所增长。

  表2:西部建设近三年财务数据(单位:万元)

  数据来源:西部建设年度报告,Wind资讯

  货币资金及应收账款大幅增长导致资产同比上涨,流动资金中,应收账款已经是货币资金的2.34倍,去年为1.97倍,应收账款占营业收入比例为57.18%,较去年提高13.71个百分点。报告期内因偿还银行借款支付的现金增加,导致筹资活动现金净流出大幅增加,同时也导致了全年现金净增加额同比减少。

  表3:近三年西部建设财务指标比较

  数据来源:西部建设年度报告,Wind资讯

  从上述财务指标比较,公司的盈利水平低于前两年,主要是由于成本端涨幅较大,尽管期间费用率较2015年略有下滑,但成本费用的盈利水平仍有明显下滑。资本负债率略有上升,权益乘数也有所上涨,财务杠杆扩大。公司的偿债能力指标较前两年也有所下滑,但经营活动现金净流量与净债务比例提高,经营活动现金流有所改善,对于债务偿还的保障提高。应收账款周转率略有下降,周转天数较去年增加了近30天,主要是由于一年之内的应收账款大幅增加,因此尽管周转率下降但坏账风险不大。

  值得一提的是西部建设2016年第三方物流方量占公司产量比例达84%,较上年提升20个百分点,其中湖南公司实现物流分包比例100%,中建商砼基本完成武汉地区物流设备返租运营。2016年全年公司对外转移物流设备240余台,第三方物流合作商家达63家,覆盖19个区域。第三方物流成为商品混凝土行业的一种发展模式在南方发达地区已初具雏形,但北方地区与南方具有较大差异性,而且不同规模的企业对第三方物流方式的认可度不同,这种方式给大型企业带来的经济效益和其他便利要明显高于小企业。

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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.

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

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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。

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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。

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2023-08-08 15:08:02

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2023-05-18 09:17:50

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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

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2023-04-19 14:30:01

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2023-04-18 09:23:58

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2023-04-15 10:42:40

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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

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2023-03-31 09:24:16

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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

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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

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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

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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