[中报点评]山水水泥:营收毛利大幅增长,仍然录得亏损

2017-08-30 16:54:49

根据山水水泥公布的2017年上半年半年报显示,山水水泥实现营业收入63.15亿元,毛利18.65亿元,营业利润5.74亿元,净利润亏损1亿元,其中归属上市公司亏损4369.5万元。

  根据山水水泥公布的2017年上半年半年报显示,山水水泥实现营业收入63.15亿元,毛利18.65亿元,营业利润5.74亿元,净利润亏损1亿元,其中归属上市公司亏损4369.5万元。

  营收毛利大幅度上涨,仍然录得亏损

  我们从年报中可以看出,今年以来得益于水泥价格的突飞猛涨,山水水泥的水泥销售单价由去年181.8元每吨上涨到264元每吨,主营收入增长了37.26%。其中毛利润的数据更为亮眼,29.50%的毛利润率已经是近四年来以来的最高值,该水平也和今年取得盈利的台泥,华润水泥齐平。然而即使拥有如此亮眼的毛利水平,山水水泥今年上半年仍然录得亏损,山水集团净亏损1亿元,较去年同期亏损收窄87.62%。

  水泥业务销量回落,混凝土业务同比高增长

  图1:2014-2017半年业务数据  图2:2014-2017半年业绩数据

  数据来源:山水水泥半年报,中国水泥研究院

  今年上半年,山水水泥实现水泥销售1826万吨,较去年1984万吨同比下降7.64%。从近四年以来的销售数据来看,事实上山水水泥的水泥销量一直处于回落的趋势。当然从行业层面来看,这也是和行业步入平台期是密不可分的,但是山水水泥的股权纷争也正在这个时期开始的,这让人不得不深思股权纷争是否对公司的生产运营产生了影响?当然,我们也看到其中较为积极的方面,今年以来山水水泥的混凝土业务开始增长,上半年累计销售混凝土156.7万立方米,较去年同期增长了63.7%,混凝土是水泥的下游直接用户,加强混凝土业务对于山水来说可以加强行业一体化的进程,这也是目前国际上大型水泥企业的发展趋势。

  分区域来看,山东和东北区域仍然是山水水泥的主要市场,上半年山东区域山水实现销售额43.2亿元,较去年同期增长49.7%;东北区域由于区域宏观经济环境的持续低迷,仅仅录得6%的增长,其水泥销售单价也是山水所有营业区域中增长最低的;山西和新疆占得山水上半年营业收入的11.5%,其中山西实现77.2%的高速增长,但是新疆却较去年同期下降了15.6%。

  原材料、煤炭和管理费用大幅度上涨

  我们从上面的业务数据分析中可以看出,在销量下降,销售收入大幅度增长的情况下仍然录得亏损,其唯一的可能性就是企业成本或者其他财务费用出现了大幅度增长。

  首先我们看到企业的成本,年报列出的五个成本项目,电力,折旧和摊销,以及其他项目都未出现较大的变化,甚至都还出现了小幅度下降,但是煤炭和原材料这两方面成本上涨较快。根据其年报披露,山水采购煤炭价格从去年同期373元/吨,同比上涨63.27%至609元/吨,这也使得总体煤炭成本较去年同比增长了51.47%。除煤炭外,今年以来山水原材料成本也出现了大幅度上涨,对于水泥行业来说,原材料主要就是指的石灰石,在石灰石价格长期稳定的当下,山水水泥原材料销售成本在销量减少的情况下还出现20.67%的增长超出我们的预期。

  图3:2014-2017上半年销售成本(人民币千元)

  数据来源:山水水泥半年报,中国水泥研究院

  此外,我们对比今年和去年山水的财务费用变化情况,期间公司的销售费用从2.09亿元增长到2.56亿元,管理费用从6.95亿元增长到10.59亿元,管理费用同比大幅度增长52.37%,我们在年报中看到其解释为山东山水管理人员工资、安保费用和停产费用显著增加所致,这不得不让人联想到今年上半年发生的山水水泥和水泥集团两方面发生“武斗”。

  控制权之争和大众持股不足继续困扰山水水泥  

  山水水泥仍然在经历着控制权之争和大众持股不足两个问题,这对于山水水泥的生产经营都产生了负面和不利影响。

  目前控制权争夺双方对公司至2015年以来的公司盈利情况反应并不一致,山水集团实际主持山水集团工作的宓敬田表示2016年和2017年上半年山水集团已经是取得了盈利,员工持股方山水投资指责上市公司山水水泥在公司实体盈利的情况下,故意做低公司盈利,以期低价增发山水水泥,损害山水职工利益,而山水水泥则反控宓敬田违规披露公司经营业务数据,在被董事会罢免的情况发还非法霸占山水部分办公楼。这也导致山水水泥的年报审计方毕马威对公司2016年年报做出无法出具意见的审计意见。自2015年4月至今,山水水泥已经累计停牌2年4个月,山水水泥究竟什么时候能够解决纷争,恢复上市也是大众非常关注的。目前,济南市政府正主动鼓励公司各方股东以负责任的态度合作、和解和规范的解决纠纷。

All can be viewed after purchase
Correlation

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

Recently, a number of cement companies have released three quarter performance reports. In the first three quarters, due to the continuous decline in cement demand and intensified competition, their performance declined in varying degrees, and some enterprises suffered serious losses.

2024-10-29 09:26:00

This article is selected from Song Zhiping's book "Reform Heart Road", which describes his motivation and effect of restructuring cement in those years, and has been published by China Cement Network. Recently, there has been a call for restructuring and mergers and acquisitions in the cement industry. Reviewing this old article may have the effect of reviewing the old and learning the new, encouraging the industry to promote a new round of restructuring, and solving the persistent problems of the industry.

2024-09-16 10:19:30

Relevant data show that the industry lost about 1.2 billion yuan in the first half of the year, with sales falling by 11%. Conch Cement: In the first half of the year, the Company achieved an operating income of RMB45.566 billion, representing a year-on-year decrease of 30.44%, and a net profit of RMB3.326 billion, representing a year-on-year decrease of 48.56%. Tapai Group: achieved operating income of RMB1.976 billion, representing a year-on-year decrease of 31.17%; net profit attributable to shareholders of the listed company was RMB226 million, representing a year-on-year decrease of 53.43%. It is expected that with the arrival of the traditional peak season of cement sales, the demand side will be better in the second half of the year than in the first half, and the price side is expected to continue to repair.

2024-08-30 10:06:24

On August 10, Ningxia Building Materials announced that it would terminate the exchange of shares to absorb and merge China Construction Information and issue shares to no more than 35 specific investors, including China Building Materials, to raise matching funds. At the end of January this year, the Shanghai Stock Exchange issued an audit decision on terminating the absorption and merger of building materials in Ningxia and the sale of major assets and raising matching funds. However, Ningxia Building Materials failed to fully explain the basis for the absence of significant uncertainty in the collection of accounts receivable of China Construction Information and the related favorable impact of the transaction on the company.

2024-08-16 10:15:40

Since the beginning of this year, the operating pressure of the cement industry has been unprecedented, the overall profit of the industry has suffered a historic loss, and the survival and development of small and medium-sized enterprises have been severely challenged. In view of the current industry situation, it is expected that the release progress of new production capacity will be less than expected.

2024-08-08 09:42:42

On August 5, the interim report of Shanshui Cement showed that revenue in the first half of the year was 6.567 billion yuan, down 25.8% from the same period last year, and shareholder losses increased to 530 million yuan.

2024-08-06 14:20:00

According to the analysis of the report, in the first half of 2024, the cement industry showed the operational characteristics of "continuous decline in demand, low price fluctuation and continuous loss of the industry".

2024-08-06 09:50:31

According to the data center of China Cement Market, the high temperature weather continues, the demand is flat, and the price has stabilized in many places.

2024-06-14 19:37:39

The serious decline in demand, coupled with the fierce market competition, the low opening and low going of cement prices, continued to bottom out, and the loss of the industry expanded. The loss of the industry in the first quarter exceeded that of 2016, and the pressure of enterprise operation was unprecedented.

2024-05-31 14:35:19

Affected by insufficient infrastructure support and the continuous downturn of real estate, the demand of cement industry continued to be weak throughout the year. In 2023, the national cement output was 2.023 billion tons, down 5% from the same period last year. Under the influence of the decline in demand, the contradiction of excess capacity was further intensified, the market competition was extremely fierce, the price of cement dropped significantly, the industry profit shrank sharply again, the annual profit dropped by more than 50%, the development of the cement industry entered an unprecedented difficult period, and many companies suffered heavy losses.

2024-05-23 14:01:48

China Cement Network Market Data Center News, Northeast China stopped kilns to boost the implementation of price increases, 13-17 leading enterprises in Northeast China have notified to promote cement price increases of 30-50 yuan/ton again, the actual implementation range is about 30 yuan/ton.

2024-05-17 17:32:33

In 2023, Shanshui Cement realized business income of 18.116 billion yuan, down 15.69% year on year, and the net profit attributable to shareholders of listed companies was-884 million yuan, down 217.02% year on year.

2024-05-14 09:59:23

In the first quarter of 2024, the industry as a whole showed the operational characteristics of "shrinking demand, fierce competition, high inventory and low price".

2024-05-07 09:20:19

Listed companies in the cement industry have released quarterly performance reports one after another, and most enterprises have suffered large losses..

2024-04-30 11:30:16

According to the China Cement Network Market Data Center news, the northeast region in May to implement off-peak kiln shutdown, cement prices shouted up 20-60 yuan/ton, the current market demand performance is not good, the implementation of price prospects are uncertain.

2024-04-28 09:33:54

From a deeper perspective, the stable growth of the cement industry is not only related to the overall situation of the sustainable development of the industry itself, but also directly related to the well-being and job security of every practitioner.

2024-04-24 10:03:43

According to China Cement Network Cement Big Data Research Institute, more than 90% of cement enterprises will fall into losses in the first quarter.

2024-04-23 14:31:56

According to the feedback from the market, since the end of the off-peak production in the heating season, the overall demand for cement in the northern region has been low, and the clinker inventory has continued to rise. In this regard, the four provinces of Shanxi, Hebei, Shandong and Henan began to promote the cement industry to stop kilns in April this year.

2024-04-15 16:17:43

According to the data center of China Cement Market, the demand for cement in Northeast China is still low, and the price increase in Changchun failed to be implemented at the beginning of the month. Cement prices in Liaoning are close to the cost line, and local enterprises are struggling to survive.

2024-04-12 17:29:33

Although Shanshui Cement can not fully represent the situation of other enterprises in Shandong region, the situation of falling volume and price makes Shandong cement industry face severe challenges in the first quarter of 2024.

2024-04-12 10:53:41

Shanshui Cement released certain financial information for the three months ended March 31, 2024, stating that the Company's operating income was approximately RMB1.705 billion (the same below), representing a year-on-year decrease of 46.42%; the loss attributable to shareholders of the Company (net profit loss attributable to parent company) was approximately RMB808 million, representing a year-on-year increase of 43.73%.

2024-04-12 09:44:07

In the context of the market downturn, what are the advantages of small businesses?

2024-04-10 15:50:03

In 2024, what are the development plans and layouts of the major cement enterprises in the market? According to the annual report of the enterprise, the following are arranged..

2024-04-03 13:45:12

In 2023, the overall operating situation of the cement industry remained grim, with the profits of many listed companies falling sharply year-on-year, the profits of a few enterprises increasing year-on-year, and some regional companies suffering losses.

2024-04-01 09:14:24

On March 29, the "2024 13th China Cement Industry Summit Main Forum and TOP100 Award Ceremony" was held grandly.

2024-03-29 18:00:30

Zhuge Wenda said that the current industry view is that backward production capacity should be eliminated through price war, but this idea is unrealistic. If less than 4000 tons is regarded as backward production capacity, then after these years of capacity replacement, there is not much backward production capacity, and the industry is ultimately the competition between advanced production capacity and advanced production capacity.

2024-03-28 15:38:34

Enterprises with strong competitiveness and rapid response to the external environment can win the future.

2024-03-19 15:10:10

On March 12, Gansu Cement Association organized a symposium on the work of cement industry in Lanzhou.

2024-03-19 09:46:01

On March 15, China Shanshui Cement Group Co., Ltd. released a preliminary performance report for 2023.

2024-03-15 16:50:38

In the course of the prosperity of China's cement industry, Jidong Equipment has contributed a lot.

2024-03-13 09:10:04

West Cement announced that it expects the Group's net profit for the year ending 31 December 2023 to decrease by approximately 50% to 60% as compared to the year ending 31 December 2022.

2024-03-11 09:57:30

It is expected that new production capacity will be put into operation in 2024. Although the implementation of off-peak production will be strengthened, the weak demand pattern will not change, the high inventory state of the industry is likely to continue, the cement price is likely to continue to show a bottom shock trend, and the overall pressure of enterprises is still high.

2024-03-07 10:32:04

China Building Materials Group is the only central enterprise in the field of building materials in China, and is also the leader of the central enterprise in scientific and technological innovation and the construction of a modern industrial system. How will it develop new quality productivity?

2024-03-06 21:48:14

Aggregate business is a temporary "life-saving straw" for the cement industry, not a long-term solution.

2024-03-06 09:27:02

In 2024, three new clinker production lines will be put into operation in Hunan; the construction of the western region will accelerate the development of new markets; the listed concrete companies will have mixed profits and losses in 2023; the performance of many cement enterprises will decline; and the cement products produced by seven enterprises in Hainan are not up to standard.

2024-02-01 14:26:38

Except for the year-on-year increase in net profit of Tapai Group, the rest of the cement enterprises have experienced a sharp decline year-on-year.

2024-02-01 09:34:13

Opening up a new track has become the same choice for many cement enterprises.

2024-01-31 09:04:18

According to the market data of China Cement Network, the price of cement raw materials has continued to rise recently, coupled with the impact of environmental control and shutdown of kilns, enterprises in the region have a strong willingness to raise prices.

2024-01-26 17:04:19

Reasons for the rise and fall of cement prices in Guangxi and Shijiazhuang; Ma Zhifeng: In the era of high cost and low demand, cement enterprises are playing a game between small profits; Conch Cement plans to invest 560 million yuan to build a photovoltaic power generation project; Shanshui Cement is expected to lose 850 million yuan in 2023; the central bank's reduction of reserve requirement ratio and interest rate will help improve the economic and real estate recovery expectations.

2024-01-25 13:05:17

On January 25, China Shanshui Cement Group Co., Ltd. issued a profit warning.

2024-01-25 09:52:51

The price of Yueyang Cement in Hunan and Chengdu-Deyang-Mianyang Cement in Sichuan has dropped; recognizing the situation is the first barrier for Henan Cement in the new year; 28 production lines will be put into production in 2024.

2024-01-19 13:11:00

难关未过,未来已来。接下来,让我们一起回顾2023年水泥行业热点事件,总结过往,戮力前行。

2023-12-28 11:49:29

根据中国建材股份党委安排,王鲁岩任祁连山水泥董事长。

2023-12-22 10:03:41

煤炭是水泥生产过程中的主要燃料,其成本占到水泥熟料成本的50%~55%,煤价的波动对水泥成本有着直接的影响,特别是在需求走低的情况下,成本的控制尤为重要。

2023-12-15 09:16:08