研報掘金丨中金:海螺水泥25年利潤有望持續修復,維持A/H股“跑贏行業”評級
中金公司研報指出,海螺水泥(600585.SH)24年收入同比-35%至910億元,歸母淨利潤同比-26%至77億元,其中4Q24收入同比-46%至229億元,歸母淨利潤同比+42%至25億元,業績低於我們及市場預期,主要是4Q24減值和費用超預期。全年公司市場份額繼續提升,4Q銷量略跌,價格和噸利增長亮眼。由於市場水泥價格表現尚可、煤炭價格下降,上調2025年淨利潤18%至108億元,維持A/H股“跑贏行業”評級,考慮到股價已部分反映基本面轉好,維持A/H股目標價不變。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.