华南水泥龙头企业，25年前三季度归母净利润同比+7.3%

华南水泥龙头企业，25年前三季度归母净利润同比+7.3%South China cement leading enterprise& Net profitin 25Q1-Q3 +7.3%YoY 最新动态 ➢25Q1-Q3归母净利润同比增长7.3%。25Q1-Q3，公司营业额为150.70亿元，同比下降4.5%；公司归母净利润为3.31亿元，同比增长7.3%；毛利率为16.9%，同比上涨1.7个百分点；毛利为25.50亿元，同比增长6.4%；借贷率为35.9%，同比下降2.7个百分点。 ➢混凝土和骨料业务实现增长，水泥业务下降。2025年前三季度，公司水泥产品实现营收91.36亿元，同比下降12.3%；混凝土实现营收31.02亿元，同比增长11.9%；骨料实现营收20.34亿元，同比增长21.3%；其他实现营收7.98亿元，同比下降11.9%。25年前三季度，水泥产品销量为3942.7万吨，同比下降10.1%；其中25Q3，水泥产品销量为1411.8万吨，同比下降5.3%；25年前三季度，混凝土销量为1046.4万立方米，同比增长26.2%，其中25Q3，混凝土销量为358.7万立方米，同比增长10.8%；25年前三季度，骨料销量为5859.3万吨，同比增长26.6%，其中25Q3，骨料销量为2225.7万吨，同比增长32.6%。 ➢产品价格承压。25年前三季度，公司水泥产品平均售价为232元/吨，相比24年全年下降2.4%，其中25Q3，水泥产品平均售价为205元/吨，同比下降13.5%。25年前三季度，混凝土平均售价为296元/吨，相比24年全年下降11.3%，其中25Q3，混凝土平均售价为284元/吨，同比下降11.3%。25年前三季度，骨料平均售价为35元/吨，相比24年全年下降4.1%，其中25Q3，骨料平均售价为32元/吨，同比下降8.6%。 ➢混凝土毛利率提升，骨料毛利率下降。25年前三季度，公司水泥产品的毛利率为17.1%，相比24年全年提升2.0个百分点；混凝土业务毛利率为14.7%，相比24年全年增加2.5个百分点；骨料业务毛利率为25.4%，相比2024年全年下降9.7个百分点。 动向解读 ➢公司为华南地区水泥龙头。华润建材科技控股有限公司为中国华南地区颇具规模及竞争力的水泥、熟料及混凝土生产商。集团业务涵盖石灰石开采，以及水泥、熟料及混凝土的生产、销售及分销。透过完善的水路、铁路及公路物流网络，产品主要在广东、广西、福建、海南、云南、贵州、山西及湖南销售。集团产品主要用于修建基建工程如铁路、公路、地铁、桥梁、机场、港口、水坝、水电站及核电站等，并用于建造高层建筑物以及城郊与农村发展。 风险提示 ➢产品价格波动的风险、市场需求下滑的风险；市场竞争的风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖能源化工和材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：新奥能源、长江基建集团、中集安瑞科、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、绿色动力环保、首钢资源； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、信义光能、华新水泥、华润建材科技。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirem