2024 Results Summary
(RMB million) | 2023 | 2024 | YoY | |||
Turnover | 25,549.6 | 23,037.8 | -9.8% | |||
Cost of Cement Products | 239.4 | 208.4 | -12.9% | |||
Gross profit | 3,762.0 | 3,800.3 | +1.0% | |||
Gross margin | 14.7% | 16.5% | +1.8 ppt | |||
EBITDA | 4,082.0 | 3,894.2 | -4.6% | |||
Gearing Ratio | 36.9% | 34.6% | -2.3 ppt | |||
Free Cash Flow | -1,291.3 | 821.3 | Negative | |||
Turned Positive | ||||||
Dividend Payout Ratio | 46.8% | 91.4% | +44.6 ppt | |||
Note: | 1 | |||||
2024 Dividend Payout Ratio is tentative and subject to the exchange rate on the day of the Company AGM. |
Contents
01 Industry Overview
02 | Financial Highlights | |
03 | Operational Review | |
Cement Production
- In 2024, China's cement production was approximately 1,825.2 million tons*, -9.5%YoY.
National Cement Production (1)
(YoY) | 2023 | 2024 | ||||||||
(million tons , YoY) | ||||||||||
10% 1% | 2% | |||||||||
1,998 * | 1,825 | |||||||||
-1% | 0% -2% | -2% -7% -4% | -1% -2% -9% -8% | -8% | -2% | |||||
-6% | -22% | -11%-12%-12%-10% | -11% | |||||||
20232024
*Note: Originally 2,020 million tons but restated as 1,998 million tons in 2024 by the National Bureau of Statistics.
The Group's Operating Regions(2)
(million tons) | (YoY) | ||||||||||||||
143 | 2023 | 2024 | 2023 | 2024 | |||||||||||
1.3% | |||||||||||||||
131100 | |||||||||||||||
96 | 89 | 83 | |||||||||||||
95 | 80 | ||||||||||||||
64 | 53 | 73 | |||||||||||||
59 | 47 41 | -0.6% | |||||||||||||
16 15 | -2.3% | ||||||||||||||
-4.0% | |||||||||||||||
-5.8% | -4.9%-5.7% | -4.5% | |||||||||||||
-5.2% | -6.1% | ||||||||||||||
-8.5% | -9.0% | -7.4% | |||||||||||||
-10.5% | -11.2% | ||||||||||||||
-11.9% | |||||||||||||||
Guangdong Guangxi | Fujian | Hainan | Yunnan Guizhou | Shanxi | Hunan | ||||||||||
* Note: Statistics only include enterprises with annual turnover above RMB20 million. | 3 | ||||||||||||||
Source: (1) National Bureau of Statistics of China, (2) China Cement Association
Cement Supply
- In 2024, there were 7 new clinker production lines nationwide with new annual clinker production capacity of 10.4 million tons in total.
- There was 1 new clinker production line in Guangdong with new annual clinker capacity of approximately 1.4 million tons.
New Clinker Capacity in China
(million tons)
39.4
36.0 34.2
23.724.9
20.5 20.4
10.4
2017 2018 2019 2020 2021 2022 2023 2024
Source: Company information, China Cement Association
New Clinker Capacity in Guangdong & Guangxi
(million tons)
13.4 | |||||||
7.8 | 8.7 | ||||||
6.6 | |||||||
13.4 | |||||||
3.1 | 4.7 | 5.6 | 4.9 | ||||
3.1 | 2.8 | 4.7 | 3.3 | 1.4 | |||
4.7 | |||||||
2.8 | 3.1 | ||||||
1.6 | 1.9 | 1.6 | 1.4 | ||||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
Guangdong Guangxi
4
Contents
01 Industry Overview
02 | Financial Highlights | |
03 | Operational Review | |
Financial Performance
Turnover
(RMB million)
25,550
23,038
20232024
Earnings per share
(RMB)
0.092
0.030
20232024
Profit attributable to owners of the Company
(RMB million)
644
211
20232024
Net assets per share
(RMB)
6.326.32
2023 | 2024 | 6 |
Dividend Payout
(HK$)
91.4%
48.8% | 48.0% | 48.2% | 47.9% | 46.7% | 46.5% | 46.8% |
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
(HK$) | ||||||||
Interim | 0.115 | 0.275 | 0.260 | 0.275 | 0.240 | 0.120 | 0.041 | 0.020 |
Final | 0.155 | 0.273 | 0.335 | 0.340 | 0.280 | 0.009 | 0.006 | 0.010 |
Annual | 0.270 | 0.548 | 0.595 | 0.615 | 0.520 | 0.129 | 0.047 | 0.030 |
Note:
2024 Dividend and Dividend Payout Ratio are tentative and subject to the exchange rate on the day of the Company AGM.
7
Turnover
Cement products refer to cement & clinker
Turnover by Product | ||||||||
(RMB million) | ||||||||
Cement Products | Concrete | Aggregates | Others | |||||
25,550 | ||||||||
1,625 | 23,038 | |||||||
1,616 | 1,312 | |||||||
3,423 | 2,525 | |||||||
4,162 |
18,886
15,039
2 0 2 32 0 2 4
Note: Others consists of Prefabricated Construction and Engineered Stone businesses.
Product | 2024 YoY |
Cement Products | -20.4% |
Concrete | +21.6% |
Aggregates | +56.2% |
Others | -19.3% |
Total | -9.8% |
2024
Others
Aggregates 5.7%
11.0%
Concrete 18.1%
65.2%
Cement Products
8
Sales Volume
Cement Products Sales Volume | By Product Type | ||||||
('000 tons) | |||||||
16.7% | 17.2% | ||||||
21,964 | 2023 | 2024 | |||||
69,301 | 17,793 | 83.3% | 82.8% | ||||
61,714 | 17,153 | ||||||
42.5 or higher grades cement | |||||||
14,912 | 17,839 | ||||||
Others | |||||||
13,033 | 15,930 | ||||||
2023 | |||||||
12,391 | 2024 | 28.7% | 29.7% | ||||
2023 | 2024 | ||||||
2023 | 2024 | 1Q | 2Q | 3Q | 4Q | ||
71.3% | 70.3% | ||||||
Cement Products
Bag Bulk
Concrete Sales Volume | Aggregates Sales Volume |
('000 m3)
13,029
9,334
2023 | 2024 | ('000 tons) |
4,736 | ||
3,236 | ||
2,752 | 69,352 | |
2,305 |
2023 2024
23,069
14,158 | 15,339 | 16,786 |
18,477 | ||
2,419 | 3,112 | |
2,268 | 45,583 | |
1,535 |
8,976 |
5,254
12,876 |
2023 2024
1Q | 2Q | 3Q | 4Q | 2023 | 2024 |
1Q 2Q 3Q 4Q
9