1H24 Results Summary
(RMB million) | 1H23 | 1H24 | YoY |
Turnover | 11,974.6 | 10,311.7 | -13.9% |
Gross profit | 2,012.9 | 1,544.8 | -23.3% |
Gross margin | 16.8% | 15.0% | -1.8 ppt |
Finance costs | 260.6 | 256.4 | -1.6% |
Profit attributable to owners of the | 556.0 | 165.8 | -70.2% |
Company | |||
Basic earnings per share (RMB) | 0.080 | 0.024 | -70.0% |
Net assets per share (RMB) | 6.34 | 6.33 | -0.2% |
1
Industry Overview
Financial Highlights
Operational Review
2
Cement Production
- In 1H24, China's cement production was approximately 850.5 million tons*, -10.0%YoY.
National Cement Production (1)
(YoY) | 2023 | 2024 | ||||||||
(million tons , YoY) | ||||||||||
10% | 1% | 2% | ||||||||
2,034 | 2,020 | |||||||||
-1% | 0% -2%-6% -2% | -7%-4% | -1%-2% | -9%-8% -11% | ||||||
945* | 851 | -22% | ||||||||
2022 | 2023 | 1H23 | 1H24 |
*Note: Originally 953 million tons but restated as 945 million tons in 1H24 by the National Bureau of Statistics.
The Group's Operating Regions(2)
(million tons) | (YoY) | |||||||||||||||
143 | 2023 | 1H24 | 2023 | 1H24 | ||||||||||||
100 | 96 | 1.3% | ||||||||||||||
83 | ||||||||||||||||
80 | ||||||||||||||||
60 | 45 | 59 | 47 | 32 | ||||||||||||
43 | 30 16 | 7 | 24 | 18 | -2.3% | -0.6% | ||||||||||
-4.0% | -4.9% | -4.5% | ||||||||||||||
-5.8% | -5.4% | -6.1% | ||||||||||||||
-8.1% | -7.5% | |||||||||||||||
-9.7% | -9.4% | |||||||||||||||
-10.4% | ||||||||||||||||
-12.7% | ||||||||||||||||
-14.1% | ||||||||||||||||
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 1H24, there were 2 new clinker production lines nationwide with new annual clinker production capacity of 3.4 million tons in total.
- There were no new clinker production lines in Guangdong or Guangxi.
New Clinker Capacity in China
(million tons)
39.4
36.0 34.2
23.724.9
20.5 20.4
3.4
2017 2018 2019 2020 2021 2022 2023 1H24
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 | ||||
4.7 | |||||||
2.8 | 3.1 | 0.0 | |||||
1.6 | 1.9 | 1.6 | |||||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 1H24 |
Guangdong Guangxi
4
Industry Overview
Financial Highlights
Operational Review
5
Financial Performance
Turnover
(RMB million)
29,332
25,550
11,975 10,312
2022 | 2023 | 1H23 | 1H24 |
Earnings per share
(RMB)
0.231
0.092 | 0.080 | ||
0.024 | |||
2022 | 2023 | 1H23 | 1H24 |
Profit attributable to owners of the Company
(RMB million)
1,613
644 556
166
2022 | 2023 | 1H23 | 1H24 |
Net assets per share
(RMB)
6.28 6.32 6.34 6.33
2022 | 2023 | 1H23 | 1H24 | 6 |
Dividend Payout
(HK$)
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 1H24 | |
(HK$) | ||||||||
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 | |
Annual | 0.270 | 0.548 | 0.595 | 0.615 | 0.520 | 0.129 | 0.047 |
7
Turnover
Turnover by Product
(RMB million)
29,332
1,114
556
4,537
887
22,238
25,550
1,625
1,616
3,423
609
Product | 1H23 | 1H24 |
Cement | 9,010 | 6,645 |
Clinker | 277 | 246 |
Concrete | 1,484 | 1,737 |
Aggregates | 506 | 1,087 |
Others | 698 | 597 |
Total | 11,975 | 10,312 |
Product | 2023 YoY | 1H24 YoY |
Cement | -17.8% | -26.2% |
Clinker | -31.3% | -11.2% |
Concrete | -24.6% | +17.1% |
Aggregates | +190.8% | +114.7% |
Others | +45.8% | -14.5% |
Total | -12.9% | -13.9% |
18,277 | 1H24 | ||
Aggregates | Others | ||
10.5% | 5.8% | ||
2022 | 2023 | 1H23 | 1H24 | |||||
Cement | Clinker | Concrete | Aggregates | Others | Concrete | |||
16.8% | Cement | |||||||
64.5% | ||||||||
Clinker | ||||||||
Note: Others consists of Prefabricated Construction and Engineered Stone businesses. | 2.4% | 8 | ||||||
Sales Volume
Cement & Clinker Sales Volume | By Product Type |
('000 tons) Product 2023 YoY 1H24 YoY
Cement -7.5%-2.9%
Clinker -12.2% +24.7%
Total -7.6%-2.0%
75,039 69,301
17.2% | 16.6% |
21,964 | 1H23 | 1H24 |
82.8% | 83.4% | |
2,929 | 2,573 |
42.5 or higher grades cement
72,110 | 29,544 | 28,963 | ||
66,728 | 1,023 | 1,276 | 13,033 | |
Others
29.4%
29.3%
28,521 27,687
12,391
17,793
15,930
2023
2024
1H231H24
70.6%70.7%
2022 | 2023 | 1H23 | 1H24 | 1Q | 2Q | 3Q | 4Q |
Cement | Clinker | Bag Bulk |
Concrete Sales Volume
('000 m3) | 2023 | 2024 |
Aggregates Sales Volume
('000 tons) | 2023 | 2024 |
18,477
10,805 |
9,334 |
5,057 |
2,305
2,752 2,419 3,112
45,583 | 14,158 | 15,339 | 12,876 |
29,497 | 8,976 | ||
5,254 |
3,803 | |||||||||
2022 | 2023 | 1H23 | 1H24 |
2,268
1,535
1Q | 2Q | 3Q | 4Q |
15,119 | 14,230 | |||||||||||||
2022 | 2023 | 1H23 | 1H24 | 1Q | 2Q | 3Q | 4Q9 |