9M24 Results Summary
(RMB million) | 9M23 | 9M24 | YoY |
Turnover | 18,146.8 | 15,774.6 | -13.1% |
Gross profit | 2,805.6 | 2,397.7 | -14.5% |
Gross margin | 15.5% | 15.2% | -0.3 ppt |
Finance costs | 395.1 | 396.7 | +0.4% |
Profit attributable to owners of the | 637.8 | 308.6 | -51.6% |
Company | |||
Basic earnings per share (RMB) | 0.091 | 0.044 | -51.6% |
Net assets per share (RMB) | 6.31 | 6.34 | +0.5% |
1
Industry Overview
Financial Highlights
Operational Review
2
Cement Production
- In 9M24, China's cement production was approximately 1,326.7 million tons*, -10.7%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%-12%-12%-10% | |||
1,486* | 1,327 | -22% | ||||||||||
2022 2023 9M23 9M24
*Note: Originally 1495 million tons but restated as 1,486 million tons in 9M24 by the National Bureau of Statistics.
The Group's Operating Regions(2)
(million tons) | (YoY) | ||||||||||||||
143 | 2023 | 9M24 | 2023 | 9M24 | |||||||||||
100 | 96 | 1.3% | |||||||||||||
83 | |||||||||||||||
91 | 80 | 65 | |||||||||||||
65 | 59 | 47 | 51 | ||||||||||||
45 | 16 10 | 38 | 31 | -0.6% | |||||||||||
-2.3% | |||||||||||||||
-4.0% | -4.9% | -4.5% | |||||||||||||
-5.8% | -6.1% | ||||||||||||||
-9.0% | |||||||||||||||
-8.8% | -9.0% | -8.3% | |||||||||||||
-9.8% | -11.6% | ||||||||||||||
-13.6% | |||||||||||||||
-14.4% | |||||||||||||||
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
18,147 15,775
2022 | 2023 | 9M23 | 9M24 |
Earnings per share
(RMB)
0.231
0.092 0.091
0.044
2022 2023 9M23 9M24
Profit attributable to owners of the Company
(RMB million)
1,613
644 638
309
2022 2023 9M23 9M24
Net assets per share
(RMB)
6.28 6.32 6.31 6.34
2022 | 2023 | 9M23 | 9M24 | 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 | 9M23 | 9M24 | ||||
Cement | 13,210 | 10,115 | ||||
Clinker | 444 | 304 | ||||
Concrete | 2,360 | 2,772 | ||||
Aggregates | 987 | 1,678 | ||||
Others | 1,146 | 906 | ||||
Total | 18,147 | 15,775 | ||||
Product | 2023 YoY | 9M24 YoY |
Cement | -17.8% | -23.4% |
Clinker | -31.3% | -31.4% |
Concrete | -24.6% | +17.4% |
Aggregates | +190.8% | +69.9% |
Others | +45.8% | -20.9% |
Total | -12.9% | -13.1% |
18,277 | 9M24 |
Aggregates | Others |
10.6% | 5.8% |
2022 2023 9M23 9M24
Cement Clinker Concrete | Aggregates | Others | Concrete | |||
17.6% | Cement | |||||
64.1% | ||||||
Clinker | ||||||
Note: Others consists of Prefabricated Construction and Engineered Stone businesses. | 1.9% | 8 | ||||
Sales Volume
Cement & Clinker Sales Volume | By Product Type |
('000 tons) | Product | 2023 YoY | 9M24 YoY | ||||||||
Cement | -7.5% | -7.2% | 17.2% | 16.6% | |||||||
Clinker | -12.2% | -10.9% | 21,964 | 1H23 | 1H24 | ||||||
Total | -7.6% | -7.3% | |||||||||
82.8% | |||||||||||
83.4% | |||||||||||
75,039 | 69,301 | ||||||||||
17,793 | |||||||||||
2,929 | 2,573 | 17,153 | 42.5 or higher grades cement | ||||||||
Others | |||||||||||
47,337 | 43,875 | 14,912 | |||||||||
1,782 | 1,588 | ||||||||||
72,110 | 15,930 | ||||||||||
66,728 | 13,033 | 2023 | 29.3% | ||||||||
29.4% | |||||||||||
45,555 | 42,287 | ||||||||||
2024 | 1H23 | 1H24 | |||||||||
12,391 | |||||||||||
70.6% | 70.7% | ||||||||||
2022 | 2023 | 9M23 | 9M24 | 1Q | 2Q | 3Q | 4Q | ||||
Cement | Clinker | Bag | Bulk |
Concrete Sales Volume
Aggregates Sales Volume
('000 m3) | 2023 | 2024 |
10,805 | 9,334 | 2,752 | 3,236 | 3,112 | |||
8,293 | |||||||
2,305 | |||||||
6,222 | |||||||
2,419 | |||||||
2,268 | |||||||
1,535 | |||||||
2022 | 2023 | 9M23 | 9M24 | 1Q | 2Q | 3Q | 4Q |
('000 tons)
45,583 | 46,283 | ||
27,106 | |||
15,119 | |||
2022 | 2023 | 9M23 | 9M24 |
2023 2024 18,477
16,786
14,158 | 15,339 | |
8,976 | 12,876 | |
5,254 |
1Q 2Q 3Q 4Q9