00914 CONCH CEMENT
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CONCH CEMENT News
Conch Cement (00914.HK) received a shareholding of 0.7736 million H-shares by JPMorgan, worth approximately 17.3394 million Hong Kong dollars.
Reported on November 8th, according to the documents disclosed by the Hong Kong Stock Exchange on November 8th, jpmorgan Chase & Co. increased its shareholding in conch cement (00914.HK) by a total of $0.7736 million H shares, with an average on-exchange price of 22.4148 Hong Kong dollars per share and an average off-exchange price of 22.4031 Hong Kong dollars per share, totaling approximately 17.3394 million Hong Kong dollars. After the shareholding increase, jpmorgan's latest number of shares held is 65.3647 million shares, and its stake percentage increased from 4.97% to 5.02%. Image Source: HKEX Shareholding Disclosure
Shenyin Wanguo: Profit decline narrows in the building materials industry in Q3 2024, significant improvement in profit for the cement sector.
In the third quarter, the building materials industry achieved revenue of 175.45 billion yuan, (yoy-9.0%, qoq-8.3%), net income attributable to the parent company was 6.45 billion yuan (yoy-32.0%, qoq-17.0%), gross margin in the third quarter was 18.2% (yoy-0.9pct, qoq-0.3pct), net margin was 4.09% (yoy-0.9pct, qoq-0.03pct).
Express News | Morgan Stanley: Trump reappears and seeks opportunities in volatility, with Taiwan Semiconductor, Yum China, Conch Cement, Xpeng, and Xiaomi as top picks.
[Brokerage Focus] citic sec believes that the demand for the cement industry is expected to be in a downward trend in the medium to long term.
Jingu Financial News | Citic Securities stated that the cement industry's demand is expected to be in a downward phase in the medium to long term, with future industry changes focusing more on the supply side. In 2016, the supply-side reform of the cement industry led to a significant decrease in new cement clinker production capacity, but the speed of eliminating outdated capacity was slower than expected, and the industry still faces widespread overcapacity issues. Since 2024, cement demand has dropped significantly, with the industry suffering severe losses. The Ministry of Industry and Information Technology has revised and issued the "Cement Glass Industry Capacity Replacement Implementation Measures (2024 Edition)" in hopes of accelerating the clearance of over 0.3 billion tons of outdated cement clinker production capacity, reducing actual capacity from 2.1 billion tons to the designed capacity of 1 billion tons.
Conch Cement (600585): Expecting price increase flexibility to be released in Q4 24.
The company disclosed its 3rd quarter report, with revenue of 68.15 billion yuan for the first three quarters of 2024, a year-on-year decrease of 31.27%, and a net income of 5.198 billion yuan, a year-on-year decrease of 40.05%. Attribution for the third quarter
Building materials cement stocks are weak. Conch Cement (00914) fell by 3.34%. In late October, the national cement market demand slightly weakened compared to the previous month.
Kingwu Financial News | Building materials cement stocks were weak, with Conch Cement (00914) falling by 3.34%, Huaxin Cement (06655) falling by 2.39%, Westchinacement (02233) falling by 1.6%, Asia Cement (China) (00743) falling by 1.26%, CNBM (03323) falling by 0.6%. GTJA stated that in late October, the national cement market demand slightly weakened compared to the previous month, mainly due to the northern regions entering the off-season one after another, about to start the winter staggered production cycle; demand in the southern regions remained stable in order to improve profits during the final demand period, continuing to drive prices up.
Conch Cement (00914.HK) received a JPMorgan shareholding of 1.6151 million shares.
According to the latest equity disclosure information from the Hong Kong Stock Exchange on November 4, 2024, Conch Cement (00914.HK) saw JPMorgan Chase & Co. increasing its shareholding by acquiring 1.6151 million shares at an average price of 22.1442 Hong Kong dollars per share on October 29, 2024, involving approximately 35.7653 million Hong Kong dollars. After the increase, JPMorgan Chase & Co. now holds a total of 66,092,361 shares, increasing its shareholding percentage from 4.96% to 5.08%.
Express News | China Merchants Securities: Conch Cement Q3 profit margin improvement, maintaining a "strong recommendation" rating.
Research reports Mining | China Merchants: Conch Cement Q3 Profitability Marginally Improved, Maintaining a 'Strong Buy' rating
格隆汇 November 1st | China Merchants Research reports pointed out that Conch Cement (600585.SH) 24Q3 profitability marginally improved, with excellent cash flow. Operating cash flow net inflow for the first three quarters of the company was 10.348 billion yuan, a year-on-year increase of 7.15%. On the demand side, the strengthening of localized debt expectations helps release infrastructure investment demand, which is expected to bring performance elasticity to the leading cement companies. Considering the significant decline in cement demand, expectations for revenue have been lowered, but the effective implementation of cement price increases in Q4 is anticipated to support the industry's profit per ton and is expected to bottom out. It is expected that the company's profitability will be restored in 2025-2026, with estimates for the company from 2024 to 2026.
Conch Cement (600585): Q3 profitability marginally improved, industry supply and demand expected to optimize.
In the first three quarters of 2024, the company achieved a total operating income of 68.15 billion yuan, a year-on-year decrease of 31.27%; achieved a net income attributable to the parent company of 5.198 billion yuan, a year-on-year decrease of 40.05%; non-net income attributable to the parent company after deduction was 48.79.
First Securities: Policy guidance is gradually strengthening, expecting marginal improvement in the future building materials market.
Currently, the building materials industry index is performing well, with most individual stocks rising. It is expected that the building materials market will see marginal improvement in the future, and the industry sector will have a good performance. In the near term, it is necessary to continue to pay attention to the impact of short-term policies on the real estate, infrastructure, and new energy markets.
Conch Cement (600585): Gross margin increased both year-on-year and month-on-month, indicating that the industry may have reached the bottom. Bullish on the value advantage of leading companies in the new cycle.
The company achieved a net income attributable to the parent company of 1.873 billion yuan in the third quarter, a year-on-year decrease of 15.13%. The company released the third quarter report for the 24th year, achieving revenue/net income attributable to the parent company of 68.15/5.198 billion yuan in the first three quarters, a year-on-year -31.2%.
Hong Kong stock concept tracking|Real estate market transaction active, institutions highly concerned about cement supply side reform (with concept stocks)
The building materials sector as a whole is still in the slow recovery phase at the bottom, with valuations and positions also at low levels.
Conch Cement (600585): Profit bottom basic confirmation, 4Q performance is expected to recover significantly.
3Q24 performance meets our expectations. The company announced the performance for 1-3Q24: revenue of 68.15 billion yuan, -31% year-on-year, and a net income attributable to the parent company of 5.2 billion yuan, -40% year-on-year. Among them, 3Q24 revenue was 225.8
Anhui Conch Cement's Q3 Profit Slides 15%; Shares Rise 3%
Hong Kong stocks anomaly | Conch Cement (00914) rose more than 3% after earnings, net profit in the third quarter exceeded expectations, industry supply and demand recovery is accelerating.
Conch Cement (00914) rose more than 3% after the performance, as of the deadline, up 2.48%, trading at 22.7 Hong Kong dollars, with a turnover of 67.4773 million Hong Kong dollars.
Daiwa: Maintains a 'shareholding' rating on Conch Cement (00914) with a target price of 21.9 Hong Kong dollars.
The report estimates that the average selling price of cement in the third quarter of this year is around 235 yuan per ton, remaining flat on a quarterly basis, but decreasing by 5.3% year-on-year, which is roughly in line with the market price changes in the eastern part of the mainland during the period.
CICC raised the target price of China Conch Venture (00914.HK) to 27.7 yuan, confirming the basic profit bottom.
CICC's report states that China Conch Venture (00914.HK) has achieved third-quarter performance in line with the bank's expectations, believing that the profit bottom has been basically confirmed. Based on recent market price tracking, the price increases in the East China region have slightly exceeded expectations, expecting the average price and ton profit at the current point in time to significantly increase year-on-year and quarter-on-quarter, with a significant recovery expected in the fourth quarter. CICC maintains its forecast for China Conch Venture's net profit in 2024 and 2025 at 8.1 billion yuan and 9.22 billion yuan respectively, maintaining an 'outperform industry' rating. Taking into account the company's confirmation of the profit bottom and the industry's expectations for sector repair, the listed in hong kong target price is adjusted up 2.
Citi raised Huatai Securities' target price for China Baysea (00914.HK) to 32.02 yuan, with accelerating supply and demand repair.
HTSC's report stated that conch cement (00914.HK) saw a 14.9% year-on-year decline in third-quarter net profit to 1.87 billion yuan, falling short of expectations. They believe that the weaker-than-expected profitability in the third quarter was mainly due to the performance of non-cement businesses and the increase in expense ratio. The cement industry's ability to restore profitability has improved, with the additional support of the stable growth policy, and there are also hopes for stronger demand in 2025. The bank pointed out that conch cement is leading in competitiveness, with a strong balance sheet, maintaining a "buy" rating, and raising the H-share target price by 14.8% to 32.03 yuan. The bank has lowered this year's earnings per share forecast by 1.9%
Citi: China Conch Venture (00914.HK) slightly lags behind expectations in the quarter, rated as 'shareholding'.
Morgan Stanley's research report indicates that Conch Cement (00914.HK) saw a 40% year-on-year drop in net profit to 5.2 billion RMB in the first nine months, with third-quarter net profit at 1.87 billion RMB, slightly below the bank's expectations. The bank rates the company as 'shareholding' with an H-share target price of HK$21.9. The bank estimates that the third-quarter 2023 production of clinker and cement from their own sources will be around 69 million tons, a 6.2% year-on-year decrease and a 1.67% quarter-on-quarter decrease. This represents a slight widening from the 3.1% drop in the first half of this year, possibly due to weak demand leading to industry production adjustments. The average selling price in the third quarter is expected to be around per ton.
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