华润建材科技(01313.HK):华南水泥龙头 水泥骨料双轮驱动 高分红低估值显优势

天风证券
19 Sep 2024

华南水泥龙头,传统/新型建材两点开花公司是华南水泥龙头,传统建材与新型建材双开花。一方面,公司水泥收入占六至八成, 23 年底水泥年产能达9020 万吨,近三年产能利用率逐年下滑,23 年同比下滑10pct 至72%,而此次淡季两广地区水泥实现涨价,当前水泥盈利底部或已逐步压实,后续有望带动盈利向上修复。另一方面,公司在2021 年开始拓展骨料及其他新型建材业务,22 年以来骨料业绩贡献渐显,23...

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