Jidong Cement (000401): The volume and price of cement products have risen at the same time. The net profit of mothers has increased by 60 year by year.


Jidong Cement (000401): The volume and price of cement products have risen at the same time. The net profit of mothers has increased by 60 year by year.


Event: The company released its semi-annual report for 2019 and achieved revenue of 160.

78 ppm, an increase of 25 in ten years.

18%; net profit attributable to mother realized 14.

80 ppm, an increase of 60 in ten years.

82%; net profit after deducting non-attribution to achieve 14.

470,000 yuan, an increase of 194 in ten years.


Both the volume and price of cement products rose, and sales increased by 12.

38%: In the first half of 2019, the supply-side reform of the cement industry has been gradually promoted. The production execution of Staggered Peaks in North China is more stringent than in previous years, which will help leading companies to increase capacity utilization.428.

75 yuan / ton, an increase of 5 over the same period last year.


Jidong benefited from the tight supply and demand in the region. In the first half of the year, the sales of cement clinker 4528 initially increased by 12 in the long term.

83%, the overall revenue has grown for ten years.


The proportion of the three fees decreased rapidly, and the net interest rate rose to more than 15%: After the completion of the reorganization of Jidong and Jinyu, the overall profitability of the company has been promoted.

In H1 2019, the company’s gross sales margin was 37.

37%, an annual increase of 2.

24 units, an increase of 4 from the previous month.

36 units; net sales margin is 15.

81%, an annual increase of 8.

71 units, an increase of 13 from the previous month.

66 units.

With regard to the three fees, the management costs have decreased by 4 each year.

65%, mainly because staff compensation and depreciation booths reduced expenses; financial expenses decreased by 5.

3%, mainly because the company’s interest-bearing debt decreased and 南京桑拿网 interest expenses increased; sales expenses increased by 29.

02%, mainly due to the increase in sales freight in the settlement of one-vote system in place.

Completion of the assets reorganization of Jinying Cement, the net profit attributable to mothers has been significantly improved: the company obtained 10 subsidiaries of Jinye through joint investment in 2018 to complete the first asset reorganization; in the first half of 2019 through major asset purchaseThe above joint capital increase joint venture acquired 14 subsidiaries of Jinyu and completed the second asset reorganization.

After the reorganization, the company’s annual clinker production capacity reached 1.

1.7 billion tons, cement production capacity reached 1.

700 million tons.

The transfer of Jinye Cement’s assets to the profits of listed companies was disclosed. According to the company’s 19 half-year report, the adjusted net profit of H1 listed companies in 2018 was 9.

At 20 ppm, Jinye’s 24 subsidiaries calculated the net profit attributable to the parent to 4 based on the expected shareholding of the listed company.

04 million, accounting for 44% of the company’s adjusted net profit attributable to its parent.

The infrastructure investment in North China is stable, which is expected to support the company’s continued growth: According to the statistics of Digital Cement Network, the national cement output from January to July increased by 7.

23%, of which North China gradually increased production and growth rate of 16.

72%, higher than the national average.The scale of real estate investment in North China is preliminary. The growth rate of real estate development investment in Beijing-Tianjin region has been at a relatively high level since the beginning of the year.support.

Investment suggestion: We expect the company’s revenue growth from 2019 to 2021 to be 64.

8%, 8.

1%, 7.

6%, net profit growth rate was 126.

1%, 10.

3%, 9.

6%, continue to give Buy-A investment rating, with a target price of 18 in 6 months.

5 yuan.

Risk reminder: Uncertainty in peak production in the industry, infrastructure investment in North China falls short of expectations