惠譽博華料全年水泥行業產銷量或有微降
在岸信用評級公司惠譽博華表示,近年來,水泥行業維持供需動態平衡,行業產銷量處於高位平台期。2021年,受能耗雙控、限電限產、能源價格暴漲等因素影響,三季度水泥價格達歷史新高。水泥行業需求接近天花板,成長性減弱,水泥企業通過產業鏈延伸積極尋求新的業績增長點,同時降耗減碳亦是水泥行業中長期生產線升級的重要方向,將為企業帶來一定資本支出壓力。
2021年,水泥行業營收規模持續增長,而受累於能源價格暴漲,利潤空間有所收窄,但盈利指標仍處於歷史較高水平。水泥企業經營活動現金流充裕,龍頭企業因業務擴張具有較大規模的資本開支,行業流動性很強。水泥企業財務槓桿普遍較輕,具有強勁的償債能力。
預計2022年,基礎設施建設將對水泥行業需求形成一定支持,煤價高企亦對水泥價格高位運行形成支撐。預計全年行業產銷量或有微降,若煤價高位橫盤,則行業利潤空間將繼續收窄。
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