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華泰證券:水泥行業盈利有望在下半年邊際修復

華泰證券研報稱,其研究覆蓋的水泥行業上市公司2024年上半年合計實現歸屬於母公司淨利潤1.75億元,同比下降98%。根據中國建築材料聯合會數據,2024年上半年水泥行業利潤總額為-11.5億元,企業虧損面超過50%。在行業盈利進一步探底的同時,企業的經營正在優化:1.市場策略更多向穩價傾斜,力求通過供給調控平衡供需關係;2.繼續強調成本管控,強化自身競爭力;3.進一步收縮資本開支,體現保障現金流正在成為更優先的選項。華泰證券認為穩價的共識有助於行業盈利在2024年下半年實現邊際修復。目前上市企業的負債率仍明顯低於上輪週期底部,財務情況仍屬健康。

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