研報掘金丨西部證券:維持海螺水泥“買入”評級,Q4水泥漲價促進業績改善
西部證券研報指出,海螺水泥(600585.SH)需求疲軟致水泥主業盈利承壓,但表現優於行業,Q4水泥漲價促進業績改善。24年全國水泥產量18.25億噸,同比-9.5%,公司水泥熟料自產品銷量2.68億噸,同比-6.05%,增速好於全國水平,市佔率或進一步提升。截至2025/3/21,全國高標水泥年初以來均價同比+9.2%,年後行業自律、錯峯生產執行較好,疊加3-5月爲傳統水泥旺季,提價態勢有望延續。公司提出2025-2027年每年現金分紅+股份回購金額不低於歸母淨利潤50%,重視股東回報持續穩定性。維持公司“買入”評級。
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