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研報掘金丨中郵證券:華新水泥Q2業績超預期,國內外盈利均改善

中郵證券研報指出,華新水泥預計2025年半年度實現歸母淨利潤爲10.96-11.32億元,同比增加50%-55%;公司Q2單季度實現歸母淨利潤8.8億元,同比增長59%,業績表現超預期。判斷Q2國內外盈利均有所改善,一方面,國內市場儘管5月份以來價格呈現下滑趨勢,但能源成本下跌明顯,同時,公司通過強化內部成本管控、提升運營效率等措施降低生產成本,毛利空間同比有所擴張;另一方面,海外市場水泥仍維持較好景氣度,此外預計Q2季度實現匯兌收益。長期展望,水泥行業需求呈現穩步下滑態勢,供給端在限制超產政策下有望逐步出清,供給的出清力度影響價格彈性,認爲行業有望在26-27年逐步實現供需平衡。

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