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研報掘金丨華泰證券:維持華新水泥A/H“買入”評級,國內水泥企業出海先鋒
華泰證券研報指出,華新水泥是國內水泥企業的出海先鋒,認爲公司全球化佈局持續深化,並通過收購巴西骨料項目將一體化戰略拓展至全球,看好海外業務和非水泥業務的擴張帶動公司規模和盈利進一步增長,A/H均維持“買入”評級。國內水泥行業產能出清待加碼,公司成本和技術優勢突出該行認爲當前國內水泥行業處在整體需求下滑而產能出清仍待加碼的階段,但公司具備三大核心看點:1)深耕長江經濟帶和西部開發重點區域,雅魯藏布江下遊水電工程及三峽水運新通道等重大項目有望支持區域需求;2)原料自供比例高,25 年以來煤炭價格同比明顯下降,成本端改善趨勢明顯;3)能效及環保工藝行業領先。據公司年報,24 年公司國內熟料綜合能耗94.03kgce/t,噸熟料溫室氣體排放強度809kg/t,均領先於同行業。隨着水泥行業環保及排放要求趨嚴,公司在能效及環保上的優勢有望逐步體現。
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