主营介绍

  • 产品类型:

    42.5级水泥、32.5级水泥、熟料、骨料及石子

  • 产品名称:

    42.5级水泥 32.5级水泥 熟料 骨料及石子

  • 经营范围:

    水泥及辅料、水泥制品生产、销售、出口,机械设备、仪器仪表、零配件及企业生产、科研所需的原辅材料生产、销售、进口;煤炭批发、零售;电子设备生产、销售;技术服务.

主营构成分析

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营业收入 X

单位(%) 单位(万元)
注:通常在中报、年报时披露 
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 利润比例 毛利率
按地区 中国中部 183.95亿 59.36% 135.32亿 65.16% 47.59% 26.43%
中国东部 104.86亿 33.84% 91.19亿 43.91% 13.38% 13.04%
中国西部 69.74亿 22.51% 48.46亿 23.33% 20.83% 30.52%
中国南部 59.41亿 19.17% 40.82亿 19.66% 18.19% 31.29%
海外 3.79亿 1.22% 2.55亿 1.23% 1.21% 32.66%
分部间抵销 -111.90亿 -36.11% -110.66亿 -53.28% -1.21% -

董事会经营评述

  一、经营情况讨论与分析。
  (一)经营发展概述。
  2017年上半年,本集团克服原燃材料价格上涨、市场供求矛盾突出等因素影响,认真研判市场,抓住国家深化供给侧结构性改革和行业季节性错峰生产的有利时机,继续坚持“差别施策、一区一策”的营销策略,实现销量稳步增长,产品价格大幅提升;通过统筹大宗原燃材料采购和优化资源配置,有效控制采购成本;通过强化指标管控和生产运行管理,运营质量不断提高,取得了较好的经营业绩。
  报告期内,本集团按中国会计准则编制的主营业务收入为309.86亿元,较上年同期增加32.42%;归属于上市公司股东的净利润为67.17亿元,较上年同期增加100.21%;每股盈利... 查看全部▼

  一、经营情况讨论与分析。
  (一)经营发展概述。
  2017年上半年,本集团克服原燃材料价格上涨、市场供求矛盾突出等因素影响,认真研判市场,抓住国家深化供给侧结构性改革和行业季节性错峰生产的有利时机,继续坚持“差别施策、一区一策”的营销策略,实现销量稳步增长,产品价格大幅提升;通过统筹大宗原燃材料采购和优化资源配置,有效控制采购成本;通过强化指标管控和生产运行管理,运营质量不断提高,取得了较好的经营业绩。
  报告期内,本集团按中国会计准则编制的主营业务收入为309.86亿元,较上年同期增加32.42%;归属于上市公司股东的净利润为67.17亿元,较上年同期增加100.21%;每股盈利1.27元,较上年同期上升0.64元/股。按国际财务报告准则编制的营业收入为319.08亿元,较上年同期增加33.10%;归属于上市公司股东的净利润为67.39亿元,较上年同期增加100.64%;每股盈利1.27元。
  报告期内,本集团继续做好国内项目建设,全椒海螺水泥有限责任公司、安徽宣城海螺水泥有限公司、南通海螺水泥有限责任公司等7台水泥磨相继建成投产。海外发展方面,本集团积极推进海外项目建设,印尼孔雀港粉磨站二期工程顺利建成投产,印尼北苏海螺、柬埔寨马德望海螺进入施工高峰期,老挝琅勃拉邦海螺等项目工程建设稳步推进,俄罗斯伏尔加、老挝万象、缅甸曼德勒等项目前期工作正在有序推进。截至报告期末,本集团熟料产能2.44亿吨,水泥产能3.33亿吨,骨料产能2,490万吨。
  本集团持续推进节能和环保技改,加强对子公司环保管理,坚持走可持续发展道路。通过实施SNCR脱硝技术的升级改造和探索研发有效的脱硫技术,确保氮氧化物、二氧化硫等污染物达标排放;继续实施水泥磨辊压机、熟料生产线分解炉及原料磨循环风机技改,节能减排效果明显;为践行国家低碳发展战略,本集团在下属的白马山水泥厂试点建设“水泥窑烟气二氧化碳捕集纯化示范项目”,旨在降低碳排放,切实履行大企业的社会责任。
  (二)销售市场情况。
  报告期内,本集团水泥和熟料合计净销量为1.34亿吨,同比增长4.60%。
  分区域市场和销售情况。
  报告期内,本集团受产品综合销价上涨和销量增加影响,各区域销售金额均有不同程度的增长。
  东部、中部区域通过市场统筹运作,销量增长,价格大幅提升,销售金额同比分别上升44.70%和32.52%。
  南部区域积极应对新增产能投放对市场的影响,销量小幅下降,价格提升,销售金额同比上升14.28%。
  西部区域抓住市场需求回暖和行业季节性错峰生产的有利时机,销量和价格稳步提升,销售金额同比上升39.39%。
  受国内市场需求回暖、熟料资源阶段性紧张的影响,从整体效益最大化角度考虑,本集团增加了水泥出口量、控制熟料出口量,出口销售金额同比下降17.79%;随着海外项目相继建成投产,加大市场拓展力度,海外销量同比增长85.31%,销售金额同比增长100.06%。
  分品种销售情况。
  报告期内,42.5级水泥销售金额占比为59.25%,同比上升4.95个百分点;32.5级水泥销售金额占27.99%,同比下降3.63个百分点;熟料销售金额占比为11.82%,同比下降1.61个百分点;骨料销售金额占比为0.94%,同比上升0.29个百分点。
  (三)盈利状况分析。
  报告期内,受产品销量和价格提升以及投资收益增加的影响,本集团营业利润、利润总额、归属于上市公司股东的净利润分别较去年同期上升125.83%、104.41%和100.21%。
  报告期内,本集团处置了部分同行业上市公司股票,取得投资收益18.60亿元。
  报告期内,由于产品综合销价大幅上涨,产品综合毛利率为32.97%,同比上升2.26个百分点。骨料及石子综合毛利率为53.92%,同比上升11.65个百分点,主要是由于国家及地方加强矿产资源整治,市场供求关系进一步改善,产品销售价格大幅提升。
  (四)成本费用分析。
  报告期内,本集团水泥熟料综合成本为154.50元/吨,同比上升28.20元/吨,主要是受原煤价格同比上升影响。
  报告期内,本集团财务费用同比下降58.59%,主要是本集团上年度偿还已到期70亿元公司债券,使得本年利息支出同比减少。
  本集团三项费用(销售费用、管理费用、财务费用)合计占主营业务收入的比重为9.78%,同比下降3.59个百分点,主要是主营业务收入金额增加所致;吨产品三项费用为22.70元/吨,同比下降1.80元,降幅7.35%,主要是产品销量增加所致。
  (五)财务状况。
  资产负债状况。
  截至报告期末,本集团按中国会计准则编制的总资产为1,133.20亿元,较上年末增加3.48%;总负债为288.37亿元,较上年末减少1.29%;流动负债198.13亿元,较上年末增加16.21%,非流动负债90.24亿元,较上年末减少25.83%,主要是因为一年内到期的公司债券划分至流动负债所致。截至报告期末,本集团按照中国会计准则编制计算的资产负债率为25.45%,较上年末下降1.23个百分点。
  关于本集团的或有负债资料,请参阅按中国会计准则编制的财务报告附注十二。
  截至报告期末,归属于上市公司股东的股东权益为803.83亿元,较上年末增加4.93%;归属于上市公司股东的每股净资产为15.17元,较上年末增加0.71元/股。
  截至报告期末,本集团按中国会计准则编制的流动资产总额为370.61亿元,流动负债总额为198.13亿元,流动比率为1.87:
  1(上年末为1.72:
  1),流动比率同比上升主要是由于报告期内货币资金和应收票据等流动资产增加所致。本集团按国际财务报告准则编制的流动资产总额为371.13亿元,流动负债总额为198.13亿元;净负债率为0.11,维持稳定。净负债率计算基准为:(有息负债—现金及现金等价物)/股东权益。
流动性及资金来源。
  截至报告期末,本集团累计银行贷款余额为77.79亿元,较年初增加2.94亿元,主要是因为报告期内本集团下属子公司新增借款所致。
  按固定利率所作的借贷情况详见按中国会计准则编制的财务报告附注八。
  除上述借款外,本集团还有85亿元未到期公司债券,其中1年内到期50亿元,5年以上到期35亿元。
  报告期内,本集团资金主要来源于经营活动产生的净现金流和投资回收产生的现金流。
  现金流分析。
  报告期内,本集团经营活动产生的现金流量净额为50.47亿元,同比上升3.80亿元,主要系本集团营业收入增加所致。
  报告期内,本集团投资活动产生的现金流量净流出较上年增加69.28亿元,主要系报告期内三个月以上定期存款同比增加所致。
  报告期内,本集团筹资活动产生的现金流量净流出较上年减少39.48亿元,主要系本集团上年同期偿还一年内到期的公司债券所致。
  (六)资本性支出。
  报告期内,本集团资本性支出约19.06亿元,主要用于海外项目水泥熟料生产线建设以及环保技改项目支出。
  (七)汇率风险及相关金融工具对冲。
  报告期内,本集团积极推进境外项目工程建设,工程款项支付一般以当地货币或人民币为主,少量支付美元。进口设备、耐火砖及备件等材料主要采用美元结算,水泥熟料及设备出口结算一般采用人民币或美元为主,上述外币兑人民币的汇率变化将直接影响本集团的项目建设成本、物资采购成本和出口销售收入。
  为有效降低汇率风险,确保汇率风险整体受控,本集团持续推进外币资金池管理模式,实现境内、境外外汇资金集中统一管理、调配及使用,减少结售汇成本,有效降低财务费用。根据结算要求匹配融资币种,适当增加投资所在国币种的贷款;根据进出口计划合理安排外汇收支,适时调整汇率风险操作策略,有效降低美元汇率风险。

  二、报告期内公司所从事的主要业务、经营模式及行业情况说明。
(一)水泥行业概况。
  2017年上半年,持续深入推进供给侧结构性改革仍然是水泥行业运行的主基调。一方面,政府继续严控新增产能,上半年行业新增产能继续减少;另一方面,国家环保部启动实施了环保督查行动,对于环保设施或排放指标不达标的企业要求限期停产整顿,同时国家出台了矿业权制度改革方案,收紧矿产资源审批政策,这将有利于落后水泥产能退出市场;此外,在政府和行业协会的主导下,错峰生产工作持续推进,且范围由过去的局部区域逐步扩展至全国,适度减少产品供给,有效缓解了市场阶段性供求矛盾。
  2017年上半年,中国固定资产投资增速趋向平稳,房地产投资增速较去年同期有所提升,基建投资增速继续维持高位运行,水泥市场需求小幅回升,全国水泥产量约为11.1亿吨,同比增长0.4%。得益于供给侧结构性改革的积极影响,产品价格同比涨幅较大,使行业盈利得到明显改善。(数据来源:数字水泥网)(二)公司主要业务介绍。
  报告期内,本集团的主营业务为水泥、商品熟料及骨料的生产、销售。根据市场需求,本集团的水泥品种主要包括42.5级水泥、52.5级水泥及32.5级水泥,广泛应用于铁路、公路、机场、水利工程等基础设施项目,以及城市房地产开发和农村市场。
  水泥属于基础原材料行业,是区域性产品,其销售半径受制于运输方式及当地水泥价格,经营模式有别于日常消费品。本集团采取直销为主、经销为辅的营销模式,在中国及海外所覆盖的市场区域设立500多个市场部,建立了较为完善的营销网络。
  报告期内,本集团不断优化完善国内、国外市场布局,通过延伸上下游产业链,开展骨料等多元化经营,同时大力实施水泥磨辊压机、熟料线分解炉等节能降耗改造,达到降本增效的目标,从而实现公司经营效益的大幅提升。
  (三)报告期内公司主要资产变化。
  报告期内,本集团减持了所持有的其他上市公司股票,可供出售金融资产、长期股权投资金额分别较年初下降了87%和21%。除此之外,在建工程、固定资产、无形资产等主要资产未发生重大变化。

  三、报告期内公司核心竞争力的变化。
  公司自1997年上市以来,集中精力做大做强水泥主业,注重自主创新、科技创新,大力推进环保节能技术应用,发展循环经济。经过二十年的持续、健康、稳健发展,通过不断加强内部管理,推进技术创新,创建了具有特色的“海螺模式”,形成了较强的资源优势、技术优势、人才优势、资金优势、市场优势和品牌优势。
  本集团在新型干法水泥工艺技术创新、节能降耗技术利用方面位于行业前列,通过技术9升级改造和提升公司内部运营质量,进一步巩固提升上述各项竞争优势,保障本集团的核心竞争力;并通过降低煤电等指标消耗,推进信息化建设,提高劳动生产率,加强费用管控等途径,确保本集团在行业内的成本领先优势。 收起▲

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