Industry demand decline Tower brand group's medium -term profit temporary pressure

Tower Group Group (002233) recently disclosed the half -annual report of 2022, and the company's net profit in the first half of the year decreased by 80.9%year -on -year. The agency believes that the overall demand of the cement industry has declined, the company has reduced sales due to the influence of the industry, and the profit is temporarily under pressure.

Market demand has obviously weakened

The Tower Group is a group company mainly based on cement. After years of development, the company has established several large cement production bases such as Meizhou and Huizhou, Fujian Longyan, and a large scale of cement production. However, in the first half of 2022, Guangdong's cement output decreased by 22.06%year -on -year, and market demand was significantly weakened during the same period, and the relationship between supply and demand was unbalanced.

The semi -annual report in 2022 shows that in the first half of the year, Tache Group realized that the cement output was 7.6735 million tons, and the sales volume was 7.288 million tons, a year -on -year decrease of 26.46%and 27.8%, respectively. The company realized operating income of 2.593 billion yuan, a year -on -year decrease of 28.64%; the total profit was 236 million yuan, a year -on -year decrease of 80.4%; net profit was 175 million yuan, a year -on -year decrease of 80.9%.

In addition, due to the continuous maintenance of coal prices, the average sales cost of the company's cement increased by 25.78%compared with the same period of the previous year. Under the impact, the company's comprehensive gross profit margin dropped from 38.54%of the same period last year to 20.44%, a decrease of 18.1 percentage points. The profit level of cement products has declined significantly.

In terms of policy, the central government has recently provided clear support for infrastructure and real estate delivery. As of early August, the average price of cement in the country rose slightly by 0.3%month -on -month, and the price of cement was expected to continue to rise.

"With the improvement of supply and demand, the cement sector is expected to recover. As a leader in the region, the company's development is strongly strongly developed based on the mid -to -long -term strong demand of the eastern Guangdong region." Guohai Securities analyst Sheng Changsheng said.

Self -produced cooked materials will give priority to self -use

During the conference call held this week, Lai Hongfei, the director of the Task Group, said that although the net profit declined in the first half of this year, the company's dividend policy has not changed. The company's self -produced and self -produced ingredients are preferential to meet their own use. In the second half of the year, if the demand for cement increases, the company will reduce the export of clinkers.

It should be mentioned that in the first half of the year, the "fair value change income" in the company's profit statement showed a floating loss of securities investment. In response, Tower Group said that the company's securities investment income also fell down. In the second half of the year, the company is strictly controlled the scale in terms of securities investment, and the reduction of scale can reduce fluctuations, thereby reducing the impact on the company's performance. The second is to invest cautiously. The investment industry and the target and investment institutions must be selected to increase investment income as much as possible.

Regarding the market in the second half of the year, Sheng Changsheng said: "In the first half of the year, affected by real estate and epidemic, cement demand was not good in phased, and the cost was still high year -on -year. The epidemic has improved and key infrastructure projects are in concentrated on the ground. In the third quarter, it is expected to open the peak of rushing work. The Pearl River Delta is a strong traditional demand area.

Bao Rongfu, an analyst at Tianfeng Securities, believes: "In the second half of the year, real estate demand is expected to improve margin, infrastructure demand may continue to accelerate, and the overall demand side performance may be stronger than the first half of the year. The price is expected to usher in the rise. "Reporter Zhang Ye

- END -