Goldman Sachs issued a research report stating that CR BLDG MAT TEC (01313) achieved a net profit of RMB 307 million in the first half of the year, with earnings per share of 4.4 cents, representing an 85% year-on-year increase. Recurring net profit rose 98% year-on-year to RMB 391 million, falling short of the bank's and market expectations. The group declared an interim dividend of HK$1.4 cents per share, representing a payout ratio of 30%.
The bank indicated it would revise down the group's earnings forecast for this year by 54%, maintain next year's forecast unchanged, and reduce the 2027 forecast by 2%. Goldman Sachs predicts that cement gross profit per ton will increase from RMB 45 in the second half of this year to RMB 65 in 2026. The target price has been raised from HK$2.0 to HK$2.1, while maintaining a "Buy" rating.
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