【研报掘金丨长江证券：予海螺水泥“买入”评级，期待Q2能释放更高业绩增速】长江证券研报指出，海螺水泥(600585.SH)24年全年归母净利润76.96亿元，同比减少26.19%；24Q4归母净利润24.98亿元，同比增长42.27%。Q4业绩受涨价支撑，环比和同比均有较显著改善。需求承压，但是供给助力，价格或仍有一定弹性。在需求承压背景下，今年节后价格表现略超预期，长三角市场节后水泥提价2轮落地；核心供给端还是来自协同错峰到位，龙头企业当下对价格意愿更强，协同意愿更高。展望全年，需求虽整体承压，但是超产和协同强约束下，价格和盈利中枢或存一定改善空间。同时，考虑到24年同期盈利基数较低叠加当前低煤价支撑，期待25Q2公司能释放更高业绩增速。预计2025-2026年业绩92、101亿元，对应PE 为14、13倍，“买入”评级。

金融界

Apr 07, 2025

长江证券研报指出，海螺水泥(600585.SH)24年全年归母净利润76.96亿元，同比减少26.19%；24Q4归母净利润24.98亿元，同比增长42.27%。Q4业绩受涨价支撑，环比和同比均有较显著改善。需求承压，但是供给助力，价格或仍有一定弹性。在需求承压背景下，今年节后价格表现略超预期，长三角市场节后水泥提价2轮落地；核心供给端还是来自协同错峰到位，龙头企业当下对价格意愿更强，协同意愿更高。展望全年，需求虽整体承压，但是超产和协同强约束下，价格和盈利中枢或存一定改善空间。同时，考虑到24年同期盈利基数较低叠加当前低煤价支撑，期待25Q2公司能释放更高业绩增速。预计2025-2026年业绩92、101亿元，对应PE 为14、13倍，“买入”评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2525095757"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2525095757\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2525095757?lang=en_US&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-04-07 16:59","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2525095757","market":"us","top_or_hot":-1,"title":"【研报掘金丨长江证券：予海螺水泥“买入”评级，期待Q2能释放更高业绩增速】长江证券研报指出，海螺水泥(600585.SH)24年全年归母净利润76.96亿元，同比减少26.19%；24Q4归母净利润24.98亿元，同比增长42.27%。Q4业绩受涨价支撑，环比和同比均有较显著改善。需求承压，但是供给助力，价格或仍有一定弹性。在需求承压背景下，今年节后价格表现略超预期，长三角市场节后水泥提价2轮落地；核心供给端还是来自协同错峰到位，龙头企业当下对价格意愿更强，协同意愿更高。展望全年，需求虽整体承压，但是超产和协同强约束下，价格和盈利中枢或存一定改善空间。同时，考虑到24年同期盈利基数较低叠加当前低煤价支撑，期待25Q2公司能释放更高业绩增速。预计2025-2026年业绩92、101亿元，对应PE 为14、13倍，“买入”评级。","media":"金融界","content":"<html><body><div><span><a href=\"https://laohu8.com/S/000783\">长江证券</a></span>研报指出，<span><a href=\"https://laohu8.com/S/600585\">海螺水泥</a></span>(600585.SH)24年全年归母净利润76.96亿元，同比减少26.19%；24Q4归母净利润24.98亿元，同比增长42.27%。Q4业绩受涨价支撑，环比和同比均有较显著改善。需求承压，但是供给助力，价格或仍有一定弹性。在需求承压背景下，今年节后价格表现略超预期，长三角市场节后水泥提价2轮落地；核心供给端还是来自协同错峰到位，龙头企业当下对价格意愿更强，协同意愿更高。展望全年，需求虽整体承压，但是超产和协同强约束下，价格和盈利中枢或存一定改善空间。同时，考虑到24年同期盈利基数较低叠加当前低煤价支撑，期待25Q2公司能释放更高业绩增速。预计2025-2026年业绩92、101亿元，对应PE 为14、13倍，“买入”评级。</div></body></html>","source":"jinrongjie_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【研报掘金丨长江证券：予海螺水泥“买入”评级，期待Q2能释放更高业绩增速】长江证券研报指出，海螺水泥(600585.SH)24年全年归母净利润76.96亿元，同比减少26.19%；24Q4归母净利润24.98亿元，同比增长42.27%。Q4业绩受涨价支撑，环比和同比均有较显著改善。需求承压，但是供给助力，价格或仍有一定弹性。在需求承压背景下，今年节后价格表现略超预期，长三角市场节后水泥提价2轮落地；核心供给端还是来自协同错峰到位，龙头企业当下对价格意愿更强，协同意愿更高。展望全年，需求虽整体承压，但是超产和协同强约束下，价格和盈利中枢或存一定改善空间。同时，考虑到24年同期盈利基数较低叠加当前低煤价支撑，期待25Q2公司能释放更高业绩增速。预计2025-2026年业绩92、101亿元，对应PE 为14、13倍，“买入”评级。</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【研报掘金丨长江证券：予海螺水泥“买入”评级，期待Q2能释放更高业绩增速】长江证券研报指出，海螺水泥(600585.SH)24年全年归母净利润76.96亿元，同比减少26.19%；24Q4归母净利润24.98亿元，同比增长42.27%。Q4业绩受涨价支撑，环比和同比均有较显著改善。需求承压，但是供给助力，价格或仍有一定弹性。在需求承压背景下，今年节后价格表现略超预期，长三角市场节后水泥提价2轮落地；核心供给端还是来自协同错峰到位，龙头企业当下对价格意愿更强，协同意愿更高。展望全年，需求虽整体承压，但是超产和协同强约束下，价格和盈利中枢或存一定改善空间。同时，考虑到24年同期盈利基数较低叠加当前低煤价支撑，期待25Q2公司能释放更高业绩增速。预计2025-2026年业绩92、101亿元，对应PE 为14、13倍，“买入”评级。\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-04-07 16:59 北京时间&nbsp;&nbsp;&nbsp;<a href=https://24h.jrj.com.cn/2025/04/07165949341872.shtml><strong>金融界</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>长江证券研报指出，海螺水泥(600585.SH)24年全年归母净利润76.96亿元，同比减少26.19%；24Q4归母净利润24.98亿元，同比增长42.27%。Q4业绩受涨价支撑，环比和同比均有较显著改善。需求承压，但是供给助力，价格或仍有一定弹性。在需求承压背景下，今年节后价格表现略超预期，长三角市场节后水泥提价2轮落地；核心供给端还是来自协同错峰到位，龙头企业当下对价格意愿更强，协同意愿更高...</p>\n\n<a href=\"https://24h.jrj.com.cn/2025/04/07165949341872.shtml\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"399355","symbol_name":"长三角","start_time":0,"source_url":"https://24h.jrj.com.cn/2025/04/07165949341872.shtml","article_id":"2525095757","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2525095757","pubTimestamp":1744016340,"columns":[],"sourceInfo":{"source_id":"jinrongjie_stock","name":"金融界"},"weMediaInfo":null,"summary":"长江证券研报指出，海螺水泥24年全年归母净利润76.96亿元，同比减少26.19%；24Q4归母净利润24.98亿元，同比增长42.27%。Q4业绩受涨价支撑，环比和同比均有较显著改善。展望全年，需求虽整体承压，但是超产和协同强约束下，价格和盈利中枢或存一定改善空间。同时，考虑到24年同期盈利基数较低叠加当前低煤价支撑，期待25Q2公司能释放更高业绩增速。预计2025-2026年业绩92、101亿元，对应PE 为14、13倍，“买入”评级。","collect":0,"end_time":0,"defaultTopTitle":"jrj.com.cn","property":["rate","earning"],"viewcount":null,"language":"zh","relate_stocks":{"399355":"长三角","600585":"海螺水泥","00914":"海螺水泥","000783":"长江证券"},"translate_title":"[Research Report Nuggets | Changjiang Securities: Give Conch Cement a \"buy\" rating, expecting Q2 to release higher performance growth] Changjiang Securities research report pointed out that Conch Cement (600585. SH) 's net profit attributable to the parent company in 24 years was 7.696 billion yuan, a year-on-year decrease of 26.19%; The net profit attributable to the parent company in 24Q4 was 2.498 billion yuan, a year-on-year increase of 42.27%. Q4 performance was supported by price increases, with significant improvements both quarter-on-quarter and year-on-year. Demand is under pressure, ","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"399355":1,"600585":1,"00914":1,"000783":1},"content_text":"长江证券研报指出，海螺水泥(600585.SH)24年全年归母净利润76.96亿元，同比减少26.19%；24Q4归母净利润24.98亿元，同比增长42.27%。Q4业绩受涨价支撑，环比和同比均有较显著改善。需求承压，但是供给助力，价格或仍有一定弹性。在需求承压背景下，今年节后价格表现略超预期，长三角市场节后水泥提价2轮落地；核心供给端还是来自协同错峰到位，龙头企业当下对价格意愿更强，协同意愿更高。展望全年，需求虽整体承压，但是超产和协同强约束下，价格和盈利中枢或存一定改善空间。同时，考虑到24年同期盈利基数较低叠加当前低煤价支撑，期待25Q2公司能释放更高业绩增速。预计2025-2026年业绩92、101亿元，对应PE 为14、13倍，“买入”评级。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}