Tiger Brokers

西部证券：维持华润建材科技(01313)“买入”评级 Q3水泥量价齐降致业绩承压

智通财经
Oct 28

智通财经APP获悉，西部证券发布研报称，华润建材科技(01313)作为华南地区水泥龙头，成本管控能力增强，期待供给端限超产、碳排放等“反内卷”相关政策缓解产能过剩、促进水泥复价。该行预计25-27年公司实现归母净利润4.47/6.34/9.46亿元，对应EPS 0.06/0.09/0.14元，维持公司“买入”评级。

报告中称，公司2025年前三季度实现营收150.70亿元(人民币，下文同)，同比-4.47%;归母净利润3.31亿元，同比+7.26%。其中Q3单季实现营收48.64元，同比-10.96%;归母净利润0.24亿元，同比-82.97%。

该行指出，25年Q1-3水泥产品/混凝土/骨料业务实现收入91.35/31.02/20.34亿元，同比-12.3%/+11.9%/+21.3%;毛利率17.1%/14.7%/25.4%，同比+4.5/+2.3/-13.2pct;Q3单季来看，水泥产品/混凝土/骨料业务实现收入28.86/10.20/7.19亿元，同比-18.2%/-1.4%/+21.7%，毛利率10.6%/16.1%/25.6%，同比-3.0/+4.1/-11.5pct。

此外，按照水泥产品全口径计算，25年Q1-3公司吨期间费用同比+12元至60元，其中吨销售/管理/财务费用同比+0.2/+12/-1元。Q3单季吨期间费用同比+3元至50元，其中吨销售/管理/财务费用同比+0.1/+5/-2元。

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