该行称，公司海外业绩弹性可期，2023年公司海外溢利同比大幅增长197%，占比高达74%，公司23年海外产能达到480万吨，销量约302万吨，平均售价约918元/吨，天风证券测算吨溢利在200元以上。此外，公司过去三年分红率维持在30%左右，假设24年维持不变，对应当前股息率约6.5%，预计26年债务压力缓解后，分红率仍有提升空间。Westchinacement (02233) rose more than 6% as of the time of publication, up 5.94% to HKD 1.07, with a turnover of HKD 16.5668 million.
According to the Wise Finance app, Westchinacement (02233) rose more than 6% and was up 5.94% to HKD 1.07 as of the time of publication, with a turnover of HKD 16.5668 million.
On the news front, Tianfeng Securities asked five questions and provided five answers regarding hot topics related to Westchinacement. It is expected that the company's domestic cement ton gross profit margin in the first half of the year will decrease by about 20 yuan year-on-year, and the domestic performance in the first half of the year may face significant downward pressure year-on-year. The demand and prices in the African region are relatively stable, and the overseas performance may basically remain stable year-on-year. The bank points out that among Chinese companies with a presence in Africa, Westchinacement currently has the highest production capacity in operation. After all planned capacity is put into operation, the company is expected to enter the top five in the industry.
The bank stated that the company's overseas performance has great potential. By 2023, the company's overseas excess profit is expected to increase significantly by 197% year-on-year, accounting for as much as 74% of the total. The overseas production capacity of the company will reach 4.8 million tons in 2023, with sales of approximately 3.02 million tons and an average selling price of approximately CNY 918/ton. Tianfeng Securities estimates that the excess profit per ton will be above CNY 200. In addition, the company's dividend payout ratio has remained at about 30% in the past three years. Assuming it remains unchanged in 2024, the current dividend yield is about 6.5%. After the debt pressure is eased in 2026, there is still room for dividend payout ratio increase.
