Jingu Financial News | Chongyang Securities' research reports indicated that westchinacement (02233) achieved revenue of 3.7 billion yuan in the first half of the year, a 16% year-on-year decrease; net income of 0.39 billion, a 27% year-on-year decrease. The firm pointed out that the cement industry faced operational pressure in the first half of the year, domestically pressured, with overseas growth, and overall performance slightly declined.

Outlook for overseas markets: 1. Mozambique: The civil sector in the southern market is currently stabilizing; 2. Democratic Republic of the Congo: The large factory in the Great Lakes region can export clinker and cement to neighboring countries such as Burundi, Rwanda, and western Tanzania; 3. Ethiopia: Currently, there is strong demand for cement, and the company expects multiple key projects to be launched in Addis Ababa, Amhara, and Oromia regions, among others; 4. Uzbekistan: The company's new 6,000tpd clinker production line in Angren Province started operation in May 2024, with the local average cement selling price at around $50 per ton. Expecting greater performance contribution from the company after the commissioning of two new projects.

The firm expects the company's performance for 2024-2025 to be 0.9, 1.3 billion, corresponding to PE ratios of 5, 3 times, with a buy rating.