November 1st by GEOHE stand by china merchants research reports that conch cement (600585.SH) 24Q3 profit margins improvement, cash flow excellent. The company's operating cash flow in the first three quarters of the year amounted to 10.348 billion yuan, a year-on-year increase of 7.15%. On the demand side, the enhancement of localized debt expectations is expected to boost infrastructure investment demand, potentially bringing performance elasticity to the leading cement companies. Considering the significant decline in cement demand, expectations for revenue have been lowered, but the effective implementation of cement price increases in Q4 is expected to stabilize industry profits per ton, with the company's profit margins expected to recover in 2025-2026, with earnings per share for the company forecasted to be 1.52 yuan, 1.86 yuan, and 2.05 yuan for 2024-2026 respectively, maintaining a "strongly recommended" investment rating.