On November 25, Gelonghui reported that morgan stanley issued a research report stating that, in response to conch cement's clinker and cement shipment volume falling by 10% year-on-year in the fourth quarter of this year so far, they have also downgraded the annual shipment forecast for this year. The forecast for 2025 to 2026 is expected to decline slightly due to year-on-year adjustments to the baseline. Therefore, at this time, morgan stanley has adjusted its earnings per share estimates for conch cement for 2024 to 2026 downward by 7.7%, 6.4%, and 6.2% respectively, bringing them to 1.66 yuan, 2.11 yuan, and 2.09 yuan. Based on management's lowered capital expenditure guidance, morgan stanley has also adjusted the AH premium calculated at market price down to 35%, and as a result, the target price for H shares has been raised from the previous 21.9 Hong Kong dollars to 24.5 Hong Kong dollars. morgan stanley believes that due to the significant exposure of its business in East China, it offers the best demand and profit margin, conch cement has good earnings visibility, and its overseas expansion plans and potential acquisitions in china may support medium to long-term growth prospects, giving it a "shareholding" rating.