Goldman Sachs released a report stating that Conch Cement's regular profit in the first half of the year, excluding one-time items, fell by 42% year-on-year to 3.85 billion yuan, which was better than expected by the bank. The bank has raised its profit forecast for the company from 2024 to 2026 by 5% to 11% to reflect the rebound in cement unit gross profit, offsetting the impact of declining cement and clinker sales volume. Goldman Sachs mentioned that due to the continued decrease in market demand leading to a decrease in shipments, the improvement in profit per unit and the recovery of overall profit are limited. It is expected that Conch Cement's gross profit per unit will remain at the lower limit of the historical range, but higher than the main peers. It is estimated to be 61 yuan per ton in the second half of this year, and will be between 62 and 63 yuan in the next two years, lower than last year's 68 yuan. Goldman Sachs maintains a "neutral" rating on Conch Cement and raises the target price to HK$16.