CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LIMITED Contents
Page | ||
1 | Company Profile | 2 |
2 | Industry Overview | 4 |
3 | Financial Highlights | 10 |
4 | Operational Review | 28 |
5 | Outlook & Prospects | 34 |
6 | Appendix | 37 |
1
Company Profile
Subsidiary of CR Group
- One of 6 major industrial sectors of China Resources Group - Urban Construction and Operation
-
CR Group is holding approx.
68.72% of the Company's issued shares
Environment, Health & Safety
- Production Safety & Occupational Health
- Green production - Energy saving, Ultra-low emission, Carbon emission reduction
- Co-processingby use of cement kilns - Municipal solid waste, Urban sludge & Hazardous industrial waste
Market Position
- One of the large-scale and competitive Cement, Clinker & Concrete producers in Southern China
Future Development
- Three Core Strengths: Leading position in regional market, Innovation-driven development, Lowest total cost
- New Businesses: Aggregates, Prefabricated Construction, Functional Building Materials, New Materials
2
Financial Performance
Turnover
(RMB million)
29,332
25,550
20222023
Earnings per share
(RMB)
0.231
0.092
20222023
Profit attributable to owners of the Company
(RMB million)
1,613
644
20222023
Net assets per share
(RMB)
6.286.32
2022 | 2023 | 3 |
Industry Overview
4
Economic Growth
- In 2023, the Chinese government has adhered to the general principle of seeking progress while maintaining stability, fully and faithfully apply the new development philosophy on all fronts, speed up building the new development paradigm, comprehensively deepened reform and opening up, intensified macroeconomic control, and strived to expand domestic demand, optimize structure, boost confidence, and prevent and resolve risks, steadily improved supply and demand, actively promoted transformation and upgrade, solidly advanced high-quality development, and successfully achieved the main expected goals.
- National GDP was RMB126.1 trillion, +5.2% YoY. National FAI was RMB50.3 trillion, +3.0% YoY.
National GDP | GDP Growth (2023) | ||||||||||
2023: RMB126.1 trillion | (YoY) | 9.2% | |||||||||
5.2% | 5.2% | 4.8% | 4.5% | 4.4% | 4.9% | 5.0% | 4.6% | ||||
3.0% | 4.1% | ||||||||||
National Guangdong Guangxi | Fujian | Hainan | Yunnan Guizhou | Shanxi | Hunan | |
2022 | average | |||||
2023 |
National FAI (excluding rural households) | (YoY) | FAI Growth (2023) | |||||
2023: RMB50.3 trillion | 3.0% | 2.5% | 2.5% | 1.1% | |||
5.1% | 3.0% | ||||||
National | Guangdong | Guangxi Fujian Hainan Yunnan Guizhou Shanxi Hunan | |||||
average
-5.7%-6.6% -3.1%
-10.6%
-15.5%
20222023
Sources: National Bureau of Statistics of China, Provincial Bureaux of Statistics of China
5
Cement Demand Drivers
- In 2023, national infrastructure investments (excluding the industries for production and supply of electricity, heat, gas and water) increased by 5.9% YoY.
Infrastructure
(RMB) | 2023 | YoY |
Railway | 764.5 billion | +7.5% |
Highways & waterways (11M23) | 2.8 trillion | +2.4% |
- In 2023, real estate investment decreased by 9.6% YoY to RMB11.1 trillion.
(million m2) | 2023 | YoY | |
Floor space of commodity housing sold | 1,120 | -8.5% | |
Real Estate | Floor space of houses newly started construction | 950 | -20.4% |
Market | Floor space of houses completed | 1,000 | +17.0% |
Floor space under construction by real estate developers | 8,380 | -7.2% | |
- Government systematically promoted urban construction and drove the high- quality development of urbanization.
- In 2023, 53,700 old communities and 8.97 million households nationwide
Rural Market | newly started renovations. |
• Urbanization rate 66.16% as of the end of 2023 (+0.94 ppt YoY). |
6
Sources: National Bureau of Statistics of China, Ministry of Transport of China, Ministry of Housing and Urban-Rural Development.
Cement Production
- In 2023, China's cement production was approximately 2,020.0 million tons*, -0.7% YoY.
National Cement Production (1)
(YoY) | 2022 | 2023 | |||||||
(million tons , YoY) | |||||||||
10% | |||||||||
2,034 | 2,020 | 1% | 0% | 1% | 0% | 2% | |||
-1% | -2%-6% -2% | -7%-4% -1% | |||||||
-6% | -7% | -5% | |||||||
-18% | -13% | -13% | -12% | ||||||
-19%-17% |
20222023
Note: Originally 2,118 million tons but restated as 2,034 million tons in 2023 by the National Bureau of Statistics.
The Group's Operating Regions(2)
(million tons) | (YoY) | ||||||||||||||
151 | 2022 | 2023 | 2022 | 2023 | |||||||||||
143 | 1.3% | ||||||||||||||
104 | 97 | 99 | |||||||||||||
96 | |||||||||||||||
100 97 | 83 | ||||||||||||||
80 | 6459 | ||||||||||||||
48 47 | |||||||||||||||
16 16 | -2.3% | -4.4% | -4.9% | -0.6% | -6.1% | -4.5% | |||||||||
-5.8% | |||||||||||||||
-4.0% | -6.3% | ||||||||||||||
-11.4% | -8.6% | ||||||||||||||
-16.1% | -16.6% | -15.5% | |||||||||||||
-31.3% | |||||||||||||||
Guangdong | Guangxi | Fujian | Hainan | Yunnan | Guizhou | Shanxi | Hunan |
* Note: Statistics only include enterprises with annual turnover above RMB20 million. | 7 |
Source: (1) National Bureau of Statistics of China, (2) China Cement Association |
Cement Supply
- In 2023, there were 17 new clinker production lines nationwide with new annual clinker production capacity of 24.9 million tons in total.
- There was 1 new clinker production lines in Guangdong and 2 new clinker production lines in Guangxi with new annual clinker production capacity of approximately 1.6 million tons and 3.3 million tons respectively.
New Clinker Capacity in China
(million tons)
39.4
36.0 34.2
23.724.9
20.5 20.4
2017 2018 2019 2020 2021 2022 2023
Source: Company information, China Cement Association
New Clinker Capacity in Guangdong & Guangxi
(million tons)
13.4 | ||||||
7.8 | 8.7 | |||||
6.6 | ||||||
13.4 | ||||||
3.1 | 4.7 | 5.6 | 4.9 | |||
3.1 | 2.8 | 4.7 | 3.3 | |||
4.7 | ||||||
2.8 | 3.1 | |||||
1.6 | 1.9 | 1.6 | ||||
2017 2018 2019 2020 2021 2022 2023
Guangdong Guangxi
8
Government Policies
Energy Consumption
-
Energy Consumption and Intensity Targets
• By 2025 to reduce compared to 2020:
- National energy consumption per unit of GDP by 13.5%
- Energy consumption per unit of clinker by 3.7%
- By 2025, proportion of capacity that reach energy efficiency benchmark >30% (100 kg standard coal/ton clinker)
- Comprehensive energy consumption level of cement and clinker per unit product should be reduced by over 3%
Carbon Emissions
The Chinese government pledges to achieve the goals of carbon emissions peaking by 2030 & carbon neutrality by 2060.
Dual-Carbon Management
- Reporting and Verifying GHG Emissions
- Clarified scope and specific requirements for enterprises in key industries such as building materials from 2023 to 2025
- Carbon Trading Market
- Promote construction and expand coverage of national carbon emission trading market
Green Production
- Prevention & Treatment of Pollution
- Key areas, Pearl River Delta and Chengdu-Chongqing region
- Advance pollution prevention and control to a new stage of joint governance, adhere to system concept
- Production Safety
- Stricter and clearer requirements for safety in non-coal mines
Ultra-low Emission Transformation
- Targeted by 2025 for 50% of capacity to complete transformation, by 2028 to 80% of capacity in China to complete transformation
9
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Disclaimer
China Resources Cement Holdings Ltd. published this content on 18 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2024 13:17:07 UTC.
