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电话:2025 上海市(徐汇区、静安区、宝山区、闵行区、杨浦区、崇明区、浦东新区、松江区、黄浦区、青浦区、虹口区、普陀区、奉贤区、金山区、嘉定区、长宁区)
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肇庆市(高要区、广宁县、德庆县、封开县、端州区、怀集县、鼎湖区、四会市)
湘西土家族苗族自治州(保靖县、吉首市、古丈县、凤凰县、永顺县、花垣县、龙山县、泸溪县)
阜新市(海州区、阜新蒙古族自治县、细河区、清河门区、太平区、彰武县、新邱区)
泸州市(纳溪区、古蔺县、龙马潭区、江阳区、叙永县、泸县、合江县)
塔城地区(乌苏市、托里县、和布克赛尔蒙古自治县、塔城市、裕民县、沙湾市、额敏县)
淮南市(寿县、八公山区、谢家集区、凤台县、大通区、田家庵区、潘集区)
鄂尔多斯市(鄂托克前旗、乌审旗、东胜区、准格尔旗、伊金霍洛旗、杭锦旗、康巴什区、鄂托克旗、达拉特旗)
荆门市(沙洋县、京山市、掇刀区、东宝区、钟祥市)
郑州市(巩义市、上街区、新密市、荥阳市、管城回族区、新郑市、二七区、中牟县、金水区、中原区、惠济区、登封市)

4月23日晚间,天山股份发布2025年第一季度报告显示,公司2025年第一季度实现营业收入149.47亿元,同比下降8.64%;归属于上市公司股东的净利润亏损14.94亿元,而上年同期为净亏损19.23亿元,同比增长22.33%,亏损同比大幅收窄。

2025年1-3月,公司外销水泥熟料3,770万吨,销售商品混凝土1,389万方,外销骨料2,046万吨;受水泥销售价格同比上升,水泥、商品混凝土成本同比下降影响,经营效益同比上升。

尽管营业收入同比小幅下降,但通过“价格修复+成本优化”的双向发力,销售单价同比提升,叠加燃料成本下降带来的生产端改善,公司经营效益逐步修复。特别是剔除非经常性损益后的净利润同比增长27.72%,核心业务改善趋势明显。

另一方面,海外水泥市场需求近年来增幅明显,天山股份亦同步加快国际化发展步伐,以中材水泥作为公司海外投资运营平台,目前在赞比亚、尼日利亚、蒙古国共计拥有水泥产能200万吨、熟料产能155万吨、商混产能20万方、骨料产能200万吨、烧结砖产能6000万块。近日,公司突尼斯项目已完成了交割、股权变更手续,今年公司将力推重点项目落地,持续拓展国际市场,实现销量和利润的持续提升。

自2024年下半年以来,水泥全行业重新审视市场态势和改变观念,得益于“反内卷”的提出与推进,水泥行情逐步企稳回升。长江流域、西南、山东及河南等地区在三季度末进一步加大了错峰停窑力度,使得库存开始呈现积极的下降趋势。第四季度以来,国内水泥行业盈利能力出现显著修复,为今年开局打下坚实基础。

有机构认为,伴随行业供给自律有持续性,以及政策对供给侧改革的持续加码,2025年水泥行业盈利中枢有望上移。

据研究机构对后市展望,4月份天气继续转暖,重大项目工程持续开工建设,预计下游需求将继续呈现向好态势,迎来上半年施工小高峰,后续水泥价格或仍将呈现震荡偏强的运行态势。历经行业深度调整期,天山股份以战略定力穿越周期波动,用“降本增效+结构升级+绿色转型”的组合路径验证了长期主义的价值。随着今年下半年基建投资回暖与行业错峰生产深化,公司有望迎来业绩与估值双修复,重新定义水泥产业的价值锚点。

来源:证券时报网

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