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衢州市(衢江区、开化县、常山县、江山市、龙游县、柯城区)
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海东市(循化撒拉族自治县、乐都区、平安区、互助土族自治县、民和回族土族自治县、化隆回族自治县)

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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