Tianfeng Securities According to the released research report, the first coverage Western Cement (02233), giving a "buy" rating. It is estimated that the company's net profit attributable to the parent company in 24-26 years will be RMB 1.207/1960/2795 billion,+186.6%/+62.4%/+42.6% respectively year on year. It is estimated that the company's EPS in 24-26 years will be 0.22/0.36/0.51, and the target price will be HK $1.55.

According to the report, the company's overseas business income has increased year by year. In 23 years, the company's overseas income/profit respectively reached 2.77/1015 billion yuan,+145%/+197% year-on-year, accounting for 31%/74% respectively. The company is optimistic about its future overseas business contribution. The company's first overseas cement project is located in Mozambique. In recent years, the production capacity has gradually expanded, reaching 4.8 million tons at the end of the 23rd year. It is estimated that the production capacity will reach 1220/(slightly less than) 19.7 million tons in 24/25 years respectively.

In Africa, all the countries selected by the company in Africa are among the top 20 populous countries in the region, with strong support for local economic construction and broad demand for cement. From the supply side, the competition in the African cement market is relatively fierce. As of the end of the 20th century, the African cement production capacity was 386.1 million tons/year, and the CR10 was 52.4%. The bank expects that in the future, as the company's production capacity in Africa is gradually implemented, the company is expected to join the Top 10, and the market share will be greatly increased. In Central Asia, the company is located in Uzbekistan, where the population and GDP have grown steadily in recent years, and the cement output in 22 years has reached 14.6 million tons. At present, the cement market in Uzbekistan is competitive, and the company will occupy a large market share after being put into production, and its leading position is expected to be stable.