2021.09.13
■ We hosted a CNBM investor group call to discuss CNBM’s 1H21 results and its business outlook.
■ More cement subsidiaries will potentially be sold to Tianshan Cement, once the competition from overlap operating regions is resolved and the profitability in north China improves.
■ The gross margin for cement is expected to improve in 4Q21, as the rate of increase in the cement ASP will be higher than that of coal prices. In the mid- to long-term, the slowdown in the property segment is expected to affect only 3% of total cement demand. The threat of new capacity under the capacity swap program will be much less in the future. Sales volume of aggregate is targeted to be similar to that of cement under 14th Five-year Plan.
