Group 1 - The core point of the news is that Guangdong Xinxin Semiconductor Technology Co., Ltd. has officially initiated its IPO process for A-share listing, becoming the fifth semiconductor company under Gansu Shangfeng Cement Co., Ltd. to do so this year [1] - Shangfeng Cement has seen five semiconductor enterprises start their IPO processes, with previous companies like Shanghai Super Silicon Semiconductor Co., Ltd. already passing the IPO guidance acceptance [1] - The company has invested a total of 1.785 billion yuan in the semiconductor, new energy, and new materials sectors since September 2020, indicating a robust investment strategy [1] Group 2 - Shangfeng Cement's equity investment business has generated a total investment return of 530 million yuan, with one project, Crystal Integration, contributing a net profit of 166 million yuan [2] - The investment return for the year 2024 is expected to account for over 20% of the company's net profit, highlighting the significance of this business segment [2] - The company plans to continue strengthening its equity investment business as part of its new five-year plan, aiming for a dual-driven growth model alongside its building materials business [2]

Equity Research Report Shangfeng Cement (000672 CH) Near-Term Recovery Sustained, Strategic Chains to Retain Growth | Analyst | FANG Yanhe | | --- | --- | | SAC No. S0570517080007 | fangyanhe@htsc.com | | SFC No. BPW811 | +(86) 755 2266 0892 | | Analyst | HUANG Ying | | SAC No. S0570522030002 | huangying018854@htsc.com | SFC No. BSH293 +(86) 21 2897 2228 | Huatai Research | Annual Results Review | Rating (Maintain): | BUY | | --- | --- | --- | --- | | 13 May 2025 │ China (Mainland) | Cement | Target price ( ...

Group 1 - The stock price of Shangfeng Cement (000672) closed at 8.49 yuan on May 12, 2025, down 0.82% with a turnover rate of 1.4% and a trading volume of 136,200 shares, amounting to a total transaction value of 115 million yuan [1][2]. - On May 12, the capital flow for Shangfeng Cement showed a net outflow of 5.42 million yuan from main funds, accounting for 4.71% of the total transaction value, while retail investors had a net inflow of 4.21 million yuan, representing 3.65% of the total [2][4]. - The company announced a joint venture with ZETH International to construct a cement clinker production line in Kyrgyzstan, with a registered capital of 200 million yuan, where Shangfeng will contribute 58% and ZETH 42%, with an estimated investment of approximately 120 million USD [2][4]. Group 2 - The construction project has faced delays since its initiation in 2015 due to changes in the Kyrgyz government and complex approval processes, and it has not yet commenced operations [2][4]. - As of December 31, 2024, the total assets of the Shangfeng-ZETH joint venture were approximately 179.5 million yuan, with negative equity of about 54 million yuan, revenue of 284,807 yuan, and a net loss of approximately 5.47 million yuan [2][4]. - The project is subject to various risks, including legal environment risks, completion of compliance procedures, extended construction timelines, and disputes among shareholders [2][4].

证券代码：000672 证券简称：上峰水泥 公告编号：2025-037 甘肃上峰水泥股份有限公司 具体内容请详见2014年11月18日在巨潮资讯网（www.cninfo.com.cn）上披露 的《关于与ZETH国际合资在吉尔吉斯建设水泥熟料生产线项目的对外投资公告》 （公告编号：2014-49）及2018年6月29日披露的《关于子公司对外投资进展的公 告》（公告编号：2018-063），以及各年度报告中关于境外资产部分的内容。 二、项目进展情况 由于吉国政治经济制度和审批政策变化更迭频繁，其法律法规体系及项目建 设相关手续与国内审批程序差异较多，建设阶段性停滞并与合作股东出现矛盾纠 纷，导致项目进展迟滞时间过长，继续推进及投产运营时间具有不确定性。具体： （一）主要进展情况： 环评批复；用电许可被中断后已重新取得；已取得项目的消防鉴定和工业安全鉴 定的正面结论，取得吉国能源和工业部关于支持建设水泥厂的复函等；已完成项 目主要单体按吉国标准的转换；获得中央化验室及中央控制室、水泥粉磨及输送 等部分单体的施工许可证；完成厂区场地基础设施工程和生料均化库、原料站等 控制性工程的基础工程及回转窑等主要设备招标采购和制 ...

| 阶段涨幅 | 季度涨幅 年度涨幅 | | | | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | 1.52% | 6.30% | -2.38% | -6.46% | -0.62% | | 同类平均� | 1.06% | 7.06% | 0.28% | -1.35% | 3.35% | | 沪深300 | 3.18% | 3.74% | -0.75% | -4.78% | -1.13% | | 同类排名 3 | 1787 4703 | 2493 4688 | 3077 4622 | 3401 4523 | 3168 458. | | 四分位排名 2 | | | | 图片来源:天天基金网 2025/5/12 | | | | 白 47 | AVL | Q/L | T. In | Q/1 | 5月12日，上峰水泥连续4个交易日下跌，区间累计跌幅-3.96%。甘肃上峰水泥股份有限公司系深圳证券交易所主板上市公司(股票代码:000672),是国家产业 结构调整重点支持的水泥集团60强企业,水泥产能位居 ...

证券代码：000672 证券简称：上峰水泥 公告编号：2025-037 甘肃上峰水泥股份有限公司 关于子公司对外投资进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外投资概述 2014 年 11 月 17 日，甘肃上峰水泥股份有限公司（以下简称"公司"）第七届 董事会第十四次会议审议通过了《关于与 ZETH 国际合资在吉尔吉斯建设水泥 熟料生产线项目的议案》，公司以全资子公司浙江上峰建材有限公司（以下简称 "上峰建材"）为投资主体，与吉尔吉斯斯坦 ZETH 国际投资有限公司（以下简称 "ZETH 国际"）合作，在吉尔吉斯斯坦共和国（以下简称"吉国"）合资成立子公 司上峰 ZETH 水泥有限公司（以下简称"上峰 ZETH"），注册资本 2 亿元，其中 上峰建材出资比例为 58%，ZETH 国际出资比例为 42%。上峰 ZETH 拟投资约 1.2 亿美元在吉尔吉斯楚河州建设一条日产 2800 吨水泥熟料生产线及配套年产 120 万吨水泥粉磨生产线。 该项目自2015年启动开工以来，受吉国政府部门更迭、审批流程复杂反复、 中吉建筑设计标准差异以及吉 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the construction materials industry, particularly focusing on cement and glass products, amidst recent monetary policy changes by the central bank [1][2]. Key Points and Arguments - **Monetary Policy Impact**: The central bank announced a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in policy interest rates, expected to inject approximately 1 trillion yuan into the market [3]. - **Cement Market Performance**: As of May 9, the national cement shipment rates were reported at 48%, with regional rates in East and South China at 52% and 54% respectively, showing a month-on-month decline of 1.5%, 0.9%, and 7.2 percentage points [1]. - **Price Trends**: The average price of cement decreased by 4.5 yuan per ton to 387 yuan per ton, marking a 15 yuan drop since early April [1]. - **Glass Market Update**: The average price of float glass was reported at 1318 yuan per ton, down 14 yuan from the previous week, with inventory levels at 58.17 million heavy boxes, an increase of 3.4% [1]. - **Fiber Market**: The average price of alkali-free glass fiber yarn in East China was 3650 yuan per ton, down 50 yuan from before the May Day holiday [1]. Investment Opportunities - **Excess Return Potential**: Historical data suggests that the construction materials sector has a high probability of achieving excess returns compared to the CSI 300 index when the real estate market shows signs of stability and improvement [3][4]. - **Real Estate Market Indicators**: As of April 28, the second-hand housing price index for first and second-tier cities was 196.84 and 145.02 respectively, indicating a stabilization trend. Notably, the investment amount from 30 monitored real estate companies reached 87.6 billion yuan in April, a year-on-year increase of nearly 100% [3]. Recommended Investment Lines - **Main Line One**: Focus on large-scale construction materials with improving supply-demand dynamics, emphasizing price elasticity and high dividend yields [5]. - **Main Line Two**: Favorable outlook on leading consumer building material companies with long-term growth potential, highlighting performance elasticity in high-demand consumer segments [7]. - **Main Line Three**: Interest in companies transitioning or expanding into high-growth sectors such as semiconductors, AI, and robotics [7]. Recommended Companies - **Cement Companies**: Conch Cement, Huaxin Cement, China Jushi, TPI Cement, Shangfeng Cement, Changhai Co. [6]. - **Consumer Building Materials**: Sankeshu, Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Tubao, with a focus on Jianlang Hardware, Qinglong Pipeline, and Longquan Co. [7]. - **High-Growth Companies**: Quartz Co., Planet Graphite, with attention to Zhongqi New Materials [8]. Risk Factors - Potential risks include demand falling short of expectations, gross margins not meeting forecasts, and delays in receivables [8].

Core Viewpoint - Gansu Shafeng Cement Co., Ltd. reported a decline in net profit for 2024, but it continues to maintain a high dividend payout, raising concerns about its sustainability [2][10]. Financial Performance - In 2024, Shafeng Cement's revenue was 5.448 billion yuan, a decrease of 14.83% year-on-year, with a net profit of 627 million yuan, down 15.70% [4][5]. - The company experienced a significant net profit increase of over 400% in the first quarter of 2024, attributed to a recovery in the cement industry and a decrease in manufacturing costs [5][6]. - The average selling price of cement in the first quarter of 2024 was 397 yuan per ton, up 9.3% from the previous year [5]. Investment and Financial Strategy - Shafeng Cement has been actively engaging in investment and financial activities, with a net cash outflow of 1.475 billion yuan from investment activities in 2024, an increase of 82.7% year-on-year [7][8]. - The company plans to invest up to 3 billion yuan in new economic equity investments and up to 10 billion yuan in low-risk entrusted financial management [8]. - In 2024, the profit contribution from the cement clinker main business was approximately 55%, while the contributions from extended industry and investment wings were each around 22% [7]. Research and Development - The company's R&D expenditure decreased by 14.73% in 2024, amounting to approximately 125.9 million yuan compared to 147.6 million yuan in 2023 [10]. - Analysts have expressed concerns that excessive focus on investment and dividends may lead to neglect of core business areas that drive long-term growth [3][10]. Dividend Policy - Shafeng Cement announced a high dividend payout of 6.3 yuan per 10 shares, totaling 601 million yuan, which represents 95.73% of its net profit for 2024 [9][10]. - The company has a history of consistent dividend payments since its listing in 2013, with a total of 14 cash distributions amounting to 3.95 billion yuan [10].

Core Viewpoint - The company’s 2024 annual report and Q1 2025 report meet expectations, with strong cement shipment capabilities and rising prices in East China, alongside significant contributions from equity investments and higher-than-expected dividends [1] Financial Performance - In 2024, the company achieved revenue of 5.448 billion, a year-on-year decrease of 14.83%, and a net profit attributable to shareholders of 627 million, down 15.70%. In Q1 2025, revenue reached 951 million, an increase of 4.64% year-on-year, with a net profit of 80 million, up 448% year-on-year, aligning with expectations [2] - The company’s cement and clinker sales for the year totaled 20.75 million tons, a decrease of 3.30% year-on-year, outperforming the industry as the national cement production fell by 9.50% in 2024 [2] Pricing and Profitability - In Q4 2024, the average price of cement and clinker was approximately 250 yuan per ton, an increase of 30 yuan per ton quarter-on-quarter, with a gross profit of about 62 yuan per ton, remaining stable [3] - The company expects continued price increases in East China, with profitability in Q1 2025 anticipated to be higher than the same period last year, showing month-on-month improvement [3] Investment and Dividends - The company has made significant strides in equity investments, focusing on sectors such as semiconductors, new energy, and new materials, with a total investment exceeding 1.7 billion across 24 quality projects [3] - In 2024, the company announced a cash dividend of 600 million, exceeding the previously promised 400 million, resulting in a dividend payout ratio of 96% and a dividend yield of 7.3%, leading the cement industry [3]

Group 1: Business Performance Overview - In 2024, the company produced 15.16 million tons of clinker, a decrease of 4.40% year-on-year, with external sales of 4.21 million tons, down 9.91% [4] - Cement production reached 16.59 million tons, down 1.65%, with sales of 16.54 million tons, down 1.46% [4] - The company achieved an operating revenue of 5.448 billion yuan, a decline of 14.83%, and a net profit of 592 million yuan, down 15.70% [4] - In Q1 2025, operating revenue was 951 million yuan, up 4.64%, and net profit was 80 million yuan, up 447.61% [4] Group 2: Profitability Metrics - Clinker sales gross margin was 21.97%, up 1.32 percentage points year-on-year; cement sales gross margin was 24.23%, down 1.15 percentage points [4] - The comprehensive gross margin for 2024 was 26.16%, with a net profit margin of 10.86% [4] - The company maintained a leading position in the industry with a return on equity of 7.09% and a basic earnings per share of 0.66 yuan [4] Group 3: Cost Control and Efficiency - In 2024, controllable costs for clinker decreased by 3.14 yuan/ton, and for cement by 2.10 yuan/ton [6] - The average standard coal consumption for clinker was reduced to 98.58 kg/ton, down 3.53 kg/ton year-on-year [6] - The company plans to further reduce controllable costs by 5 yuan/ton for clinker and 3 yuan/ton for cement in 2025 [7] Group 4: Strategic Initiatives - The company is focusing on enhancing its core business while expanding into new areas such as environmental protection and logistics [6] - A significant investment in new economic sectors, particularly in semiconductor and renewable energy projects, has been made, with over 1.7 billion yuan invested in 24 projects [9] - The company aims to develop a balanced business model with a focus on three main areas: core building materials, new materials, and equity investment [10] Group 5: Dividend Policy and Shareholder Returns - The company has implemented 11 dividend distribution plans since its listing, totaling 3.819 billion yuan [8] - For 2024, the proposed cash dividend is 6.30 yuan per 10 shares, totaling 600 million yuan, which accounts for 95.73% of the net profit [8] - Future dividend plans include a minimum of 35% of net profit for cash dividends, with a minimum annual payout of 400 million yuan [11] Group 6: Market Outlook and Challenges - The company anticipates a rebound in the market despite current industry challenges, with a focus on optimizing supply and demand dynamics [12] - The cement industry is expected to face a downward trend in demand, prompting the company to adopt a more cautious and flexible strategy [15] - The company is actively exploring opportunities for mergers and acquisitions to enhance its market position [15]