Core Viewpoint - The company has demonstrated strong financial performance and strategic growth through its "one main and two wings" development strategy, focusing on cement production while expanding into emerging industries like semiconductors and renewable energy [1][2]. Financial Performance - In 2024, the company achieved an operating revenue of 5.448 billion yuan and a net profit attributable to shareholders of 627 million yuan, with a net profit excluding non-recurring items of 474 million yuan [1]. - As of the end of 2024, the total assets reached 17.578 billion yuan, and the net assets attributable to shareholders were 8.949 billion yuan [1]. - The weighted average return on net assets was 7.09%, with a comprehensive gross profit margin of 26.16% and a net profit margin of 10.86% [2]. Strategic Development - The company has successfully implemented its "one main and two wings" strategy, which has provided clear direction and focus amid a complex environment, leading to significant achievements [2]. - The "two wings" business, which includes investments in new economic sectors, contributed over one-third of the company's profits, focusing on sectors like semiconductors, new energy, and new materials [2]. Cash Flow and Dividend Policy - The company reported a net operating cash flow of 1.039 billion yuan, supporting its sustainable dividend policy [2]. - Since 2019, the company has maintained a high dividend policy, proposing a distribution of 6.30 yuan per 10 shares (including tax) for 2024, significantly above the industry average [2]. Investor Engagement - During the 2024 annual performance briefing, the company actively addressed investor inquiries on various topics, achieving a 100% response rate to questions regarding resource reserves, regional advantages, market expansion, technological innovation, and financial metrics [1].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's main business profitability is stabilizing and recovering, with a significant increase in the dividend payout ratio [1] - The company achieved total operating revenue of 5.448 billion yuan in 2024, a year-on-year decrease of 14.83%, and a net profit attributable to shareholders of 627.45 million yuan, down 15.70% year-on-year [1] - The company plans to distribute a cash dividend of 6.3 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 95.7% [1] Summary by Sections Financial Performance - In 2024, the company realized cement and clinker sales of 20.75 million tons, a decrease of 3% year-on-year, with a corresponding gross profit per ton of 55 yuan, down 6 yuan year-on-year [1] - The gross profit margin for 2024 and Q1 2025 is expected to be 26.2% and 27.4%, respectively, with year-on-year changes of -1.6 and +5.1 percentage points [1] - The company’s operating cash flow for 2024 is projected at 1.039 billion yuan, a decrease of 6.9% year-on-year, while Q1 2025 is expected to show a significant increase of 686.3% year-on-year [1] Cost Control and Efficiency - The company has successfully reduced costs, with clinker energy costs decreasing by 2.12 yuan per ton year-on-year, and manufacturing costs also declining due to optimized raw material ratios [1] - The company maintained a good control over expenses, with a period expense ratio of 15.9% in 2024, an increase of 0.8 percentage points year-on-year [1] Future Outlook - The company has a five-year plan aiming for new growth drivers, with a target for new material business to account for over 20% of revenue by 2029 [1] - The forecast for net profit attributable to shareholders for 2025-2027 is 762 million, 897 million, and 996 million yuan, respectively, with corresponding P/E ratios of 12, 10, and 9 times [1]

Core Viewpoint - The company reported a revenue of 5.45 billion yuan for 2024, a year-on-year decrease of 14.8%, with net profit attributable to shareholders at 630 million yuan, down 15.7% [1] Group 1: Financial Performance - The company achieved a revenue of 950 million yuan in Q1 2025, up 4.6% year-on-year, and a net profit of 80 million yuan, up 447.6% year-on-year [1] - The sales volume of cement clinker in 2024 was 20.75 million tons, a decrease of 3.3%, which was better than the national average decline of 9.5% [2] - The average price per ton of cement clinker was 230 yuan, down 19 yuan year-on-year, with a gross profit per ton of 55 yuan, down 5 yuan [2] Group 2: Cost Management and Profitability - The company maintained a gross margin of 26.2% in 2024, a decrease of 1.6 percentage points year-on-year, but the gross margin for Q1 2025 improved to 27.4%, an increase of 1.2 percentage points from the previous year [2][3] - The company has been actively reducing costs and increasing efficiency, leading to a significant decrease in fuel and other costs [2] Group 3: Balance Sheet and Future Planning - As of the end of 2024, the company had cash and financial assets totaling 2.67 billion yuan and a debt-to-asset ratio of 45.1%, down 1.44 percentage points year-on-year [4] - The new five-year plan aims for production capacity increases in cement, clinker, and aggregates by 2029, with targets of 30 million, 20 million, and 40 million tons respectively [4] - The company plans to maintain a dividend payout ratio of no less than 35% or 400 million yuan annually from 2024 to 2026, with a current dividend yield of 7.5% [4] Group 4: Profit Forecast and Valuation - The company has revised its profit forecasts for 2025-2027, expecting net profits of 740 million, 790 million, and 850 million yuan respectively, reflecting increases of 16.8% and 16.5% compared to previous estimates [5] - The target price for the company has been raised by 23% to 10.31 yuan, based on a price-to-book ratio of 1.1 times for 2025 [5]

近日，中证投服中心提名上峰水泥独立董事候选人，并向投资者公开征集表决权。这是A股第二个由投 资者保护机构提名上市公司独董候选人的案例，标志着独董提名正从"少数人推荐"向"投资者广泛参 与"的多元化生态迈进。 过去，独董提名权长期掌控在董事会以及大股东手中。中小投资者的声音和诉求在决策过程中容易被忽 略，在一定程度上限制了独董监督制衡作用的发挥。 独董提名渠道的拓宽，一方面打破了原有的提名局限，让更多具备专业能力和独立性的人士有机会进入 独董队伍，为上市公司治理注入新鲜血液。另一方面，通过公开征集股东委托，提名权得以延伸至中小 投资者群体，显著提升了中小投资者在公司治理中的参与度与话语权。 以往，中小投资者因持股分散等原因，难以发挥实质性作用。如今，中证投服中心将分散的中小股东投 票权汇聚起来，形成强大的"表决权合力"。随着越来越多的投资者尤其是中小投资者，参与到独董提名 中来，独董生态将更加多元、健康。当独董能够切实发挥独立、高效的监督作用时，上市公司的治理水 平将得到全方位提升，进而促进资本市场的健康稳定发展。 （文章来源：证券时报网） 随着独董制度改革的不断深化，"独董不独"等曾经困扰市场的难题正在逐步化 ...

Core Viewpoint - The company has achieved significant success with its "one main, two wings" strategy over the past five years and aims to evolve its business model to a "three-horse carriage" structure by 2029, focusing on new material growth, foundational building materials, and equity investment capital [2] Group 1: Business Performance - In 2024, the company reported a revenue of 5.448 billion yuan and a net profit attributable to shareholders of 627 million yuan, with total assets reaching 17.578 billion yuan [2] - From 2020 to 2024, the company's main product capacity increased by 48%, net assets grew by 65%, and total assets rose by approximately 78% [3] - The "two wings" business contributed over one-third of the profits, with equity investments in sectors like semiconductors and new materials yielding stable returns [3] Group 2: Investment and Shareholder Returns - The company has invested in 24 projects with a total investment of 1.785 billion yuan, contributing over 20% to net profit in 2024 [3] - A cash dividend of 6.3 yuan per 10 shares is proposed for 2024, totaling 601 million yuan, which represents 95.73% of the net profit attributable to shareholders [3] - Cumulatively, the company has distributed 2.65 billion yuan in cash dividends from 2020 to 2024, with an average annual dividend rate exceeding 40% [3] Group 3: Strategic Planning - The new five-year plan emphasizes increasing investment in equity business while enhancing competitiveness in existing industries [4] - The company aims to create a balanced business structure that integrates building materials and equity investment, fostering a new growth curve [5] - The strategic transformation is seen as a benchmark for traditional manufacturing companies, combining industrial and capital approaches to navigate industry changes [5]

证券研究报告 工业/基础材料 Q1 境外工程高景气，加力城市更新 华泰研究 2025 年 4 月 27 日│中国内地 行业周报（第十七周） 本周观点：25Q1 海外工程订单景气，加力城市更新稳定消费建材需求 上周中共中央政治局会议提出"加强超常规逆周期调节"、"加力实施城市更 新行动"、"加强对企业'走出去'的服务"等，我们认为有利于内需基建投 资链、城市更新类建材、一带一路等细分板块。25Q1 我国对外承包工程新 签合同额/完成营业额 586.7/341.8 亿美元, 同比+26.0%/+5.5%，海外工程 保持较高景气。加大高品质住房供给，有利于稳定一线消费建材品牌龙头需 求；老旧小区改造和城中村改造有望从小 b 和大 b 不同渠道提供消费建材 增量需求。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推 荐四川路桥、中材国际、中国交建、中国核建、中国建筑国际、海螺水泥、 上峰水泥、中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 4.25，上周全国水泥价格周环比-0.7%；水泥出货率 47.4%，周环比/ 同比-1.3%/-2.5pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比持 ...

上峰水泥4月28日在互动平台表示，公司没有产品进出口。 ...

● 本报记者 乔翔 中证中小投资者服务中心日前宣布，为落实国务院办公厅《关于上市公司独立董事制度改革的意见》， 依据《上市公司独立董事管理办法》，向上峰水泥董事会提名独立董事候选人杜健，并就独立董事选任 议案向全体股东公开征集表决权。这是中证投服中心继2024年6月成功为第一医药公开提名独立董事之 后，推进的第二单公开提名上市公司独立董事个案。 专家认为，作为依法设立的投资者保护机构，中证投服中心此次行动紧密呼应《关于上市公司独立董事 制度改革的意见》提出的"鼓励投资者保护机构等主体依法通过公开征集股东权利的方式提名独立董 事"要求并深度介入提名环节，探索不同于以往由上市公司董事会等提名的新的提名方式，有利于拓宽 独立董事提名来源，完善独立董事选任机制，促进独立董事更好发挥作用，维护上市公司特别是中小股 东的合法权益。 此次中证投服中心的实践，则是在秉持市场化、法治化原则的基础上，对上述政策的又一次认真贯彻落 实。中国政法大学教授、博士生导师李东方表示："此前仅董事会、监事会、持股1%以上的股东具有独 立董事提名权，改革后，作为依法设立的投资者保护机构，中证投服中心也可以采用公开征集股东权利 的方式提名独立董 ...

Core Viewpoint - The announcement by Shangfeng Cement regarding the public solicitation of voting rights by the China Securities Investor Services Center marks a significant step in enhancing the participation of minority shareholders in corporate governance through the nomination of independent directors [1][2]. Group 1: Independent Director Nomination - The China Securities Investor Services Center has nominated Du Jian as an independent director candidate for Shangfeng Cement, following a successful nomination for another company in June 2024 [1]. - This initiative aims to provide a systematic approach for minority shareholders to participate in corporate governance, addressing the traditional concentration of nomination rights among major shareholders [2][3]. Group 2: Role of the China Securities Investor Services Center - The center acts as a legal investor protection agency, facilitating the delegation of nomination rights to enhance the voice of minority shareholders and improve the independent director selection mechanism [2]. - The center conducts independent due diligence on independent director candidates, ensuring their qualifications and independence, which alleviates concerns regarding the candidates' capabilities [3]. Group 3: Encouragement for Minority Shareholders - The center urges minority shareholders to actively participate in the voting process by delegating their voting rights to ensure the successful election of the nominated independent director [4]. - This model of "institutional professional agency + simplified shareholder authorization" aims to empower minority shareholders and effectively convey their demands through professional channels [4][5]. Group 4: Important Dates and Participation Guidelines - Investors are advised to pay attention to key dates such as the shareholder meeting registration date (May 7, 2025) and the deadline for the solicitation (May 12, 18:00) to ensure their participation [5]. - The center encourages investors to utilize various methods for expressing support for the independent director candidate, including attending the meeting, online voting, or delegating to the center [5].

本报记者吴晓璐 4月25日，中证中小投资者服务中心有限责任公司（以下简称"中证投服中心"）表示，近日向甘肃上峰 水泥股份有限公司（以下简称"上峰水泥"）董事会提名独立董事候选人杜健，并就独立董事选任议案向 全体股东公开征集表决权。 这是继2023年独董制度改革以来，中证投服中心推进的第二单公开提名独董并征集投资者表决权个案。 在市场人士看来，此举有助于拓宽上市公司独董提名来源和选聘渠道，提高上市公司治理水平。此外， 通过公开征集表决权，也有助于增强中小股东对上市公司治理的参与度以及话语权，保护全体股东特别 是中小股东的利益。 拓宽独董选聘渠道 增强其专业性 2023年4月份，国务院办公厅印发的《关于上市公司独立董事制度改革的意见》提出，"鼓励投资者保护 机构等主体依法通过公开征集股东权利的方式提名独立董事"。2023年8月份，证监会发布《上市公司独 立董事管理办法》明确，"上市公司董事会、监事会、单独或者合计持有上市公司已发行股份百分之一 以上的股东可以提出独立董事候选人，并经股东大会选举决定。依法设立的投资者保护机构可以公开请 求股东委托其代为行使提名独立董事的权利。" 相较于董事会、监事会以及持股1%以上 ...