证券代码：000877 证券简称：天山股份 公告编号：2024－025 新疆天山水泥股份有限公司 关于独立董事辞职的公告 特此公告。 新疆天山水泥股份有限公司董事会 2024 年 4 月 16 日 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。 新疆天山水泥股份有限公司（以下简称"公司"）董事会于近日 收到公司独立董事占磊先生的书面辞职报告。根据《上市公司独立董 事管理办法》中关于"独立董事连续任职不得超过六年"的规定，占 磊先生申请辞去公司独立董事、董事会提名委员会主任委员、审计委 员会委员和薪酬与考核委员会委员的职务，辞职生效后将不再担任公 司任何职务。 占磊先生的辞职将导致公司独立董事的人数不足董事会人数的 三分之一，根据《公司法》《上市公司独立董事管理办法》以及《公 司章程》等有关规定，占磊先生的辞职申请将在公司股东大会选举产 生新任独立董事后生效。在此期间，占磊先生将按照有关规定继续履 行公司独立董事及其在董事会各专门委员会的职责。公司将按照有关 规定，尽快完成独立董事的补选工作。截至本公告日，占磊先生未持 有公司股份。 占磊先生在担任公司独立董事期 ...

证券代码：000877 证券简称：天山股份 公告编号：2024－024 新疆天山水泥股份有限公司 关于参加中国建材集团有限公司上市公司 集体业绩说明会的公告 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。 重要内容提示： 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2023 年年 度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间和方式 （一）会议召开时间：2024 年 4 月 16 日（星期二）下午 14:00- 会议内容：中国建材集团有限公司上市公司集体业绩说明会 会议召开时间：2024 年 4 月 16 日（星期二）下午 14:00-17:30 网络直播地址： 1. "互动易"平台"云访谈"栏目（https://irm.cninfo.com.cn/） 2. 上证路演中心平台（https://roadshow.sseinfo.com/） 会议召开方式：现场互动+视频直播+网络文字互动 投资者可于 2024 年 4 月 15 日（星期一）17:00 前 ...

Investment Rating - The report maintains a "Buy" rating for Tianshan Cement (000877) with a target price of 8.82 CNY, down from the previous forecast of 10.51 CNY [1][2]. Core Insights - The cement sales remain weak, but cost reduction and efficiency improvements have led to a recovery in profitability. The company reported a 19% year-on-year decline in revenue for 2023, with a net profit attributable to shareholders of 5.85 billion CNY, down 78.37% year-on-year, which aligns with market expectations [1][2]. - The company faced increased competition in the cement market, leading to a downward adjustment of the EPS forecast for 2024-2025 to 0.20 CNY and 0.23 CNY respectively [1][2]. - The report highlights that the company, as an industry leader, sacrificed some sales to maintain supply-demand balance in various regions [1][2]. Financial Summary - In 2023, Tianshan Cement achieved a cement sales volume of approximately 26 million tons, a year-on-year decrease of 3%, which is less than the industry average decline of 7% [1][2]. - The average selling price for Q4 was estimated at 245 CNY per ton, with a gross profit of 44 CNY per ton, showing a quarter-on-quarter improvement [1][2]. - The financial forecast indicates a revenue of 107.38 billion CNY for 2023, with projected revenues of 115.1 billion CNY and 118.3 billion CNY for 2024 and 2025 respectively [2][3]. Valuation Metrics - The report provides a comparison of valuation metrics with peer companies, indicating Tianshan Cement's PB ratio at 0.7263 and EPS for 2023 at 0.13 CNY, with an expected increase to 0.29 CNY in 2024 [5][6]. - The report also notes a significant decline in profitability metrics, with a net profit margin of 1.8% in 2023, down from 5.6% in 2022 [2][3].

[Table_MainInfo] 公司研究/建材/建筑材料 证券研究报告 天山股份（000877）公司研究报告 2024年03月30日 [Table_InvestInfo] 首次 吨成本显著下降，股份补偿或增厚 EPS 投资评级 优于大市 覆盖 股票数据 [Table_Summary] 投资要点： 0[3Ta月b2le9_日S收to盘ck价I（nf元o]） 6.83 52周股价波动（元） 5.99-9.29 近日公司公布2023年报，公司2023年收入1074亿元、同比-19.0%；归母净 总股本/流通A股（百万股） 8663/1822 利润20亿元、同比-56.7%；扣非归母净利润6亿元、同比-78.4%。公司拟每 总市值/流通市值（百万元） 59171/12445 10股派发现金红利1.14元（含税），分红率为50.26%。 市场表现 公司吨成本显著下降，23Q4利润逆势增长。2023年公司水泥熟料销量同比 [Table_QuoteInfo]  天山股份 海通综指 -3.0%、至2.6亿吨，吨均价、吨成本、吨毛利分别同比-58、-50、-9元，考 虑到 2023年煤炭均价同比下降约 300元，按照 1吨 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨天山股份（ ） 000877.SZ [Table_Title] 水泥板块盈利或筑底，关注骨料业务成长性 报告要点 [公Ta司bl披e_露Su2m0m23ar年y]报：实现营业收入1073.8亿元，同比下降19.01%；归属净利润19.65亿元， 同比下降56.74%。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 6.83 yuan [3][8]. Core Views - The company achieved a revenue of 107.38 billion yuan in 2023, a year-on-year decrease of 19.01%, and a net profit attributable to shareholders of 1.965 billion yuan, down 56.74% year-on-year [2][3]. - The company is expected to benefit from its significant scale advantages, resilience during industry downturns, and growth potential in the aggregate business [2][3]. - The name change to "Tianshan Materials" is anticipated to enhance brand value and lead to a revaluation of the company's worth [2][3]. Financial Performance Summary - In 2023, the company's revenue from cement and clinker was 71.072 billion yuan, down 20.31% year-on-year, while the aggregate business revenue increased by 6.08% to 5.839 billion yuan [2]. - The gross margin for cement and clinker was 14.30%, a slight decrease of 0.07 percentage points year-on-year, while the gross margin for aggregates was 44.06%, down 3.38 percentage points [2]. - The company reported a net cash flow from operating activities of 16.951 billion yuan, an increase of 11.14% year-on-year [2][6]. Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 1.667 billion yuan, 2.053 billion yuan, and 2.522 billion yuan, respectively, with corresponding PE ratios of 30, 35, and 29 [3][6].

证券代码：000877 证券简称：天山股份 公告编号：2024-023 新疆天山水泥股份有限公司 第八届董事会第三十二次会议决议公告 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、董事会会议召开情况 二、董事会会议审议情况 （一）审议通过了《关于对外投资的议案》 本议案表决情况：9 票同意，0 票反对，0 票弃权。 为落实稳中求进发展规划，抓住机遇增强主业竞争力，夯实公司在西 北区域的资源布局，公司之全资子公司新疆天山水泥有限责任公司（简称 "新疆水泥"）之控股子公司新疆天峰投资有限公司（简称"新疆天峰"）， 拟以非公开协议方式收购新疆博海水泥有限公司（简称"博海水泥"）100% 股权；收购完成后，博海水泥将成为新疆水泥控股子公司，纳入公司合并 报表范围。 同意新疆天峰以99,365万元非公开协议收购的方式收购博海水泥100% 1、新疆天山水泥股份有限公司（以下简称"公司"）于 2024 年 3 月 22 日以书面、邮件的方式发出召开第八届董事会第三十二次会议的通知。 2、公司第八届董事会第三十二次会议于 2024 年 3 月 28 日以现场结 合视频方 ...

公 司 研 证券研究报告 究 ＃industryId＃ 其他建材 ＃investSuggestion＃ ＃ ＃d 天yCo 山mp 股any＃份 （ 0 00877） investSug ＃title＃ 增持 ( 维ges持tion ）Ch 000009 水泥业务承压，骨料业务有所增长 ange＃ ＃ createTime1＃ 2024年 03月 27日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum公ma司ry＃披 露2023年报：全年实现营收1073.80亿元，较上年同比-19.01%, 司 主要系市场需求偏弱，产品销售价格大幅下降所致；实现归母净利润 市场数据日期 2024-03-26 19.65亿元，较上年同比-56.74%；其中，Q4实现营收269.93亿元，较上 点 收盘价（元） 6.98 年同比-20.48%，归母净利润19.14亿元，较上年同比+301.08%。 评 总股本（百万股） 8663.42 ⚫ 吨指标分析：2023年公司水泥及熟料吨均价270元，同比下降58元，需 报 流通股本（百万股） 1822.14 求不振导致水泥价格下降；吨成本 231 元，同比下降 50 元； ...

Financial Performance - The company's operating revenue for 2023 was ¥107.38 billion, a decrease of 19.01% compared to ¥132.58 billion in 2022[11]. - The net profit attributable to shareholders for 2023 was ¥1.97 billion, down 56.74% from ¥4.54 billion in 2022[11]. - The net profit after deducting non-recurring gains and losses was ¥584.97 million, a decline of 78.37% from ¥2.70 billion in 2022[11]. - Basic earnings per share for 2023 were ¥0.2268, a decrease of 56.87% compared to ¥0.5259 in 2022[12]. - The total assets at the end of 2023 were ¥294.72 billion, an increase of 2.04% from ¥288.84 billion at the end of 2022[12]. - The net assets attributable to shareholders at the end of 2023 were ¥84.15 billion, up 2.86% from ¥81.81 billion at the end of 2022[12]. - The company reported a net cash flow from operating activities of ¥16.95 billion, an increase of 11.14% from ¥15.25 billion in 2022[11]. - The company recorded a loss of ¥1.23 billion in the first quarter of 2023, followed by a profit of ¥1.37 billion in the second quarter[13]. - The company’s total revenue for the cement and related products segment was approximately ¥104.65 billion, a decrease of 18.88% compared to the previous year[43]. - The gross profit margin for the cement and related products segment was 15.68%, showing no change from the previous year[43]. Dividend Policy - The company plans to distribute a cash dividend of 1.14 CNY per 10 shares based on a total of 8,663,422,814 shares, with no bonus shares issued[2]. - The company declared a cash dividend of 987,630,200.80 CNY, which represents 50.26% of the audited net profit attributable to shareholders of the parent company for 2023[137]. - The net profit attributable to shareholders of the parent company for 2023 was 1,965,141,228.79 CNY, with a total distributable profit of 5,482,416,369.11 CNY[137]. - The company plans to distribute cash dividends of no less than 50% of the audited net profit attributable to shareholders of the parent company for each year from 2022 to 2024, contingent on profitability and no major cash expenditures[137]. Market and Industry Trends - In 2023, China's GDP reached 126.06 trillion yuan, growing by 5.2% year-on-year[16]. - National cement production in 2023 was 2.023 billion tons, a decrease of 0.9% compared to the previous year, marking the lowest level since 2011[16]. - The real estate sector's investment in 2023 was 1.109 trillion yuan, down 9.6% year-on-year, significantly impacting cement demand[16]. - The demand for ready-mixed concrete in 2023 decreased by 5.5% year-on-year due to pressures from the real estate sector[19]. - The cement industry is facing intensified competition, high raw material costs, and increased environmental regulations, leading to significant profit shrinkage[16]. Corporate Governance - The company emphasizes the importance of risk awareness regarding its future plans and forecasts, as outlined in the management discussion section[2]. - The company maintains a strong commitment to corporate governance and social responsibility as part of its operational strategy[5]. - The company has established a robust corporate governance structure, ensuring compliance with relevant laws and regulations[85]. - The company held five shareholder meetings during the reporting period, ensuring transparency and compliance in decision-making processes[86]. - The board of directors consists of 9 members, including 3 independent directors and 1 employee director, complying with legal requirements[88]. Environmental Compliance - The company has implemented a comprehensive environmental management system to support its ecological protection efforts[149]. - The company reported a total pollutant emission of 0.528 tons for Qingzhou Zhonglian Cement Co., Ltd. with a concentration of less than 10 mg/m³, meeting the emission standard of 10 mg/m³[152]. - The company achieved a nitrogen oxide emission of 325.66 tons from Qingzhou Zhonglian Cement Co., Ltd., with a concentration of 53.9 mg/m³, surpassing the emission standard of 100 mg/m³[152]. - The company is committed to continuous improvement in its environmental protection practices and compliance with industry standards[149]. - The company is actively monitoring and managing emissions from its production processes, with detailed reporting on organized emissions across multiple plants[153]. Strategic Initiatives - The company is focused on expanding its market presence and enhancing production capabilities in various regions, including East, Central, North, and West China, as well as overseas markets[5]. - The company is committed to developing new products and technologies to enhance its competitive edge in the cement industry[5]. - The company is actively exploring digital transformation and smart factory initiatives to improve operational efficiency[25]. - The company plans to enhance its product offerings by focusing on high-end cement and special cement applications[25]. - The company is focusing on supply-side structural reforms and aims to enhance industry concentration while pursuing green, low-carbon, and high-quality development in the cement industry[72]. Leadership Changes - The company reported a significant leadership change with the appointment of Zhao Xinjun as President on March 20, 2023, after the resignation of former President Xiao Jiaxiang due to work adjustments[97]. - The company experienced a change in its board with the resignation of Chairman Chang Zhangli on August 22, 2023, due to work adjustments, and the election of Liu Yan as the new Chairman[99]. - The company has seen a total of 2,000 shares issued to the Secretary of the Board, Li Xueqin, reflecting ongoing corporate governance practices[96]. - The company is actively expanding its executive team, with several new appointments including He Xiaolong and Jiang Dehong as Vice Presidents in June 2023[99]. Research and Development - Research and development expenses increased by 24.75% to approximately ¥2.38 billion, with R&D personnel rising by 6.43% to 9,481[49][50]. - The company is focusing on high-quality development through digital transformation and smart manufacturing initiatives[40]. - The company aims to reduce production costs by 5% through operational efficiencies in the next year[106]. - The company plans to allocate 500 million CNY for research and development in innovative cement products[115]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[106]. - The company plans to enhance its marketing strategies and optimize customer structure to improve profitability amidst a challenging macroeconomic landscape[78]. - The company aims to achieve a 20% reduction in overall emissions by 2025 as part of its sustainability goals[159]. - The company is optimistic about future growth prospects, supported by ongoing investments in technology and market expansion initiatives[154].

证券代码：000877 证券简称：天山股份 公告编号：2024-019 新疆天山水泥股份有限公司 关于 2024 年度债券发行计划的公告 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。 重要内容提示: 1、新疆天山水泥股份有限公司（以下简称"公司"）及子公司拟 发行中长期债券不超过 129 亿元（含），短期债券净增加额不超过 15 亿元（含）。 2、根据《深圳证券交易所股票上市规则》相关规定，本计划无 需提交公司股东大会审议。 为满足公司及子公司生产经营的资金需求，进一步拓宽融资渠道， 优化融资结构，公司及下属公司拟发行中长期债券不超过 129 亿元 （含），短期债券净增加额不超过 15 亿元（含）。本公告所指称债 券，是指公司及子公司在境内发行的公司信用类债券，包括公司债券 及非金融企业债务融资工具。具体情况如下： 一、2023 年末公司存量债券情况 截至目前，公司及下属公司共有 4 个 AAA 级债券发行平台，分别 为公司、中国联合水泥集团有限公司、南方水泥有限公司及西南水泥 有限公司。截至 2023 年末公司合并口径债券余额为 120 亿元，其中 短期债 ...