Financial Performance - In 2024, the company's total revenue was CNY 4.28 billion, a decrease of 22.71% compared to the previous year[4] - The net profit attributable to shareholders was CNY 536.21 million, down 27.69% year-on-year[4] - The weighted average return on equity decreased by 1.87 percentage points due to the decline in net profit[7] Sales and Production - The company's cement sales volume was 15.86 million tons, a decline of 10.05% from the previous year[6] - The cement industry in China saw a cumulative production of 1.825 billion tons, a year-on-year decrease of 9.5%[5] - The cement consumption in Guangdong province was 13.8 million tons, down 10.71% year-on-year[5] Pricing and Costs - The average selling price of cement decreased by 16.14% year-on-year, while the average selling cost fell by 9.34%[6] Assets and Investments - Total assets at the end of the reporting period were CNY 13.50 billion, an increase of 0.10% from the beginning of the year[7] - Financial investment income increased, partially offsetting the decline in overall performance[6] Strategic Focus - The company is focusing on cost control and market expansion strategies to cope with increased competition and declining demand[5]

证券代码：002233 证券简称：塔牌集团 公告编号：2025-001 广东塔牌集团股份有限公司 关于第二期员工持股计划存续期即将届满的提示性公告 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。 广东塔牌集团股份有限公司（以下简称"公司"）于2019年3月10日召开的第四届董事会 第十八次会议和2019年4月2日召开的2018年年度股东大会审议通过《关于〈广东塔牌集团股份 有限公司第二期员工持股计划〉的议案》，同意公司实施第二期员工持股计划。具体内容详见 公司于巨潮资讯（ http://www.cninfo.com.cn ）发布的相关公告。 鉴于公司第二期员工持股计划存续期将于2025年7月27日届满，根据中国证监会《关于上 市公司实施员工持股计划试点的指导意见》及《深圳证券交易所上市公司自律监管指引第1号 ——主板上市公司规范运作》（2023年12月修订）、《广东塔牌集团股份有限公司第二期员工 持股计划》相关规定，现将公司第二期员工持股计划存续期届满前的相关情况公告如下： 一、第二期员工持股计划的持股情况 1.公司第二期员工持股计划股票来源于公司回购，公司回 ...

广东塔牌集团股份有限公司（以下简称"公司"）于 2024 年 3 月 14 日召开第六届董事会 第九次会议审议通过了《关于 2024 年度使用闲置自有资金进行委托理财的议案》，同意公司 （含公司分支机构、下属全资子公司）使用最高额度不超过（含）人民币 40 亿元的闲置自有 资金进行委托理财，在此额度内，资金可以滚动使用，但期限内任一时点的交易金额（含投资 的收益进行再投资的相关金额）不得超过委托理财额度，投资期限自第六届董事会第九次会议 审议通过之日起 12 个月。具体内容详见 2024 年 3 月 15 日证券时报、证券日报、中国证券报、 上海证券报、巨潮资讯（http://www.cninfo.com.cn）刊登的《关于 2024 年度使用闲置自有资金 进行委托理财的公告》（公告编号：2024-009）。 公司于 2024 年 12 月 30 日召开第六届董事会第十三次会议审议通过了《关于增加 2024 年度使用闲置自有资金进行委托理财额度的议案》，同意公司（含公司分支机构、下属全资子 公司）使用闲置自有资金进行委托理财的额度增加 5 亿，由最高额度不超过（含）人民币 40 亿元调整为最高额度不超过（含） ...

第六届董事会第十三次会议决议公告 根据《广东塔牌集团股份有限公司章程》（以下简称"《公司章程》"）以及《董事会议 事规则》的相关规定，广东塔牌集团股份有限公司（以下简称"公司"）于 2024 年 12 月 24 日 以短信方式向全体董事发出了《关于召开第六届董事会第十三次会议的通知》。 2024 年 12 月 30 日，公司在总部办公楼四楼会议室以通讯表决方式召开了第六届董事会第十三次会议。 会议由公司董事长钟朝晖先生主持。本次会议应出席董事 9 位，实际出席董事 9 位，公司全体 监事、高级管理人员列席了本次会议，会议的召集、召开符合法律、法规、规章及《公司章程》 的规定。 与会董事经认真审议并表决通过如下决议： 证券代码：002233 证券简称：塔牌集团 公告编号：2024-036 广东塔牌集团股份有限公司 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。 （三）整合提升混凝土业务。加强混凝土企业管理，按照绿色搅拌站标准，提升技术水平， 提升产品品质，提升品牌价值，增加经营效益。积极推进合营混凝土企业股权整合。加强机制 砂石项目运营管理，提升产业竞争力。 （ ...

Group 1: Resource Management - The company maintains a high level of limestone resource reserves, ensuring long-term production needs [1] - Limestone self-sufficiency rate can reach 100%, but a small portion of limestone is purchased for quality and cost efficiency [1] Group 2: Shareholder Returns - The company plans to enhance cash dividends based on factors such as "New National Guidelines" for market value management and stable cash returns [2] - The company has sufficient funds and a low debt ratio, enabling a high cash dividend capability [2] - Annual depreciation exceeds 500 million, while future capital expenditures are estimated at 200-400 million, allowing depreciation to cover capital needs [2] - The high dividend plan implemented in 2023 received positive feedback from institutional investors [2] Group 3: Market Pricing and Strategy - The company recently increased cement prices in the Guangdong East market, driven by rising prices in surrounding markets, particularly Fujian [2] - 75% of the company's production capacity is concentrated in the Guangdong East market, with plans to adjust sales strategies based on demand recovery and market competition [2] Group 4: Future Plans and Investments - The company aims to strengthen its core cement business and does not rule out mergers and acquisitions to expand its scale [4] - Future capital expenditures are planned at 200-400 million annually, focusing on technological upgrades, environmental projects, and safety improvements [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company's Q3 revenue decline has narrowed, and there is an expectation for profit recovery. For the first nine months of 2024, the company achieved revenue of 2.93 billion yuan, down 28.81% year-on-year, with a net profit attributable to shareholders of 381 million yuan, down 37.98% year-on-year [1][4] - The company is expected to benefit from favorable policies that promote marginal demand improvement, alongside continued staggered production in the supply side, which may lead to a positive increase in cement prices [1][10] - The company has a strong position in the East Guangdong cement market, with advantages in geographical location, resource layout, cost scale, and marketing channels [1][10] Financial Performance Summary - For Q3 2024, the company reported a single-quarter revenue of 954 million yuan, down 23.39% year-on-year, but net profit attributable to shareholders increased by 20.34% year-on-year to 155 million yuan [1][4] - The cement sales volume for the first nine months was 10.61 million tons, down 14.9% year-on-year, with Q3 sales of 3.658 million tons, down 14.3% year-on-year but up 4.5% quarter-on-quarter [1][4] - The average revenue per ton of cement for the first nine months was 276.2 yuan, down 54.0 yuan year-on-year, while the cost per ton was 212.3 yuan, down 30.1 yuan year-on-year [1][4] Cash Flow and Expenses - The company reported a net cash flow from operating activities of 204 million yuan for the first nine months, down 74.9% year-on-year, with Q3 cash flow of 171 million yuan, down 40.5% year-on-year [1][7] - The expense ratio for the first nine months was 10.64%, up 2.85 percentage points year-on-year, with Q3 expense ratio at 11.12%, up 2.42 percentage points year-on-year [1][7] Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 0.44, 0.52, and 0.60 yuan per share, respectively, with corresponding price-to-earnings (PE) ratios of 15.8, 13.4, and 11.6 [1][10][11]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Views - The company's Q3 revenue decline has narrowed, and there is an expectation for profit recovery. For the first nine months of 2024, the company achieved revenue of 2.93 billion yuan, a year-on-year decrease of 28.81%, with a net profit attributable to shareholders of 381 million yuan, down 37.98% year-on-year. The Q3 single-quarter revenue was 954 million yuan, down 23.39% year-on-year, but the net profit attributable to shareholders increased by 20.34% year-on-year to 155 million yuan [1][3][5]. Summary by Sections Revenue and Profitability - The company's cement sales volume for the first nine months was 10.61 million tons, a year-on-year decrease of 14.9%. In Q3, the sales volume was 3.658 million tons, down 14.3% year-on-year but up 4.5% quarter-on-quarter. The average revenue per ton of cement for the first nine months was 276.2 yuan, down 54.0 yuan year-on-year, while the Q3 average was 260.8 yuan, down 31.1 yuan year-on-year [2][3][9]. Cost and Expenses - The company reported a period expense ratio of 10.64% for the first nine months, an increase of 2.85 percentage points year-on-year. The Q3 single-quarter expense ratio was 11.12%, up 2.42 percentage points year-on-year but down 0.94 percentage points quarter-on-quarter. The increase in expense ratio was mainly due to the decline in revenue [3][12]. Cash Flow and Financial Health - The net cash flow from operating activities for the first nine months was 204 million yuan, a year-on-year decrease of 74.9%. The Q3 single-quarter cash flow was 171 million yuan, down 40.5% year-on-year. The company's asset-liability ratio was 9.89% at the end of September, a decrease of 0.52 percentage points from the end of June [3][12][15]. Future Outlook - The company is expected to benefit from favorable policies that promote marginal demand improvement and continued staggered production on the supply side, which may lead to a positive increase in cement prices. The company has set a cash dividend policy of no less than 0.45 yuan per share, corresponding to a current dividend yield of approximately 5.6% [3][15].

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company reported a revenue of 2.93 billion yuan for Q3 2024, a year-on-year decrease of 28.81%, and a net profit attributable to shareholders of 381 million yuan, down 37.98% year-on-year. The performance slightly exceeded expectations, primarily due to significant gains from securities investments at the end of the quarter [4][5]. - The cement and clinker shipment decline has narrowed quarter-on-quarter, indicating a stabilization in core business profitability. The first peak season in Q4 is expected to boost prices and profit expectations [3][4]. - The company, as a leader in the eastern Guangdong region, possesses strong regional influence, and the implementation of a series of policies may improve demand in Q4 [4][5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved cement and clinker sales of 1.0611 million tons and 50.6 thousand tons, respectively, representing year-on-year declines of 15% and 31%. In Q3 2024, sales were 365.8 thousand tons and 14.9 thousand tons, down 14% and 50% year-on-year. The decline in shipments has narrowed quarter-on-quarter [4]. - The average price of cement in Q3 2024 is estimated at 227 yuan per ton, with a gross profit of approximately 43 yuan per ton, reflecting a quarter-on-quarter decline of about 18 yuan and 8 yuan, respectively [4]. Market Outlook - The traditional peak season in southern China is expected to provide some support for prices, with external cement influences diminishing. The company anticipates a recovery in prices and profitability in Q4 due to seasonal price adjustments [4][5]. - The report estimates that non-operating profit contributions significantly increased, with non-recurring gains expected to be around 93.65 million yuan, up approximately 90.27 million yuan year-on-year, mainly due to the recovery of stock indices at the end of the quarter [4].

广东塔牌集团股份有限公司（以下简称"公司"）近日接到股东张能勇先生的通知，获悉张 能勇先生所持有本公司的部分股份解除质押、质押延期，具体事项如下： 一、 本次解除质押、质押延期基本情况 1、股东股份解除质押的情况 | 股东名称 | 是否为控股股东 或第一大股东及 | 本次解除质押 /冻结/标记/ | 占其所持 | 占公司 总股本 | 起始日 | 解除 | | 质权人/申 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | 拍卖等股份数 | 股份比例 | 比例 | | 日期 | | 请人等 | | | | 量 | | | | | | | | 张能勇 | 否 | 4,740,000 股 | 6.80% | 0.40% | 2023 年10 月 30 日 | 2024年 10 | | 国 泰 君安 证 券 股 份有 限 | | | | | | | | 月 29 | 日 | | | | | | | | | | | 公司 | 2、股东股份质押延期的情况 | | 是否为控 股股东或 | 质押延 | 占其所 | 占公司 | 是否 | ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance of a cement company, referred to as "the company," in the cement industry, particularly focusing on its third-quarter results and market dynamics. Key Points and Arguments Financial Performance - For the first three quarters, the company reported revenue of 2.9 billion yuan, a year-on-year decrease of 28% [1] - Net profit for the same period was 380 million yuan, down 38% year-on-year, which is an improvement from a 54% decline in the first half of the year [1] - The adjusted net profit (after deducting non-recurring items) was 240 million yuan, a 52% decrease year-on-year [1] - Cement sales volume for the first three quarters was 10.61 million tons, a decline of 14.89% year-on-year, but a smaller drop compared to the first half's 15.24% [1] - The average selling price of cement was 242 yuan per ton, down 18.27% year-on-year, while the cost of production was 191 yuan per ton, down 12.07% [1] Quarterly Insights - In Q3, cement sales volume was 3.66 million tons, showing a quarter-on-quarter increase of approximately 15,000 tons, but a year-on-year decrease from 4.27 million tons [1][2] - The average selling price in Q3 was 227 yuan per ton, down 12% year-on-year and down from 245 yuan in Q2 [1][2] - Gross profit margin in Q3 was 43 yuan per ton, down from 60 yuan in the previous year and 50 yuan in Q2 [2] Market Dynamics - The cement price in the Guangdong region has been relatively stable but has shown a downward trend since the beginning of the year, influenced by seasonal factors and natural disasters [3][4] - The company faced logistical challenges due to severe flooding, which impacted sales and pricing strategies [3] - The company noted that the competitive landscape in the Guangdong market is characterized by a few dominant players, which helps stabilize prices [7] Environmental and Other Business Segments - The company’s environmental business generated revenue of 87 million yuan in the first three quarters, significantly up from 36 million yuan the previous year [2] - The environmental segment is expected to continue contributing positively to overall profitability [14] Cost Management and Future Outlook - The company is actively working on cost reduction strategies, including personnel optimization and operational efficiencies [12] - Future cement demand is expected to decline, but at a slower rate than in the current year, with estimates of a single-digit percentage decrease [6] - The company is monitoring the impact of new competitors entering the market and adjusting pricing strategies accordingly [5] Shareholder Returns - The company has committed to a dividend plan, promising a minimum of 0.45 yuan per share, which may be challenging to cover given current profit levels [9][16] - The management emphasized that any shortfall in dividends would be addressed in the annual payout, ensuring commitments are met [9] Asset Management - The company is exploring asset disposals from closed facilities, which could generate additional revenue [9] - The management is cautious about the volatility in financial markets and is focused on maintaining stable cash management practices [10] Additional Important Points - The company is facing challenges in achieving its profit targets for the year, with significant pressure from market conditions [11] - The management is optimistic about the long-term growth of the environmental business, which is expected to benefit from increased demand in the future [14] - The company is committed to maintaining its market position and leveraging its operational advantages to navigate the current industry challenges [16]