Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's investment income has elevated profit levels, and a recovery in cement prices is anticipated [1] - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with a year-on-year revenue drop of 28.8% and a net profit decrease of 38.0% [1] - The cement business showed a slight recovery in sales volume in Q3 2024, with a year-on-year decline of 16.6% but a quarter-on-quarter increase of 3.2% [1] - The overall gross margin for Q3 2024 was 21.1%, indicating continued pressure on profitability [1] - The company plans to maintain a stable cash dividend, highlighting its long-term investment value [1] Summary by Sections Financial Performance - For 2022A, the company reported revenue of 6,035 million with a year-on-year decline of 22%, while in 2023A, revenue was 5,535 million, down 8% [1] - The net profit attributable to shareholders for 2022A was 266 million, which increased to 742 million in 2023A, reflecting a growth rate of 179% [1] - The forecast for net profit for 2024E is 487 million, a decrease of 34% year-on-year [1] Market Conditions - The cement sales price decreased by 18.3% year-on-year in the first three quarters of 2024, but the decline rate has narrowed compared to the first half of the year [1] - The average price of P.O 42.5 cement increased by 23 yuan per ton as of October 18, 2024, indicating a potential stabilization in prices [1] - Government policies and supply-side adjustments are expected to support demand recovery in the cement industry [1] Investment Strategy - The company aims to distribute cash dividends not less than 70% of the net profit attributable to shareholders for 2024-2026, with a projected total dividend of approximately 540 million [1] - The current stock price corresponds to a PE ratio of 19.0 for 2024E, indicating a favorable valuation compared to historical performance [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.2 CNY, reflecting a price-to-book (PB) ratio of 0.9 for 2024 [4][6]. Core Views - The company's Q3 net profit attributable to shareholders increased by 20.34% year-on-year to 155 million CNY, despite a decline in revenue [1]. - The overall gross margin for the first three quarters was 23.11%, a decrease of 3.48 percentage points year-on-year, while the net profit margin improved to 16.69% in Q3, up 6.15 percentage points year-on-year [3]. - The company has a high dividend payout ratio of 79% for 2023, with a current dividend yield of 6.5%, indicating strong investment value [4]. Financial Performance Summary - For the first three quarters of 2023, the company reported revenues of 293 million CNY and a net profit of 38.1 million CNY, representing year-on-year declines of 28.81% and 37.98%, respectively [1]. - In Q3 alone, the company achieved revenues of 954 million CNY, down 23.39% year-on-year, while net profit rose to 155 million CNY [1][2]. - The company’s cement clinker sales volume for the first three quarters was 11.12 million tons, a decrease of 16% year-on-year, with cement prices down 18% [2]. Price and Cost Dynamics - The average cement price in South China increased by 0.4% year-on-year in Q3, while in East China, it decreased by 0.2% [2]. - The company plans to raise clinker prices by 100 CNY per ton in the Yangtze River Delta region, with expectations for further price increases in other regions [2]. Capital Structure and Cash Flow - The company's asset-liability ratio stood at 9.89% at the end of Q3, reflecting an improvement in capital structure [3]. - Operating cash flow for the first three quarters was 204 million CNY, a decrease of 6.08 million CNY year-on-year, with a cash collection ratio of 110.6% [3].

1 证券代码：002233 证券简称：塔牌集团 广东塔牌集团股份有限公司投资者关系活动记录表 编号：2024-011 | --- | --- | --- | --- | --- | |-----------------------|----------------------------------------|-------------------------|-------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | 投资者关系 | □特定对象调研 □媒体采访 | □分析师会议 □业绩说明会 | | | | 活动类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | 其他 （电话会议） | | | | | ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥953,911,117.53, a decrease of 23.39% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥154,859,997.57, an increase of 20.34% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥61,210,181.68, down 51.15% year-on-year[2] - Total operating revenue for Q3 2024 was CNY 2,930,081,005.21, a decrease of 28.7% compared to CNY 4,116,106,066.03 in the same period last year[17] - Net profit for Q3 2024 was CNY 393,949,059.24, a decline of 36.5% from CNY 620,641,148.83 in Q3 2023[19] - The company reported a total profit of CNY 511,038,396.62 for Q3 2024, down 38.1% from CNY 825,973,935.67 in the same period last year[19] - Earnings per share for Q3 2024 was CNY 0.33, compared to CNY 0.53 in the same quarter last year, reflecting a decrease of 37.7%[19] Sales and Market Conditions - The company sold 10.61 million tons of cement in the first three quarters of 2024, a decrease of 14.89% compared to the previous year[5] - The average selling price of cement decreased by 18.27% year-on-year due to declining demand and increased competition[5] Cash Flow and Investments - The company's cash flow from operating activities for the year-to-date was ¥203,883,715.69, down 74.90% year-on-year[2] - Net cash flow from operating activities decreased by 74.90% to ¥20,388.37 million, impacted by declining cement demand and increased inventory[10] - Cash received from other operating activities decreased by 40.91% to ¥7,668.24 million, primarily due to reduced proceeds from supplier bid guarantees and carbon emission rights sales[9] - Cash inflow from investment activities in Q3 2024 was CNY 21,822,292,208.63, an increase from CNY 14,470,752,666.65 in the previous year[20] - The net cash flow generated from investment activities was ¥951,353,529.00, a significant improvement from a negative ¥384,846,434.69 in the prior period[21] Assets and Liabilities - Total assets as of September 30, 2024, were ¥13,137,461,316.90, a decrease of 2.57% from the end of the previous year[2] - Current assets decreased to CNY 5,957,586,541.62 from CNY 6,697,481,288.49, reflecting a decline of approximately 11%[14] - Total liabilities decreased to CNY 1,299,259,247.93 from CNY 1,491,205,187.91, a reduction of approximately 12.9%[16] - The equity attributable to shareholders of the parent company decreased to CNY 11,784,574,150.05 from CNY 11,952,188,034.94, reflecting a decline of about 1.4%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 48,170[11] - The largest shareholder, Zhong Liehua, holds 16.61% of the shares, amounting to 198,001,330 shares[11] Research and Development - R&D expenses increased by 104.41% to ¥1,443.81 million, primarily due to higher material consumption for ongoing projects[8] - Research and development expenses for Q3 2024 were CNY 14,438,050.95, up 104.0% from CNY 7,063,299.50 in Q3 2023[17] Tax and Other Expenses - The company’s income tax expenses decreased by 42.98% to ¥11,708.93 million, due to a significant drop in total profit from cement sales[8] - Tax expenses for Q3 2024 were CNY 117,089,337.38, a decrease of 42.8% compared to CNY 205,332,786.84 in Q3 2023[19] Cash and Cash Equivalents - The net increase in cash and cash equivalents was ¥59,619.96 million, a 101.03% increase driven by higher cash flow from investment activities[10] - The ending balance of cash and cash equivalents was ¥1,272,457,766.81, an increase from ¥1,176,494,755.34 in the previous period[21] Other Financial Metrics - The weighted average return on equity was 1.32%, a decrease of 2.10% compared to the previous year[2] - Fair value changes in income rose by 635.38% to ¥6,102.92 million, mainly from changes in the fair value of trading financial assets[8] - The company reported a significant decrease in operating income, with a net cash flow from investment activities of ¥95,135.35 million, a 347.20% increase compared to the previous year[10] Audit Status - The third quarter report was not audited[21]

证券代码：002233 证券简称：塔牌集团 广东塔牌集团股份有限公司投资者关系活动记录表 编号：2024-010 | --- | --- | --- | --- | |-----------------------|--------------------------------------------------|---------------------------------------------------------|--------------------------------------------------------------------| | | | | | | 投资者关系 | □√特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | | | 活动类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 （请用文字说明） | | | | | | | | | 参与单位名 | 17-18 日：东北证券 | 庄嘉骏 纪耿旭 | | | 称及人员姓 | 18 日：广发证券 谢璐 | 张乾 | | | 名 | | | | | 时间 | 2024 ...

证券代码：002233 证券简称：塔牌集团 广东塔牌集团股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|-----------------------------------------------------------------------|--------------------------------------------------------------------| | | | 编号： 2024-009 | | | □特定对象调研 □媒体采访 | | | 投资者关系 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 （请用文字说明） | | | 参与单位名 | | | | 称及人员姓 名 | 投资者网上提问 | | | | | | | 时间 | 2024 年 9 月 12 日 ( 周四 | 15:30~16:30 | | 地点 | 公司通过全景网"投资者关系互动平台"（ | https://ir.p5w.net ）采用网 | | 上市公司接 | 络远程的方式召开业绩说明会 1 ...

广州市天河区珠江新城珠江西路 21 号 粤海金融中心 28 层 邮编：510627 电话：（86-20）2805-9088 传真：（86-20）2805-9099 北京市君合（广州）律师事务所 关于广东塔牌集团股份有限公司 2024 年第一次临时股东大会的法律意见书 致：广东塔牌集团股份有限公司 北京市君合（广州）律师事务所（以下简称"本所"）接受广东塔牌集团股份有限 公司（以下简称"公司"）的委托，指派本所经办律师出席了公司于 2024 年 9 月 10 日 在广东省蕉岭县蕉城镇塔牌集团办公楼四楼会议室召开的 2024 年第一次临时股东大会 （以下简称"本次股东大会"）的现场会议。现根据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司股东大会规则》等中国（为本法律意见之目的，"中国"不 包括香港特别行政区、澳门特别行政区及台湾地区）现行法律、法规和规范性文件（以 下简称"法律、法规"）以及《广东塔牌集团股份有限公司章程》（以下简称"公司章程"）、 《广东塔牌集团股份有限公司股东大会议事规则》（以下简称"公司股东大会议事规则"） 的有关规定，就本次股东大会有关事宜出具本法律意见。 本所经办律师依据 ...

证券代码：002233 证券简称：塔牌集团 公告编号：2024-031 广东塔牌集团股份有限公司 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开日期和时间： （1）现场会议时间：2024 年 9 月 10 日（星期二）下午 14：00； （2）网络投票时间：2024 年 9 月 10 日。其中通过深圳证券交易所交易系统进行网络投 票的具体时间为：2024 年 9 月 10 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳 证券交易所互联网投票系统投票的具体时间为：2024 年 9 月 10 日上午 9:15 至下午 15:00 期间 的任意时间。 2、现场会议召开地点：广东省蕉岭县蕉城镇塔牌集团办公楼四楼会议室。 3、会议召开方式：现场表决与网络投票相结合。 2024 年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会没有出现否决议案的情形。 （3）公司董事、监事、高级管理人员和见证律师现场出席或通过视频会议方式参与或列 ...

证券代码：002233 证券简称：塔牌集团 公告编号：2024-030 广东塔牌集团股份有限公司 关于参加广东辖区 2024 年投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 为进一步加强与投资者的互动交流，广东塔牌集团股份有限公司（以下简称"公司"）将 参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携手共进 助力上市公司提升投 资价值——2024广东辖区上市公司投资者关系管理月活动投资者集体接待日"，现将相关事项 公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（ http://rs.p5w.net ） 参与本次互动交流，活动时间为2024年9月12日（周四）15:30-16:30。 届时公司董事长钟朝晖先生，董事、总经理何坤皇先生，董事、副总经理、财务总监、董 事会秘书赖宏飞先生将在线就2024年半年度业绩、公司治理、发展战略、经营状况、可持续发 展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告 广东塔牌集团股份有限公司董事会 2024 年 9 月 10 日 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Views - The company reported a revenue of 1.976 billion yuan for the first half of 2024, a decrease of 31.2% year-on-year, and a net profit attributable to shareholders of 226 million yuan, down 53.4% year-on-year, which aligns with previous performance expectations [1][2]. - The company has announced a shareholder return plan for 2024-2026, committing to a minimum annual cash dividend of 0.45 yuan per share, which is expected to be at least 70% of the net profit attributable to shareholders [1][2]. - The demand remains weak, particularly in the Guangdong region, exacerbated by continuous rainfall affecting construction activities, leading to a significant decline in cement and clinker sales [1][2]. - The pricing and profitability are under pressure, but there is potential for recovery in the second half of 2024 as market conditions improve [1][2]. Financial Summary - Revenue for 2024 is projected at 5.169 billion yuan, down 6.6% from 2023, with net profit expected to be 586 million yuan, a decrease of 20.9% [3][9]. - Earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 0.49 yuan, 0.57 yuan, and 0.71 yuan respectively [1][3]. - The company’s return on equity (ROE) is projected to be 4.9% in 2024, increasing to 6.8% by 2026 [3][9]. Market and Pricing Trends - The average price of cement and clinker in the first half of 2024 is estimated to be around 249 yuan per ton, with a gross profit of approximately 54 yuan per ton [1][2]. - The company anticipates a stabilization of cement prices in the third quarter of 2024, with potential increases in the fourth quarter as demand recovers [1][2].