广东塔牌集团股份有限公司 第六届董事会第十四次会议决议公告 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。 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 2025 年 3 月 4 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十四次会议的通知》。2025 年 3 月 14 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十四次会议。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。 证券代码：002233 证券简称：塔牌集团 公告编号：2025-003 1 与会董事经认真审议并表决通过如下决议： （一）以 9 票同意、0 票反对、0 票弃权审议通过《关于 2025 年度使用闲置自有资金进 行证券投资的议案》。 独立董事专门会议已审议通过本议案。 具体内容详见 2025 年 3 月 15 日证券时报、证 ...

Investment Rating - The report indicates a positive investment outlook for the building materials industry, emphasizing price increases and improved shipping conditions as key drivers for growth in 2025 [1][3]. Core Insights - Price increases are the main theme for the building materials industry in spring 2025, signaling a return to rational competition after a period of aggressive price wars [3][32]. - The cement sector is experiencing price hikes driven by low inventory levels, with a consensus among companies to avoid destructive competition, leading to a gradual recovery in profitability [3][11]. - The consumer building materials segment is witnessing price increases across various categories, indicating a potential turning point for the industry [3][32]. - The fiberglass industry is seeing multiple rounds of price increases, suggesting a recovery in profitability, while the glass sector faces challenges related to construction completions [3][32]. Summary by Sections Cement - Low inventory levels are driving price increases, with significant hikes reported in various regions starting from March 2025 [7][8]. - The industry has reached a consensus to prevent destructive competition, which is expected to lead to a gradual recovery in profitability [11][12]. - Major companies such as Conch Cement are highlighted for their cost and scale advantages, with profitability expected to improve [18][19]. Consumer Building Materials - The demand for consumer building materials is improving due to active second-hand housing transactions, which are expected to boost shipments [36][49]. - Price increases in categories like gypsum board and coatings are signaling a shift towards profitability recovery [36][39]. - Companies such as Beixin Building Materials and Weixing New Materials are recommended for their strong market positions and growth potential [37][40]. Fiberglass - The fiberglass sector is experiencing a recovery in prices, with electronic yarn and cloth prices showing upward trends [52][53]. - The industry is expected to continue benefiting from new application scenarios and sustained demand growth [53][54]. Glass - The flat glass sector is under pressure due to declining construction completions, necessitating close monitoring of supply-side adjustments [32][49]. - Companies like Qibin Group and South Glass A are recommended for their market positions amid these challenges [32][49].

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].