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]

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 ...

Group 1: Environmental Business Development - In the first half of 2024, the company's environmental business revenue and profit significantly increased due to a steady rise in solid waste disposal volume, contributing positively to overall revenue and net profit [2] - The company operates several projects, including sludge disposal, aluminum ash, and contaminated soil disposal, and plans to expand its environmental disposal business [2][3] Group 2: Carbon Emission Trading Impact - The establishment of a national carbon emission trading market will include key emission industries such as cement, which is expected to create a fairer competitive environment and promote energy conservation and emission reduction [3] - The company has managed to meet its carbon quota requirements effectively, occasionally selling surplus carbon credits, indicating strong carbon management practices [3] Group 3: Cost Control Measures - The company is implementing several cost control measures, including the construction of photovoltaic power generation projects to reduce electricity costs and the use of alternative fuels to lower coal consumption [3][4] - Plans to expand the scale of alternative raw material projects aim to increase disposal income while reducing the use of limestone, clay, and iron powder [4] Group 4: Shareholder Return Planning - The company has approved a shareholder return plan for 2024-2026, committing to a cash dividend ratio of no less than 70% of net profit each year, with a minimum cash dividend of 0.45 yuan per share [4][5] - The decision is influenced by factors such as strong cash reserves, low debt levels, and the need to provide stable and predictable dividends amidst fluctuating market conditions [4][5] Group 5: Future Investment Considerations - The company is currently not considering overseas investments, such as establishing factories in Indonesia, due to geopolitical risks and changing market demands [5]

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 ...