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：2024-030 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].

Group 1: Shareholder Return Planning - The company plans to maintain an annual cash dividend ratio of no less than 70% over the next three years, with a per-share cash dividend amount not less than 0.45 yuan [2][3] - The rationale for the high dividend ratio includes stable cash reserves, low asset-liability ratio, and a commitment to shareholder returns [2][3] - The company aims to enhance its operational management and profitability to support the dividend plan without adversely affecting business development [3] Group 2: Cost Control and Efficiency Improvement - The company achieved a 14.67% year-on-year decrease in cement sales costs in the first half of the year, indicating effective cost management [3][4] - Key measures for reducing manufacturing costs include the implementation of photovoltaic power generation and energy storage projects to lower electricity costs [4] - The company plans to replace 30% of coal consumption with alternative fuels, which are currently cheaper than coal, to further reduce costs [4] Group 3: Capital Expenditure Plans - Future capital expenditures are projected to be between 200 million to 400 million yuan annually, focusing on ultra-low emission technology upgrades, smart factories, and green mining projects [5] - These investments aim to enhance technological advancement, environmental upgrades, and safety production, thereby improving quality and efficiency [5]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][9]. Core Views - The company's performance is under pressure due to declining demand and adverse weather conditions, with a significant drop in revenue and net profit in Q2 2024 [1][4]. - The company is actively pursuing environmental and renewable energy projects to create a second growth curve, which includes solid waste disposal and distributed photovoltaic power generation [1][8]. - Despite the current challenges, there is potential for price recovery and improved profitability in the second half of the year, supported by a high dividend yield [1][9]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.976 billion yuan, down 31.17% year-on-year, and a net profit of 226 million yuan, down 53.43% year-on-year [1][4]. - Q2 2024 saw revenue of 983 million yuan, a decrease of 36.89% year-on-year, and a net profit of 77 million yuan, down 69.41% year-on-year [1][4]. - Cement sales volume in H1 2024 was 6.9527 million tons, down 15.2% year-on-year, with Q2 sales at 3.4988 million tons, down 21.96% year-on-year [1][4]. Cost and Profitability - The average revenue per ton of cement was 250.98 yuan, with costs at 194.17 yuan and gross profit at 56.81 yuan, reflecting year-on-year declines of 20.9%, 14.7%, and 36.7% respectively [1][4]. - The comprehensive gross margin for Q2 was 23.6%, down 8.2 percentage points year-on-year [1][4]. Future Outlook - The company plans to increase its shareholder return with a cash dividend policy of at least 0.45 yuan per share, corresponding to a dividend yield of over 6.0% [1][9]. - Earnings per share forecasts for 2024 and 2025 have been adjusted to 0.49 and 0.57 yuan respectively, with a new forecast for 2026 at 0.65 yuan [1][9].

本次会议为中国国际金融股份有限公司中金公司闭门会议仅限受邀嘉宾参会未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息独来公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留追究相关方法律责任的权利 这次会议是中国国际资本合作组织CICC的闭门会议只有邀请客人能够参加而没有CICC和评论员的签名允许任何组织或人员不得删除、翻载、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、� 各位投资者早上好欢迎各位参加塔牌集团2024年中报业绩交流会我是中金公司的技术材料与工程团队的分析员姚旭东线上还有我的同事龚勤昨天塔牌集团是发布了2024年的中报业绩整体是符合市场的预期 在全行业可能可以说都是非常困难的一个上半年交出了一份相对比较理想的答卷同时公司也是发布了未来三年的股东回报规划对2024到2026年的现金分红方案进行了具体的说明不仅定下了不低于70%的现金分红比率还对下线的每股分红金额做出了规定这也使得公司整体的股息收益的指引更加的稳定 当前公司的这个股价对应的股息 ...

昨天塔台集团是发布了二零二四年的中报这些整体是符合市场的预期在全行业可能可以说都是非常困难的一个上半年交出了一份相对比较理想的答卷我们同时呢公司也是发布了未来三年的股东回报规划 对2024到2026年的现金分红方案进行了具体的说明不仅定下了不低于70%的现金分红比率还对下限的这个每股分红金额做出了规定这也使得公司整体的这个股息收益的指引更加的稳定当前公司的这个股价对应的股息率大概在6.3%也是非常有诚意的那么为了进一步与投资者交流公司的经营境况和未来的发展战略 我们今天也很荣幸的邀请到了塔台集团的董事副总经理兼董事会秘书赖总来参加本次的交流会议那么我们首先请赖总再简要回顾一下公司的半年度业绩情况后续呢我们会开放交流问答环节有请赖总谢谢好的谢谢姚总谢谢我们中心的各位同事各位投资者那个早上好昨天我们塔台集团公布了这个水泥行业的应该是第一份半年报 从业绩来看的话应该来说和上半年水泥行业出现历史性亏损是相吻合的我们实现水泥销量是695万吨同比是下降了15.2%然后实现营业输入是19.76亿元同比下降了30亿然后实现 归属于上市公司股东的淨利润是2.26亿元同比下滑了53%应该来说这个业绩的下滑幅度是比较大的但是这个也 ...

Group 1: Industry Overview - In the first half of 2024, China's cement production reached 850 million tons, a year-on-year decrease of 10%, marking the lowest level since 2011 [4] - The cement industry is experiencing a historical loss, with an estimated loss of around 1 billion yuan in the first half of 2024 [4] - Guangdong province's cement consumption was 58 million tons, down 12.06% year-on-year, which is greater than the national average decline [4] Group 2: Company Performance - The company sold 6.9527 million tons of cement and 356,700 tons of clinker in the first half of 2024, with a year-on-year decline of 15.20% and 17.94% respectively [5] - Revenue for the first half of 2024 was 1.976 billion yuan, a decrease of 31.17% compared to the previous year [5] - Net profit attributable to shareholders was 226 million yuan, down 53.43% year-on-year [5] Group 3: Market Challenges - The company's sales decline was primarily due to a 75% capacity concentration in the eastern Guangdong market, which faced a larger downturn in real estate investment and slower infrastructure investment growth [5] - Continuous heavy rainfall in the second quarter, particularly the "616" flood, disrupted logistics and affected cement dispatch from the company's Meizhou base [5] Group 4: Cost and Profitability - The average selling price of cement was 251 yuan per ton (excluding tax), down 20.91% year-on-year, while the average cost was 194 yuan per ton, a decrease of 14.67% [5] - The gross profit margin fell from 27.91% to 24.08%, a decline of 3.83 percentage points [5] - The company is actively clearing inefficient capacity and shutting down low-quality enterprises, which has impacted net profit due to severance payments and asset impairment provisions [5] Group 5: Future Outlook and Strategies - The company plans to maintain a cash dividend ratio of no less than 70% over the next three years, with a minimum cash dividend of 0.45 yuan per share [6] - The company aims to enhance its environmental disposal business, with a projected increase in revenue from solid waste disposal operations, which saw a year-on-year growth of 141.28% [6] - The company is also focusing on renewable energy projects, including distributed photovoltaic power generation, to reduce energy costs [8]

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 9.20 CNY, reflecting a price-to-book (PB) ratio of 0.9 times for 2024 [4][6]. Core Views - The company's net profit for the first half of 2024 is reported at 226 million CNY, a year-on-year decline of 53.43%, indicating that profitability may have reached a relative bottom [1][3]. - The cement and clinker sales volumes decreased by 15% and 18% respectively in the first half of 2024, with a significant drop in Q2 sales due to adverse weather conditions affecting construction [2]. - The company has a strong cash reserve of 5.23 billion CNY and a low debt ratio of 10.4%, suggesting financial stability [3]. Financial Performance - The company achieved a revenue of 1.976 billion CNY and a net profit of 226 million CNY in the first half of 2024, representing a year-on-year decrease of 31.17% and 53.43% respectively [1]. - The gross margin for the first half of 2024 was 24.08%, down 3.83 percentage points year-on-year, with a net margin of 8.38%, reflecting a significant decline [3]. - The company’s operating cash flow for the first half of 2024 was 33 million CNY, a decrease of 4.92 million CNY year-on-year [3]. Business Segments - The cement segment's average selling price fell by 21% year-on-year to 249 CNY per ton, while the cost per ton decreased by 35 CNY to 195 CNY, leading to a gross profit margin decline [2]. - The environmental disposal business saw a substantial revenue increase of 141% year-on-year, with a gross margin of 82%, indicating potential for future growth [2]. Dividend Policy - The company plans to distribute cash dividends amounting to at least 70% of the net profit attributable to shareholders for the years 2024-2026, with a minimum dividend of 0.45 CNY per share, resulting in a current dividend yield of 6.3% [4].

《2024 年半年度报告》全文详见巨潮资讯 http://www.cninfo.com.cn，《2024 年 半年度报告摘要》（公告编号：2024-028）详见 2024 年 8 月 6 日中国证券报、上海 证券报、证券时报、证券日报及巨潮资讯 http://www.cninfo.com.cn。 二、以 3 票同意、0 票反对、0 票弃权审议通过《关于〈未来三年股东回报规划 （2024-2026）〉的议案》。 为进一步增强股东回报的稳定性、持续性和可预期性，积极回馈广大股东，公司根 据《公司法》、《证券法》、《关于进一步落实上市公司现金分红有关事项的通知》（证监 发[2012]37 号）、《上市公司监管指引第 3 号——上市公司现金分红（2023 年修订）》及 《公司章程》等相关规定，拟定了《广东塔牌集团股份有限公司未来三年股东回报规划 1 证券代码：002233 证券简称：塔牌集团 公告编号：2024-027 广东塔牌集团股份有限公司 第六届监事会第八次会议决议公告 本公司及监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"） ...