Investment Rating - The report maintains an "Accumulate" rating for the company [16]. Core Views - The company has demonstrated strong performance despite industry challenges, with a high dividend payout ratio and a valuation at historical lows, indicating significant long-term investment value [2][16]. - In 2023, the company achieved a revenue of 5.53 billion yuan, a year-on-year decrease of 8.3%, while the net profit attributable to shareholders reached 742 million yuan, reflecting a substantial increase of 178.5% [4][16]. - The company has maintained a competitive edge through advanced production processes, efficient operations, and leading cost control, allowing it to sustain profitability even during industry downturns [2][16]. Summary by Sections Financial Performance - In 2023, the company's revenue was 5.53 billion yuan, down 8.3% year-on-year, while the net profit attributable to shareholders was 742 million yuan, up 178.5% year-on-year [4][16]. - The gross profit margin for 2023 was 26.3%, an increase of 9.3 percentage points year-on-year, and the net profit margin was 13.5% [7][10]. - The company reported a cash flow from operating activities of 1.19 billion yuan in 2023 [26]. Cost and Profitability - The average selling price of cement in 2023 was 284 yuan per ton, a decrease of 15.4 yuan year-on-year, while the cost per ton was 208.5 yuan, down 40.9 yuan year-on-year [16][22]. - The company achieved a gross profit of 75.5 yuan per ton in 2023, an increase of 25.6 yuan year-on-year [7][22]. Market Position and Strategy - The company has focused on enhancing its market share through strategic marketing efforts, despite a challenging demand environment in the Guangdong region [16]. - The company plans to continue optimizing its cost structure and improving operational efficiency to enhance profitability [16][18]. Future Outlook - The forecast for net profit attributable to shareholders for 2024-2026 is 650 million, 710 million, and 780 million yuan, respectively, with corresponding P/E ratios of 14.1, 12.8, and 11.8 [18].

Investment Rating - The report maintains a "Buy" rating for the company [7][17] - The target price is set at 11.20, with the last rating also being "Buy" [7] Core Insights - The company has significantly exceeded expectations in dividend payout and has shown a substantial recovery in profitability [7] - The annual report for 2023 indicates a revenue of 55.35 billion, a decrease of 8.3% year-on-year, while the net profit attributable to shareholders is 7.42 billion, reflecting a year-on-year increase of 178.6% [7] - The company has announced a second round of employee stock ownership plans, demonstrating confidence in management and enhancing long-term investment value [7] - The cement production and sales remain resilient, with annual sales of approximately 18.52 million tons, showing a slight year-on-year decline [7] Financial Summary - The company reported a significant increase in non-recurring gains, contributing positively to profit growth, with non-recurring gains amounting to approximately 1.02 billion, a substantial increase from the previous year [7] - The financial forecast indicates a projected EPS of 0.66, 0.74, and 0.82 for 2024, 2025, and 2026 respectively, with a maintained target price of 11.20 [7] - The dividend payout ratio is expected to reach 80%, significantly higher than the historical range of 30-50% [7] Market Performance - The stock has shown a price range of 6.54 to 8.90 over the past year, with a current market capitalization of 8,811 million [7][9] - The company’s operating profit margin is projected to improve from 14.5% in 2023 to 18.3% in 2024 [7]

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：2024-001 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观  其他 （电话会议） 国泰君安、海富通基金管理有限公司、申万宏源证券资产管理有限公司、淡 水泉（北京）投资管理有限公司、招银理财有限责任公司、广东正圆私募基 金管理有限公司、中信建投基金管理有限公司、光大保德信基金管理有限公 司、上海睿郡资产管理有限公司、中意资产管理有限责任公司、中信证券股 份有限公司、PRUDENCE INVESTMENT MANAGEMENT (HONG KONG) LIMITED、长城财富保险资产管理股份有限公司、永赢基金管理有限公司、 华夏基金管理有限公司、上海鹤禧私募基金管理有限公司、HD CAPITAL 参与单位名 LIMITED、博时基金管理有限公司、上海通怡投资管理有限公司、太平洋资 称及人员姓 产管理有限责任公司、国泰证券投资信托股份有限公司、国金证券股份有限 ...

公司报告 | 年报点评报告 降本增效推动净利润逆势增长，分红率维持高水平 公司 23 年归母净利润 7.42 亿元，同比增加 178.55% 公司发布 23 年年报，全年实现收入/归母净利润 55.35/7.42 亿元，同比分 别-8.29%/+178.55%，利润大幅提升主要受证券投资浮亏减少影响（23 年非 经常性损益同比增加 1.55 亿元）。公司实现扣非归母净利润 6.4 亿元，同 比增加 100.56%。其中 Q4 单季度实现收入 14.19 亿元，同比下降 26.23%， 归母净利 1.27 亿元，同比下降 21.6%。 23 年公司整体毛利率为 26.28%，同比提升 9.28pct，其中 Q4 单季度毛利率 25.4%，同比提升 6.6pct，环比提升 1.9pct，23 年期间费用率 8.76%，同比 +1.1pct ， 其 中 销 售 / 管 理 / 研 发 / 财 务 费 用 率 同 比 分 别 +0.22/+1/+0.13/-0.24pct，销售费用率提升主要系外购水泥包装袋费用增加 所致。最终全年实现归母净利率 13.4%，同比提升 8.99pct，盈利水平逆势 增长。期末资产负债率 ...

Financial Performance - The company achieved operating revenue of CNY 5.53 billion, a decrease of 8.29% compared to the previous year[72]. - The net profit attributable to shareholders of the listed company was CNY 741.51 million, an increase of 178.55% year-on-year[72]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 639.63 million, up 100.56% year-on-year[72]. - The net cash flow from operating activities was CNY 1.19 billion, an increase of 123.33% compared to the previous year[72]. - The company reported a non-recurring profit of 101.88 million yuan in 2023, compared to a loss of 52.72 million yuan in 2022[55]. - The total operating revenue for 2023 was CNY 5,534,621,232.57, a decrease of 8.29% compared to CNY 6,034,982,147.47 in 2022[140]. - Cement operating revenue decreased by 8.42% due to a 3.46% drop in sales volume and a 5.14% decline in sales prices[143]. - The gross margin for cement sales increased by 9.9 percentage points, attributed to a 16.41% reduction in sales costs outpacing the 5.14% decrease in sales prices[143]. - The company reported a significant loss of 32.85 million yuan from fair value changes in financial assets in 2023, compared to a loss of 207.69 million yuan in 2022[55]. - The company reported a net loss of ¥30,566,709.60 from investment income and fair value changes, which accounted for 17.34% of total profit[185]. Production and Sales - Cement production in 2023 was 17.62 million tons, a decrease of 4.48% year-on-year[86]. - Cement sales reached 17.63 million tons, down 3.46% from the previous year[86]. - In 2023, the company achieved cement sales of 17.63 million tons, a decrease of 3.46% year-on-year, while clinker sales remained stable at 0.888 million tons[112]. - The company plans to achieve a cement (including clinker) production and sales target of over 17.5 million tons in 2024, expecting to maintain a capacity utilization rate above 80%[127]. - The company operates three major cement production bases in Meizhou, Huizhou, and Longyan, with an annual production capacity of 22 million tons[100]. - The company's clinker production capacity was 14.73 million tons, ranking 16th in China, with a total cement production capacity of 22 million tons[121][134]. - The company maintained a weighted average return on equity of 6.39%, an increase of 4.07 percentage points year-on-year[72]. - The company has established over 2,000 sales outlets and developed a robust e-commerce platform to enhance sales channels and customer interaction[137]. Market Conditions - In 2023, the total cement production in Guangdong Province was 120 million tons, a year-on-year decrease of 8.07%, while the total consumption was 147 million tons, down 7.51%[13]. - Over 50% of companies in the Guangdong cement industry reported losses due to supply-demand imbalance and low cement prices[13]. - The cement market in Guangdong experienced a decline in demand due to a 10% drop in real estate development investment, impacting the company's market performance[114]. - The overall profit of the cement industry in 2023 was approximately 32 billion yuan, a year-on-year decline of about 50%, marking the lowest profit level in 16 years[112]. - The company is facing challenges from the real estate sector's downturn, leading to weakened cement demand and a shift in seasonal sales patterns[19]. Environmental Initiatives - The company's environmental disposal revenue reached RMB 56.38 million, a year-on-year increase of 82.83%[6]. - The company aims to form new sustainable growth points through the expansion of its environmental business[6]. - The company is committed to complying with national regulations regarding greenhouse gas emissions reporting for cement production[18]. - The company is committed to achieving green and low-carbon development in response to industry challenges[58]. - The company has implemented various measures to reduce emissions and energy consumption, including ultra-low emission upgrades and energy-saving projects[91]. - The company is actively expanding its clean energy initiatives, including the implementation of distributed photovoltaic projects and new energy storage projects[99]. Cost Management and Efficiency - The company plans to enhance cost control and operational efficiency, focusing on reducing costs and optimizing personnel to improve competitiveness[61]. - The company's average sales cost of cement decreased by 16.41% year-on-year, benefiting from a 25.12% drop in coal procurement prices[83]. - The company's gross profit margin improved by 9.28 percentage points year-on-year due to the decrease in average sales cost being greater than the decline in average sales price[83]. - The company has implemented a flexible compensation system to further reduce costs and improve operational efficiency[61]. - The company's raw material costs decreased by 24.85% to CNY 825,170,144.19, accounting for 20.22% of total operating costs[150]. - Fuel and power costs also fell by 20.41% to CNY 2,403,044,289.89, representing 58.89% of total operating costs[150]. Research and Development - The company invested ¥23,544,743.05 in R&D, which is 0.43% of total revenue, marking a 28.23% increase from the previous year[181]. - The company is currently developing several technologies, including a smart denitrification technology aimed at reducing nitrogen oxide emissions, which is expected to enhance energy efficiency and cost optimization[197]. - The company has completed the development of an efficient energy recovery process for aluminum ash, which is anticipated to improve resource utilization and competitiveness[197]. - The company emphasizes technological innovation and has established partnerships with universities to enhance production technology and maintain industry competitiveness[163]. Strategic Planning - The company plans to accelerate the construction of solid waste disposal projects to expand disposal scale and increase revenue from the environmental industry[6]. - The company is actively adjusting its business strategy to focus on economic benefits while ensuring safety, quality, and environmental protection[61]. - The company is recognized as one of the 60 large cement enterprises supported by national industrial policy, enhancing its competitive position in the market[136]. - The company is investing in new technologies and products as outlined in the Ministry of Industry and Information Technology's 2023 catalog, which includes 20 items related to cement manufacturing[65].

广东塔牌集团股份有限公司 2023 年度 非经营性资金占用及其他关联资金往来的 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 1 | XYZH/2024SZAA5F0002 广东塔牌集团股份有限公司 广东塔牌集团股份有限公司全体股东: 我们按照中国注册会计师审计准则审计了广东塔牌集团股份有限公司(以下简称塔 牌集团)2023年度财务报表,包括 2023年12月 31日的合并及母公司资产负债表、2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表 以及财务报表附注,并于 2024年 3 月 14 日出具了 XYZH/2024SZAA5B0063 号标准无保留 意见的审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号 -- 上市公司资金往来、 对外担保的监管要求》(证监会公告[2022]26 号),以及深圳证券交易所相关披露的要求, 塔牌集团编制了本专项说明所附的塔牌集团 2023 年度非经营性资金占用及其他关联资 金往来情况汇总表(以下简称汇总表)。编制和对外披露 ...

证券代码：002233 证券简称：塔牌集团 公告编号：2024-004 广东塔牌集团股份有限公司 第六届监事会第六次会议决议公告 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。 一、监事会会议召开情况 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《监事会议事规 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 3 月 4 日以邮 件、信息、专人送达等方式向全体监事发出了《关于召开第六届监事会第六次会议的通知》。 2024 年 3 月 14 日，公司在公司总部办公楼四楼会议室以现场会议方式召开了第六届监事会 第六次会议。会议由监事会主席李斌先生主持。本次会议应到监事 3 人，实到监事 3 人。公司 董事会秘书、证券事务代表列席了本次会议，会议的召集召开与表决程序符合法律、行政法规、 部门规章、规范性文件及《公司章程》的规定。 二、监事会会议审议情况 （一）以 3 票同意、0 票反对、0 票弃权审议通过《2023 年度监事会工作报告》。 《2023 年度监事会工作报告》详见巨潮资讯（http://www.cnin ...

广东塔牌集团股份有限公司董事会 关于公司 2023 年度证券投资情况的专项说明 根据深圳证券交易所相关规定，广东塔牌集团股份有限公司（以下简称"公司"）董事 会对2023年度证券投资情况进行了认真核查，现将有关情况说明如下： 一、证券投资的基本情况 （一）证券投资目的：提升公司资金使用效率及资金收益水平，增强公司盈利能力。 （二）证券投资金额：使用最高额度不超过（含）人民币 12 亿元进行证券投资。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）不得超过证券投资额度。 （三）证券投资范围：新股配售或者申购、股票及存托凭证投资、债券投资以及深圳证券 交易所认定的其他投资行为。 三、证券投资内控制度执行情况 为规范公司证券投资行为及相关信息披露工作，有效控制风险，提高投资收益，维护公 司及股东利益，依据法律法规及《公司章程》相关规定，结合实际情况，公司专门制订了 《风险投资管理制度》，对风险投资的原则、决策和管理、信息披露等方面均作了详细规 定，能有效防范投资风险。 （一）投资原则 1、公司的风险投资应遵守国家法律、法规、规范性文件等相关规定； 2、公司的风险投资应 ...

广东塔牌集团股份有限公司 2023 年度 内部控制审计报告 索 引 页 码 内部 控 制审 计 报告 1-2 9/F Block A Fu Hua Mansir No 8 Chaovangmen Beida nachena District. I 内部控制审计报告 XYZH/2024SZAA5B0064 广东塔牌集团股份有限公司 广东塔牌集团股份有限公司全体股东: 信永中和会计师事务所| 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 房 群系由活 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了广东塔牌集团股份有限公司(以下简称塔牌集团)2023年 12月 31 日财务报告内部控 制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是塔牌集团董事会的 责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意 见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性 ...

广东塔牌集团股份有限公司 董事会议事规则 广东塔牌集团股份有限公司 董事会议事规则 二零二四年三月修订 | | | | 第一章 总 则 2 | | --- | | 第二章 董事会的职权 4 | | 第三章 定期会议和临时会议 6 | | 第四章 董事会会议的召集、主持和通知 8 | | 第五章 董事会会议的召开和出席 9 | | 第六章 董事会议事和表决程序 11 | | 第七章 董事会会议决议和会议记录 12 | | 第八章 附 则 15 | 广东塔牌集团股份有限公司 董事会议事规则 第一章 总 则 第一条 宗旨 为了进一步规范广东塔牌集团股份有限公司（以下简称"公司"）董事会的 议事方式和决策程序，促使董事和董事会有效地履行职责，提高董事会规范运作 和科学决策水平，充分发挥董事会的经营决策中心作用，根据《中华人民共和国 公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》） 和《广东塔牌集团股份有限公司章程》（以下简称《公司章程》）及其他有关法律 法规规定，制定本规则。 第二条 地位 公司设董事会，是公司的经营决策中心，董事会受股东大会的委托，负责经 营和管理公司的法人财产，对股东 ...