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].

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） | | | | | ...

广东塔牌集团股份有限公司 2024 年第三季度报告 □是 否 证券代码：002233 证券简称：塔牌集团 公告编号：2024-034 广东塔牌集团股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------------------|-------------------------|--------------------------|---- ...