SHANGFENG CEMENT(000672) 证券日报·2025-04-24 23:17Core Viewpoint - The company has developed a valuation enhancement plan for 2025 to improve its overall value and investment valuation, aiming for sustainable growth and high-quality development in response to market conditions and internal strategies [4][14]. Group 1: Triggering Conditions and Procedures - The company has been required to formulate a valuation enhancement plan due to its stock price being below the audited net asset value per share for 12 consecutive months [2]. - The board of directors approved the 2025 valuation enhancement plan on April 23, 2025 [3]. Group 2: 2025 Valuation Enhancement Plan - The plan aims to clarify strategic paths for growth, transitioning from a "dual-wheel" to a "three-horse" model, focusing on core business, new economic investments, and second growth curve businesses [4][5]. - The company has maintained resilient growth in its main product capacity and revenue, with cumulative tax payments of approximately 5.1 billion yuan and cash dividends of 2.65 billion yuan, achieving an average annual dividend rate exceeding 40% [4]. Group 3: Business Quality Improvement and Innovation - The company has established a high-efficiency operational mechanism in the cement and building materials industry, maintaining competitive advantages even during downturns [6][7]. - The focus will be on enhancing quality and efficiency through smart, ecological, and high-end upgrades, while also improving product structure and resource allocation [7]. Group 4: Capital Integration and Second Growth Curve - The company has invested over 1.7 billion yuan in equity investments, particularly in semiconductors, new energy, and new materials, achieving significant returns [8]. - The five-year plan outlines a framework for developing new business directions, including silicon-based and carbon-based materials, and emphasizes the integration of industry and capital resources [8]. Group 5: Governance and Incentive Mechanisms - The company will enhance its governance structure and internal control systems, ensuring compliance with regulations and improving management capabilities [9]. - An employee stock ownership plan has been implemented to align management incentives with company valuation [9]. Group 6: Shareholder Returns and Social Responsibility - The company has distributed approximately 3.819 billion yuan in dividends since its restructuring, with a new dividend plan proposing a minimum of 35% of net profit for cash dividends from 2024 to 2026 [10]. - The company aims to enhance its social responsibility through annual ESG reports and by optimizing its dividend strategy to increase shareholder satisfaction [11]. Group 7: Communication and Transparency - The company plans to strengthen investor relations by proactively disclosing operational and strategic information, ensuring fair treatment of all shareholders [12]. - Regular communication activities will be organized to engage with investors and analysts, enhancing confidence in the company's performance [12]. Group 8: Evaluation of the Valuation Enhancement Plan - The company will assess the implementation of the valuation enhancement plan annually, especially if it remains in a long-term undervalued situation [13].