SHANGFENG CEMENT(000672) 证券时报网·2025-04-25 01:37Core Viewpoint - The company has demonstrated significant growth in net profit over the last two quarters, driven by strategic initiatives and a focus on cost reduction, despite a decline in overall revenue and profit in the previous fiscal year [1][4]. Financial Performance - In 2024, the company reported revenue of 5.448 billion yuan, a decrease of 14.83% year-on-year, and a net profit of 627 million yuan, down 15.7% year-on-year [1]. - For Q1 2025, the company achieved revenue of 951 million yuan, an increase of 4.64% year-on-year, and a net profit of approximately 80 million yuan, up 447.61% year-on-year [1]. - The operating cash flow for Q1 2025 was 84.28 million yuan, reflecting a growth of 686.27% year-on-year [1]. - The company’s gross margin was 26.16%, and return on equity was 7.09%, maintaining a leading position in the industry [1][4]. Dividend Policy - The company announced a dividend plan with a high yield of 7.54%, distributing 6.3 yuan per 10 shares, totaling 600 million yuan, which represents 95.73% of the annual net profit attributable to shareholders [3]. - A long-term dividend plan was proposed, ensuring annual cash dividends of at least 35% of the net profit attributable to shareholders from 2024 to 2026, with a minimum cash dividend of 400 million yuan each year [3]. Industry Position - The company is recognized as a leading player in the cement industry, ranking third in net profit among 12 listed companies and first in gross margin [4]. - It is part of the top 100 global building materials companies and ranks sixth in comprehensive strength among Chinese cement listed companies [4]. Strategic Initiatives - The company has introduced a dual-driven growth strategy focusing on upgrading its core building materials business and investing in new productive capacities [5]. - The strategy includes a materials industry chain and a new productive capacity investment chain, aiming to balance traditional and emerging industries [5]. - The company is expanding into new business areas such as environmental services, renewable energy, and smart logistics, while gradually exiting the real estate sector [6]. - Investments in strategic emerging industries like semiconductors and new materials are being pursued, with over twenty investments in quality enterprises across the semiconductor value chain [6].