SHANGFENG CEMENT(SZ:000672) Xin Lang Cai Jing·2025-04-29 02:38Core Viewpoint - The company reported a revenue of 5.45 billion yuan for 2024, a year-on-year decrease of 14.8%, with net profit attributable to shareholders at 630 million yuan, down 15.7% [1] Group 1: Financial Performance - The company achieved a revenue of 950 million yuan in Q1 2025, up 4.6% year-on-year, and a net profit of 80 million yuan, up 447.6% year-on-year [1] - The sales volume of cement clinker in 2024 was 20.75 million tons, a decrease of 3.3%, which was better than the national average decline of 9.5% [2] - The average price per ton of cement clinker was 230 yuan, down 19 yuan year-on-year, with a gross profit per ton of 55 yuan, down 5 yuan [2] Group 2: Cost Management and Profitability - The company maintained a gross margin of 26.2% in 2024, a decrease of 1.6 percentage points year-on-year, but the gross margin for Q1 2025 improved to 27.4%, an increase of 1.2 percentage points from the previous year [2][3] - The company has been actively reducing costs and increasing efficiency, leading to a significant decrease in fuel and other costs [2] Group 3: Balance Sheet and Future Planning - As of the end of 2024, the company had cash and financial assets totaling 2.67 billion yuan and a debt-to-asset ratio of 45.1%, down 1.44 percentage points year-on-year [4] - The new five-year plan aims for production capacity increases in cement, clinker, and aggregates by 2029, with targets of 30 million, 20 million, and 40 million tons respectively [4] - The company plans to maintain a dividend payout ratio of no less than 35% or 400 million yuan annually from 2024 to 2026, with a current dividend yield of 7.5% [4] Group 4: Profit Forecast and Valuation - The company has revised its profit forecasts for 2025-2027, expecting net profits of 740 million, 790 million, and 850 million yuan respectively, reflecting increases of 16.8% and 16.5% compared to previous estimates [5] - The target price for the company has been raised by 23% to 10.31 yuan, based on a price-to-book ratio of 1.1 times for 2025 [5]