上峰水泥(000672)：水泥发货强劲盈利修复 分红超预期

Core Viewpoint - The company’s 2024 annual report and Q1 2025 report meet expectations, with strong cement shipment capabilities and rising prices in East China, alongside significant contributions from equity investments and higher-than-expected dividends [1] Financial Performance - In 2024, the company achieved revenue of 5.448 billion, a year-on-year decrease of 14.83%, and a net profit attributable to shareholders of 627 million, down 15.70%. In Q1 2025, revenue reached 951 million, an increase of 4.64% year-on-year, with a net profit of 80 million, up 448% year-on-year, aligning with expectations [2] - The company’s cement and clinker sales for the year totaled 20.75 million tons, a decrease of 3.30% year-on-year, outperforming the industry as the national cement production fell by 9.50% in 2024 [2] Pricing and Profitability - In Q4 2024, the average price of cement and clinker was approximately 250 yuan per ton, an increase of 30 yuan per ton quarter-on-quarter, with a gross profit of about 62 yuan per ton, remaining stable [3] - The company expects continued price increases in East China, with profitability in Q1 2025 anticipated to be higher than the same period last year, showing month-on-month improvement [3] Investment and Dividends - The company has made significant strides in equity investments, focusing on sectors such as semiconductors, new energy, and new materials, with a total investment exceeding 1.7 billion across 24 quality projects [3] - In 2024, the company announced a cash dividend of 600 million, exceeding the previously promised 400 million, resulting in a dividend payout ratio of 96% and a dividend yield of 7.3%, leading the cement industry [3]