【私募调研记录】华安合鑫调研塔牌集团

Group 1 - The core viewpoint of the news is that Tower Group is expected to achieve a counter-cyclical growth in "cement + clinker" sales in Q1 2025, primarily due to reduced rainfall in its market region, which minimally affected construction activities [1] - The company anticipates better sales performance in Q2 2025 compared to the same period last year, with a production line plan that includes 95 days of kiln shutdowns throughout Guangdong province, an increase of 15 days from 2024 [1] - Tower Group's operational goal for 2025 is to produce and sell over 16.3 million tons of cement, with no plans for additional production capacity aside from capacity replacement [1] - A decrease in coal prices is expected to lower cement production costs, with a fluctuation of 100 yuan/ton impacting costs by approximately 10 yuan/ton, effects to be realized within 2-3 months [1] - The company is open to expanding its cement business through mergers and acquisitions, focusing on market supply and demand, resource endowment, and transaction prices [1] - Tower Group aims to enhance efficiency and reduce costs while seeking quality investment projects, with a projected capital expenditure of less than 400 million yuan for 2025, primarily for production line upgrades, solid waste disposal, and photovoltaic projects [1] - Policy changes are expected to reduce production capacity, optimize supply-demand dynamics, and enhance industry concentration, benefiting price recovery and profitability stability [1]