塔牌集团：业绩阶段性承压，高分红凸显投资价值

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][9]. Core Views - The company's performance is under pressure due to declining demand and adverse weather conditions, with a significant drop in revenue and net profit in Q2 2024 [1][4]. - The company is actively pursuing environmental and renewable energy projects to create a second growth curve, which includes solid waste disposal and distributed photovoltaic power generation [1][8]. - Despite the current challenges, there is potential for price recovery and improved profitability in the second half of the year, supported by a high dividend yield [1][9]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.976 billion yuan, down 31.17% year-on-year, and a net profit of 226 million yuan, down 53.43% year-on-year [1][4]. - Q2 2024 saw revenue of 983 million yuan, a decrease of 36.89% year-on-year, and a net profit of 77 million yuan, down 69.41% year-on-year [1][4]. - Cement sales volume in H1 2024 was 6.9527 million tons, down 15.2% year-on-year, with Q2 sales at 3.4988 million tons, down 21.96% year-on-year [1][4]. Cost and Profitability - The average revenue per ton of cement was 250.98 yuan, with costs at 194.17 yuan and gross profit at 56.81 yuan, reflecting year-on-year declines of 20.9%, 14.7%, and 36.7% respectively [1][4]. - The comprehensive gross margin for Q2 was 23.6%, down 8.2 percentage points year-on-year [1][4]. Future Outlook - The company plans to increase its shareholder return with a cash dividend policy of at least 0.45 yuan per share, corresponding to a dividend yield of over 6.0% [1][9]. - Earnings per share forecasts for 2024 and 2025 have been adjusted to 0.49 and 0.57 yuan respectively, with a new forecast for 2026 at 0.65 yuan [1][9].