塔牌集团：Q3归母净利润提升，高分红凸显投资价值

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.2 CNY, reflecting a price-to-book (PB) ratio of 0.9 for 2024 [4][6]. Core Views - The company's Q3 net profit attributable to shareholders increased by 20.34% year-on-year to 155 million CNY, despite a decline in revenue [1]. - The overall gross margin for the first three quarters was 23.11%, a decrease of 3.48 percentage points year-on-year, while the net profit margin improved to 16.69% in Q3, up 6.15 percentage points year-on-year [3]. - The company has a high dividend payout ratio of 79% for 2023, with a current dividend yield of 6.5%, indicating strong investment value [4]. Financial Performance Summary - For the first three quarters of 2023, the company reported revenues of 293 million CNY and a net profit of 38.1 million CNY, representing year-on-year declines of 28.81% and 37.98%, respectively [1]. - In Q3 alone, the company achieved revenues of 954 million CNY, down 23.39% year-on-year, while net profit rose to 155 million CNY [1][2]. - The company’s cement clinker sales volume for the first three quarters was 11.12 million tons, a decrease of 16% year-on-year, with cement prices down 18% [2]. Price and Cost Dynamics - The average cement price in South China increased by 0.4% year-on-year in Q3, while in East China, it decreased by 0.2% [2]. - The company plans to raise clinker prices by 100 CNY per ton in the Yangtze River Delta region, with expectations for further price increases in other regions [2]. Capital Structure and Cash Flow - The company's asset-liability ratio stood at 9.89% at the end of Q3, reflecting an improvement in capital structure [3]. - Operating cash flow for the first three quarters was 204 million CNY, a decrease of 6.08 million CNY year-on-year, with a cash collection ratio of 110.6% [3].