塔牌集团（002233）：2024年年报点评：主业下滑非经损益增厚，看好2025主业利润反弹及红利价值

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6] Core Views - The company's main business has declined, but non-recurring gains have bolstered profits, with expectations for a rebound in 2025 [5][6] - The company reported a revenue of 4.28 billion yuan in 2024, a year-on-year decrease of 22.71%, and a net profit attributable to shareholders of 540 million yuan, down 27.46% [5][6] - The report anticipates a gradual recovery in the cement supply-demand balance in 2025, supported by increased construction activity in the Guangdong region [5][6] Financial Summary - In 2024, the company sold 16.59 million tons of cement and clinker, a decrease of 10.4% year-on-year, with an average price of 236.7 yuan per ton, down 46.3 yuan per ton [5] - The company's environmental disposal business grew significantly, with revenue of 113 million yuan, a year-on-year increase of 100% [5] - Non-recurring gains included investment income of 218 million yuan and fair value changes of 103 million yuan, which helped offset the decline in core business [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 569 million, 601 million, and 687 million yuan, respectively, with growth rates of 5.76%, 5.69%, and 14.18% [6][7] - The company plans to maintain a minimum dividend of 0.45 yuan per share from 2024 to 2026, resulting in a current dividend yield of 6% [5][6]