ACC(600585) 中邮证券·2025-03-26 05:30Investment Rating - The investment rating for the company is "Buy" [12] Core Insights - The company reported a significant decline in revenue for 2024, with total revenue of 91.03 billion yuan, down 35.51% year-on-year, and a net profit attributable to shareholders of 7.696 billion yuan, down 26.19% year-on-year. However, Q4 showed signs of recovery with a net profit of 2.498 billion yuan, up 42.27% year-on-year despite a revenue decline of 45.53% [4][5] - The company has strengthened its production scheduling, leading to a notable improvement in profitability in Q4, with a gross margin increase of 15.7 percentage points to 28.2% [5] - The company’s market share in cement production has continued to rise, with self-produced cement sales of 26.8 million tons in 2024, a decrease of 6.1% year-on-year, while the national cement production fell by 9.5% [5] - For 2025, demand is expected to improve slightly, supported by increased infrastructure spending and the issuance of special bonds, which may enhance overall demand for cement [5] - The company plans to maintain a dividend payout ratio of no less than 50% from 2025 to 2027, with a strong cash flow of 18.5 billion yuan in 2024 and planned capital expenditures of 11.98 billion yuan for 2025 [6] - Revenue projections for 2025 and 2026 are 103.7 billion yuan and 105.4 billion yuan, respectively, with expected net profits of 9.378 billion yuan and 9.772 billion yuan, indicating growth rates of 21.9% and 4.2% [6][8] Financial Summary - The company’s total market capitalization is 128.7 billion yuan, with a total share capital of 5.299 billion shares and a circulating share capital of 4 billion shares [3] - The company’s price-to-earnings ratio (P/E) is 12.33, with a debt-to-asset ratio of 19.6% [3] - The projected earnings per share (EPS) for 2025 and 2026 are 1.77 yuan and 1.84 yuan, respectively [8][11]