TSC(SZ:000877) Changjiang Securities·2025-04-07 08:20Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - The company reported a total revenue of 86.995 billion yuan for 2024, a year-on-year decrease of 18.98%, with a net profit attributable to shareholders of -0.598 billion yuan, down 130.45% year-on-year. In Q4 2024, the revenue was 25.536 billion yuan, a decrease of 5.4% year-on-year, while the net profit attributable to shareholders was 3.149 billion yuan, an increase of 64.52% year-on-year [2][4][10]. Summary by Sections Financial Performance - In 2024, the company sold 19.823 million tons of cement, a decrease of 15.84% year-on-year. The sales of clinker and ready-mixed concrete also saw declines of 3.88% and 1.24%, respectively. Aggregate sales dropped by 8.22% [10]. - The revenue breakdown for 2024 shows that cement sales contributed 55.591 billion yuan (63.9% of total revenue), ready-mixed concrete sales contributed 23.478 billion yuan (26.99%), and aggregate sales contributed 4.756 billion yuan (5.47%) [10]. - The estimated revenue per ton for cement and clinker in 2024 was 247 yuan, down 23 yuan year-on-year, while the cost per ton was 209 yuan, also down 23 yuan year-on-year, resulting in a gross profit of 38 yuan per ton, unchanged year-on-year [10]. Future Outlook - The company anticipates earnings of 1.1 billion yuan and 1.6 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 37 and 26 times [6]. - Despite the pressure on demand, there is an expectation for some price elasticity due to supply constraints and the willingness of leading companies to maintain pricing power [10].