SHANGFENG CEMENT(000672) 天风证券·2025-04-26 06:43Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][23]. Core Views - The company has shown significant profit growth in Q4, with a year-on-year increase in net profit of 410%, indicating a turning point in performance [1]. - The company is entering a new five-year plan focusing on a "dual-driven" strategy, combining its core cement business with new economic investments [2]. - The company has announced a substantial cash dividend of 600 million yuan for the year, resulting in a dividend yield of approximately 7.46% [4]. Financial Performance Summary - In 2024, the company reported total revenue of 5.448 billion yuan and a net profit of 627 million yuan, reflecting a year-on-year decline of 14.83% and 15.70%, respectively [1][5]. - The company's cement and clinker revenue decreased by 10.8% to 4.764 billion yuan, with sales volume down by 3.3% to 20.75 million tons [2]. - The overall gross margin for 2024 was 26.16%, a decrease of 1.58 percentage points year-on-year [3]. - The company’s cash flow from operations was 1.039 billion yuan in 2024, with a collection ratio of 120.87% [3]. Future Projections - The company has revised its net profit forecasts for 2025 and 2026 to 792 million yuan and 921 million yuan, respectively, with a new projection for 2027 at 1.01 billion yuan [4]. - The report anticipates a revenue growth rate of 3.07% in 2025, following a decline in 2024 [5].