SHANGFENG CEMENT(000672) 天风证券·2025-04-26 12:23Investment 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 attributable to shareholders 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 to enhance growth [2]. - The company plans to distribute a cash dividend of 600 million yuan for the fiscal year 2024, resulting in a dividend payout ratio of 95.73% and a dividend yield of approximately 7.46% [4]. Summary by Sections Financial Performance - 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. However, Q4 showed a revenue of 1.633 billion yuan and a net profit of 223 million yuan, marking increases of 7.44% and 409.84% year-on-year [1][5]. - The overall gross margin for 2024 was 26.16%, a decrease of 1.58 percentage points from the previous year, while the net profit margin was 10.87%, down by 0.10 percentage points [3]. Business Segments - The 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. The average selling price per ton fell by 19 yuan to 230 yuan [2]. - The company’s new economic investments are beginning to yield returns, with a reported investment income of 166 million yuan from the completed crystal integration project [2]. Future Outlook - The company has set a five-year plan for 2025-2029, aiming to enhance its quality transformation towards new materials and other growth areas, transitioning to a dual-driven model of cement and new economic investments [2]. - The projected net profit for 2025 is estimated at 792 million yuan, reflecting a growth rate of 26.32% compared to 2024 [5].