塔牌集团（002233）：上半年业绩大增，盈利能力提升

Investment Rating - The report maintains an "Accumulate" rating for the company, Tower Group (002233) [2][6]. Core Insights - The company reported significant growth in the first half of 2025, with operating revenue reaching 2.056 billion yuan, a year-on-year increase of 4.05%. Net profit attributable to shareholders was 435 million yuan, up 92.47% year-on-year [6]. - The increase in profitability is attributed to the decline in coal prices and the company's cost reduction and efficiency improvement measures. Investment income also saw a substantial increase, along with gains from the disposal of shut-down enterprises [6]. - The company is positioned as a leading cement producer in the Guangdong East region, benefiting from regional construction and development [6][8]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit of 440 million yuan, a year-on-year growth of 87.46%. The net profit attributable to shareholders was 435 million yuan, reflecting a 92.47% increase. The non-recurring net profit was 242 million yuan, up 31.73% [6]. - The average sales cost of cement decreased by 6.88%, which was greater than the 5.51% decline in cement prices, leading to improved profitability in the cement business. The overall gross margin was 24.26%, an increase of 0.18 percentage points year-on-year, while the net profit margin rose significantly by 9.52 percentage points to 21.4% [6]. Market Position and Strategy - Tower Group is a competitive leader in the cement market in the Guangdong East region, with a clinker capacity of 14.73 million tons and a cement capacity of 20 million tons. The company benefits from its proximity to key markets and ongoing regional development projects [6][8]. - The company announced a share buyback plan of up to 100 million yuan to enhance shareholder value and boost investor confidence. The buyback is expected to account for 0.42%-0.84% of the total share capital [6]. Future Outlook - The report anticipates continued high growth for the company in 2025, supported by ongoing infrastructure investments and a recovering industry environment. The expected earnings per share (EPS) for 2025 and 2026 are projected to be 0.54 yuan and 0.55 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.3 and 15.1 [8][9].