塔牌集团（002233）：上半年业绩同比高增，分红+回购彰显信心

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.12 CNY, reflecting a potential upside from the current price of 8.38 CNY [6][4]. Core Views - The company achieved a significant year-on-year increase in net profit of 92.5%, reaching 440 million CNY in the first half of the year, alongside a revenue growth of 4.1% to 2.06 billion CNY [1]. - The company is actively engaging in share buybacks and has committed to a high cash dividend policy, promising to distribute at least 70% of its net profit to shareholders from 2024 to 2026, which enhances its investment appeal [4]. - The company has shown resilience in a challenging market, with a notable increase in sales volume and a decrease in production costs, leading to a slight increase in gross profit margin [2][3]. Financial Performance - In the first half of 2025, the company reported a gross profit margin of 24.3%, a slight increase of 0.2 percentage points year-on-year, with a net profit margin of 11.8%, up by 2.5 percentage points [3]. - The company’s sales volume of cement and clinker reached 8.11 million tons, a 10.9% increase year-on-year, with a significant quarterly growth of 19% in Q2 [2]. - The company’s non-operating income increased by 151 million CNY, contributing to a strong cash position with net cash amounting to 4.72 billion CNY, representing 47% of its total market value [3]. Market Conditions - The construction investment in Guangdong increased by 2.1%, while real estate investment saw a decline of 16.3%, indicating mixed market conditions that may affect demand [2]. - The company has benefited from a decrease in coal prices, which has helped lower production costs, with the average cost per ton of cement at 181 CNY, down 13.3% year-on-year [2].