塔牌集团（002233）：量增本降助力业绩高增，回购+高股息展现投资价值

Investment Rating - The report maintains a rating of "Accumulate" for the company [3] Core Views - The company has shown significant performance improvement due to increased volume and reduced costs, with a notable rise in net profit and cash flow [1][8] - The company plans to repurchase shares to enhance employee stock ownership and demonstrate confidence in future growth, with a total repurchase amount not exceeding RMB 100 million [7] - The company is expected to achieve net profits of RMB 6.8 billion, RMB 7.4 billion, and RMB 8.0 billion for 2025 to 2027, reflecting year-on-year growth rates of 26%, 10%, and 8% respectively [8] Financial Performance Summary - In 2023, the company reported revenue of RMB 5,535 million, with a year-on-year decline of 8.3%, while net profit attributable to shareholders was RMB 742 million, showing a significant increase of 178.5% [1][10] - The company’s gross profit margin reached 24.26% in the first half of 2025, up 0.18 percentage points year-on-year, driven by a decrease in average sales costs [1] - The average selling price of cement decreased by 5.51% year-on-year to approximately RMB 237 per ton, while sales volume increased by 10.90% to 8.11 million tons [1] Market Position and Future Outlook - The company is positioned as a leading cement producer in Eastern Guangdong, with expectations of demand recovery in the second half of the year due to infrastructure projects [8] - The environmental disposal and photovoltaic power generation businesses are anticipated to become new growth points for sustainable development [8]