Investment Rating - The report maintains a "Buy" rating for Tianshan Cement (000877) with a target price of 8.82 CNY, down from the previous forecast of 10.51 CNY [1][2]. Core Insights - The cement sales remain weak, but cost reduction and efficiency improvements have led to a recovery in profitability. The company reported a 19% year-on-year decline in revenue for 2023, with a net profit attributable to shareholders of 5.85 billion CNY, down 78.37% year-on-year, which aligns with market expectations [1][2]. - The company faced increased competition in the cement market, leading to a downward adjustment of the EPS forecast for 2024-2025 to 0.20 CNY and 0.23 CNY respectively [1][2]. - The report highlights that the company, as an industry leader, sacrificed some sales to maintain supply-demand balance in various regions [1][2]. Financial Summary - In 2023, Tianshan Cement achieved a cement sales volume of approximately 26 million tons, a year-on-year decrease of 3%, which is less than the industry average decline of 7% [1][2]. - The average selling price for Q4 was estimated at 245 CNY per ton, with a gross profit of 44 CNY per ton, showing a quarter-on-quarter improvement [1][2]. - The financial forecast indicates a revenue of 107.38 billion CNY for 2023, with projected revenues of 115.1 billion CNY and 118.3 billion CNY for 2024 and 2025 respectively [2][3]. Valuation Metrics - The report provides a comparison of valuation metrics with peer companies, indicating Tianshan Cement's PB ratio at 0.7263 and EPS for 2023 at 0.13 CNY, with an expected increase to 0.29 CNY in 2024 [5][6]. - The report also notes a significant decline in profitability metrics, with a net profit margin of 1.8% in 2023, down from 5.6% in 2022 [2][3].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨天山股份（ ） 000877.SZ [Table_Title] 水泥板块盈利或筑底，关注骨料业务成长性 报告要点 [公Ta司bl披e_露Su2m0m23ar年y]报：实现营业收入1073.8亿元，同比下降19.01%；归属净利润19.65亿元， 同比下降56.74%。 ...

公 司 研 证券研究报告 究 ＃industryId＃ 其他建材 ＃investSuggestion＃ ＃ ＃d 天yCo 山mp 股any＃份 （ 0 00877） investSug ＃title＃ 增持 ( 维ges持tion ）Ch 000009 水泥业务承压，骨料业务有所增长 ange＃ ＃ createTime1＃ 2024年 03月 27日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum公ma司ry＃披 露2023年报：全年实现营收1073.80亿元，较上年同比-19.01%, 司 主要系市场需求偏弱，产品销售价格大幅下降所致；实现归母净利润 市场数据日期 2024-03-26 19.65亿元，较上年同比-56.74%；其中，Q4实现营收269.93亿元，较上 点 收盘价（元） 6.98 年同比-20.48%，归母净利润19.14亿元，较上年同比+301.08%。 评 总股本（百万股） 8663.42 ⚫ 吨指标分析：2023年公司水泥及熟料吨均价270元，同比下降58元，需 报 流通股本（百万股） 1822.14 求不振导致水泥价格下降；吨成本 231 元，同比下降 50 元； ...

Financial Performance - The company's operating revenue for 2023 was ¥107.38 billion, a decrease of 19.01% compared to ¥132.58 billion in 2022[11]. - The net profit attributable to shareholders for 2023 was ¥1.97 billion, down 56.74% from ¥4.54 billion in 2022[11]. - The net profit after deducting non-recurring gains and losses was ¥584.97 million, a decline of 78.37% from ¥2.70 billion in 2022[11]. - Basic earnings per share for 2023 were ¥0.2268, a decrease of 56.87% compared to ¥0.5259 in 2022[12]. - The total assets at the end of 2023 were ¥294.72 billion, an increase of 2.04% from ¥288.84 billion at the end of 2022[12]. - The net assets attributable to shareholders at the end of 2023 were ¥84.15 billion, up 2.86% from ¥81.81 billion at the end of 2022[12]. - The company reported a net cash flow from operating activities of ¥16.95 billion, an increase of 11.14% from ¥15.25 billion in 2022[11]. - The company recorded a loss of ¥1.23 billion in the first quarter of 2023, followed by a profit of ¥1.37 billion in the second quarter[13]. - The company’s total revenue for the cement and related products segment was approximately ¥104.65 billion, a decrease of 18.88% compared to the previous year[43]. - The gross profit margin for the cement and related products segment was 15.68%, showing no change from the previous year[43]. Dividend Policy - The company plans to distribute a cash dividend of 1.14 CNY per 10 shares based on a total of 8,663,422,814 shares, with no bonus shares issued[2]. - The company declared a cash dividend of 987,630,200.80 CNY, which represents 50.26% of the audited net profit attributable to shareholders of the parent company for 2023[137]. - The net profit attributable to shareholders of the parent company for 2023 was 1,965,141,228.79 CNY, with a total distributable profit of 5,482,416,369.11 CNY[137]. - The company plans to distribute cash dividends of no less than 50% of the audited net profit attributable to shareholders of the parent company for each year from 2022 to 2024, contingent on profitability and no major cash expenditures[137]. Market and Industry Trends - In 2023, China's GDP reached 126.06 trillion yuan, growing by 5.2% year-on-year[16]. - National cement production in 2023 was 2.023 billion tons, a decrease of 0.9% compared to the previous year, marking the lowest level since 2011[16]. - The real estate sector's investment in 2023 was 1.109 trillion yuan, down 9.6% year-on-year, significantly impacting cement demand[16]. - The demand for ready-mixed concrete in 2023 decreased by 5.5% year-on-year due to pressures from the real estate sector[19]. - The cement industry is facing intensified competition, high raw material costs, and increased environmental regulations, leading to significant profit shrinkage[16]. Corporate Governance - The company emphasizes the importance of risk awareness regarding its future plans and forecasts, as outlined in the management discussion section[2]. - The company maintains a strong commitment to corporate governance and social responsibility as part of its operational strategy[5]. - The company has established a robust corporate governance structure, ensuring compliance with relevant laws and regulations[85]. - The company held five shareholder meetings during the reporting period, ensuring transparency and compliance in decision-making processes[86]. - The board of directors consists of 9 members, including 3 independent directors and 1 employee director, complying with legal requirements[88]. Environmental Compliance - The company has implemented a comprehensive environmental management system to support its ecological protection efforts[149]. - The company reported a total pollutant emission of 0.528 tons for Qingzhou Zhonglian Cement Co., Ltd. with a concentration of less than 10 mg/m³, meeting the emission standard of 10 mg/m³[152]. - The company achieved a nitrogen oxide emission of 325.66 tons from Qingzhou Zhonglian Cement Co., Ltd., with a concentration of 53.9 mg/m³, surpassing the emission standard of 100 mg/m³[152]. - The company is committed to continuous improvement in its environmental protection practices and compliance with industry standards[149]. - The company is actively monitoring and managing emissions from its production processes, with detailed reporting on organized emissions across multiple plants[153]. Strategic Initiatives - The company is focused on expanding its market presence and enhancing production capabilities in various regions, including East, Central, North, and West China, as well as overseas markets[5]. - The company is committed to developing new products and technologies to enhance its competitive edge in the cement industry[5]. - The company is actively exploring digital transformation and smart factory initiatives to improve operational efficiency[25]. - The company plans to enhance its product offerings by focusing on high-end cement and special cement applications[25]. - The company is focusing on supply-side structural reforms and aims to enhance industry concentration while pursuing green, low-carbon, and high-quality development in the cement industry[72]. Leadership Changes - The company reported a significant leadership change with the appointment of Zhao Xinjun as President on March 20, 2023, after the resignation of former President Xiao Jiaxiang due to work adjustments[97]. - The company experienced a change in its board with the resignation of Chairman Chang Zhangli on August 22, 2023, due to work adjustments, and the election of Liu Yan as the new Chairman[99]. - The company has seen a total of 2,000 shares issued to the Secretary of the Board, Li Xueqin, reflecting ongoing corporate governance practices[96]. - The company is actively expanding its executive team, with several new appointments including He Xiaolong and Jiang Dehong as Vice Presidents in June 2023[99]. Research and Development - Research and development expenses increased by 24.75% to approximately ¥2.38 billion, with R&D personnel rising by 6.43% to 9,481[49][50]. - The company is focusing on high-quality development through digital transformation and smart manufacturing initiatives[40]. - The company aims to reduce production costs by 5% through operational efficiencies in the next year[106]. - The company plans to allocate 500 million CNY for research and development in innovative cement products[115]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[106]. - The company plans to enhance its marketing strategies and optimize customer structure to improve profitability amidst a challenging macroeconomic landscape[78]. - The company aims to achieve a 20% reduction in overall emissions by 2025 as part of its sustainability goals[159]. - The company is optimistic about future growth prospects, supported by ongoing investments in technology and market expansion initiatives[154].

证券代码：000877 证券简称：天山股份 公告编号：2023-072 新疆天山水泥股份有限公司 关于对外投资暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载，误导性陈述或重大遗漏。 一、关联交易概述 1、为加快国际化发展步伐，新疆天山水泥股份有限公司（简称 "天山股份"或"公司"）及中国中材国际工程股份有限公司（简称： "中材国际"）拟向公司全资子公司中材水泥有限责任公司（简称"中 材水泥"）以现金方式增资共计 823,239.39 万元；其中公司增资 414,672.00 万元，中材国际增资 408,567.39 万元（其中 400,000 万 元计入注册资本，其余计入资本公积）。本次增资完成后，中材水泥 注册资本将由 185,328 万元增加至 1,000,000 万元，公司持有中材水 泥 60%股权，中材国际持有中材水泥 40%股权，本次交易不涉及中材 水泥控制权的变更。 2、董事会审议情况：2023 年 12 月 4 日公司召开第八届董事会 第二十八次会议以 3 票同意、0 票反对、0 票弃权，审议通过了《关 于对外投资暨关联交易的议案》，董事会在表决该项议 ...

新疆天山水泥股份有限公司 环境信息披露管理办法 第一章 总则 结合公司实际情况，及时在定期报告、年度社会责任报告、临时公告 中披露有关环境信息，履行环境信息披露义务。 第八条 公司发生可能对公司证券及衍生品种交易价格产生重大 影响且与环境保护相关的重大事项时，应当在两个交易日内披露事项 概况、发生原因、影响、应对措施或者解决方案，其中"重大事项" 包括但不限于以下事项： （一）发生重大环境、生产及产品安全事故； 第一条 为加强新疆天山水泥股份有限公司（以下简称"公司" 或"本公司"）环境信息披露管理工作，规范履行保护环境的社会责 任和信息披露义务，根据《中华人民共和国环境保护法》《中华人民 共和国大气污染防治法》《企业环境信息依法披露管理办法》《上市 公司信息披露管理办法》等相关法律法规以及《新疆天山水泥股份有 限公司章程》（以下简称"《公司章程》"）、《新疆天山水泥股份 有限公司信息披露管理办法》（以下简称"《信息披露管理办法》"） 等相关规定，并结合本公司实际情况，特制定本办法。 第二条 公司应当秉承真实、准确、完整的原则，及时披露相关 环境信息，不得有虚假记载、误导性陈述或者重大遗漏。 第三条 董事会负 ...

第三条 独立董事专门会议是指全部由公司独立董事参加的会议。 独立董事专门会议对所议事项进行独立研讨，从公司和全体股东利益 角度进行思考判断。 第四条 公司独立董事可以不定期召开独立董事专门会议，会议 应于会议召开前三天通知全体独立董事。 第五条 独立董事专门会议可通过现场（含视频）、通讯方式（含 电话等）或现场与通讯相结合的方式召开；半数以上独立董事可以提 议可召开临时会议。若出现特殊情况，可以不受第四条通知方式和通 知时限的限制。 第六条 独立董事专门会议通知应至少包括以下内容： 新疆天山水泥股份有限公司 独立董事专门会议制度 第一条 为进一步规范新疆天山水泥股份有限公司（以下简称 "公司"）独立董事专门会议的议事方式和决策程序，促使独立董事 有效地履行其职责。根据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司独立董事管理办法》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》等相关法律、行 政法规、规范性文件及《新疆天山水泥股份有限公司章程》（以下简 称"《公司章程》"）《新疆天山水泥股份有限公司独立董事工作制 度》等有关规定，制订本制度。 第二条 独立董事对本公司及 ...

新疆天山水泥股份有限公司 独立董事工作制度 (草案) 第一章 总则 第一条 为进一步规范独立董事议事程序，新疆天山水泥股份有 限公司（以下简称"公司"）依据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司治理准则》《上市公司独立董事管理 办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》等相关法律、行政 法规、规范性文件及《新疆天山水泥股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，制定本制度。 第四条 公司董事会设独立董事三名，独立董事占董事会成员的 比例不低于三分之一，且至少包括一名会计专业人士。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与 公司及公司主要股东、实际控制人不存在直接或者间接利害关系，或 者其他可能影响其进行独立客观判断关系的董事。 以会计专业人士身份被提名的独立董事候选人，应当具备丰富的 会计专业知识和经验，并至少符合下列条件之一：（一）具备注册会 独立董事应当独立履行职责，不受公司及其主要股东、实际控制 人等单位或者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，并应 当按 ...

新疆天山水泥股份有限公司 投资者关系管理制度 第一章 总 则 第一条 为规范新疆天山水泥股份有限公司（以下简称"公 司"）投资者关系管理工作，促进投资者对公司的了解，进一步完 善公司治理结构，实现公司价值和股东利益最大化，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《深圳证券交易所股票上市规则》《上市公司投资者关系管理 工作指引》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等相关法律法规、规范性文件以及《新疆天 山水泥股份有限公司章程》（以下简称"《公司章程》"）的规 定，结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息 披露、互动交流和诉求处理等工作，加强与投资者及潜在投资者之 间的沟通，增进投资者对公司的了解和认同，以提升公司治理水平 和企业整体价值，实现尊重投资者、回报投资者、保护投资者目的 的相关活动。 第三条 公司及其控股股东、实际控制人、董事、监事、高级管 理人员以及相关工作人员开展投资者关系管理工作，应当遵守法律 法规和深圳证券交易所相关规定，体现公平、公正、公开原则，客 观、真实、准确、完整地 ...

新疆天山水泥股份有限公司 2023 年第一次独立董事专门会议审核意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等行政法规、规范性文件的规定，新疆天山水泥股份 有限公司（以下简称"公司"）于 2023 年 11 月 24 日以书面、邮件的 方式发出召开 2023 年第一次独立董事专门会议的通知，并于 2023 年 11 月 28 日以现场结合视频的方式召开。 本次会议应出席独立董事 3 人，实际出席独立董事 3 人，独立董 事孔祥忠、陆正飞、占磊亲自出席了会议。与会独立董事共同推举占 磊先生为独立董事专门会议的召集人和主持人。公司部分高级管理人 员列席了本次会议。 会议召开程序符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 独立董事对拟提交至第八届董事会第二十八次会议的相关事项 进行了审核，并发表意见如下： 1、关于对外投资暨关联交易的议案 本议案表决情况：3 票同意，0 票反对，0 票弃权。 在审阅公司向我们提交的有关新疆天山水泥股份有限公司关于 对外投资暨关联交易的相关资料，并就有关情况向公司 ...