证券研究报告 上峰水泥 (000672 CH) H1 主业发展稳健，加码新业务投资 2025 年 8 月 26 日│中国内地 水泥 公司发布半年报，25H1 实现营收 22.72 亿元（yoy-5.02%），归母净利 2.47 亿元（yoy+44.53%），扣非归母净利 2.82 亿元（yoy+33.47%），处置吉 尔吉斯斯坦 ZETH 水泥公司股权导致债务重组损失 1.2 亿元。其中 Q2 实现 营收 13.21 亿元（yoy-10.94%，qoq+38.87%），归母净利 1.67 亿元 （yoy+6.86%，qoq+108.84%），Q2 盈利延续改善。公司延续改善资产负 债表和现金流，继续聚焦"一主两翼"战略，并已公告 2024-2026 年每年 分红比例不低于 35%且不低于 4 亿元，维持"买入"。 水泥熟料主业稳健，骨料销售量增价跌 公司 25H1 实现水泥及熟料收入 19.7 亿元，同比-4.2%，累计销售水泥熟料 890.7 万吨，同比-4.1%，我们测算吨均价 221 元，同比基本持平；吨毛利 67 元，同比+15 元，主要受益于煤炭跌价及公司精细化管理降本。公司 25H1 实现砂石骨料 ...

Summary of Jinjiang Shipping Conference Call Company Overview - **Company**: Jinjiang Shipping - **Year**: 2024 - **Revenue**: 0.21 billion RMB, up 37.45% YoY - **Total Assets**: 103.57 billion RMB - **Net Assets**: 86.18 billion RMB - **Market Position**: Maintains the first market share in the Shanghai-Japan route and is actively expanding Southeast Asia routes [2][3][5] Key Points and Arguments Industry Dynamics - **Asian Shipping Market**: Benefiting from a recovery, with significant growth in trade volumes, particularly in the Northeast Asia and Southeast Asia routes [2][3][5] - **Trade Values**: - China-Japan trade value reached 2.19 trillion RMB - Cross-strait trade value reached 2.08 trillion RMB - China-ASEAN trade value reached 6.99 trillion RMB, up 9% YoY [5][19] Financial Performance - **Container Volume**: 2.3934 million TEUs in 2024, with revenue of 5.97 billion RMB, up 13.36% YoY [3] - **Net Profit**: 1.021 billion RMB, up 37.45% YoY [3] - **Dividend Policy**: Total dividend of 5.15 RMB, accounting for 50.46% of net profit [4][26] Strategic Initiatives - **"One Main Two Wings" Strategy**: Extending logistics services to both ends, providing customized comprehensive logistics solutions [2][6] - **New Routes**: Launched new routes in India, Pakistan, and the Middle East, enhancing service capabilities [7][19] - **Southeast Asia Expansion**: New smart logistics products reducing transit times significantly, enhancing brand competitiveness [7][10] Market Trends - **Southeast Asia Market**: Expected to see a price increase trend from 2025 onwards, with significant growth in container shipping demand [12][19] - **Cargo Structure Changes**: Shift from low-end to high-end products, particularly in electronics, necessitating faster delivery services [16][18] Operational Efficiency - **Fleet Expansion**: Investment in new vessels, including three 1,900 TEU ships and two 1,100 TEU ships for enhanced service [22][23] - **Operational Strategy**: Maintaining a 50% leasing ratio while increasing owned fleet to improve cost control and service efficiency [24] Shareholder Returns - **Focus on Returns**: Commitment to maintaining a minimum of 50% dividend payout ratio while balancing capital expenditures [25][26] Future Outlook - **Market Growth**: Positive expectations for cargo growth in Southeast Asia, with a focus on maintaining operational stability and exploring new opportunities [27] Additional Important Insights - **Impact of Tariff Policies**: Long-term trends suggest increased freight volumes in Southeast Asia due to ongoing shifts in manufacturing and trade patterns [19][20] - **Integration of Services**: Efforts to integrate services between Japan and Southeast Asia to meet high delivery time demands [21]

Core Viewpoint - The company has demonstrated strong financial performance and strategic growth through its "one main and two wings" development strategy, focusing on cement production while expanding into emerging industries like semiconductors and renewable energy [1][2]. Financial Performance - In 2024, the company achieved an operating revenue of 5.448 billion yuan and a net profit attributable to shareholders of 627 million yuan, with a net profit excluding non-recurring items of 474 million yuan [1]. - As of the end of 2024, the total assets reached 17.578 billion yuan, and the net assets attributable to shareholders were 8.949 billion yuan [1]. - The weighted average return on net assets was 7.09%, with a comprehensive gross profit margin of 26.16% and a net profit margin of 10.86% [2]. Strategic Development - The company has successfully implemented its "one main and two wings" strategy, which has provided clear direction and focus amid a complex environment, leading to significant achievements [2]. - The "two wings" business, which includes investments in new economic sectors, contributed over one-third of the company's profits, focusing on sectors like semiconductors, new energy, and new materials [2]. Cash Flow and Dividend Policy - The company reported a net operating cash flow of 1.039 billion yuan, supporting its sustainable dividend policy [2]. - Since 2019, the company has maintained a high dividend policy, proposing a distribution of 6.30 yuan per 10 shares (including tax) for 2024, significantly above the industry average [2]. Investor Engagement - During the 2024 annual performance briefing, the company actively addressed investor inquiries on various topics, achieving a 100% response rate to questions regarding resource reserves, regional advantages, market expansion, technological innovation, and financial metrics [1].

Core Viewpoint - The company has achieved significant success with its "one main, two wings" strategy over the past five years and aims to evolve its business model to a "three-horse carriage" structure by 2029, focusing on new material growth, foundational building materials, and equity investment capital [2] Group 1: Business Performance - In 2024, the company reported a revenue of 5.448 billion yuan and a net profit attributable to shareholders of 627 million yuan, with total assets reaching 17.578 billion yuan [2] - From 2020 to 2024, the company's main product capacity increased by 48%, net assets grew by 65%, and total assets rose by approximately 78% [3] - The "two wings" business contributed over one-third of the profits, with equity investments in sectors like semiconductors and new materials yielding stable returns [3] Group 2: Investment and Shareholder Returns - The company has invested in 24 projects with a total investment of 1.785 billion yuan, contributing over 20% to net profit in 2024 [3] - A cash dividend of 6.3 yuan per 10 shares is proposed for 2024, totaling 601 million yuan, which represents 95.73% of the net profit attributable to shareholders [3] - Cumulatively, the company has distributed 2.65 billion yuan in cash dividends from 2020 to 2024, with an average annual dividend rate exceeding 40% [3] Group 3: Strategic Planning - The new five-year plan emphasizes increasing investment in equity business while enhancing competitiveness in existing industries [4] - The company aims to create a balanced business structure that integrates building materials and equity investment, fostering a new growth curve [5] - The strategic transformation is seen as a benchmark for traditional manufacturing companies, combining industrial and capital approaches to navigate industry changes [5]

Core Insights - 康盛股份 reported a significant increase in revenue and profit for Q1 2025, with total revenue reaching 712 million yuan, a year-on-year increase of 28.9%, and net profit attributable to shareholders rising to 12.54 million yuan, up 434.1% [1] - The company has seen a shift in its shareholder structure, with five new major shareholders, including UBS AG, Goldman Sachs, and Morgan Stanley, indicating increased institutional interest [1] - 康盛股份 is implementing a new strategic layout focusing on its core home appliance business while expanding its liquid cooling and copper alloy segments, aiming for high-quality development [1][2] Financial Performance - The main business income from the home appliance sector was 2.26 billion yuan, while the automotive sector generated 260.62 million yuan [1] - The liquid cooling and copper alloy businesses also showed growth, with revenues of 3.88 million yuan and 3.42 million yuan, respectively [2] Strategic Focus - The company emphasizes its "one main, two wings" strategy, where the home appliance sector serves as the leading force, while the liquid cooling and copper alloy sectors provide strong support for growth [2] - For 2025, 康盛股份 plans to increase R&D investment in the liquid cooling segment, focusing on IDC and new energy applications, and aims to enhance product design and performance [2]