证券代码：000672 证券简称：上峰水泥 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他（电话会议） | | | 机构投资者如下： | | | 泓德基金管理有限公司：黄海；大成基金管理有限公司：谢树 | | | 铭；永赢基金管理有限公司：杨啸宇；鹏扬基金管理有限公司： | | | 李伟峰；鹏扬基金：马慧芹；西部利得基金：管浩阳；新华基 | | | 金管理股份有限公司：黄泓鉴；厦门中略投资管理有限公司： | | | 林跃煌；耕霁（上海）投资管理有限公司：陈家利；湖南万泰 | | | 华瑞投资管理有限责任公司：邹戈；上海循理资产管理有限公 | | 参与单位名称 | 司：安倩；东吴证券股份有限公司：石峰源；平安证券股份有 | | | 限公司：郑南宏；中国国际金融股份有限公司：杨茂达；方正 | | 及人员姓名 | 证券股份有限公司：韩宇；西部证券股份有限公司：张欣劼、 | | | 陈默婧；国信证券股份有限公司：陈颖、张栋；中泰证券股份 | | | 有限公司：万静远；中信 ...

Core Viewpoint - The company has demonstrated significant growth in net profit over the last two quarters, driven by strategic initiatives and a focus on cost reduction, despite a decline in overall revenue and profit in the previous fiscal year [1][4]. Financial Performance - In 2024, the company reported revenue of 5.448 billion yuan, a decrease of 14.83% year-on-year, and a net profit of 627 million yuan, down 15.7% year-on-year [1]. - For Q1 2025, the company achieved revenue of 951 million yuan, an increase of 4.64% year-on-year, and a net profit of approximately 80 million yuan, up 447.61% year-on-year [1]. - The operating cash flow for Q1 2025 was 84.28 million yuan, reflecting a growth of 686.27% year-on-year [1]. - The company’s gross margin was 26.16%, and return on equity was 7.09%, maintaining a leading position in the industry [1][4]. Dividend Policy - The company announced a dividend plan with a high yield of 7.54%, distributing 6.3 yuan per 10 shares, totaling 600 million yuan, which represents 95.73% of the annual net profit attributable to shareholders [3]. - A long-term dividend plan was proposed, ensuring annual cash dividends of at least 35% of the net profit attributable to shareholders from 2024 to 2026, with a minimum cash dividend of 400 million yuan each year [3]. Industry Position - The company is recognized as a leading player in the cement industry, ranking third in net profit among 12 listed companies and first in gross margin [4]. - It is part of the top 100 global building materials companies and ranks sixth in comprehensive strength among Chinese cement listed companies [4]. Strategic Initiatives - The company has introduced a dual-driven growth strategy focusing on upgrading its core building materials business and investing in new productive capacities [5]. - The strategy includes a materials industry chain and a new productive capacity investment chain, aiming to balance traditional and emerging industries [5]. - The company is expanding into new business areas such as environmental services, renewable energy, and smart logistics, while gradually exiting the real estate sector [6]. - Investments in strategic emerging industries like semiconductors and new materials are being pursued, with over twenty investments in quality enterprises across the semiconductor value chain [6].