除长鑫科技外，上峰水泥投资的盛合晶微也已完成IPO辅导验收，上海超硅上市申请已获受理，昂瑞微 科创板IPO将于10月15日上会，广州粤芯、芯耀辉等在上市辅导中；从新质业务培育的角度，上峰水泥 投资了半导体领域上下游的龙头，形成了相对完整丰富的生态资源基础。 江苏鑫华半导体科技股份有限公司是国内唯一实现电子级多晶硅规模化、全尺寸量产的企业，客户已覆 盖国内 12吋大尺寸先进制程集成电路产业链并实现出口；鑫华半导体承担了多项国家重大科技专项技 术攻关项目，是国家科技重大专项、2030重大项目的实施和牵头单位。本次上峰与中建材新材料基金及 各机构成立的平台联合出资14.76亿元后将成为鑫华半导体第一大股东，国家集成电路产业投资基金为 第二大股东持有约20.6%的股份。 上峰水泥上半年公告的五年战略规划显示：公司以建筑材料基石类业务与股权投资资本型业务"双轮驱 动"，稳步积累资源，力争培育出第二成长曲线的新质材料增长型业务。目前两类业务成效显著，建材 业务继续保持毛利率等竞争力指标行业领先并为股东带来持续丰厚回报；投资业务严控风险、专深聚焦 的同时还产生了较好的财务回报，合肥晶合单个项目上市减持已获1.66亿元净收益 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's main business profitability is stabilizing and recovering, with a significant increase in the dividend payout ratio [1] - The company achieved total operating revenue of 5.448 billion yuan in 2024, a year-on-year decrease of 14.83%, and a net profit attributable to shareholders of 627.45 million yuan, down 15.70% year-on-year [1] - The company plans to distribute a cash dividend of 6.3 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 95.7% [1] Summary by Sections Financial Performance - In 2024, the company realized cement and clinker sales of 20.75 million tons, a decrease of 3% year-on-year, with a corresponding gross profit per ton of 55 yuan, down 6 yuan year-on-year [1] - The gross profit margin for 2024 and Q1 2025 is expected to be 26.2% and 27.4%, respectively, with year-on-year changes of -1.6 and +5.1 percentage points [1] - The company’s operating cash flow for 2024 is projected at 1.039 billion yuan, a decrease of 6.9% year-on-year, while Q1 2025 is expected to show a significant increase of 686.3% year-on-year [1] Cost Control and Efficiency - The company has successfully reduced costs, with clinker energy costs decreasing by 2.12 yuan per ton year-on-year, and manufacturing costs also declining due to optimized raw material ratios [1] - The company maintained a good control over expenses, with a period expense ratio of 15.9% in 2024, an increase of 0.8 percentage points year-on-year [1] Future Outlook - The company has a five-year plan aiming for new growth drivers, with a target for new material business to account for over 20% of revenue by 2029 [1] - The forecast for net profit attributable to shareholders for 2025-2027 is 762 million, 897 million, and 996 million yuan, respectively, with corresponding P/E ratios of 12, 10, and 9 times [1]