塔牌集团(002233) - 2024年8月6日投资者关系活动记录表

Group 1: Industry Overview - In the first half of 2024, China's cement production reached 850 million tons, a year-on-year decrease of 10%, marking the lowest level since 2011 [4] - The cement industry is experiencing a historical loss, with an estimated loss of around 1 billion yuan in the first half of 2024 [4] - Guangdong province's cement consumption was 58 million tons, down 12.06% year-on-year, which is greater than the national average decline [4] Group 2: Company Performance - The company sold 6.9527 million tons of cement and 356,700 tons of clinker in the first half of 2024, with a year-on-year decline of 15.20% and 17.94% respectively [5] - Revenue for the first half of 2024 was 1.976 billion yuan, a decrease of 31.17% compared to the previous year [5] - Net profit attributable to shareholders was 226 million yuan, down 53.43% year-on-year [5] Group 3: Market Challenges - The company's sales decline was primarily due to a 75% capacity concentration in the eastern Guangdong market, which faced a larger downturn in real estate investment and slower infrastructure investment growth [5] - Continuous heavy rainfall in the second quarter, particularly the "616" flood, disrupted logistics and affected cement dispatch from the company's Meizhou base [5] Group 4: Cost and Profitability - The average selling price of cement was 251 yuan per ton (excluding tax), down 20.91% year-on-year, while the average cost was 194 yuan per ton, a decrease of 14.67% [5] - The gross profit margin fell from 27.91% to 24.08%, a decline of 3.83 percentage points [5] - The company is actively clearing inefficient capacity and shutting down low-quality enterprises, which has impacted net profit due to severance payments and asset impairment provisions [5] Group 5: Future Outlook and Strategies - The company plans to maintain a cash dividend ratio of no less than 70% over the next three years, with a minimum cash dividend of 0.45 yuan per share [6] - The company aims to enhance its environmental disposal business, with a projected increase in revenue from solid waste disposal operations, which saw a year-on-year growth of 141.28% [6] - The company is also focusing on renewable energy projects, including distributed photovoltaic power generation, to reduce energy costs [8]