证券代码：002233 证券简称：塔牌集团 公告编号：2025-016 广东塔牌集团股份有限公司 关于 2024 年员工持股计划非交易过户完成的公告 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。 广东塔牌集团股份有限公司（以下简称"公司"）于 2024 年 3 月 14 日召开的第六届董事 会第九次会议和 2024 年 4 月 10 日召开的 2023 年年度股东大会审议通过《关于〈2024-2026 年（第二轮）员工持股计划（草案）〉及其摘要的议案》（以下简称"第二轮员工持股计划"）。 2024 年员工持股计划具体方案内容包含在《2024-2026 年（第二轮）员工持股计划（草案）》。 具体内容详见公司发布的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》、《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》相关规定，现将公司 2024 年员工 持股计划实施进展情况公告如下： 一、2024 年员工持股计划的股票来源及数量 根据《关于<2024-2026 年（第二轮）员工持股计划（草案）>及其摘要的议案》项下的 ...

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。 广东塔牌集团股份有限公司（以下简称"公司"）于2023年3月16日召开的第六届董事会 第三次会议和2023年4月10日召开的2022年年度股东大会审议通过《关于〈第六期员工持股计 划〉的议案》，同意公司实施第六期员工持股计划。具体内容详见公司发布的相关公告。 证券代码：002233 证券简称：塔牌集团 公告编号：2025-018 广东塔牌集团股份有限公司 关于第六期员工持股计划锁定期届满的提示性公告 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》、《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》、《广东塔牌集团股份有限公司第 六期员工持股计划》相关规定，公司第六期员工持股计划锁定期将于2025年3月28日届满，现 将本期员工持股计划锁定期届满等相关信息公告如下： 一、第六期员工持股计划的持股情况和锁定期 根据公司《第六期员工持股计划》的相关规定，第六期员工持股计划锁定期为 12 个月， 自公司公告标的股票登记至当期员工持股计划之日起计算，即自 2024 年 3 月 29 日起至 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Views - The company has a strong market presence in the East Guangdong region, with over 50 years in the cement industry, leading to high brand recognition and market share [1]. - In 2024, the cement industry is expected to face downward pressure, with national fixed asset investment projected to grow by 3.2% and real estate development investment declining by 10.6% [1]. - Despite industry challenges, the company demonstrates operational resilience, with cement sales of 1,585.9 million tons in 2024, a decrease of 10.1% year-on-year, and a revenue of 4.28 billion yuan [2]. - The company plans to maintain a high dividend payout, with a proposed dividend of 0.45 yuan per share for 2024, totaling 5.37 billion yuan [2]. - The cement industry is set to be included in the carbon market, which may help advanced companies recover profitability by eliminating outdated production capacity [3]. Summary by Sections Company Overview - The company has established a significant market share in the East Guangdong cement market, with production bases in Meizhou, Huizhou, and Longyan [1]. Market Conditions - In 2024, the cement consumption in Guangdong is expected to decline by 10.7%, with a total consumption of 13.82 million tons [1]. - The overall cement production in China is projected to decrease by 9.5% to 1.83 billion tons [1]. Financial Performance - The company reported a revenue of 4.28 billion yuan in 2024, with a net profit of 540 million yuan, reflecting a decrease of 27.5% year-on-year [4]. - The estimated cement price per ton is 238.2 yuan, down 16.1% year-on-year, with a gross margin of 22.1% [2]. Future Projections - The company aims for cement sales of over 1.63 million tons in 2025, with a target net profit of 530 million yuan [3]. - Revenue projections for 2025 to 2027 are estimated at 4.16 billion yuan, 4.10 billion yuan, and 4.02 billion yuan, respectively, with a slight decline each year [3].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company achieved a total revenue of 4.278 billion yuan and a net profit attributable to shareholders of 538 million yuan for the year 2024, reflecting a year-on-year decline of 22.71% and 27.46% respectively. However, the fourth quarter showed a significant recovery in non-recurring profit, with a net profit of 157 million yuan, up 23.41% year-on-year [1][2]. - The cement and clinker sales revenue decreased by 25% to 3.9 billion yuan, with a sales volume drop of 10% to 16.59 million tons. Despite this, the sales volume of high-grade cement increased by 27% [2]. - The non-cement business showed impressive growth, with revenues from limestone, waste disposal, and photovoltaic power generation increasing by 78%, 100%, and 108% respectively [3]. - The company reported an overall gross margin of 22.14%, down 4.13 percentage points year-on-year, while the net profit margin was 12.93%, a decrease of 0.61 percentage points [4]. Summary by Sections Financial Performance - The company reported a total revenue of 4.278 billion yuan for 2024, with a year-on-year decline of 22.71%. The net profit attributable to shareholders was 538 million yuan, down 27.46% year-on-year. The fourth quarter saw a revenue of 1.347 billion yuan and a net profit of 157 million yuan, marking a year-on-year increase of 23.41% [1][2]. - The gross margin for the year was 22.14%, with a net profit margin of 12.93% [4]. Business Segments - Cement and clinker sales revenue fell by 25% to 3.9 billion yuan, with a sales volume decrease of 10% to 16.59 million tons. However, high-grade cement sales volume increased by 27% [2]. - Non-cement business segments, including limestone and waste disposal, saw significant growth, with revenues increasing by 78% and 100% respectively [3]. Cash Flow and Dividends - The company is expected to distribute a total cash dividend of 537 million yuan for 2024, with a dividend payout ratio of 99.74%, reflecting a high dividend yield of approximately 5.9% [5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6] Core Views - The company's main business has declined, but non-recurring gains have bolstered profits, with expectations for a rebound in 2025 [5][6] - The company reported a revenue of 4.28 billion yuan in 2024, a year-on-year decrease of 22.71%, and a net profit attributable to shareholders of 540 million yuan, down 27.46% [5][6] - The report anticipates a gradual recovery in the cement supply-demand balance in 2025, supported by increased construction activity in the Guangdong region [5][6] Financial Summary - In 2024, the company sold 16.59 million tons of cement and clinker, a decrease of 10.4% year-on-year, with an average price of 236.7 yuan per ton, down 46.3 yuan per ton [5] - The company's environmental disposal business grew significantly, with revenue of 113 million yuan, a year-on-year increase of 100% [5] - Non-recurring gains included investment income of 218 million yuan and fair value changes of 103 million yuan, which helped offset the decline in core business [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 569 million, 601 million, and 687 million yuan, respectively, with growth rates of 5.76%, 5.69%, and 14.18% [6][7] - The company plans to maintain a minimum dividend of 0.45 yuan per share from 2024 to 2026, resulting in a current dividend yield of 6% [5][6]

Group 1: Financial Performance and Investment Strategy - The company aims to achieve a sales target of over 16.3 million tons of cement in 2025, aligning with capacity control requirements and industry production adjustments [2]. - In 2024, the company achieved significant financial investment returns, primarily due to a favorable market environment, and plans to maintain a conservative investment approach in 2025 [3]. - The investment strategy includes maintaining approximately 40% in low-risk bank deposits and large certificates of deposit, with a strict limit of 20% on securities investments [3]. Group 2: Production Capacity and Compliance - The company has seven new dry-process cement clinker production lines with a capacity of over 4,500 tons per day, including two lines of 10,000 tons per day, which comply with the production capacity control requirements [2]. - The company plans to replace 2,500 tons per day of capacity that was shut down in 2024 with new capacity at its Huizhou Longmen base, with no additional capacity expansion plans at this time [2]. Group 3: Management and Compensation Structure - The company's compensation system for directors and senior management is linked to the profitability of the cement business, with monthly salaries adjusted based on performance [4]. - If the unit net profit of the cement business falls below 20 yuan, the monthly salary for relevant personnel will be set at 10,000 yuan [4]. Group 4: Industry Regulations and Production Adjustments - The Guangdong Cement Industry Association has mandated a total of 95 days of staggered production for all clinker production lines in 2025, divided into two phases [5]. - The first phase requires a 50-day staggered shutdown from January 1 to April 30, with an average of at least 30 days of shutdown per line during the Spring Festival period [5].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [2][3]. Core Insights - The company has a stable market share in the regional market, with a high dividend yield that highlights a safety margin for investors [2][3]. - The company's revenue for 2024 is projected to be 4,278 million yuan, reflecting a year-on-year decline of 23%. However, a recovery in profitability is anticipated in subsequent years [2][3]. - The company is expected to maintain a strong position in a relatively closed market, supported by a reasonable capacity layout and resource endowment [3]. Financial Performance Summary - **Revenue and Profitability**: The company reported a revenue of 4,278 million yuan for 2024, down 22.7% year-on-year, with a net profit of 538 million yuan, a decrease of 27.5% [3]. - **Sales Volume**: In 2024, the company's cement sales volume was 15.859 million tons, down 10.1% year-on-year, but the market share remained stable [3]. - **Cement Price**: The average cement price for 2024 was 238 yuan per ton, a decrease of 45.8 yuan compared to the previous year, influenced by weak demand and external competition [3]. - **Cost and Margin**: The cement cost per ton was 189.0 yuan, down 19.5% year-on-year, while the gross profit per ton was 49.2 yuan, down 26.4% [3]. - **Dividends**: The company plans to distribute a total cash dividend of 5.9 billion yuan for 2024, resulting in a dividend yield of 6.2%, which supports stock price stability [3]. Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 613 million yuan, 667 million yuan, and 701 million yuan, respectively, with corresponding P/E ratios of 15.6, 14.3, and 13.6 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8][5]. Core Insights - The company achieved a total revenue of 4.278 billion yuan and a net profit attributable to shareholders of 538 million yuan for the year 2024, reflecting a year-on-year decline of 22.71% and 27.46% respectively. However, the fourth quarter showed a significant recovery in non-recurring profit, with a net profit of 157 million yuan, up 23.41% year-on-year [1][2]. - The non-cement business demonstrated impressive growth, with revenues from limestone, waste disposal, and photovoltaic power generation increasing by 78%, 100%, and 108% respectively [3]. - The company’s cash dividend for 2024 is expected to be 537 million yuan, with a high dividend payout ratio of 99.74%, showcasing its investment value [5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 4.278 billion yuan, down 22.71% year-on-year, and a net profit of 538 million yuan, down 27.46% year-on-year. The fourth quarter saw a revenue of 1.347 billion yuan and a net profit of 157 million yuan, marking a year-on-year decline of 5.01% but a profit increase of 23.41% [1][2]. - The average selling price of cement decreased by 16% year-on-year to 236.7 yuan per ton, while the cost per ton decreased by 10% to 189.3 yuan, resulting in a gross profit margin of 22.14% for the year [2][4]. Non-Cement Business Growth - The non-cement segment showed remarkable growth, with revenues from limestone, waste disposal, and photovoltaic power generation increasing significantly, indicating potential new growth areas for the company [3]. Cash Flow and Dividend - The company reported a net operating cash flow of 850 million yuan, with a cash dividend of 537 million yuan for 2024, reflecting a high dividend yield of approximately 5.9% [5][4]. Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026 to 560 million yuan and 690 million yuan respectively, while projecting a net profit of 810 million yuan for 2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company achieved a total revenue of 4.278 billion yuan and a net profit attributable to shareholders of 538 million yuan in 2024, reflecting a year-on-year decline of 22.71% and 27.46% respectively. However, the fourth quarter showed a significant recovery in non-recurring profit, with a net profit of 157 million yuan, up 23.41% year-on-year [1][2]. - The cement and clinker sales revenue decreased by 25% to 3.9 billion yuan, with a sales volume drop of 10% to 16.59 million tons. Despite this, the sales volume of high-grade cement increased by 27% [2]. - Non-cement business segments showed impressive growth, with revenues from limestone, waste disposal, and photovoltaic power generation increasing by 78%, 100%, and 108% respectively [3]. - The company reported an overall gross margin of 22.14% for 2024, down 4.13 percentage points year-on-year, while the net profit margin was 12.93%, a decrease of 0.61 percentage points [4]. - The company plans to distribute a cash dividend of 537 million yuan, resulting in a high dividend payout ratio of 99.74%, which underscores its investment value [5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 4.278 billion yuan, a decrease of 22.71% year-on-year. The net profit attributable to shareholders was 538 million yuan, down 27.46% year-on-year. The fourth quarter saw a revenue of 1.347 billion yuan and a net profit of 157 million yuan, marking a year-on-year increase of 23.41% [1][2]. - The gross margin for the year was 22.14%, with a net profit margin of 12.93% [4]. Business Segments - The cement and clinker sales revenue fell by 25% to 3.9 billion yuan, with a sales volume of 16.59 million tons, a 10% decline. However, high-grade cement sales increased by 27% [2]. - Non-cement business segments, including limestone and waste disposal, saw significant growth, with revenues increasing by 78% and 100% respectively [3]. Dividend and Investment Value - The company is expected to distribute a total cash dividend of 537 million yuan, with a dividend payout ratio of 99.74%, highlighting its strong investment value [5].

Summary of Tower Group's Conference Call Company Overview - **Company**: Tower Group - **Industry**: Cement Industry Key Points and Arguments 2024 Operational Performance - In 2024, Tower Group maintained relative stability despite a significant decline in cement industry demand, with national cement production down by 9.5% and Guangdong province's consumption down by 10.71% to 138 million tons [3][4] - Tower Group's cement sales were 15.85 million tons, a decrease of 10.05%, while cement and clinker sales were 16.59 million tons, down 10.41% [3] - Revenue was 4.278 billion yuan, a decline of 22.71%, and net profit decreased by 27.46% to 538 million yuan [4] Market Share and Competition - Despite sales declines, the reduction was less than the overall demand drop in Guangdong, indicating stable market share [3] - The company implemented internal cost control measures, including streamlining operations and shutting down inefficient production lines, while also expanding external market reach through refined regional pricing strategies [5] Q4 2024 Performance - In Q4 2024, cement sales increased by 88,000 tons year-on-year and by 1.6 million tons quarter-on-quarter [6] - Average selling price decreased by 21 yuan year-on-year but increased by 4 yuan quarter-on-quarter [6] Price Trends and Regional Dynamics - The Pearl River Delta region experienced two rounds of price increases, with bulk cement prices around 300 yuan/ton and bagged cement at 310 yuan/ton [7] - Price differences between Guangdong East and the Pearl River Delta increased to 40 yuan/ton [7] Future Demand and Cost Outlook - Expected cement demand in Guangdong for 2025 is projected to decline by about 5% [18] - Factors such as falling coal prices, expanded photovoltaic power generation, and optimized labor costs are anticipated to help reduce costs [18][13] Capital Expenditure and Investment Strategy - Future capital expenditures are expected to be less than 400 million yuan, focusing on environmental upgrades and renewable energy projects [14] - The company plans to allocate 70% of net profit for dividends, with a minimum of 0.45 yuan per share [27] Industry Consolidation and M&A Activity - The competitive landscape in Guangdong is expected to remain stable with no new capacity, but there may be an acceleration in mergers and acquisitions among larger firms acquiring smaller ones [11][10] - The pricing for production lines is expected to rise due to market conditions, with current offers around 7 to 8 billion yuan per 5,000-ton line [9][25] Employee and Cost Management - The company has reduced its workforce significantly over the past two years, with plans for further reductions leading to lower management costs [22] - Anticipated savings in labor costs for 2025 are around 32 million yuan [22] Environmental Regulations and Carbon Tax - The implementation of carbon tax policies is expected to have a limited impact on the industry, with ongoing efforts to reduce energy consumption and emissions [23] Financial Risk Management - The company maintains a cautious approach to financial investments, focusing on low-risk securities and controlling investment scale to mitigate volatility [24] Conclusion - Overall, Tower Group is navigating a challenging market environment with strategic cost management, market share retention, and a focus on sustainable growth through environmental initiatives and potential industry consolidation [34]