Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company reported a revenue of 2.93 billion yuan for Q3 2024, a year-on-year decrease of 28.81%, and a net profit attributable to shareholders of 381 million yuan, down 37.98% year-on-year. The performance slightly exceeded expectations, primarily due to significant gains from securities investments at the end of the quarter [4][5]. - The cement and clinker shipment decline has narrowed quarter-on-quarter, indicating a stabilization in core business profitability. The first peak season in Q4 is expected to boost prices and profit expectations [3][4]. - The company, as a leader in the eastern Guangdong region, possesses strong regional influence, and the implementation of a series of policies may improve demand in Q4 [4][5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved cement and clinker sales of 1.0611 million tons and 50.6 thousand tons, respectively, representing year-on-year declines of 15% and 31%. In Q3 2024, sales were 365.8 thousand tons and 14.9 thousand tons, down 14% and 50% year-on-year. The decline in shipments has narrowed quarter-on-quarter [4]. - The average price of cement in Q3 2024 is estimated at 227 yuan per ton, with a gross profit of approximately 43 yuan per ton, reflecting a quarter-on-quarter decline of about 18 yuan and 8 yuan, respectively [4]. Market Outlook - The traditional peak season in southern China is expected to provide some support for prices, with external cement influences diminishing. The company anticipates a recovery in prices and profitability in Q4 due to seasonal price adjustments [4][5]. - The report estimates that non-operating profit contributions significantly increased, with non-recurring gains expected to be around 93.65 million yuan, up approximately 90.27 million yuan year-on-year, mainly due to the recovery of stock indices at the end of the quarter [4].

广东塔牌集团股份有限公司（以下简称"公司"）近日接到股东张能勇先生的通知，获悉张 能勇先生所持有本公司的部分股份解除质押、质押延期，具体事项如下： 一、 本次解除质押、质押延期基本情况 1、股东股份解除质押的情况 | 股东名称 | 是否为控股股东 或第一大股东及 | 本次解除质押 /冻结/标记/ | 占其所持 | 占公司 总股本 | 起始日 | 解除 | | 质权人/申 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | 拍卖等股份数 | 股份比例 | 比例 | | 日期 | | 请人等 | | | | 量 | | | | | | | | 张能勇 | 否 | 4,740,000 股 | 6.80% | 0.40% | 2023 年10 月 30 日 | 2024年 10 | | 国 泰 君安 证 券 股 份有 限 | | | | | | | | 月 29 | 日 | | | | | | | | | | | 公司 | 2、股东股份质押延期的情况 | | 是否为控 股股东或 | 质押延 | 占其所 | 占公司 | 是否 | ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance of a cement company, referred to as "the company," in the cement industry, particularly focusing on its third-quarter results and market dynamics. Key Points and Arguments Financial Performance - For the first three quarters, the company reported revenue of 2.9 billion yuan, a year-on-year decrease of 28% [1] - Net profit for the same period was 380 million yuan, down 38% year-on-year, which is an improvement from a 54% decline in the first half of the year [1] - The adjusted net profit (after deducting non-recurring items) was 240 million yuan, a 52% decrease year-on-year [1] - Cement sales volume for the first three quarters was 10.61 million tons, a decline of 14.89% year-on-year, but a smaller drop compared to the first half's 15.24% [1] - The average selling price of cement was 242 yuan per ton, down 18.27% year-on-year, while the cost of production was 191 yuan per ton, down 12.07% [1] Quarterly Insights - In Q3, cement sales volume was 3.66 million tons, showing a quarter-on-quarter increase of approximately 15,000 tons, but a year-on-year decrease from 4.27 million tons [1][2] - The average selling price in Q3 was 227 yuan per ton, down 12% year-on-year and down from 245 yuan in Q2 [1][2] - Gross profit margin in Q3 was 43 yuan per ton, down from 60 yuan in the previous year and 50 yuan in Q2 [2] Market Dynamics - The cement price in the Guangdong region has been relatively stable but has shown a downward trend since the beginning of the year, influenced by seasonal factors and natural disasters [3][4] - The company faced logistical challenges due to severe flooding, which impacted sales and pricing strategies [3] - The company noted that the competitive landscape in the Guangdong market is characterized by a few dominant players, which helps stabilize prices [7] Environmental and Other Business Segments - The company’s environmental business generated revenue of 87 million yuan in the first three quarters, significantly up from 36 million yuan the previous year [2] - The environmental segment is expected to continue contributing positively to overall profitability [14] Cost Management and Future Outlook - The company is actively working on cost reduction strategies, including personnel optimization and operational efficiencies [12] - Future cement demand is expected to decline, but at a slower rate than in the current year, with estimates of a single-digit percentage decrease [6] - The company is monitoring the impact of new competitors entering the market and adjusting pricing strategies accordingly [5] Shareholder Returns - The company has committed to a dividend plan, promising a minimum of 0.45 yuan per share, which may be challenging to cover given current profit levels [9][16] - The management emphasized that any shortfall in dividends would be addressed in the annual payout, ensuring commitments are met [9] Asset Management - The company is exploring asset disposals from closed facilities, which could generate additional revenue [9] - The management is cautious about the volatility in financial markets and is focused on maintaining stable cash management practices [10] Additional Important Points - The company is facing challenges in achieving its profit targets for the year, with significant pressure from market conditions [11] - The management is optimistic about the long-term growth of the environmental business, which is expected to benefit from increased demand in the future [14] - The company is committed to maintaining its market position and leveraging its operational advantages to navigate the current industry challenges [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's investment income has elevated profit levels, and a recovery in cement prices is anticipated [1] - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with a year-on-year revenue drop of 28.8% and a net profit decrease of 38.0% [1] - The cement business showed a slight recovery in sales volume in Q3 2024, with a year-on-year decline of 16.6% but a quarter-on-quarter increase of 3.2% [1] - The overall gross margin for Q3 2024 was 21.1%, indicating continued pressure on profitability [1] - The company plans to maintain a stable cash dividend, highlighting its long-term investment value [1] Summary by Sections Financial Performance - For 2022A, the company reported revenue of 6,035 million with a year-on-year decline of 22%, while in 2023A, revenue was 5,535 million, down 8% [1] - The net profit attributable to shareholders for 2022A was 266 million, which increased to 742 million in 2023A, reflecting a growth rate of 179% [1] - The forecast for net profit for 2024E is 487 million, a decrease of 34% year-on-year [1] Market Conditions - The cement sales price decreased by 18.3% year-on-year in the first three quarters of 2024, but the decline rate has narrowed compared to the first half of the year [1] - The average price of P.O 42.5 cement increased by 23 yuan per ton as of October 18, 2024, indicating a potential stabilization in prices [1] - Government policies and supply-side adjustments are expected to support demand recovery in the cement industry [1] Investment Strategy - The company aims to distribute cash dividends not less than 70% of the net profit attributable to shareholders for 2024-2026, with a projected total dividend of approximately 540 million [1] - The current stock price corresponds to a PE ratio of 19.0 for 2024E, indicating a favorable valuation compared to historical performance [1]

公司报告 | 季报点评 Q3 归母净利润提升，高分红凸显投资价值 公司三季度实现归母净利润 1.55 亿元，同比提升 20.34% 公司发布 24 年三季报，前三季度实现收入/归母净利润 29.30/3.81 亿元， 同比-28.81%/-37.98%，前三季度实现扣非归母净利润 2.45 亿元，同比 -52.43%。其中 Q3 单季度实现收入/归母净利润 9.54/1.55 亿元，同比 -23.39%/+20.34%，扣非归母净利润 0.61 亿元，同比-51.15%，非经常性损 益主要系交易性金融资产的公允价值变动所致。受季末股指回暖上升的影 响，公司所持证券投资公允价值变动收益增加，业绩有增厚，减缓了公司 业绩下降幅度。 Q3 归母净利润翻倍增长，看好 Q4 及明年业绩改善弹性 公司前三季度业绩下滑主要系量价齐跌所致，前三季度水泥熟料销量为 1112 万吨，同比下滑 16%，水泥价格/成本分别同比-18%/-12%，成本降幅 不及价格下降幅度。单季度来看，Q3 公司收入环比下滑 3%，归母净利润 环比翻倍增长，我们测算 Q3 公司水泥熟料销量为 381 万吨，同比/环比分 别-17%/+3%。价格端来看 ...

1 证券代码：002233 证券简称：塔牌集团 广东塔牌集团股份有限公司投资者关系活动记录表 编号：2024-011 | --- | --- | --- | --- | --- | |-----------------------|----------------------------------------|-------------------------|-------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | 投资者关系 | □特定对象调研 □媒体采访 | □分析师会议 □业绩说明会 | | | | 活动类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | 其他 （电话会议） | | | | | ...

广东塔牌集团股份有限公司 2024 年第三季度报告 □是 否 证券代码：002233 证券简称：塔牌集团 公告编号：2024-034 广东塔牌集团股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------------------|-------------------------|--------------------------|---- ...

证券代码：002233 证券简称：塔牌集团 广东塔牌集团股份有限公司投资者关系活动记录表 编号：2024-010 | --- | --- | --- | --- | |-----------------------|--------------------------------------------------|---------------------------------------------------------|--------------------------------------------------------------------| | | | | | | 投资者关系 | □√特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | | | 活动类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 （请用文字说明） | | | | | | | | | 参与单位名 | 17-18 日：东北证券 | 庄嘉骏 纪耿旭 | | | 称及人员姓 | 18 日：广发证券 谢璐 | 张乾 | | | 名 | | | | | 时间 | 2024 ...

证券代码：002233 证券简称：塔牌集团 广东塔牌集团股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|-----------------------------------------------------------------------|--------------------------------------------------------------------| | | | 编号： 2024-009 | | | □特定对象调研 □媒体采访 | | | 投资者关系 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 （请用文字说明） | | | 参与单位名 | | | | 称及人员姓 名 | 投资者网上提问 | | | | | | | 时间 | 2024 年 9 月 12 日 ( 周四 | 15:30~16:30 | | 地点 | 公司通过全景网"投资者关系互动平台"（ | https://ir.p5w.net ）采用网 | | 上市公司接 | 络远程的方式召开业绩说明会 1 ...

广州市天河区珠江新城珠江西路 21 号 粤海金融中心 28 层 邮编：510627 电话：（86-20）2805-9088 传真：（86-20）2805-9099 北京市君合（广州）律师事务所 关于广东塔牌集团股份有限公司 2024 年第一次临时股东大会的法律意见书 致：广东塔牌集团股份有限公司 北京市君合（广州）律师事务所（以下简称"本所"）接受广东塔牌集团股份有限 公司（以下简称"公司"）的委托，指派本所经办律师出席了公司于 2024 年 9 月 10 日 在广东省蕉岭县蕉城镇塔牌集团办公楼四楼会议室召开的 2024 年第一次临时股东大会 （以下简称"本次股东大会"）的现场会议。现根据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司股东大会规则》等中国（为本法律意见之目的，"中国"不 包括香港特别行政区、澳门特别行政区及台湾地区）现行法律、法规和规范性文件（以 下简称"法律、法规"）以及《广东塔牌集团股份有限公司章程》（以下简称"公司章程"）、 《广东塔牌集团股份有限公司股东大会议事规则》（以下简称"公司股东大会议事规则"） 的有关规定，就本次股东大会有关事宜出具本法律意见。 本所经办律师依据 ...