塔牌集团：盈利或已跌至相对底部，分红彰显投资价值

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 9.20 CNY, reflecting a price-to-book (PB) ratio of 0.9 times for 2024 [4][6]. Core Views - The company's net profit for the first half of 2024 is reported at 226 million CNY, a year-on-year decline of 53.43%, indicating that profitability may have reached a relative bottom [1][3]. - The cement and clinker sales volumes decreased by 15% and 18% respectively in the first half of 2024, with a significant drop in Q2 sales due to adverse weather conditions affecting construction [2]. - The company has a strong cash reserve of 5.23 billion CNY and a low debt ratio of 10.4%, suggesting financial stability [3]. Financial Performance - The company achieved a revenue of 1.976 billion CNY and a net profit of 226 million CNY in the first half of 2024, representing a year-on-year decrease of 31.17% and 53.43% respectively [1]. - The gross margin for the first half of 2024 was 24.08%, down 3.83 percentage points year-on-year, with a net margin of 8.38%, reflecting a significant decline [3]. - The company’s operating cash flow for the first half of 2024 was 33 million CNY, a decrease of 4.92 million CNY year-on-year [3]. Business Segments - The cement segment's average selling price fell by 21% year-on-year to 249 CNY per ton, while the cost per ton decreased by 35 CNY to 195 CNY, leading to a gross profit margin decline [2]. - The environmental disposal business saw a substantial revenue increase of 141% year-on-year, with a gross margin of 82%, indicating potential for future growth [2]. Dividend Policy - The company plans to distribute cash dividends amounting to at least 70% of the net profit attributable to shareholders for the years 2024-2026, with a minimum dividend of 0.45 CNY per share, resulting in a current dividend yield of 6.3% [4].