GUANGDONG TAPAI GROUP CO.(002233) 天风证券·2025-03-19 02:10Investment 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].