GUANGDONG TAPAI GROUP CO.(002233) 天风证券·2025-03-19 16:00Investment 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].