NXBM(600449) 天风证券·2025-03-27 03:14Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5][8][24]. Core Views - The company achieved a total revenue of 8.65 billion yuan and a net profit attributable to shareholders of 241 million yuan in 2024, reflecting a year-on-year decline of 16.87% and 18.82% respectively [1][5]. - The company's digital logistics business is expected to grow, with a focus on transforming into a data information platform under the China National Building Material Group [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 8.65 billion yuan, with a net profit of 241 million yuan, and a non-recurring net profit of 173 million yuan, marking a year-on-year decrease of 31.28% [1][3]. - The fourth quarter saw a significant recovery in non-recurring profit, achieving 71 million yuan, a year-on-year increase of 1117.55% [1]. Cement and Non-Cement Business - The cement and clinker segment experienced a revenue decline of 26% to 2.485 billion yuan, with sales volume down 20% to 10.54 million tons [2]. - The aggregate and concrete segments saw revenue increases of 13% and 3% respectively, reaching 120 million yuan and 370 million yuan [2]. Future Outlook - The company plans to reduce sales volumes for cement, clinker, aggregates, and concrete in 2025 compared to 2024, with projected revenue from basic building materials at 2.857 billion yuan [3]. - The overall gross margin for 2024 was reported at 7.33%, with a net profit margin of 2.67% [3]. Digital Logistics and Transformation - The digital logistics business generated 5.609 billion yuan in revenue, with a focus on transportation services, which accounted for 81% of the revenue [4]. - The company is transitioning towards a data information platform, with potential for profit and valuation enhancement [4][5]. Dividend and Profit Forecast - The company distributed a cash dividend of 0.21 yuan per share, totaling 100 million yuan, with a dividend payout ratio of 42% [5]. - The forecast for net profit attributable to shareholders is adjusted to 350 million yuan for 2025, with expectations of 450 million yuan and 510 million yuan for 2026 and 2027 respectively [5].