20240315-天风证券-塔牌集团-002233.SZ-降本增效推动净利润逆势增长_分红率维持高水平_4页_852kb

Summary of Tadate Group (002233) Research Report

Investment Rating: Buy (Hold)

Current Price: 739 RMB, Target Price: 864 RMB
Stock Code: 002233
Industry: Building Materials/Northern Cement

Key Financial Highlights 2023:

• Revenue decreased by 8.29% due to market conditions.
• Net profit attributable to shareholders surged by 17855%, primarily driven by a reduction in investment losses, not continuing operations.
• Net profit after deducting expenses grew by 10056%, with gross margin improving to 26.28% (a +928 percentage point increase).

Main Drivers:

• Cost-cutting and efficiency measures reduced costs by 41 yuan per ton.
• Strong regional demand in Guangdong, supported by infrastructure investments.

Dividend Yield: High, with 2023 plans to distribute 80.3% of net profit, yielding about 6.8%.

Risk Factors:

• Cement demand may fall short of expectations.
• Summer price increases could not meet forecasts.
• Rising coal costs pose a threat to profitability.

Future Outlook:

• Maintained 'Buy' rating with projected net profits for 2024-2026 ranging from 85 to 106 billion RMB.
• Valuation based on 0.85 times price-to-book (PB), reflecting strong fundamentals.ências