2025, Shangfeng Cement (stock code: 000672), an A-share listed company , released its 2024 annual report and 2025 first quarterly report. In 2024, Shangfeng continued to demonstrate its excellent operational capability, and still achieved a revenue of 5.448 billion yuan and a net profit of 474 million yuan after deducting non-attributable profits despite cyclical fluctuations in the cement industry.
Over the past five years, Shangfeng Cement's "one main and two wings" strategy has made remarkable achievements, and with the release of the 2024 annual report, its "two-wheel drive" strategy for the next five years has also made a new appearance.
The annual gross profit margin is the first, and the dividend rate is over 7%
. With the ability of refined operation and cost control, the core financial indicators of Shangfeng Cement are still in the forefront of the industry. In 2024, the gross profit margin of the company's sales reached 26.16%. According to the data of Oriental Wealth, the gross profit margin of Shangfeng Cement exceeded 24.69% of Huaxin Cement and 22.14% of Tapai Group, ranking first in the industry.
In terms of net interest rate, according to the data of 2024 annual report, the net interest rate of Shangfeng Cement is 10.86%, which is only lower than 12.93% of Tapai Group, and is in the leading level in the industry. In the annual report
of Shangfeng Cement, its cash flow management ability is particularly outstanding, with a net operating cash flow of 1.039 billion yuan, which provides a solid foundation for sustained dividends. Since 2019, the company has maintained a high dividend policy for many years, and plans to distribute 6.30 yuan (including tax) per 10 shares in 2024, which is significantly higher than industry average.
The dividend yield reflects how strongly the company returns cash to shareholders each year. In 2024, the dividend yield of Shangfeng Cement was 7.74%, also ranking first in the industry. For example, the A-share dividend rate of Conch Cement, a giant in the industry, is only 2.78% in 2024; the dividend rate of Tapai Group is 5.67% in 2024; and the dividend rates of Huaxin Cement for three consecutive years are 3.71%, 3.86% and 3.35% respectively.
In addition, the company's quarterly performance is very bright. In the first quarter of 2025, the operating income of Shangfeng Cement is 951 million yuan, with a year-on-year increase of 4.64%; the net profit attributable to parent company is 79.9343 million yuan, with a year-on-year increase of 447.61%; the comprehensive gross profit rate is 27.41%, with an increase of 5.05 percentage points over the same period last year.
Five-year transformation has achieved remarkable results: from a traditional cement leader to a diversified ecological builder
Over the past five years, Shangfeng Cement has successfully achieved a magnificent transformation from a traditional cement production enterprise to a diversified industrial ecological builder, and the transformation has achieved remarkable results.
As a leading enterprise in the traditional cement industry, Shangfeng Cement has been actively exploring diversified development paths since it started its transformation strategy. While consolidating the advantages of the main cement industry, it vigorously promoted the extension of the industrial chain, and the scale of the aggregate business continued to expand.
By the end of 2024, the total annual production capacity of cement clinker of the Company will be approximately 18 million tons, the total annual production capacity of cement will be approximately 20 million tons, the annual waste heat power generation capacity will be approximately 86 MW, the total annual production capacity of commercial concrete will be approximately 600,000 cubic meters, and the total annual production capacity of aggregate will be approximately 18 million tons. The total annual production capacity of environmental co-disposal of various hazardous solid wastes is about 868,000 tons, the installed capacity of photovoltaic power generation is 23.59 MW, and the installed capacity of energy storage is 4MWh. The capacity scale of Shangfeng Cement's traditional cement industry + industrial chain extension wing has achieved a structural breakthrough.
As a black horse in the field of equity investment, Shangfeng Cement has prospectively entered into strategic emerging industries such as semiconductors, new energy and new materials, and gradually built up a complete industrial ecology in related fields. In the field of semiconductors, the company has invested in more than 20 high-quality enterprises, such as Crystal Integration and Guangzhou Yuexin, covering the whole industrial chain of chip design, manufacturing, sealing and testing, materials and so on. Among them, Jinghe Integration has been listed on the Science and Technology Innovation Board in 2023, and Shangfeng Cement has gained rich returns through the reduction of its holdings, thus realizing the effective return and recycling of funds.
In the annual report of 2024, Shangfeng Cement released a two-wheel drive strategy for the next five years. The management of Shangfeng Cement said that in the next five years, the company will focus on upgrading the main building materials industry and investing in new quality productivity. Construct a new pattern of coordinated development of traditional industries and strategic emerging industries. The first round of the
"two-wheel drive" strategy is the material industry chain including cement, clinker, aggregate, environmental protection, new energy and other businesses; the other round is the equity investment chain of new quality productivity. While ensuring that the cornerstone building materials business remains focused on development and growth and providing solid cash flow and dividend support, Shangfeng Cement will continue to strengthen equity investment in domestic alternative leading enterprises in the field of "sticking neck", and gradually form a two-wheel-driven, complementary and balanced business pattern.
According to the plan, by 2029, the business pattern of Shangfeng Cement will strive to evolve from "two-wheel drive" to "troika", forming a coordinated development pattern consisting of new material growth business, building material cornerstone business and equity investment capital business.
Industry analysis points out that the strategic transformation of Shangfeng Cement provides a sample reference for the traditional manufacturing industry to explore the development of "industry + capital". Under the dual pressure of overcapacity and "double carbon" target in building materials industry, equity investment in strategic emerging industries not only conforms to the strategic orientation of national scientific and technological innovation, but also opens up a "second space" for enterprises to increase their value.
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