2024年4月28日 公司研究 业绩依旧保持稳健，高分红和回购强化投资价值 ——宝钢股份（600019.SH）2023 年年报及 2024 年一季报点评 要点 增持（维持） 当 前价：7.09元 事件：2023年实现营收3445.00亿元，同比-6.33%，归母净利润119.44亿元， 同比-1.99%；2023Q4实现营收894.84亿元，环比+5.08%，同比-0.05%，归 母净利润35.94亿元，环比-5.37%，同比+31.99%；2024Q1实现营收808.14 作者 亿元，环比-9.69%，同比+2.81%；归母净利润19.26亿元，环比-46.41%，同 分析师：王招华 比+4.39%。2023年公司年度分红总额67.8亿元，现金分红比例为56.77%。 执业证书编号：S0930515050001 021-52523811 2023年公司钢材产量同比+4.19%，吨钢毛利+2.46%。2023年度，钢材产品产 wangzhh@ebscn.com 分析师：戴默 量5194万吨，同比+4.19%，其中卷板产量为4225万吨，同比+4.24%，长材 执业证书编号：S0930522100001 产量为 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the industry and potential for profit improvement [2][3] Core Viewpoints - The company's Q1 2024 performance showed a year-on-year recovery, with revenue increasing by 2.81% to 808.14 billion yuan and net profit attributable to shareholders rising by 4.4% to 19.26 billion yuan [1] - The company's profitability is expected to improve, with gross and net profit margins likely to increase in the future due to optimized product structure and cost reductions [1] - The company's production and sales volumes continued to grow, with 2023 output reaching 51.94 million tons, a 4.2% increase year-on-year, and exports hitting a record high [1] - The company's cost-cutting efforts were significant, achieving a reduction of 5.01 billion yuan in 2023 and 2.24 billion yuan in Q1 2024, supporting its outperformance in the industry [1] Financial Performance - The company's 2023 revenue was 344.5 billion yuan, a 6.3% decrease year-on-year, while net profit attributable to shareholders was 11.944 billion yuan, down 2.0% year-on-year [1] - The company's gross profit margin for Q1 2024 was 5.13%, down from previous quarters, but is expected to rise in the future [1] - The company's cash dividend payout ratio for the second half of 2023 was 58.72%, the highest since 2021, and is expected to remain high as capital expenditures decrease [2] Product Line and Market Position - The company's high-end product sales, under the "1+1+N" strategy, reached 27.92 million tons in 2023, a 10% increase year-on-year, and 7.312 million tons in Q1 2024, up 16.5% year-on-year [1] - The company is a leader in the industry, focusing on high-end specialty steel plate manufacturing, benefiting from mergers, acquisitions, and product structure optimization [2] Future Projections - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 13.32 billion yuan, 13.99 billion yuan, and 15.01 billion yuan, respectively [2] - The company's valuation is expected to recover, with a mid-range valuation corresponding to a market capitalization of around 234.2 billion yuan and a high-range valuation of around 354.6 billion yuan [2] Financial Ratios and Metrics - The company's EPS for 2024-2026 is projected to be 0.60 yuan, 0.63 yuan, and 0.68 yuan, respectively [2] - The company's ROE is expected to remain stable, with projections of 6.6%, 6.6%, and 6.7% for 2024-2026 [2] - The company's P/E ratio is forecasted to decrease from 13.1x in 2023 to 10.4x in 2026, indicating potential valuation upside [2]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 8.17 CNY per share based on a 15x PE valuation for 2024 [2][4]. Core Insights - The company's net profit for 2023 decreased by 2% year-on-year, while Q1 2024 showed a 4% increase, aligning with expectations. The total revenue for 2023 was 344.5 billion CNY, with a net profit of 11.9 billion CNY, reflecting a year-on-year change of -6.3% and -2%, respectively [1][2]. - The company demonstrated significant operational resilience through cost reduction and volume growth, achieving a 4% increase in steel production and sales in 2023. Cost reductions amounted to 5 billion CNY in 2023 and 2.2 billion CNY in Q1 2024, supporting performance above industry averages [1][2]. - The steel market is entering a balanced supply-demand phase, with expectations for moderate recovery driven by macroeconomic policies. As of April 26, 2024, domestic steel mills reported a profit margin of 51%, indicating improved industry profitability despite ongoing cost pressures [1][2]. Financial Summary - The company's revenue and net profit for 2023 were 344.5 billion CNY and 11.9 billion CNY, respectively, with projected EPS for 2023-2025 at 0.54, 0.62, and 0.68 CNY per share [1][4]. - The PE ratios for 2024, 2025, and 2026 are projected to be 13, 11, and 10, respectively, indicating a potential for valuation re-rating based on the company's ability to withstand cyclical fluctuations and maintain stable dividends [1][4]. - The report highlights a dividend payout ratio of 56.77% for 2023, reflecting the company's commitment to shareholder returns [1].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company has demonstrated a solid leadership position in the steel industry, with continuous optimization of its product structure and an increase in sales volume [3][4]. - Despite a decrease in revenue and net profit in 2023, the company is expected to see a recovery in profitability as the domestic economy gradually improves [3][4]. - The company has made strategic investments, including acquiring a stake in Shandong Steel's Rizhao base, which is anticipated to enhance its competitive edge in the northern market [3]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved revenue of 344.87 billion yuan, a decrease of 6.6% year-on-year, and a net profit attributable to shareholders of 11.94 billion yuan, down 2% year-on-year [1]. - For Q1 2024, revenue was 80.81 billion yuan, up 2.4% year-on-year, while net profit was 1.93 billion yuan, an increase of 4.4% year-on-year [1][2]. Sales Volume and Pricing - The company's steel sales volume reached 51.90 million tons in 2023, an increase of 4.3% year-on-year, with a notable decline in steel pipe sales [2]. - The average selling price of products in 2023 was 4,841 yuan per ton, down 9.1% year-on-year, while the gross margin was 6.20%, an increase of 0.36 percentage points year-on-year [2]. Future Outlook - The company is focusing on optimizing its product structure, with a significant increase in high-margin products and the launch of production lines for high-grade silicon steel aimed at the electric vehicle industry [3]. - Key projects are underway, including the construction of new production facilities and the optimization of existing product lines, which are expected to enhance production capacity and efficiency [3]. - Forecasts indicate that the company will achieve net profits of 13.11 billion yuan, 15.35 billion yuan, and 17.44 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12, 10, and 9 [4].

证券代码：600019 证券简称：宝钢股份 公告编号：临 2024-015 宝山钢铁股份有限公司 第八届监事会第三十九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （四）监事出席会议的人数情况 本次监事会应出席监事 7 名，实际出席监事 7 名。 （五）会议的主持人和列席人员 本次会议由监事会主席朱永红主持。 一、监事会会议召开情况 （一）会议召开符合有关法律、法规情况 本次监事会会议经过了适当的通知程序，会议程序符合有关法 律法规和《公司章程》的规定。 （二）发出会议通知和材料的时间和方式 公司于 2024 年 4 月 18 日以书面和电子邮件方式发出召开监事 会的通知及会议材料。 （三）会议召开的时间、地点和方式 本次监事会会议以现场结合通讯的方式于 2024 年 4 月 25 日在 日照召开。 二、监事会会议审议情况 本次监事会会议通过以下决议: （一）2023 年度监事会报告 全体监事一致通过本提案，并提交股东大会审议。 （二）2023 年度董事履职情况的报告 全体监事一致通过本提案。 - 1 - 证 ...

Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.20 per share for the second half of 2023, totaling approximately CNY 4.34 billion, which represents 58.72% of the net profit attributable to shareholders for that period[3]. - The total expected cash dividend for 2023 is CNY 0.31 per share, amounting to CNY 6.78 billion, accounting for 56.77% of the net profit attributable to shareholders[3]. - The company emphasizes the importance of maintaining a cash dividend policy of at least 50% of the audited net profit attributable to shareholders each year[3]. - The company has committed to a mid-term dividend distribution policy aligned with the release of interim reports, ensuring a minimum of 50% of the interim net profit for distribution[3]. - The cash dividend policy is in compliance with the company's articles of association and has been approved by the shareholders' meeting[159]. - The proposed cash dividend for the second half of 2023 is CNY 0.20 per share, with an expected total distribution of CNY 4,340,392,218.40, representing 58.72% of the net profit attributable to shareholders for the second half[155]. - The total expected cash dividend for the entire year 2023 is CNY 6,780,892,478.29, which accounts for 56.77% of the net profit attributable to shareholders[155]. Financial Performance - In 2023, the company's operating revenue was CNY 344.5 billion, a decrease of 6.3% compared to CNY 367.8 billion in 2022[17]. - The net profit attributable to shareholders was CNY 11.944 billion, down 2.0% from CNY 12.187 billion in the previous year[17]. - The net cash flow from operating activities decreased significantly by 43.4% to CNY 25.302 billion from CNY 44.719 billion in 2022[17]. - The total assets at the end of 2023 were CNY 376.051 billion, a decline of 5.6% from CNY 398.249 billion in 2022[17]. - The company's net assets attributable to shareholders increased by 2.9% to CNY 200.325 billion compared to CNY 194.623 billion in 2022[17]. - The basic earnings per share for 2023 was CNY 0.54, a decrease of 1.8% from CNY 0.55 in 2022[17]. - The company reported a total of CNY 1.491 billion in non-recurring gains and losses for 2023, compared to CNY 1.583 billion in 2022[21]. - The weighted average return on net assets decreased to 6.01% in 2023 from 6.33% in 2022, indicating a decline in profitability[17]. Market and Product Development - The company plans to continue focusing on market expansion and new product development in the upcoming fiscal year[17]. - The company is actively developing high-end steel products, including new generation automotive high-strength steel and oriented silicon steel, which are at the international advanced level[31]. - The company achieved a historical high in export orders with a total profit of 15.09 billion yuan, outperforming the industry average by 12.8 percentage points[32]. - The "1+1+N" product sales reached 27.92 million tons, a year-on-year increase of 10%[32]. - The company plans to continue expanding its market presence and optimizing its export structure, particularly in high-value products[47]. - The company aims to increase its '1+1+N' product sales to 30 million tons in 2024, with an export sales ratio of over 10%[103]. Challenges and Risks - The company faces challenges in 2024 due to a slowdown in demand, pressure on steel exports, and high volatility in upstream raw material prices[5]. - The company emphasizes the importance of risk management to address potential challenges such as macroeconomic policy changes and fluctuations in raw material prices[105]. - The company has highlighted the need for careful evaluation of acquisition risks and thorough due diligence before proceeding with any mergers[146]. Environmental and Sustainability Initiatives - The company has committed to sustainable development, responding to environmental regulations aimed at reducing carbon emissions and promoting green practices in the steel industry[29]. - The company achieved a 21% reduction in carbon emissions and was rated "Excellent" in the China Listed Companies Carbon Neutrality Leadership Ranking[38]. - The company completed ultra-low emission modifications across all four bases and received the "Green Factory" title from the Ministry of Industry and Information Technology[33]. - The company has implemented carbon reduction measures, including the use of clean energy and low-carbon metallurgy[183]. - The company has established a complete management system for environmental protection, focusing on both results and processes in pollution control[175]. Governance and Management - The company has a board of directors consisting of 11 members, with 5 independent directors, ensuring a diverse and professional governance structure[106]. - The company has strengthened its internal control and compliance management, revising its articles of association and risk management policies[106]. - The company has established a comprehensive risk management framework for its derivative investments, focusing on market, liquidity, credit, operational, and legal risks[90]. - The company has a commitment to corporate governance, with several independent directors serving on various boards, ensuring compliance and oversight[128]. Research and Development - The company has initiated research and development in low-carbon metallurgy technology to meet environmental and carbon neutrality goals[5]. - The R&D investment rate was 5.68%, with over 1,300 patent applications and 37% of new products being unique[36]. - Research and development expenses increased by 7.9% to RMB 3,419 million, reflecting the company's commitment to enhancing core technological capabilities[43]. - The company is investing 2 billion RMB in research and development for low-carbon steel production technologies over the next three years[124]. Strategic Acquisitions and Investments - The company completed the acquisition of Shanghai Baoxin Smart Mining Information Technology Co., Ltd. with a registered capital of CNY 150 million, holding a 55% stake[49]. - The company has completed equity investment projects totaling RMB 13.2 billion in 2023, an increase of RMB 10.58 billion compared to the same period last year[80]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 3 billion RMB for potential deals[122]. Employee and Management Changes - The company has a total of 43,126 employees, with 11,445 in the parent company and 31,681 in major subsidiaries[151]. - The company appointed new executives, including a General Manager for the Steel Manufacturing Development Department in May 2023[126]. - The company experienced changes in its board, with several appointments and resignations in 2023[133]. Community Engagement and Social Responsibility - The company donated 70.7 million yuan for rural revitalization projects in Yunnan, supporting 38 projects and integrating cultural and industrial revitalization efforts[188]. - The company provided assistance to 173,854 individuals through 45 poverty alleviation projects, including 20 focused on industrial development[187]. - The company donated 2.83 million yuan to support local agricultural products in Yunnan, purchasing and selling 22.83 million yuan worth of agricultural products throughout the year[188].

宝山钢铁股份有限公司独立董事 2023 年度述职报告 （陈力） 作为宝山钢铁股份有限公司（以下简称"宝钢股份"或"公司"） 的独立董事，本人按照《中华人民共和国公司法》《上市公司独立董 事管理办法》《上海证券交易所上市公司自律监管指引第1号——规 范运作》等法律、法规、规范性文件规定，本着对上市公司及全体股 东负有的诚信与勤勉义务，本人在2023年度工作中忠实、勤勉地履行 职务，切实维护公司和股东的利益。现将本人2023年度履职情况报告 如下： 一、独立董事的基本情况 本人1966年10月生，中国国籍。1988年7月获复旦大学法学学士 学位，1991年7月获复旦大学法学硕士学位，2006年7月获复旦大学法 学博士学位。曾在德国马克思普朗克国际公法与比较法研究所、美国 耶鲁大学福克斯项目、丹麦哥本哈根大学法学院担任访问学者，在美 国弗吉尼亚大学法学院中美富布莱特项目担任高级访问学者。现任复 旦大学法学院教授、博士生导师，律师。 本人长期从事国际私法、国际经济法等教学与科研工作，研究重 点为国际商事仲裁制度、区际司法协助、国际贸易救济、南极国际治 理与南极条约体系等，在国际法学、国际商事争议解决、南极治理等 领域 ...

中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 FANGDA PARTNERS http://www.fangdalaw.com 上海市方达律师事务所 关于宝山钢铁股份有限公司 回购注销第三期 A 股限制性股票计划 部分限制性股票的法律意见书 致：宝山钢铁股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国法律执业 资格的律师事务所。根据宝山钢铁股份有限公司（以下简称"宝钢股份"或"公司"） 与本所签订的法律顾问协议，本所担任宝钢股份第三期 A 股限制性股票计划项 目（以下简称"第三期限制性股票计划"或"本次计划"）的特聘专项法律顾问， 就公司回购注销本次计划项下部分激励对象持有的已获授但尚未解锁的限制性 股票（以下 ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2024-017 委托理财受托方：以大型商业银行及其理财子公司为主 委托理财金额：预计单日理财余额最高不超过人民币 250 亿元， 此理财额度可循环使用。 委托理财产品名称：银行理财、信托计划、资管计划等 宝山钢铁股份有限公司 关于投资理财计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 委托理财期限：以一年内为主 履行的审议程序：公司于 2024 年 4 月 25 日召开的第八届董事 会第三十九次会议审议通过了《关于 2024 年度预算的议案》和《关 于 2024 年度日常关联交易的议案》。预算议案授权公司开展任意时 点余额不超过 250 亿元的委托理财业务。关联交易议案授权公司与宝 武集团下属金融类子公司开展资产委托管理业务任意时点余额不超 过 50 亿元。 一、委托理财概况 （一）委托理财目的 为提高日常经营过程中存量资金的收益、备付期间融资到期兑付， 在保证资金安全性、流动性的前提下，公司适当开展委托理财业务。 （二）投资金额 根据公司 ...

公司代码：600019 公司简称：宝钢股份 宝山钢铁股份有限公司 2023 年度内部控制评价报告 宝山钢铁股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部 ...