Summary of Conference Call Company Overview - The conference call involved Baosteel Co., Ltd. with key participants including Chairman Mr. Zou Dixin, General Manager Mr. Wu Xiaodi, Independent Director Ms. Chen Lu, and Vice General Manager and Head of Central Research Institute Mr. Wu Jun [1] Key Points and Arguments - The company is focusing on enhancing operational efficiency and reducing costs to improve profitability in a competitive market environment [1] - There is an emphasis on innovation and technology upgrades to meet the evolving demands of the steel industry [1] - The management highlighted the importance of sustainable practices and environmental responsibility in their production processes [1] Additional Important Content - The call addressed the challenges posed by fluctuating raw material prices and their impact on overall margins [1] - Future growth strategies were discussed, including potential expansions in international markets and diversification of product offerings [1] - The management expressed confidence in achieving their financial targets despite market volatility [1]

关于以集中竞价交易方式回购股份的进展公告 证券代码：600019 证券简称：宝钢股份 公告编号：临 2024-026 宝山钢铁股份有限公司 二、回购股份的进展情况 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： | 回购方案首次披露日 | 2023/10/17 | | | --- | --- | --- | | 回购方案实施期限 | 过后 | 待宝钢股份第八届董事会第三十三次会议审议通 12 个月 | | 预计回购金额 | 0 | 万元~300,000 万元 | | 回购用途 | | 用于员工持股计划或股权激励 | | 累计已回购股数 | 34,906.27 | 万股 | | 累计已回购股数占总股本比例 | 1.58% | | | 累计已回购金额 | 213,792.55 | 万元 | | 实际回购价格区间 | 5.57 | 元/股~7.08 元/股 | 一、回购股份的基本情况 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关 规定，现将公司截至上月末的回购股份进展情况公告如下： 2024 ...

Investment Rating - The report maintains a "Buy" rating for Baosteel Co., Ltd. (600019.SH) [4] Core Views - The company has demonstrated stable performance with a focus on high dividends and share buybacks, enhancing its investment value [2][3] - The company aims to accelerate the development of new production capabilities, targeting top domestic performance and significant cost reductions [3] Financial Performance Summary - In 2023, the company achieved revenue of CNY 344.5 billion, a year-on-year decrease of 6.33%, and a net profit attributable to shareholders of CNY 11.944 billion, down 1.99% [2][4] - For Q4 2023, revenue was CNY 89.484 billion, with a quarter-on-quarter increase of 5.08% and a year-on-year decrease of 0.05% [2] - In Q1 2024, revenue was CNY 80.814 billion, a quarter-on-quarter decrease of 9.69% but a year-on-year increase of 2.81% [2] - The company declared a total dividend of CNY 6.78 billion for 2023, with a cash dividend ratio of 56.77% [2] Production and Cost Structure - In 2023, the company's steel production increased by 4.19% year-on-year, with a gross profit per ton of CNY 208, up 2.46% [2] - The production of steel products reached 51.94 million tons, with specific increases in rolled steel and long products [2] Strategic Developments - The company is actively constructing new specialty steel capacities, with ongoing projects totaling 1.225 million tons and planned projects of 640,000 tons [2] - A zero-carbon high-grade thin steel plate project at the Zhanjiang base commenced in April 2024 [2] Profit Forecast and Valuation - The report forecasts net profits for 2024, 2025, and 2026 to be CNY 12.641 billion, CNY 14.553 billion, and CNY 16.972 billion, respectively [3][4] - The company is expected to continue optimizing its product structure as an industry leader, maintaining the "Buy" rating [3]

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 ...

可持续发展报告 宝山钢铁股份有限公司 2023年度 2 3 目录 01 管治篇 28 30 33 36 40 44 党建引领 公司治理 税收策略 商业道德 风险管理 信息安全 环境篇 02 应对气候变化 | 公司治理 | 50 | | --- | --- | | 战略实施 | 52 | | 风险和机遇管理 | 62 | | 指标和目标监控 | 73 | 生态环境保护 | 环境管理 | 77 | | --- | --- | | 合规排放 | 79 | | 资源保护 | 86 | | 生物多样性保护 | 90 | 03 社会篇 国之重器 | 质量保障 | 95 | | --- | --- | | 研发创新 | 98 | | 智慧转型 | 101 | | 客户服务 | 104 | | 产业链共赢 | 106 | 和谐发展 | 员工雇佣 | 113 | | --- | --- | | 员工权益 | 115 | | 人才发展 | 122 | | 健康与安全 | 126 | | 社会公益 | 132 | 4 5 关于本报告 6 高管致辞 8 专题一 : 绿色无废城市钢厂 10 专题二 : 绿色低碳产品 12 走进宝钢股份 ...

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 ...

根据中国证监会《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》、《公司章程》等规 定要求，结合 5 位独立董事出具的《2023 年度独立性情况的自查报 告》，公司董事会认为，公司在任独立董事陆雄文先生、谢荣先生、 白彦春先生、田雍先生、陈力女士符合上述规定中关于独立董事的任 职资格及独立性的要求，具备独立董事的独立性，不存在任何妨碍其 进行独立客观判断的关系，不存在影响其独立性的情形。 宝山钢铁股份有限公司 董事会关于独立董事独立性情况的专项意见 宝山钢铁股份有限公司（以下简称"公司"）董事会在任独立董 事共 5 位，分别为陆雄文先生、谢荣先生、白彦春先生、田雍先生、 陈力女士。 公司于近日收到 5 位独立董事提交的《2023 年度独立性情况的 自查报告》，公司董事会对 5 位独立董事的独立性情况进行了评估， 并出具专项意见如下： 宝山钢铁股份有限公司董事会 2024 年 4 月 25 日 ...