中信证券股份有限公司 关于 湖北新冶钢有限公司 要约收购 南京钢铁股份有限公司 之 2024 年半年度持续督导意见 财务顾问 二零二四年九月 1 释 义 本持续督导意见中，除非文意另有所指，下列简称具有如下含义： | 本持续督导意见 | 指 | 《中信证券股份有限公司关于湖北新冶钢有限公司要约收 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 购南京钢铁股份有限公司之 2024 年半年度持续督导意见》 | | | | | | | | | 本持续督导期 | 指 | 年 月 2024 1 2024 6 | 1 | 日至 | 年 | 月 | 30 | 日 | | | 本次要约收购/本次收 购 | 指 | 收购人以要约价格向南钢股份除南京钢联、南钢联合以外 的其他所有持有上市流通普通股（A 股）的股东发出全面 | | | | | | | | | | | 要约 | | | | | | | | | 中信泰富 | 指 | 中信泰富有限公司 | | | | | | | | | 盈联钢铁 | 指 | 盈联钢铁 ...

南京钢铁股份有限公司 之 2024 年半年度持续督导意见 财务顾问 中信证券股份有限公司 关于 泰富特钢（江苏）有限公司 收购 二零二四年九月 1 释 义 本持续督导意见中，除非文意另有所指，下列简称具有如下含义： | 本持续督导意见 | 指 | 《中信证券股份有限公司关于泰富特钢（江苏）有限公司收购 | | --- | --- | --- | | | | 南京钢铁股份有限公司之 2024 年半年度持续督导意见》 | | 本持续督导期 | 指 | 2024 年 6 月 25 日至 2024 年 6 月 30 日 | | 本次收购 | 指 | 江苏特钢以协议转让的方式取得新冶钢持有的南钢集团 | | | | 55.2482%股权，间接合计控制南钢股份 59.10%股份 | | 江苏特钢/收购人 | 指 | 泰富特钢（江苏）有限公司 | | 新冶钢/一致行动人 | 指 | 湖北新冶钢有限公司 | | 南钢股份/上市公司/ | 指 | 南京钢铁股份有限公司 | | 公司 | | | | 中信集团 | 指 | 中国中信集团有限公司 | | 中信泰富 | 指 | 中信泰富有限公司 | | 盈联钢铁 | 指 | 盈联钢铁 ...

Financial Performance - The company achieved a steel production of 4.7872 million tons and sales of 4.7828 million tons [3] - Revenue reached 33.679 billion CNY, a year-on-year decrease of 8.78% [3] - Net profit attributable to shareholders was 1.233 billion CNY, an increase of 24.70% year-on-year [3] - As of mid-2024, total assets amounted to 69.487 billion CNY, down 5.04% from the previous year [3] - Net assets attributable to shareholders were 25.578 billion CNY, a decrease of 3.64% from the previous year [3] - The weighted average return on equity was 4.73%, an increase of 1.04 percentage points year-on-year [3] Industry Outlook - The steel industry is facing significant pressure, with a decline in daily iron production from 2.4 million tons to below 2.3 million tons [5] - The overall market demand is weak, particularly in the real estate sector, which continues to drag down demand for construction steel [5] - However, there are positive signals in manufacturing demand supported by government policies and investments in renewable energy sectors [5] Innovation and Development - The company is focusing on high-quality transformation and innovation-driven development, establishing multiple research institutes to support innovation [4] - It has developed advanced products that meet international standards and has received national awards for technological progress [4] - The company is committed to green technology innovation, developing low-carbon products such as hydrogen storage steel and CO2 transport steel [4] Cost Reduction and Efficiency - The company has implemented benchmarking management to enhance cost reduction and efficiency, collaborating with over 30 domestic steel mills [7] - A dual-driven architecture of "data governance + industrial internet platform" has been established to improve operational efficiency [7] - Key performance indicators have shown significant improvements, with a 10.94 billion CNY reduction in overall process costs year-on-year [8] ESG Management - The company emphasizes the importance of ESG (Environmental, Social, and Governance) management, establishing various committees to oversee ESG initiatives [8] - It has enhanced its ESG disclosure framework and improved its public recognition in ESG ratings, maintaining a leading position in the steel industry [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Viewpoints - The company reported a revenue of 33.679 billion yuan for H1 2024, a year-on-year decrease of 8.78%, while the net profit attributable to shareholders increased by 24.7% to 1.233 billion yuan [1]. - In Q2 2024, the company achieved a revenue of 16.806 billion yuan, a quarter-on-quarter decrease of 0.39% and a year-on-year decrease of 11.64%, with a net profit of 679 million yuan, reflecting a quarter-on-quarter increase of 22.65% and a year-on-year increase of 10.85% [1]. - The company is focusing on product transformation and upgrading, with high-end products steadily increasing their contribution to profits [2]. - The company’s steel production in H1 2024 was 4.7872 million tons, down 7.0% year-on-year, while steel sales were 4.7828 million tons, down 7.1% year-on-year [2]. - The company’s steel product exports reached 816,000 tons, a year-on-year increase of 64%, with an export volume of 685,000 tons, up 31% year-on-year, achieving record highs [2]. - The advanced steel materials segment accounted for 27.14% of total steel sales, with a gross margin of 17.94%, up 1.61 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 617 million yuan, which represents 50% of the net profit attributable to shareholders for H1 2024 [2]. - The company is developing a 6.5 million tons coke production base in Indonesia, with significant sales and revenue contributions expected from this project [3]. Financial Summary - For 2024-2026, the company’s projected net profits are 2.352 billion yuan, 2.668 billion yuan, and 2.861 billion yuan, respectively, with corresponding EPS of 0.38 yuan, 0.43 yuan, and 0.46 yuan [5]. - The company’s revenue is expected to grow from 72.543 billion yuan in 2023 to 89.439 billion yuan in 2026, with a compound annual growth rate of approximately 9.6% [6]. - The gross margin is projected to remain stable at around 11.0% for 2025 and 2026 [6]. - The company’s PE ratio is expected to decrease from 12.3 in 2023 to 9.2 in 2026, indicating potential for valuation improvement [6].

证券研究报告 | 2024年08月27日 南钢股份（600282.SH） 优于大市 主业经营稳健，海外焦炭基地投运 2024H1 公司归母净利润同比增长 25%。2024H1 实现营收 336.8 亿元（同比 -8.8%），归母净利润12.3 亿元（+24.7%），扣非归母净利润10.2 亿元（+7.1%）， 经营性净现金流 11.1 亿元（-31%）。2024 年上半年，实现钢材产量 478.72 万吨，销量 478.28 万吨；公司钢铁产品出口接单量 81.6 万吨，同比增长 64%， 出口量 68.5 万吨，同比增长 31%，均创历史最好水平。公司先进钢铁材料销 量为 129.78 万吨，占钢材产品总销量 27.14%，占比同比增加 1.96 个百分点， 占钢材产品毛利润 42.4%，占比同比增加 1.1 个百分点。 延续高分红比例回报股东：公司公告了 2024 年上半年利润分配方案，公司 总股本 61.65 亿股，拟向全体股东每股派发现金红利 0.10 元（含税），合 计拟派发现金红利 6.17 亿元，占合并报表 2024 年上半年度归属于上市公司 股东净利润的 50%。 产业链向上延伸，海外 650 ...

证券代码：600282 证券简称：南钢股份 公告编号：临2024-063 南京钢铁股份有限公司 关于对外提供担保的进展公告 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。 一、担保情况概述 重要内容提示： 公司于2024年1月30日召开的第九届董事会第一次会议、2024年2月20日召开 的2024年第二次临时股东大会审议通过了《关于2024年度预计为全资及控股子公司 申请授信提供担保的议案》，同意公司在2024年度为安阳合力科技新增不超过 6,000万元的银行等金融机构授信担保额度。内容详见2024年1月31日刊登于《中国 证 券 报 》 《 上 海 证 券 报 》 《 证 券 时 报 》 及 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn/）的《南京钢铁股份有限公司关于2024年度预计为全资及 被担保人：安阳复星合力新材料科技有限公司（以下简称"安阳合力科 技"）。 1 控股子公司申请授信提供担保的公告》（公告编号：临2024-017）。 本次担保金额及已实际为其提供的担保余额：南京钢铁股份 ...

证券代码：600282 证券简称：南钢股份 公告编号：临2024-062 南京钢铁股份有限公司 关于召开2024年半年度业绩说明会的预告公告 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： 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/，下同） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 8 月 23 日（星期五）至 8 月 29 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱 IR@600282.net 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 南京钢铁股份有限公司（以下简称"公司"）已于 2024 年 8 月 20 日发布 《2024 年半年度报告》，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 8 月 30 日上午 10:00-11:30 举 ...

证券研究报告 南钢股份 (600282 CH) 高韧性再次印证，Q2 盈利逆势增长 华泰研究 中报点评 2024 年 8 月 19 日│中国内地 普钢 24H1 归母净利润同比+24.7%，维持"买入"评级 公司 24H1 实现营收 336.79 亿元（yoy-8.78%），归母净利 12.33 亿元 （ yoy+24.7% ）， 其 中 24Q2 归 母 净 利 6.79 亿 元 （ yoy+10.85% ， qoq+22.65%）。考虑公司产品结构优化、精益生产等成果较好，我们上调 盈利预测，预计 24-26 年公司 EPS 分别为 0.40/0.44/0.46 元（前值 0.38/0.41/0.43 元），可比公司 PE（2024E）均值 9.3X，考虑公司盈利稳定 性较强，且分红率较同业更高，给予公司 24 年 15.0X PE，对应目标价 6.00 元（前值 5.89 元），维持"买入"评级。 钢铁行业经营承压，公司盈利逆势增长，高韧性再次印证 据公司半年报，24H1 公司钢材产量 478.72 万吨（yoy-7.0%），销量 478.28 万吨（yoy-7.1%），主因公司积极调整产品结构，克服高 ...

Investment Rating - The investment rating for the company is "Buy" [8][14] Core Views - The company reported a revenue of 33.679 billion yuan for the first half of 2024, a year-on-year decrease of 8.78%, while the net profit attributable to shareholders was 1.233 billion yuan, an increase of 24.7% year-on-year [3] - The company focuses on cost reduction and efficiency improvement to ensure stable operations in its main steel business, emphasizing advanced steel materials to withstand cyclical challenges [2][4] - The company has successfully optimized its product structure and increased its overseas market presence, achieving record-high export volumes [5][10] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 16.806 billion yuan, a quarter-on-quarter decrease of 0.39% and a year-on-year decrease of 11.64%. The net profit for Q2 was 679 million yuan, a quarter-on-quarter increase of 22.65% and a year-on-year increase of 10.85% [3] - The company produced 4.7872 million tons of steel and sold 4.7828 million tons in the first half of 2024, with respective year-on-year decreases of 6.83% and 7.06% [4] Cost Management and Profitability - The company has focused on reducing costs and improving quality, resulting in a gross profit of 3.068 billion yuan for its steel business in Q2 2024, with a gross margin of 14.21% [4] - The average selling prices for various steel products in Q2 2024 showed a decline compared to the previous quarter and year, reflecting pressure from downstream demand [4] Product Development and Market Expansion - The sales volume of advanced steel materials reached 1.2978 million tons in the first half of 2024, a slight increase of 0.18% year-on-year, with a gross margin of 17.94% [5] - The company has increased its focus on advanced steel materials, with significant growth in exports, achieving a record export volume of 685,000 tons, a year-on-year increase of 31% [5] Dividend Policy - The company plans to change its dividend distribution cycle from annual to semi-annual, with a proposed interim dividend amounting to no less than 30% of the net profit attributable to shareholders for the first half of the year [7][9] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 2.465 billion yuan, 2.630 billion yuan, and 2.964 billion yuan respectively, reflecting a resilient performance despite industry challenges [10]

那么我们的全球经济的前景其实是存在一定的压力的那IMF在7月份也是预计了今年的全球经济增速是3.2%于4月份的时候预测基本上保持不变所以今年的全球的经济增长预期是保持稳定的那面对复杂严峻不确定性的这个外部环境和国内持续深化的这个改革带来的一些新的挑战 督裁了很多国关政策也稳定了我们的市场信心那上半年我们国家的经济延续恢复向好的一个态势总体运行是平稳的国内的生产总值也是同比增长5%固定资产投资也是同比增长3.9%那我们从钢铁行业来看的话世界钢铁的数据显示今年上半年全球的粗方产量是在9.55亿吨同比也是基本持平的 国内的粗钢产量是5.31亿吨同比下降1.1%粗钢表冠消费量是4.79亿吨同比下降3.3%据海关总署统计我们上半年的钢材累计出口是5340万吨同比增长24%出口的均价同比是下降了26%钢材累计进口的量是361万吨同比下降3.3% 那从国内这边来看的话呢上半年我们钢材价格其实是震荡下停的那钢纸的利润也是承压的中钢鞋CSPI的钢材综合价格指数的均值是108.19同比下降4.89那原材料方面呢我们土石62%铁矿石价格指数的均值是117美元每吨同比下降 从中高鞋的数据上也可以看到整体上半年黑色金属链和鸦岩链 这个 ...