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 2023 年度持续督导意见 财务顾问 二零二四年三月 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 2023 年度持续督导意见》 | | | 本持续督导期 | 指 | 2023 年 12 月 11 2023 年 12 月 31 日 | 日至 | | 本次要约收购/本次收 | | 收购人以要约价格向南钢股份除南京钢联、南钢联合以外 股）的股东发出全面 | | | 购 | 指 | 的其他所有持有上市流通普通股（A 要约 | | | 中信泰富 | 指 | 中信泰富有限公司 | | | 盈联钢铁 | 指 | 盈联钢铁有限公司 | | | 新冶钢/收购人 | 指 | 湖北新冶钢有限公司 | | | 南钢创投 | 指 | 南京钢铁创业投资有限公司 | | | 新工投资 | 指 | 南京新工投资集团有限责任公司 | | | 复星高科 | ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 板材 ＃investSuggestion＃ ＃ ＃d 南yCo 钢mp 股any＃份 （ 600282 ） investSug 增持 ( 首ges次tion ）Ch 600282 龙＃ 头title＃ 高 分 红中厚板 ， 盈利 韧性十足 ange＃ ＃ createTime1＃ 2024年 03月 15日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 公司发布2023年业绩公告，2023年公司实现营收725.43亿元，同比 司 市场数据日期 2024-03-14 增加 2.7%；归母净利润 21.25亿元，同比下降 1.7%。单季度看，2023Q4， 点 收盘价（元） 4.42 公司实现营收161.78亿元，同比下降10.2%，环比下降16.8%；归母净利润 评 总股本（百万股） 6165.09 4.6亿元，同比增加444.1%，环比下降31.9%。 报 流通股本（百万股） 6165.09 ⚫ 吨钢数据：2023年吨钢售价7025元，同比下降223元；吨钢营业成本6280 净资产（百万元） 26 ...

公司研究 | 年报点评 南钢股份 600282.SH 买入 （维持） 23 年高端产品增益，出口大幅提升 股价（2024年03月15日） 4.54元 目标价格 5.65元 52周最高价/最低价 4.75/3.32元 ——南钢股份23年报点评 总股本/流通A股（万股） 616,509/616,509 A股市值（百万元） 27,990 国家/地区 中国 核心观点 行业 钢铁 ⚫ 事件：公司近期发布2023年年报，全年实现营业收入725.4亿元，同比+2.7%；实 报告发布日期 2024年03月17日 现归母净利润21.3亿元，同比-1.7%。单四季度来看，公司实现营业收入161.8亿 元（-10.2%），实现归母净利润4.6亿元（+444.1%）。 1周 1月 3月 12月 ⚫ 持续优化品种结构，高端产品增益效果显著。2023年公司持续优化品种结构，同比 绝对表现% -1.52 11 22.7 24.74 增益 4.12 亿元。2023年钢材总销量为1032.64万吨，其中合金钢棒材175.9万 相对表现% -2.23 4.91 15.86 35.2 吨，同比增长5.49%，合金钢线材52.1万吨，同比下降7.7 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and potential for valuation recovery [3]. Core Insights - The company demonstrated resilience in profits with a slight decline in net profit of 1.67% year-on-year, achieving a net profit of 2.125 billion yuan in 2023, while revenue increased by 2.65% to 72.543 billion yuan [1][2]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 1.54 billion yuan, which represents 72.52% of the net profit attributable to shareholders [1]. - The company has shown a significant increase in production and sales, with steel production rising by 5.6% to 10.4 million tons and sales increasing by 5.9% to 10.33 million tons [1]. - The export volume reached a record high of 1.2 million tons, marking an 85% increase year-on-year, with notable contributions from high-end steel products for international projects [1]. - The company is focusing on high-end product development, with advanced steel material sales increasing by 25.15% and accounting for 25.06% of total steel sales [1]. Financial Summary - In 2023, the company achieved operating revenue of 72.543 billion yuan, with a year-on-year growth rate of 2.65% [2]. - The net profit attributable to shareholders was 2.125 billion yuan, reflecting a decline of 1.67% compared to the previous year [2]. - The basic earnings per share (EPS) for 2023 was 0.34 yuan, with projections for 2024 indicating an increase to 0.40 yuan [2][9]. - The company's return on equity (ROE) improved to 7.9% in 2023, with expectations to reach 9.0% in 2024 [2][9]. - The price-to-earnings (P/E) ratio for 2023 was 13.4, with forecasts suggesting a decrease to 11.5 in 2024 [2][9].

Investment Rating - The investment rating for the company is "Accumulate" [4][17]. Core Views - The company's performance remains stable with a high dividend payout to shareholders. In 2023, the company achieved an operating revenue of 72.543 billion yuan, with a net profit attributable to shareholders of 2.125 billion yuan, a year-on-year decrease of 1.67% [1][5]. - The company has optimized its product mix and increased exports to enhance profitability, demonstrating a significant performance advantage over the industry despite weak demand and strong raw material prices [1][5]. - The company is advancing its coke projects steadily, with the Indonesian Jinrui New Energy project achieving a sales volume of 1.4606 million tons and a net profit of 139 million yuan in 2023 [1][15]. - The change in ownership to CITIC Group is expected to empower the company and create synergies, as CITIC is a leading special steel enterprise in China [1][16]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 1.541 billion yuan, which represents 72.52% of the net profit attributable to shareholders for 2023, resulting in a dividend yield of 5.4% [1][16]. Summary by Sections Financial Performance - In 2023, the company reported an operating revenue of 72.543 billion yuan, a 2.7% increase from the previous year, while the net profit decreased by 1.7% to 2.125 billion yuan [2][5]. - The company’s advanced steel materials sales reached 2.5879 million tons, a significant increase of 25.15% year-on-year, with a unit price of 5,972.81 yuan per ton and a gross profit of 957.53 yuan per ton, outperforming other steel products [1][8]. Research and Development - The company invested 2.402 billion yuan in R&D in 2023, accounting for 3.31% of its operating revenue, with some flagship products being nationally recognized [1][8]. Project Development - The Indonesian Jinrui New Energy project has four coke ovens operational, with plans for further expansion in the Indonesian Jinxiang New Energy project [1][15]. Shareholder Returns - The company has established a shareholder return plan for 2024-2026, committing to distribute at least 30% of the annual net profit as cash dividends [1][16].

Investment Rating - The report maintains a "Recommended" rating for the company [4][5]. Core Views - The company achieved a revenue of 72.543 billion yuan in 2023, a year-on-year increase of 2.7%, while the net profit attributable to shareholders decreased by 1.7% to 2.125 billion yuan [2][3]. - The company is focusing on optimizing its product structure and capturing the high-end steel market, with advanced steel material sales increasing by 25.15% to 2.5879 million tons, accounting for 25.06% of total steel product sales [4]. - The company is expanding its overseas market presence, with steel exports increasing by 85% in 2023, achieving a record export volume of 1.2 million tons [4]. Financial Performance Summary - In 2023, the company's total steel sales reached 10.3264 million tons, a year-on-year increase of 5.91% [3]. - The gross profit margin for 2023 was 10.53%, showing a slight decline of 0.16 percentage points year-on-year [3]. - The company’s operating expenses increased by 16.46% in 2023, primarily due to the gradual production of the Indonesian coking coal project and increased depreciation and amortization from green low-carbon and digital transformation projects [3]. Future Outlook - The company is expected to achieve net profits of 2.427 billion yuan, 2.706 billion yuan, and 2.849 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12x, 11x, and 10x [4][5]. - The company is strategically positioning itself along the upstream supply chain by establishing overseas coking coal production bases in Indonesia, with a total annual production capacity of 6.5 million tons [4].

Financial Performance - The company's operating revenue for 2023 was CNY 72.54 billion, an increase of 2.65% compared to CNY 70.67 billion in 2022[22]. - The net profit attributable to shareholders for 2023 was CNY 2.13 billion, a decrease of 1.67% from CNY 2.16 billion in 2022[22]. - The net cash flow from operating activities decreased by 28.71% to CNY 2.68 billion in 2023 from CNY 3.75 billion in 2022[22]. - The basic earnings per share for 2023 was CNY 0.3447, down 1.84% from CNY 0.3512 in 2022[23]. - The total assets as of the end of 2023 were CNY 73.18 billion, a decrease of 2.01% from CNY 74.67 billion at the end of 2022[22]. - The company's operating costs rose to approximately ¥64.85 billion, reflecting a 2.83% increase from ¥63.07 billion year-on-year[79]. - The net profit for the reporting period was approximately ¥2.24 billion, a decrease of 3.40% compared to the previous period[81]. - The total operating revenue reached approximately ¥72.36 billion, reflecting a year-on-year increase of 2.94%[84]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 2.5 per 10 shares to all shareholders, pending approval at the 2023 annual general meeting[7]. - The company has established a cash dividend policy, committing to distribute no less than 30% of the annual net profit attributable to shareholders as cash dividends for the years 2024-2026[193]. - For the fiscal year 2022, the company approved a cash dividend of 0.25 yuan per share, totaling approximately 1.54 billion yuan distributed to shareholders[194]. - The total cash dividend amount (including tax) is CNY 1,541,272,752.75, which accounts for 72.52% of the net profit attributable to ordinary shareholders of the listed company in the consolidated financial statements[198]. Audit and Compliance - The company reported a standard unqualified audit opinion from Tianheng Accounting Firm for the financial statements[6]. - The board of directors has confirmed that all members attended the board meeting, ensuring accountability for the report's accuracy[5]. - The financial report includes signatures from the legal representative and accounting personnel, ensuring its authenticity[13]. - The company has not violated decision-making procedures for external guarantees[9]. - There are no non-operating fund occupations by controlling shareholders or related parties[9]. Risk Management - The company has outlined potential risks in its future development, which are detailed in the management discussion and analysis section[10]. - The report emphasizes the importance of understanding the differences between plans, forecasts, and commitments, highlighting investment risks[8]. - The company has identified various risks associated with commodity futures hedging, including basis risk, policy risk, and operational risk[125]. - The company has implemented risk control measures, including establishing a digital risk management system and enhancing the professional knowledge of hedging personnel[125]. Production and Sales - The company's steel production increased to 10.3987 million tons, a year-on-year rise of 5.63%[31]. - Advanced steel material sales amounted to 2.5879 million tons, a year-on-year increase of 25.15%, accounting for 25.06% of total steel product sales[29]. - The company recorded a non-operating income of CNY 211.32 million from government subsidies in 2023, indicating support from local policies[26]. - The company achieved a reduction in M-end process costs by 1.919 billion RMB year-on-year[31]. - The company exported 1.25 million tons of steel, setting a historical record, with a 44% year-on-year increase in high-end steel supply for international projects[40]. Research and Development - The company invests over 3% of its revenue in R&D annually, developing advanced steel materials for various industries[55]. - The company has maintained R&D investment at over 3% for several consecutive years, focusing on technological innovation to drive industry development[72]. - The company has developed 231 products and technological achievements, with 151 reaching international leading or advanced levels[74]. - The R&D department has made advancements in eco-friendly steel production techniques, aiming to reduce carbon emissions by 15%[165]. Environmental and Sustainability Initiatives - The company aims to achieve carbon peak by 2030 and carbon neutrality by 2050, with a low-carbon energy strategy committee established to enhance energy efficiency[43]. - The company is committed to innovation in the green low-carbon sector, focusing on wastewater treatment and solid waste management services[65]. - The company is addressing environmental risks by advancing its ultra-low emissions transformation and focusing on clean production and low-carbon development[151]. Governance and Management - The company has established an independent accounting system and financial management framework, ensuring no interference from the controlling shareholder in financial decisions[155]. - The company has committed to avoiding competition with its controlling shareholder, with relevant commitments documented in the report[156]. - The company has established specialized committees under the board, including audit, nomination, remuneration, and strategic committees[180]. - The company has a diverse board with a mix of independent and non-independent directors, ensuring a balanced governance structure[161]. Market Expansion and Strategic Initiatives - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in sales in that region over the next year[162]. - The company plans to enhance its global competitiveness by focusing on advanced materials and smart manufacturing[140]. - The company is actively pursuing a three-year action plan for energy efficiency, targeting green energy and breaking down barriers to green development[146]. Subsidiary Performance - The company’s subsidiary, Nanjing Jinhan Environmental Technology Co., Ltd., reported a net profit of RMB 20.39 million for the year 2023[133]. - The company’s subsidiary, Jin An Mining, reported a net profit of RMB 314.04 million for the year 2023[133]. - The company’s subsidiary, Nanjing Jinkeng Environmental Technology Co., Ltd., reported a net loss of RMB 1.31 million for the year 2023[133]. - The company’s subsidiary, Nansteel Development, reported a net profit of RMB 768.38 million for the year 2023[133].

证券代码：600282 证券简称：南钢股份 公告编号：临 2024-028 南京钢铁股份有限公司 2023 年年度利润分配预案的公告 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： 每股分配比例：A 股每股派发现金红利 0.25 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 根据公司 2024 年第一次临时股东大会审议通过的《南京钢铁股份有限公司 未来三年（2024-2026 年度）股东回报规划》，公司拟于 2024-2026 年度缩短分 红周期，将分红周期从年度变更为半年度。公司 2024 年上半年现金分红金额不 低于该半年度合并报表归属于上市公司股东的净利润的 30%，且比例不超过 2023 年度现金分红占当年度归属于上市公司股东的净利润的比例。 提请股东大会授权公司董事会，根据股东大会决议在符合利润分配的条件下 制定具体的 2024 年上半年利润分配方案。 上述 2024 年上半年利润分配上限未超过相应期间归属于上市公司股东的净 利润。 在实 ...

您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn/ 报告红 南京钢铁股份有限公司 募集资金年度存放与使用情况的鉴证报告 天衡专字(2024) 00114 号 天衡会计师事务所(特殊普通合伙) 南京钢铁股份有限公司 募集资金年度存放与使用情况的鉴证报告 天衡专字(2024) 00114 号 南京钢铁股份有限公司全体股东: 我们接受委托,对后附的南京钢铁股份有限公司(以下简称"南钢股份")截至 2023 年 12月 31 日止的《募集资金年度存放与使用情况的专项报告》进行了鉴证工作。 一、对报告使用者和使用目的的限定 本鉴证报告仅供南钢股份年度报告披露时使用,不得用作任何其他目的。我们同意将本 鉴证报告作为南钢股份年度报告的必备文件,随同其他文件一起报送并对外披露。 二、公司的责任 南钢股份的责任是提供真实、合法、完整的相关资料,按照《上海证券交易所上市公司 自律监管指引第1号 -- 规范运作》及相关格式指引编制《募集资金年度存放与使用情况的 专项报告》,并保证其内容真实、准确、完整,不存在虚假记载、误导性陈述或重大遗漏。 三、注册会计师的责任 我们的责任是在实 ...

做 全 球 绿 色 钢 铁 的 先 行 者 可持续发展报告 2023 年 南京钢铁股份有限公司 2023年度可持续发展报告 目录 目录 | 关于本报告 | 03 | | --- | --- | | 董事长致辞 | 05 | | 历史沿革： | 07 | | 挺钢铁脊梁，服务国之大者 | | | 走进南钢 | 09 | | 环境、社会及治理（ESG）管理 | 13 | | 行稳致远 | | | --- | --- | | 夯实高质量南钢 | | | 提升公司治理 | 21 | | 强化合规风控 | 24 | | 保障信息安全 | 26 | | 践行商业道德 | 28 | | 绿色环保 | | | --- | --- | | 建设美丽南钢 | | | 环境管理体系 | 45 | | 推进极致能效 | 46 | | 水资源管理 | 50 | | 强化污染防治 | 51 | | 推进产城融合 | 55 | | 保护生物多样性 | 57 | | 守正创新 | | | --- | --- | | 铸造精品南钢 | | | 科技创新引领 | 69 | | 深耕产品品质 | 72 | | 提升服务质效 | 75 | | 携手 ...