南钢股份成立于1999年3月18日，于2000年9月19日在上海证券交易所上市，注册及办公地址均为江苏省南 京市。它是国内领先的钢铁企业，核心业务为钢铁产品，在先进钢铁材料研发上有显著技术壁垒。 南钢股份主营业务为黑色金属冶炼及压延加工，钢材、钢坯及其他金属材料销售，所属申万行业为钢铁 - 普钢 - 板材，涉及债转股、特高压、油气管网核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第11，净利润第3 2025年三季度，南钢股份营业收入432.83亿元，行业排名11/17，远低于行业第一名宝钢股份的2324.36亿元 和第二名河钢股份的965.42亿元，也低于行业平均数598.33亿元和中位数480.8亿元。主营业务构成中，钢 材销售180.45亿元，占比62.34%；其他销售109亿元，占比37.66%。当期净利润20.89亿元，行业排名 3/17，仅次于第一名宝钢股份的89.08亿元和第二名华菱钢铁的33.64亿元，高于行业平均数8.08亿元和中位 数3.56亿元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度南钢股份资产负债率为59.21%，较去年同期的59.33%略有 ...

Core Insights - The 10th China Advanced Materials Industry Expo held in Nanjing focused on the theme "Advanced Materials Leading High-end Equipment Development," gathering nearly 300 new materials R&D institutions, manufacturers, and industry experts to discuss future trends [1] Group 1: Innovations in Materials - Bamboo fiber is being promoted as a sustainable alternative to plastic, with products developed by Yuheng (Nanjing) Environmental Equipment Technology Co., Ltd. that include bamboo fiber powder and biodegradable composite materials for various industries [2] - AI software company Weituo Technology showcased its digital solutions for the materials industry, claiming that their formula model can significantly reduce R&D cycles and costs for material production [3] Group 2: Specialized Materials - Nanjing Steel Group presented its nickel-based low-temperature steel, which has maintained the highest market share for 14 consecutive years, demonstrating exceptional toughness and strength at -196°C [4] - Nanjing Debeli New Materials Co., Ltd. introduced high-silica glass fiber products that can withstand temperatures around 1000°C, essential for automotive exhaust treatment applications [5] - The company also highlighted carbon fiber knitted felt as an ideal substrate for carbon-carbon composite materials, showcasing its corrosion resistance in extreme environments [6] Group 3: Industry Ecosystem Development - The Suzhou South Special Steel National Advanced Manufacturing Cluster, led by Nanjing, aims to enhance the competitiveness of the high-performance special steel plate industry through smart and low-carbon development [7] - The cluster has made significant progress in intelligent transformation and digitalization, with Nanjing Steel establishing an integrated smart operation center and achieving ultra-low emissions in steel production [7]

Core Viewpoints - The company reported a net profit of 2.176 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 24.12%, with Q3 alone achieving a net profit of 713 million yuan, marking the best quarterly performance since Q3 2022 [1] - The company's product structure is continuously optimized, with the proportion of low-margin construction rebar decreasing from 12.61% in 2024 to 9.33%, while the share of higher-margin special steel long products has risen to over 35%, driving steady profit growth [1] - The company is making significant advancements in high-end materials, achieving breakthroughs in critical areas, which is expected to enhance profitability [1][2] Company Performance - In Q3 2025, the company's gross margin reached a new high of 15.07%, indicating strong profitability driven by product structure optimization [1] - The gross margin for advanced steel materials reached 20.3% by Q3 2025, with a continuous increase in profit contribution from these high-margin products [1] Industry Outlook - Recent measures to reduce production capacity in the steel industry are expected to stabilize steel prices and enhance profit margins for steel companies [2] - The cumulative crude steel production in China has decreased by 2.6% year-on-year as of September 2025, indicating a trend towards supply-demand balance in the industry [2] Profit Forecast and Investment Recommendations - The company has adjusted its forecasts for special steel long product sales upwards and construction rebar sales downwards, predicting earnings per share of 4.62, 4.92, and 5.27 yuan for 2025-2027 [3] - Based on a comparable company PB valuation of 1.45X for 2025, the target price is set at 6.68 yuan, maintaining a buy rating [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.68 CNY, based on a projected PB of 1.45X for 2025 [3][5]. Core Insights - The company has optimized its product structure, leading to steady profit growth. The proportion of low-margin construction rebar has decreased from 12.61% in 2024 to 9.33% in 2025, while the share of higher-margin special steel long products has increased to over 35% [9]. - The company has made significant advancements in high-end materials, achieving breakthroughs in critical areas. The gross margin for advanced steel materials reached 20.3% by Q3 2025, contributing positively to profits [9]. - Industry-wide production reduction measures are expected to stabilize steel prices, providing profit space for steel companies. As of September 2025, national crude steel production has decreased by 2.6% year-on-year, indicating a trend towards supply-demand balance [9]. Financial Performance Summary - The company reported a net profit attributable to shareholders of 2.176 billion CNY for the first three quarters of 2025, a year-on-year increase of 24.12%. The Q3 2025 net profit reached 713 million CNY, marking the best quarterly performance since Q3 2022 [9]. - Revenue projections for 2025-2027 are adjusted to 62.527 billion CNY, 62.218 billion CNY, and 62.538 billion CNY respectively, with corresponding net profits of 2.973 billion CNY, 3.330 billion CNY, and 3.839 billion CNY [3][12]. - The company's gross margin is expected to improve from 14.0% in 2025 to 15.0% in 2027, while the net profit margin is projected to rise from 4.8% to 6.1% over the same period [12].

Core Viewpoint - The company held a performance briefing for Q3 2025, discussing its operational and financial status, along with future strategies and market conditions [1][2]. Financial and Operational Summary - For the first nine months of 2025, the company produced 6.949 million tons of steel, a slight decrease of 0.11% year-on-year, and sold 6.854 million tons, down 1.28% year-on-year [2]. - In Q3 2025, steel production reached 2.409 million tons, an increase of over 14% compared to Q1, with sales of 2.362 million tons, indicating recovery from maintenance impacts [2]. - The company reported a revenue of 43.283 billion yuan, a decline of 12.19% year-on-year, while net profit attributable to shareholders rose by 24.12% to 2.176 billion yuan [2]. - The weighted average return on equity was 8.12%, up 1.41 percentage points year-on-year, with Q3 net profit reaching 713 million yuan, a 37.12% increase year-on-year [2]. Key Issues and Responses from the Performance Briefing - The decrease in non-operating expenses in Q3 was attributed to the absence of significant projects causing such expenses, unlike the first half of the year which included losses from asset disposals [3]. - Future capital expenditures will focus on high-end product development, green and low-carbon initiatives, and international expansion, including a shift towards new materials [4]. - The company has seen growth in exports, with a total of 87.955 million tons of steel exported from China in the first nine months of 2025, a 9.2% increase year-on-year [5]. Market Outlook and Strategic Initiatives - The company anticipates a slight reduction in supply due to seasonal maintenance, while demand remains resilient in construction and manufacturing sectors [8]. - The company aims to enhance its competitive edge through green development initiatives, including carbon footprint assessments and low-carbon technology applications [9][10]. - The company is actively pursuing digital transformation to improve operational efficiency and product quality, focusing on artificial intelligence and data governance [11].

Market Overview - The steel sector experienced a decline of 1.81% on October 28, with Wujin Stainless Steel leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Notable gainers included: - Sangang Min Guang (002110) with a closing price of 4.48, up 0.90% on a trading volume of 784,300 shares and a turnover of 356 million yuan [1] - Ben Steel Plate (000761) closed at 3.63, up 0.83% with a trading volume of 141,200 shares and a turnover of 51.01 million yuan [1] - Significant decliners included: - Wujin Stainless Steel (603878) which fell 4.85% to a closing price of 10.60, with a trading volume of 356,800 shares and a turnover of 383 million yuan [2] - Baotou Steel (600010) decreased by 3.00% to 2.59, with a trading volume of 11,064,600 shares and a turnover of 2.892 billion yuan [2] Capital Flow Analysis - The steel sector saw a net outflow of 922 million yuan from main funds, while retail investors contributed a net inflow of 668 million yuan [2] - Key stocks with significant capital flow include: - Nanjing Steel (600282) with a net inflow of 20.27 million yuan from main funds, but a net outflow of 11.52 million yuan from retail investors [3] - Heibei Steel (000709) recorded a net inflow of 18.79 million yuan from main funds, while retail investors had a net outflow of 22.39 million yuan [3]

证券代码：600282 证券简称：南钢股份 公告编号：临 2025-059 南京钢铁股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 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。 南京钢铁股份有限公司（以下简称南钢股份或公司）于 2025 年 10 月 28 日 （星期二）上午 10:00-11:00 通过上证路演中心网络互动形式，在上海证券交易 所上证路演中心（网址：http://roadshow.sseinfo.com）召开了公司 2025 年第 三季度业绩说明会。公司董事长黄一新、总裁祝瑞荣、独立董事潘俊、总会计师 梅家秀、董事会秘书唐睿出席了本次业绩说明会。 公司本次与投资者交流如涉及对行业的预测、公司发展战略规划等相关内容， 不能视作公司或管理层对公司发展或业绩的保证，公司将根据相关要求及时履行 信息披露义务，请广大投资者注意投资风险。 本次业绩说明会的主要内容详见附件。 特此公告 南京钢铁股份有限公司董事会 二〇二五年十月二十九日 1 附件：南京钢铁股份有限公司 2025 年第三季度业绩说明会主要 ...

Core Points - Nanjing Steel Co., Ltd. experienced a stock price decline of 2.10% on October 28, trading at 5.14 CNY per share with a market capitalization of 31.689 billion CNY [1] - The company reported a year-to-date stock price increase of 14.58%, with a recent 5-day decline of 0.77% and a 20-day increase of 6.86% [1] Financial Performance - For the period from January to September 2025, Nanjing Steel achieved a revenue of 43.283 billion CNY, a year-on-year decrease of 12.19%, while the net profit attributable to shareholders increased by 24.12% to 2.176 billion CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 13.436 billion CNY, with 4.954 billion CNY distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 15.12% to 54,000, while the average number of circulating shares per person increased by 17.81% to 114,104 shares [2] - The top ten circulating shareholders include notable entities such as Hongli Low Volatility and Huatai-PB SSE Dividend ETF, with significant changes in their holdings [2]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The new "Steel Industry Capacity Replacement Implementation Measures" is tightening capacity replacement policies, which is expected to promote supply-side reduction and stabilize the industry's fundamentals [8] - The combination of administrative measures and industry self-discipline is likely to lead to a supply-side transformation in the near future, with a year-on-year decrease of 2.64% in crude steel production as of September 2025 [8] - The ongoing reduction in supply is expected to stabilize mid-term profitability and enhance dividend capacity for companies in the steel sector, indicating a shift towards high-quality and high-return development [8] Summary by Sections Steel Sector Investment Suggestions - Recommended stocks include: - Nanjing Steel (600282, Buy) for its continuous product structure optimization and stable profitability - CITIC Special Steel (000708, Buy) for its stable profitability and high dividends - Shandong Steel (600022, Buy) for its significant profit improvement driven by cost reduction and operational synergy - Other stocks mentioned: Hualing Steel (000932, Not Rated), Sansteel Minguang (002110, Not Rated) [3] Policy Changes and Industry Dynamics - The revised capacity replacement policy requires a replacement ratio of no less than 1.5:1 for all steel and iron production capacities, which is stricter than previous regulations [8] - The Ministry of Industry and Information Technology has introduced multiple measures to promote supply-side reduction, including precise control of production capacity and output [8]

Core Insights - Minmetals South Steel's net profit attributable to shareholders for Q1-Q3 2025 reached 2.176 billion yuan, representing a year-on-year increase of 24.12% [1] - In Q3 2025, the net profit attributable to shareholders was 713 million yuan, showing a year-on-year increase of 37.12% but a quarter-on-quarter decrease of 19.37% [1] - The company maintained stable product sales and continued to see growth in gross profit margin, driven by high-end products and breakthroughs in the extension of the industrial chain [1] Financial Performance - The projected net profits for the company from 2025 to 2027 are 2.826 billion yuan, 3.092 billion yuan, and 3.452 billion yuan respectively [1] - The price-to-earnings (PE) ratios corresponding to the closing price on October 24 are 11x for 2025, 10x for 2026, and 9x for 2027 [1] Production and Capacity - As of September 2025, the company has achieved an annual production capacity of 120,000 tons for ultra-pure iron fine powder [1] - The first domestic production line for 9-series permanent magnet ferrite ultra-pure iron powder pre-burned material has successfully achieved mass production with an annual capacity of 10,000 tons [1] - All eight coke ovens in Indonesia's Jinrui New Energy and Jinxiang New Energy have been put into operation, with expectations for scale effects to materialize [1] Strategic Initiatives - The company is actively promoting product structure optimization and deepening its upstream industrial chain layout [1]