股票代码：600399 股票简称：抚顺特钢 编号：临 2024-040 抚顺特殊钢股份有限公司 会议召开方式：上证路演中心网络互动 投资者可于本公告披露日后至2024年9月18日(星期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 关于召开 2024 年半年度业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性 和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2024 年 9 月 19 日（星期四）下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 抚顺特殊钢股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日发布公司 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 9 月 19 日下午 14:00-15:00 举行 2024 年半年度业绩说明 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [7]. Core Views - The company achieved a revenue of 4.277 billion yuan in the first half of 2024, a year-on-year increase of 1.34%, and a net profit of 228 million yuan, up 45.08% year-on-year [1]. - The company is focusing on enhancing its high-end product offerings and increasing its special steel production capacity, particularly in high-temperature alloys [1]. - The report highlights a decrease in production volume due to maintenance activities, but an increase in product prices has supported revenue growth [1]. Financial Performance Summary - In the first half of 2024, the company produced 329,500 tons of steel, a decrease of 2.83% year-on-year, with steel sales of 238,100 tons, down 3.45% year-on-year [1]. - The average selling prices for key products such as alloy structural steel and stainless steel increased by 14.06% and 3.89% respectively compared to the previous year [1]. - The gross profit margins for alloy structural steel and high-temperature alloys improved, contributing positively to overall profitability [1]. Production and R&D Developments - The company is advancing its "special steel" strategy, with ongoing research and development efforts resulting in 49 projects and a total R&D expenditure of 186 million yuan [1]. - Planned production enhancements include new production lines for military products and high-alloy small bars, aimed at increasing capacity and optimizing product mix [1]. - The company is committed to high-end product development, focusing on high-temperature alloys, which are expected to see increased demand and higher selling prices [1]. Earnings Forecast and Investment Advice - The net profit forecasts for 2024-2026 have been adjusted to 508 million, 644 million, and 825 million yuan respectively, reflecting a downward revision due to lower-than-expected production volumes [2]. - The company is positioned as a leader in the domestic special steel and high-temperature alloy market, with strong technical capabilities and ongoing production upgrades expected to capture growth opportunities [1][2].

证券研究报告 | 半年报点评 gszqdatemark 2024 09 03 年 月 日 抚顺特钢（600399.SH） 2024H1 实现归母净利润 2.28 亿元，同比+45.08% 事件：公司发布 2024 年中报。2024H1 公司实现营收 42.77 亿元，+1.34% 归母净利润 2.28 亿元，+45.08%；扣非归母净利润 2.22 亿元，+77.47% 单季度来看，2024Q2 营收 22.06 亿元，同比-0.29%，环比+6.48%；归 母净利润 1.13 亿元，同比+17.03%，环比-1.00%；扣非归母净利润 1.16 亿元，同比+35.91%，环比+8.96%。 1、收入方面：2024H1 工具钢和不锈钢收入增长明显，高温合金收入出 现下滑。随着技改项目陆续投产，高附加值产品交付能力持续提升，但钢 铁行业面临巨大压力，用于支撑公司规模经济的优钢市场需求依然不足， 因此在各业务均价提升的情况下公司收入几乎持平。从各产品经营数据来 看，2024H1 合金结构钢收入 14.99 亿元，同比+3.10%，销量 11.29 万 吨，同比-9.65%，均价 1.33 万元/吨，同比+14.0 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately RMB 4.28 billion, an increase of 1.34% compared to RMB 4.22 billion in the same period last year[15]. - The net profit attributable to shareholders of the listed company reached approximately RMB 228 million, representing a significant increase of 45.08% from RMB 157 million in the previous year[15]. - The net profit after deducting non-recurring gains and losses was approximately RMB 222 million, up 77.47% from RMB 125 million year-on-year[15]. - The basic earnings per share for the first half of 2024 was RMB 0.1156, a 45.04% increase compared to RMB 0.0797 in the same period last year[16]. - The company's total assets at the end of the reporting period were approximately RMB 12.74 billion, an increase of 2.79% from RMB 12.39 billion at the end of the previous year[15]. - The company's net assets attributable to shareholders at the end of the reporting period were approximately RMB 6.54 billion, an increase of 1.83% from RMB 6.42 billion at the end of the previous year[15]. - The weighted average return on net assets increased to 3.52%, up by 0.96 percentage points from 2.56% in the same period last year[16]. - The company achieved operating revenue of 4.28 billion RMB, an increase of 1.34% year-on-year, and net profit of 228 million RMB, up 45.08% year-on-year[30]. - The company's cash flow from operating activities was -259 million RMB, a decrease of 486.33% compared to the previous year, primarily due to increased cash outflows related to inventory[30]. Production and Operations - In the first half of 2024, global crude steel production was 955 million tons, remaining stable year-on-year, while China's crude steel production was 531 million tons, a decrease of 1.1%[20]. - The company produced 329,500 tons of steel, a decrease of 2.83% year-on-year, and steel product output was 226,200 tons, down 11.81% year-on-year[29]. - The company specializes in the research and manufacturing of special steel and alloy materials, with key products including high-temperature alloys, ultra-high-strength steel, and stainless steel[22]. - The company has developed over 800 specifications of high-temperature and corrosion-resistant alloys, primarily used in aerospace, energy, and petrochemical industries[23]. - The company’s production model is based on "sales-driven production," aligning manufacturing with customer orders to optimize efficiency[22]. Market and Industry Conditions - The steel industry continues to face challenges with overcapacity and weak demand, leading to a decline in steel prices and high raw material costs[21]. - The special steel industry is expected to see growth in high-end applications due to increasing demand in sectors like defense and aerospace[21]. - The company faces risks from raw material price fluctuations, which could adversely affect profitability despite measures taken to mitigate these risks[37]. - The domestic steel industry is experiencing a downturn, with high costs and low profits, impacting demand for the company's products, particularly in the automotive sector[37]. Research and Development - The company invested 186 million yuan in R&D during the reporting period, completing 79 new product trials, with several achieving international advanced levels[28]. - The company is focused on continuous improvement and optimization of alloy composition and heat treatment processes to maintain product quality and market reputation[23]. - The company has achieved ISO9001 and AS9100 quality management certifications, enhancing its quality management capabilities[22]. Environmental Management - The company has implemented measures to reduce unorganized emissions and improve the working environment, ensuring that all pollution discharge monitoring indicators meet standards[45]. - The company has completed various energy-saving and carbon reduction projects, including the transformation of smelting equipment dust removal and the utilization of waste heat from the factory[50]. - The company has installed online monitoring devices at its wastewater treatment plant and major emission outlets, ensuring compliance with environmental regulations[43]. - The company has conducted 10 emergency drills related to environmental incidents in the first half of 2024, enhancing its preparedness for potential environmental emergencies[47]. - The company has adhered to strict environmental management measures and has not faced any administrative penalties for environmental issues during the reporting period[49]. Corporate Governance and Shareholder Matters - The company has held two shareholder meetings during the reporting period, with no proposals rejected or resolutions changed[40]. - The board of directors saw a change with the election of Wu Xiaochao and the resignation of former director Cao Bin due to work changes[41]. - The company did not propose any profit distribution or capital reserve increase during the reporting period[42]. - The actual controller of the company changed to Shen Bin on July 16, 2024, who pledged to uphold previous commitments regarding independent operations[56]. - The company has committed to maintaining independence in operations and financial management, ensuring no misuse of control by major shareholders[57]. Legal and Compliance Issues - The company reported a significant legal dispute involving Jilin Bank, with a claim amounting to approximately CNY 409.98 million[59]. - There are ongoing major litigation matters, with a notable case involving a claim against the company for approximately CNY 33.27 million[59]. - The company has confirmed that it will not engage in non-operational fund occupation by major shareholders or related parties[58]. - The company is actively managing its legal risks and has taken steps to comply with court rulings related to its financial obligations[59]. Financial Position and Assets - The total current assets as of June 30, 2024, amounted to RMB 6,331,168,080.91, an increase from RMB 6,149,277,382.59 as of December 31, 2023, reflecting a growth of approximately 2.95%[80]. - Cash and cash equivalents increased to RMB 1,193,044,202.08 from RMB 794,666,034.25, representing a significant rise of approximately 50.2%[80]. - The company's inventory reached RMB 2,997,774,666.38, up from RMB 2,684,599,246.99, indicating an increase of about 11.66%[80]. - The total receivables, including notes and accounts, were RMB 1,430,664,662.88, compared to RMB 1,494,044,455.71 in the previous period, showing a decrease of approximately 4.25%[80]. - The long-term equity investments rose to RMB 40,475,818.21 from RMB 31,725,818.21, marking an increase of about 27.5%[80]. Related Party Transactions - The company engaged in related party transactions totaling 3.64 million yuan for material purchases, 1.58 million yuan for repair services, and 1.78 million yuan for labor fees, among others[64]. - The total revenue from related party transactions amounted to CNY 290,250,981.14, with significant contributions from steel sales and service fees[65]. - The company has established a stable strategic cooperation relationship with its controlling shareholder, which helps reduce operational costs and expand product range[66]. - The company’s related party transactions do not affect its independence, ensuring compliance with regulatory standards[66]. Taxation and Financial Policies - The company has obtained a "High-tech Enterprise Certificate" valid for three years, allowing a reduced corporate income tax rate of 15% for the years 2022, 2023, and 2024[174]. - The company is eligible for a 100% tax deduction on R&D expenses incurred from January 1, 2023, which do not form intangible assets[174]. - The corporate income tax rates applicable to various subsidiaries range from 15% to 25%[172][173]. Accounting Policies - The company adheres to the latest accounting standards issued by the Ministry of Finance, ensuring that financial statements accurately reflect its financial position and operating results[113]. - The company recognizes significant bad debt provisions for receivables exceeding RMB 15 million, with a threshold of 5% for write-offs and recoveries[118]. - The company assesses expected credit losses based on all reasonable and supportable information, including forward-looking information, for financial assets measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[127].

股票代码：600399 股票简称：抚顺特钢 编号：临 2024-039 抚顺特殊钢股份有限公司 2024 年半年度经营数据公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性 和完整性承担个别及连带责任。 | 产品名称 | 经营指标 | 2024 年 1-6 | 月 | 2023 年 | 1-6 月 | 增减情况（%） | | --- | --- | --- | --- | --- | --- | --- | | 合金结构 | 产量（万吨） | 10.89 | | 12.76 | | -14.66 | | 钢 | 销量（万吨） | 11.29 | | 12.50 | | -9.65 | | | 平均售价（元/吨，不含税） | 13,287.79 | | 11,649.73 | | 14.06 | | 工具钢 | 产量（万吨） | 3.93 | | 3.33 | | 18.04 | | | 销量（万吨） | 4.20 | | 3.32 | | 26.74 | | | 平均售价（元/吨，不含税） | 16,856.84 | | 15,833. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.28 CNY, based on a 26X PE ratio for comparable companies in 2024 [3][5]. Core Views - The company is expected to benefit from the domestic large aircraft industry chain, particularly with the C919 aircraft orders exceeding 1000 units, which positions the company favorably for future growth [2]. - The company has seen significant improvements in production capacity and cost management, leading to a substantial increase in expected net profit for the first half of 2024, projected to be between 215-240 million CNY, a year-on-year increase of 36.8%-52.7% [2]. - The delivery cycle for the company's main products has decreased from approximately six months to 3-4 months, with further capacity increases anticipated following the launch of high-alloy small bar projects [2]. Financial Summary - Revenue is projected to grow from 8,575 million CNY in 2023 to 9,570 million CNY in 2024, reflecting an 11.6% year-on-year increase [4]. - The net profit attributable to the parent company is expected to rise from 362 million CNY in 2023 to 543 million CNY in 2024, marking a 49.8% increase [4]. - Earnings per share are forecasted to increase from 0.18 CNY in 2023 to 0.28 CNY in 2024 [4]. - The gross margin is expected to improve from 13.5% in 2023 to 16.0% in 2024, while the net margin is projected to rise from 4.2% to 5.7% [4].

华创证券有限责任公司 关于 抚顺特殊钢股份有限公司 详式权益变动报告书 之 财务顾问核查意见 二〇二四年七月 声 明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购管 理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告 书》《公开发行证券的公司信息披露内容与格式准则第 16 号—上市公司收购报告 书》等法律法规和规范性文件的规定，华创证券有限责任公司（以下简称"本财务 顾问"）按照行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的精神， 对本次权益变动的相关情况和资料进行了核查，对信息披露义务人出具的《抚顺特 殊钢股份有限公司详式权益变动报告书》所披露的内容出具核查意见，以供投资者 和有关各方参考。 为此，本财务顾问特作出如下声明： 1、本财务顾问已按照规定履行了尽职调查义务，对信息披露义务人披露的《抚 顺特殊钢股份有限公司详式权益变动报告书》进行了核查，确信披露文件内容与格 式符合规定，并有充分理由确信所发表的专业意见与信息披露义务人披露的文件内 容不存在实质性差异； 2、本财务顾问有充分理由确信本次权益变动符合相关法律、行政法规的规定， 有充分理由确信信息 ...

抚顺特殊钢股份有限公司 详式权益变动报告书 上市公司名称：抚顺特殊钢股份有限公司 股票上市地点：上海证券交易所 股票简称：抚顺特钢 股票代码：600399 信息披露义务人：沈彬 住址：江苏省张家港市杨舍镇通运路******** 通讯地址：江苏省张家港市锦丰镇沙钢大厦 股份变动性质：股份继承和协议转让 签署日期：2024年7月19日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则 第15号——权益变动报告书》及相关的法律、法规编写本报告书； 二、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在抚顺特殊钢股份有限公司拥有权益的股 份变动情况； 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式在抚顺特殊钢股份有限公司拥有权益； 三、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之冲突； 四、信息披露义务人本次在抚顺特殊钢股份有限公司中拥有权益的股份变动 无生 ...

证券代码：600399 证券简称：抚顺特钢 公告编号：临 2024-038 抚顺特殊钢股份有限公司 关于实际控制人变更暨权益变动的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性 和完整性承担个别及连带责任。 重要内容提示： ●本次权益变动为实际控制人逝世后的财产分配及转让、遗产继 承所致，未触及要约收购。 ●本次权益变动后，公司控股股东未发生变化，实际控制人由沈 文荣先生变更为沈彬先生。 抚顺特殊钢股份有限公司（以下简称"公司"）于2024年7月17 日收到沈彬先生通知，因公司原实际控制人沈文荣先生逝世后的财产 分配及转让、遗产继承，沈彬先生已成为公司实际控制人。现将相关 情况公告如下： 一、本次权益变动基本情况 2024年6月30日，公司原实际控制人沈文荣先生逝世。沈文荣先 生生前未直接持有公司股份，持有公司第二大股东江苏沙钢集团有限 公司（以下简称"沙钢集团"）29.32%的股份，持有公司间接控股股 东宁波梅山保税港区锦程沙洲股权投资有限公司（以下简称"锦程沙 洲"）70.53%的股份，持有沙钢集团的股东张家港市保税区润源 ...

Financial Performance Forecast - The company expects to achieve a net profit attributable to shareholders of between 210 million and 230 million yuan for the first half of 2024, representing an increase of 68.04% to 84.05% compared to the same period last year[2][4]. - The estimated net profit for the first half of 2024 is projected to be between 215 million and 240 million yuan, reflecting a year-on-year increase of 36.83% to 52.74%[8][9]. - The net profit for the same period last year was 157.13 million yuan, with a net profit excluding non-recurring gains and losses of 124.97 million yuan[17]. Factors Contributing to Performance - The increase in performance is primarily attributed to the commissioning of ongoing technical transformation projects, which have enhanced production capacity[17]. - The procurement prices of major raw materials have decreased compared to the same period last year, contributing to the improved performance[17]. - The company has been investing in technical upgrades to break the production capacity bottleneck of high value-added products, enhancing its core competitiveness[17]. Performance Forecast Validity - The performance forecast data has not been audited by an accounting firm and is subject to final confirmation in the official half-year report[16][19]. - There are no significant uncertainties that could affect the accuracy of this performance forecast[18].