-50% -38% -26% -14% -2% 10% 05/23 07/23 09/23 11/23 01/24 03/24 05/24 抚顺特钢 沪深300 SAC 执证号：S0260518070003 010-59136627 分析师： 李莎 SFC CE No. BNV167 0755-88286912 分析师： 王乐 021-38003617 盈利预测： | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|-----------|-----------|------------|------------|----------|------------------------------|------------| | | | | | | | | | | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | 抚顺特钢（ 600399.SH ） : 高 | 2023-10-30 | | 营业收入（百万元） | ...

股票代码：600399 股票简称：抚顺特钢 编号：临 2024-031 抚顺特殊钢股份有限公司 关于增加 2024 年度日常关联交易预计额度的公告 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： ●本次增加日常关联交易事项已经公司董事会审议通过，尚需提 交股东大会审议。 ●本次增加日常关联交易事项为公司正常生产经营行为，不影响 公司独立性，不会造成公司对关联方形成较大依赖。 审议通过了《关于增加2024年度日常关联交易预计的议案》。根据《上 海证券交易所股票上市规则》及《公司章程》等有关规定，本议案尚 需提交股东大会审议。 2、独立董事专门会议审议情况 一、增加日常关联交易的基本情况 （一）增加日常关联交易的原因 废钢是抚顺特殊钢股份有限公司（以下简称"公司"）主要原材 料之一，公司 2023 年度采购量共计 35.44 万吨，按照废钢市场价格 在 6 家合格供应商中按需采购。为优化供应链管理，加强供应商的合 作与竞争机制建设，控制公司主要原材料废钢的采购成本，公司拟引 进新的废钢供应商江苏沙 ...

公司监事会认为：本次增加 2024 年度日常关联交易预计是为了 满足公司正常生产经营需要，符合公司实际情况。本次交易定价遵循 市场定价规则，不存在损害公司及股东利益的情形，决策程序合法合 规。监事会同意公司增加 2024 年度日常关联交易预计事项。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 抚顺特殊钢股份有限公司监事会 股票代码：600399 股票简称：抚顺特钢 编号：临 2024-030 抚顺特殊钢股份有限公司 第八届监事会第十一次会议决议公告 本公司及监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。 抚顺特殊钢股份有限公司（以下简称"公司"）第八届监事会第 十一次会议于2024年5 月8日以现场结合通讯方式召开，会议于 2024 年 5 月 6 日以书面和电子邮件方式通知全体监事。本次会议应出席监 事 3 名，实际出席监事 3 名。会议由监事会主席杜欣先生主持，会议 的召开符合《公司法》和《公司章程》的规定。会议审议通过了《关 于增加 2024 年度日常关联交易预计的议案》，具体内容详见公司 ...

关于召开 2024 年第一次临时股东大会的通知 股东大会召开日期：2024年5月24日 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： 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 证券代码：600399 证券简称：抚顺特钢 公告编号：2024-032 一、 召开会议的基本情况 抚顺特殊钢股份有限公司 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 24 日 15 点 30 分 召开地点：辽宁省抚顺市望花区鞍山路东段 8 号，公司办公楼 110 号会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 24 日 至 2024 年 5 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 ...

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。 抚顺特殊钢股份有限公司（以下简称"公司"）第八届董事会第 十三次会议于2024年5 月8日以现场结合通讯方式召开，会议于 2024 年 5 月 6 日以书面和电子邮件方式通知全体董事。本次会议应出席董 事 9 名，实际出席董事 9 名。会议由董事长孙立国先生主持，会议的 召开符合《公司法》和《公司章程》的规定。本次会议审议通过了以 下议案： 议案一、《关于增加 2024 年度日常关联交易预计的议案》 股票代码：600399 股票简称：抚顺特钢 编号：临 2024-029 抚顺特殊钢股份有限公司 第八届董事会第十三次会议决议公告 公司拟定于 2024 年 5 月 24 日在辽宁省抚顺市望花区公司办公楼 召开 2024 年第一次临时股东大会，将本次董事会会议审议通过的《关 于增加 2024 年度日常关联交易预计的议案》提交股东大会审议，具 体内容详见公司于 2024 年 5 月 9 日在《中国证券报》《上海证券报》 以及上海证券交易所网站披露的《2024 年第一次临 ...

抚顺特殊钢股份有限公司独立董事 抚顺特殊钢股份有限公司独立董事 专门会议关于公司增加 2024 年度日常关联交易 预计事项的审核意见暨事前认可意见 根据《上海证券交易所股票上市规则》《上市公司独立董事管理 办法》及《公司章程》等有关规定，抚顺特殊钢股份有限公司（以 下简称"公司"）独立董事于 2024 年 5 月 7 日就公司增加 2024 年度 日常关联交易预计事项召开专门会议，审核意见暨事前认可意见如 下： 公司增加 2024 年度与关联方的日常关联交易，是为充分利用关 联方拥有的资源，发挥其采购优势，控制采购、物流成本。关联交 易定价遵循公允的市场价格与条件，不会影响公司独立性，不会造 成对公司利益的损害。公司增加日常关联交易预计事项能够保证公 司经营的正常进行，关联交易体现了公平、公正、公开的市场原则， 符合公司的整体利益及全体股东利益。我们同意将该事项提交公司 第八届董事会第十三次会议审议。 葛敏 兆文军 姚宏 二〇二四年五月七日 ...

核心产品销量持续增长，高温合金未来可期 2024 年 05 月 01 日 ➢ 未来核心看点：核心产品销量持续增长，高温合金未来可期 谨慎推荐 维持评级 当前价格： 6.12 元 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 抚顺特钢(600399)/金属 评级说明 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 3 [盈利预测与财务指标 Table_Forcast] | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|----------|---------------|------------------------------------| | 投资建议评级标准 | | 评级 \n推荐 | 说明 \n相对基准指数涨幅 15% 以上 | | 以报告发布日后的 12 个月内公司股价（或行业 | | 谨慎推荐 | 相对基准指数涨幅 5%～15% 之间 | | 指数）相对 ...

Investment Rating - The report maintains a cautious recommendation rating for the company with a current price of 6.12 CNY [2]. Core Insights - The company's core product sales continue to grow, with significant potential in the high-temperature alloy sector [1][11]. - The company reported a revenue of 20.71 billion CNY in Q1 2024, reflecting a year-on-year growth of 3.1% and a quarter-on-quarter decrease of 9.9% [8]. - The net profit attributable to shareholders for Q1 2024 was 1.15 billion CNY, showing a year-on-year increase of 90.2% and a quarter-on-quarter increase of 43.2% [8]. Financial Forecast and Key Indicators - The total revenue is projected to grow from 8,575 million CNY in 2023 to 12,476 million CNY by 2026, with growth rates of 9.7%, 16.2%, 12.0%, and 11.8% respectively [3][13]. - The net profit attributable to shareholders is expected to increase from 362 million CNY in 2023 to 925 million CNY in 2026, with growth rates of 84.4%, 53.1%, 32.4%, and 25.9% respectively [3][13]. - The company’s PE ratio is projected to decrease from 33 in 2023 to 13 by 2026, indicating an improving valuation [13][20]. Product Performance - The company has seen a steady increase in orders for core products, with a 17.4% year-on-year increase in order volume for high-temperature alloys, ultra-high-strength steel, and special stainless steel [9][20]. - High-temperature alloys contributed significantly to the company's gross profit, accounting for 21.25% of revenue and 37.89% of gross profit in 2023 [9][20]. - The sales volume of high-temperature alloys decreased by 50% year-on-year in Q1 2024, while other product categories showed varied performance [12][19]. Strategic Developments - The company is actively adjusting its product mix and enhancing production capabilities to meet the growing demand in high-end markets, including oil services, new energy vehicles, and nuclear power [9][20]. - The company has achieved 56 product certifications and developed 216 new customers and 181 new products in the past year, indicating a strong focus on innovation and market expansion [9][20].

股票代码：600399 股票简称：抚顺特钢 编号：临 2024-028 抚顺特殊钢股份有限公司董事会 二〇二四年四月三十日 抚顺特殊钢股份有限公司 2024 年第一季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息 披露（第七号钢铁）》第二十二条的相关规定，抚顺特殊钢股份有限 公司现将 2024 年第一季度主要经营数据（未经审计）公告如下： | 产品名称 | 经营指标 | 2024 | 年 1-3 | 月 | 2023 年 | 1-3 | 月 | 增减情况（%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合金结构 | 产量（万吨） | | 5.78 | | | 7.37 | | -21.57 | | 钢 | 销量（万吨） | | 6.39 | | | 6.56 | | -2.59 | | | 平均售价（元/吨，不含税） | | 12,575.21 | | | ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,071,424,997.25, representing a year-on-year increase of 3.13%[13] - The net profit attributable to shareholders for Q1 2024 was CNY 114,548,291.12, showing a significant increase of 90.21% compared to the same period last year[13] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 106,131,845.05, which is an increase of 166.13% year-on-year[13] - The basic earnings per share for Q1 2024 was CNY 0.0581, reflecting a 90.49% increase compared to the previous year[13] - The weighted average return on net assets was 1.77%, an increase of 0.78 percentage points year-on-year[13] - Total operating revenue for Q1 2024 reached ¥2,071,424,997.25, an increase of 3.4% compared to ¥2,008,580,081.26 in Q1 2023[25] - Net profit for Q1 2024 was ¥114,548,291.12, a significant increase of 90.2% compared to ¥60,222,965.85 in Q1 2023[26] - Operating profit for Q1 2024 was ¥111,433,648.60, compared to ¥52,298,316.30 in Q1 2023, marking a growth of 112.5%[25] - The company reported a total profit of ¥111,671,399.77 for Q1 2024, compared to ¥59,297,965.81 in Q1 2023, an increase of 88.5%[25] - Basic earnings per share for Q1 2024 were ¥0.0581, up from ¥0.0305 in Q1 2023, representing an increase of 90.5%[26] Cash Flow and Liquidity - Cash flow from operating activities for Q1 2024 was negative at CNY -391,331,869.01, with no applicable year-on-year comparison[13] - The company reported a significant reduction in employee compensation liabilities, which fell to ¥1,432,108.04 from ¥27,715,173.93[39] - Net cash flow from operating activities was -391,331,869.01, an improvement from -686,998,333.63 in the previous period, indicating a 43% reduction in cash outflow[52] - Total cash inflow from investment activities was 270,848,804.75, compared to 202,755,400.00 in the previous period, representing a 33.6% increase[52] - Cash outflow from investment activities was 84,158,087.39, down from 110,623,166.03, showing a 24% decrease[52] - Net cash flow from financing activities was -46,996,522.65, worsening from -18,820,869.54 in the previous period[52] - The ending balance of cash and cash equivalents was 323,601,894.36, down from 428,707,825.97, reflecting a 24.5% decrease[52] - Cash received from operating activities totaled 1,678,726,122.14, up from 1,213,390,938.58, marking a 38.3% increase[52] - Cash paid for goods and services was 1,670,876,076.89, compared to 1,511,573,131.23, indicating a 10.6% increase[52] - Cash paid to employees was 291,425,296.04, slightly up from 270,068,457.11, showing a 7.9% increase[52] - The net increase in cash and cash equivalents was -251,216,668.90, an improvement from -614,746,848.40 in the previous period[52] Assets and Liabilities - The company's cash and cash equivalents decreased from CNY 794,666,034.25 at the end of 2023 to CNY 418,705,071.90 by March 31, 2024[2] - Accounts receivable increased from CNY 560,717,706.79 at the end of 2023 to CNY 601,192,213.45 by March 31, 2024[2] - Inventory as of March 31, 2024, was CNY 2,869,716,976.32, up from CNY 2,684,599,246.99 at the end of 2023[2] - Total liabilities decreased to ¥5,738,925,099.47 in Q1 2024 from ¥5,972,963,624.67 in Q1 2023, a decline of 3.9%[24] - The total equity attributable to shareholders increased to ¥6,532,533,426.11 in Q1 2024 from ¥6,417,924,859.68 in Q1 2023, an increase of 1.8%[24] - Total assets at the end of the reporting period were ¥12,271,458,525.58, a decrease of 0.96% compared to the end of the previous year[31] - Current assets amounted to ¥6,042,170,361.39, down from ¥6,149,277,382.59 in the previous year[39] - Fixed assets decreased to ¥4,472,163,728.51 from ¥4,586,271,447.92, indicating a decline in capital investment[39] - The total liabilities included accounts payable of ¥1,262,874,164.31, down from ¥1,315,488,662.52[39] - The deferred income tax liabilities decreased to ¥70,839,166.80 in Q1 2024 from ¥73,733,539.23 in Q1 2023, a decrease of 3.9%[24] Research and Development - Research and development expenses decreased to ¥67,842,740.03 in Q1 2024 from ¥100,567,711.71 in Q1 2023, a reduction of 32.6%[25] - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[35] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 85,380, with the largest shareholder holding 16.52% of the shares[34] - The company has engaged in strategic partnerships, as indicated by the presence of various institutional investors among the top shareholders[34] Non-Recurring Gains and Losses - Non-recurring gains and losses totaled ¥8,416,446.07, with government subsidies contributing ¥3,167,233.74 and other operating income of ¥4,371,237.37[31]