Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [5][6]. Core Viewpoints - The easing of tariffs between China and the US has improved external demand expectations, providing short-term support for steel demand [5][6]. - The report anticipates a potential increase in steel production control due to uncertainties in external demand and a recovering domestic demand [5][6]. - The profitability of steel companies is expected to recover as raw material supply conditions become more favorable [5][6]. Price Summary - As of May 16, steel prices have increased, with rebar (20mm HRB400) priced at 3200 CNY/ton, up 50 CNY/ton from the previous week [3][12]. - Hot-rolled steel (3.0mm) is priced at 3310 CNY/ton, reflecting an increase of 80 CNY/ton [3][12]. - Cold-rolled steel (1.0mm) is priced at 3670 CNY/ton, up 70 CNY/ton [3][12]. Production and Inventory - Total steel production for the week ending May 16 was 8.68 million tons, a decrease of 58,200 tons from the previous week [4]. - Social inventory of major steel products decreased by 392,900 tons to 9.93 million tons [4]. - The apparent consumption of rebar was estimated at 2.60 million tons, an increase of 463,900 tons week-on-week [4]. Investment Recommendations - Recommended stocks include Baosteel, Hualing Steel, Nanjing Steel in the general steel sector, and CITIC Special Steel, Yongjin Co., and Xianglou New Materials in the special steel sector [5]. - Suggested attention to high-temperature alloy stocks such as Fushun Special Steel [5]. Key Company Earnings Forecasts - Baosteel (600019.SH) has an EPS forecast of 0.34 CNY for 2024, with a PE ratio of 20 [5]. - Hualing Steel (000932.SZ) has an EPS forecast of 0.29 CNY for 2024, with a PE ratio of 17 [5]. - Nanjing Steel (600282.SH) has an EPS forecast of 0.37 CNY for 2024, with a PE ratio of 12 [5].

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [3]. Core Insights - The report highlights that daily pig iron production remains high, with an average of 2.4564 million tons as of May 9, reflecting a week-on-week increase of 0.22 million tons and a year-on-year increase of 149,700 tons [5][6]. - The steel market has shown a positive performance, with the steel sector rising by 2.09%, outperforming the broader market [5][13]. - The report indicates a marginal improvement in downstream demand, supported by increased funding availability for construction projects, which is expected to bolster steel demand [6]. Summary by Sections 1. Market Performance - The steel sector increased by 2.09%, with sub-sectors such as special steel up by 3.41% and long products up by 1.90% [5][15]. - The average capacity utilization rate for blast furnaces was 92.1%, a week-on-week increase of 0.09 percentage points [28]. 2. Production Data - As of May 9, the total production of five major steel products was 7.64 million tons, a week-on-week decrease of 93,600 tons, or 1.21% [27]. - Daily pig iron production was reported at 2.4564 million tons, with a year-on-year increase of 6.49% [28]. 3. Consumption Data - The consumption of five major steel products was 8.452 million tons, a week-on-week decrease of 125,660 tons, or 12.94% [38]. - The transaction volume of construction steel by mainstream traders was 103,000 tons, down 8.58% week-on-week [38]. 4. Inventory Levels - Social inventory of five major steel products reached 10.33 million tons, a week-on-week increase of 93,500 tons, or 0.91% [46]. - Factory inventory of five major steel products was 4.43 million tons, a week-on-week increase of 19.62%, or 4.63% [46]. 5. Price Trends - The comprehensive index for ordinary steel was 3,453.7 yuan/ton, a week-on-week decrease of 37.38 yuan/ton, or 1.07% [52]. - The comprehensive index for special steel was 6,650.3 yuan/ton, with a slight week-on-week increase of 2.55 yuan/ton [52]. 6. Profitability - The average cost of pig iron was reported at 2,297 yuan/ton, with a week-on-week decrease of 6.0 yuan/ton [60]. - The profit per ton for rebar produced in blast furnaces was 90 yuan/ton, a week-on-week decrease of 38.0 yuan/ton [60]. 7. Investment Recommendations - The report suggests focusing on regional leading enterprises with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle [6].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Viewpoints - Macro policies are expected to support marginal improvements in steel demand, with the government implementing measures such as interest rate cuts and increased lending for technological innovation [3]. - The report highlights a decrease in steel prices and profits, with specific price drops noted for various steel products as of May 9, 2025 [1][9]. - Steel production has decreased, with total output for five major steel products at 8.74 million tons, a reduction of 95,200 tons week-on-week [2]. Summary by Sections Price Trends - As of May 9, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,150 CNY/ton, down 50 CNY/ton from the previous week [1][10]. - Other steel products also saw price declines, including hot-rolled and cold-rolled sheets [1][10]. Profitability - The report indicates a decline in steel profits, with rebar, hot-rolled, and cold-rolled steel margins decreasing by 13 CNY/ton, 2 CNY/ton, and 44 CNY/ton respectively [1][2]. Production and Inventory - Total production of five major steel products decreased to 8.74 million tons, with rebar production specifically down to 2.2353 million tons [2]. - Total social inventory of these steel products increased by 94,200 tons to 1,031.93 million tons [2]. Investment Recommendations - The report suggests focusing on companies within the general steel sector such as Baosteel, Hualing Steel, and Nanjing Steel, as well as special steel companies like CITIC Special Steel and Yongjin Co., Ltd. [3]. - It also recommends monitoring high-temperature alloy companies like Fushun Special Steel [3].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel [3][4]. Core Viewpoints - Macro policies are expected to support marginal improvements in steel demand, with the government implementing financial policies to stabilize the market and boost consumption [3]. - The report highlights a decrease in steel prices and profits, with specific price drops noted for various steel products as of May 9, 2025 [1][9]. - Steel production has decreased, with total output for five major steel products at 8.74 million tons, a week-on-week decline of 9.52 million tons [2]. Price Trends - As of May 9, 2025, the prices for key steel products are as follows: - Rebar (20mm HRB400) at 3,150 CNY/ton, down 50 CNY/ton from the previous week - High-line (8.0mm) at 3,380 CNY/ton, down 40 CNY/ton - Hot-rolled (3.0mm) at 3,230 CNY/ton, down 30 CNY/ton - Cold-rolled (1.0mm) at 3,600 CNY/ton, down 70 CNY/ton - Common medium plate (20mm) at 3,470 CNY/ton, down 40 CNY/ton [1][10]. Production and Inventory - As of May 9, 2025, the production of five major steel products has decreased, with rebar production down to 2.2353 million tons, a reduction of 9.85 million tons week-on-week [2]. - Total social inventory of five major steel products increased by 94,200 tons to 1,031.93 million tons, with steel mill inventory rising by 196,200 tons [2]. Profitability - The report indicates a decline in steel profits, with estimated changes in gross margins for rebar, hot-rolled, and cold-rolled steel at -13 CNY/ton, -2 CNY/ton, and -44 CNY/ton respectively [1][3]. Investment Recommendations - The report recommends focusing on the following companies: - For the general steel sector: Baosteel, Hualing Steel, Nanjing Steel - For special steel: CITIC Special Steel, Yongjin Co., and Xianglou New Materials - For pipe materials: Jiuli Special Materials, Wujin Stainless Steel, Youfa Group - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [3].

Core Viewpoint - The company WuJin Stainless Steel (603878) has experienced a stock price increase of 3.91% this week, closing at 5.31 yuan, with a total market capitalization of 2.979 billion yuan [1] Company Announcement Summary - For the year 2024, the company reported total operating revenue of 2,651,650,094.54 yuan, a year-on-year decrease of 24.57% [3] - The net profit attributable to shareholders for the same period was 125,714,250.52 yuan, reflecting a year-on-year decline of 64.25% [3] - The company aims to increase its main business revenue by approximately 10% and net profit by 10%-15% in 2025 [3] - A cash dividend of 0.09 yuan per share (including tax) is proposed for all shareholders [3]

江苏常州 二〇二五年五月二十日 江苏武进不锈股份有限公司（603878） 2024 年年度股东大会会议资料 《关于公司非独立董事（除董事长、副董事长外）薪酬的议案》- 30 - 江苏武进不锈股份有限公司 会议资料 公司登记在册的本公司股东。因故不能亲自出席会议的股东，可以委托授权代理 人参加会议，代理人可以不是本公司股东。 议案八： 江苏武进不锈股份有限公司（603878） 2024 年年度股东大会会议资料 -2- 江苏武进不锈股份有限公司 一、会议时间 ①网络投票系统：上海证券交易所股东大会网络投票系统。 ②网络投票起止时间：自 2025 年 5 月 20 日至 2025 年 5 月 20 日。 ③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的投票时间为 股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、现场会议地点：江苏省常州市天宁区郑陆镇武澄西路 1 号公司二楼职工 培训室。 三、出席现场会议对象： 四、见证律师：江苏正气浩然律师事务所梁永伟、邹逸韬。 五、现场会议议 ...

江苏武进不锈股份有限公司 2024 年年度股东大会 会议资料 江苏常州 二〇二五年五月二十日 | 2024 年年度股东大会会议议程 - | | --- | | 2024 年年度股东大会须知 . | | 议案一：《2024年年度报告及摘要的议案》 | | 议案二:《2024年度董事会工作报告》 …………………………………………………………………………………………………………… - 9 - | | 议案三:《2024年度监事会工作报告》 …………………………………………………… - 16 - | | 议案四:《2024年度财务决算报告的议案》 - 21 - | | 议案五:《2024 年度利润分配方案的议案》 - 27 - | | 议案六:《关于公司董事长、副董事长薪酬的议案》 | | 议案七：《关于公司独立董事津贴的议案》 ……………………………………………… - 29 - | | 议案八:《关于公司非独立董事（除董事长、副董事长外）薪酬的议案》- 30 - | | 议案九:《关于公司监事薪酬的议案》 | | 议案十:《关于续聘公司 2025 年度审计机构的议案》 - 34 - | | 议案十一:《关于申请银行 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 5.11 yuan [6]. Core Views - The company experienced a revenue decline of 24.57% year-on-year in 2024, with total revenue of 2.652 billion yuan and a net profit attributable to shareholders of 126 million yuan, down 64.25% year-on-year. The first quarter of 2025 showed some recovery with a revenue of 483 million yuan, a decrease of 33.90% year-on-year, but a net profit of 30 million yuan, indicating a turnaround from losses [1][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.652 billion yuan, a decrease of 24.57% year-on-year. The net profit attributable to shareholders was 126 million yuan, down 64.25% year-on-year. The first quarter of 2025 saw a revenue of 483 million yuan, a year-on-year decrease of 33.90%, but a net profit of 30 million yuan, indicating a recovery from previous losses [1][5]. Sales and Margins - The sales volume for seamless and welded pipes in 2024 was 43,500 tons and 26,600 tons, respectively, showing declines of 15.07% and 24.02% year-on-year. In Q1 2025, the sales volume for seamless and welded pipes was 10,600 tons and 6,300 tons, respectively, with a total sales volume of 16,900 tons, reflecting a 4.83% increase quarter-on-quarter [2]. - The gross margin improved in Q1 2025, with the gross margin for seamless pipes increasing by 4.1% and for welded pipes decreasing by 1.1% compared to the previous quarter. The overall gross margin for 2024 was 15.16%, down 1.50 percentage points year-on-year, while in Q1 2025, it was 16.28%, down 2.06 percentage points year-on-year but up 5.37 percentage points quarter-on-quarter [2]. Future Outlook - The company is focusing on maintaining high demand for thermal power boilers, with significant growth in revenue from electric power equipment and natural gas, which increased by 40.79% and 170.29% year-on-year, respectively. The company is also actively developing new application markets, including nuclear power and coal liquefaction, and expanding into international markets [3][4]. - The company has established itself as a qualified supplier for several major domestic and international companies, ensuring product quality through lean production practices [3]. Earnings Forecast - The company is expected to recover its profitability, with projected net profits of 172 million yuan, 192 million yuan, and 215 million yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are forecasted to be 17x, 15x, and 13x [4][5].

Core Viewpoint - 武进不锈's performance in Q1 2025 shows significant declines in revenue and net profit, indicating a challenging operational environment [2][7]. Operating Performance - The total revenue for Q1 2025 was 483 million yuan, a decrease of 33.9% compared to the same period last year [2]. - The net profit attributable to shareholders was 30.32 million yuan, down 55.43% year-on-year, while the net profit after deducting non-recurring items was 28.38 million yuan, a decline of 56.3% [2]. Profitability - The gross margin for Q1 2025 was 16.28%, a reduction of 11.25 percentage points year-on-year [3]. - The net margin stood at 6.28%, reflecting a decrease of 32.57 percentage points compared to the previous year [3]. Cost Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 24.07 million yuan, accounting for 4.99% of revenue, which is a 20.17% increase year-on-year [4]. - The increase in expenses was lower than the decline in revenue, indicating some efforts in cost control [4]. Asset Status - As of the end of Q1 2025, cash and cash equivalents were 278 million yuan, a significant decrease of 59.25% year-on-year [5]. - Accounts receivable totaled 376 million yuan, down 53.20% from the previous year, but the accounts receivable represented 299.24% of the latest annual net profit, which may negatively impact future cash flow [5]. Solvency - The company's interest-bearing debt decreased from 457 million yuan to 366 million yuan, a reduction of 20.01% [6]. - The ratio of cash to current liabilities was only 72.7%, suggesting a need for investors to monitor the company's short-term solvency [6]. Dividend Situation - Since its listing, 武进不锈 has raised a total of 751 million yuan and distributed a total of 1.09 billion yuan in dividends, resulting in a dividend-to-financing ratio of 1.45 and an estimated dividend yield of 4.68% [7].

Core Insights - In 2024, Wujin Stainless Steel reported a significant decline in both revenue and profit, with total operating income falling to 2.652 billion yuan, a decrease of 24.57% year-on-year, and net profit dropping to 126 million yuan, down 64.25% [1][4] - The company's performance starkly contrasts with 2023, where it experienced substantial growth in revenue and profit [4] Financial Performance - Total operating income decreased from 3.516 billion yuan in 2023 to 2.652 billion yuan in 2024, a decline of 24.57% [4] - Gross profit fell from 586 million yuan to 402 million yuan, a reduction of 31.40% [4] - Net profit attributable to shareholders and non-recurring net profit decreased by 64.25% and 68.27%, respectively [4] Industry Environment - The steel industry is undergoing a deep adjustment, characterized by high production, high costs, and low demand, prices, and efficiency [5] - The overall economic benefits of the industry are declining, with the total profit of the black metal smelting and rolling processing industry dropping by 54.6% in 2024 [4][5] Market Challenges - The company faces intensified market competition, with price competition becoming fierce and total order volume decreasing [4] - The downturn in the petrochemical sector has severely impacted the company's main business revenue and gross margin [5][6] Strategic Response - In response to the challenging market conditions, the company plans to enhance lean management, optimize cost control, and improve operational efficiency [6] - Wujin Stainless Steel aims to develop new domestic application markets while actively expanding foreign trade to ensure stable operations [6] - The company emphasizes the importance of technological innovation and product upgrades to enhance market competitiveness in the face of future challenges [6]