Investment Rating - The report maintains a "Recommended" investment rating for the steel industry [2][8]. Core Viewpoints - Supply is slightly increasing while demand continues to recover, indicating a positive trend for the steel industry [4][54]. - The report highlights that the industry is expected to maintain stability supported by the real estate sector and manufacturing [8]. - The need for industry consolidation and the exit of outdated capacity has been recognized, leading to an increase in industry concentration and a shift towards high-quality product development [8]. Supply Summary - As of March 14, 2025, the total output of the five major steel products reached 8.5321 million tons, a week-on-week increase of 2.27% and a year-on-year increase of 0.50% [4][15]. - The average daily pig iron output from 247 steel enterprises was 2.3059 million tons, with a week-on-week increase of 0.03% and a year-on-year increase of 4.42% [4][15]. - The capacity utilization rate of blast furnaces was 86.57%, up 0.03 percentage points week-on-week and up 3.99 percentage points year-on-year [4][15]. Demand Summary - The total consumption of the five major steel products was 8.8388 million tons as of March 14, 2025, reflecting a week-on-week increase of 3.61% and a year-on-year increase of 6.42% [4][20]. - The daily transaction volume of construction steel by mainstream traders was 119,100 tons, showing a significant week-on-week increase of 32.29% [4][20]. - Monthly steel exports totaled 9.727 million tons, remaining stable month-on-month and increasing by 11.24% year-on-year [4][20]. Inventory Summary - The total social inventory of the five major steel products was 13.1991 million tons, down 1.47% week-on-week and down 24.99% year-on-year [4][29]. - The total factory inventory was 5.0971 million tons, reflecting a week-on-week decrease of 2.12% and a year-on-year decrease of 31.71% [4][29]. Cost Summary - As of March 14, 2025, the price index for Australian iron ore (62% Fe) was 780.6 CNY/wet ton, a week-on-week increase of 0.13% but a year-on-year decrease of 4.85% [4][42]. - The comprehensive price index for scrap steel was 2508.77 CNY/ton, down 0.90% week-on-week and down 13.86% year-on-year [4][42]. - The price index for low-sulfur coking coal was 1281.28 CNY/ton, down 1.23% week-on-week and down 36.94% year-on-year [4][43]. Price Summary - The Mysteel ordinary steel absolute price index was 3575.89 CNY/ton, with a week-on-week increase of 0.29% and a year-on-year decrease of 10.04% [4][45]. - The Mysteel special steel absolute price index was 9402.63 CNY/ton, down 0.33% week-on-week and down 3.24% year-on-year [4][45]. - The global steel price index was reported at 205 points, reflecting a week-on-week increase of 1.43% [4][45].

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-011 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 委托理财受托方：江苏江南农村商业银行股份有限公司、中国建设银行 股份有限公司、中信建投基金管理有限公司、工银理财有限责任公司、 中国工商银行股份有限公司 本次委托理财购买金额：合计 26,000 万元 本次委托理财赎回金额：合计 24,000 万元 委托理财产品名称：富江南之瑞禧系列 JR1901 期结构性存款、中信证券 资产管理聚利稳享 312 号 FOF 单一资产管理计划、中信建投基金-优信 同享 6 号集合资产管理计划、工银理财鑫悦优先股策略优选最短持有 180 天混合类开放式理财产品、中国工商银行挂钩汇率区间累计型法人 人民币结构性存款产品-专户型 2025 年第 089 期 委托理财期限：32 天、无固定期限、无固定期限（最低持有 9 个月）、 无固定期限（最短持有 180 天）、118 天 履行的审议程序：江苏武进不锈股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开第四届董事会第二十次会议、 ...

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-010 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 江苏武进不锈股份有限公司董事会 二〇二五年三月十八日 关于职工代表董事辞职的公告 截至本公告发布之日，江双凯先生未持有公司股票。江双凯先生在担任公司 职工代表董事期间恪尽职守、勤勉尽责，公司董事会对江双凯先生在任期间为公 司所做出的贡献表示衷心感谢！ 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。 特此公告。 江苏武进不锈股份有限公司（以下简称"公司"）董事会于近日收到职工代 表董事江双凯先生递交的书面辞职报告。江双凯先生因工作职位调动，申请辞去 公司职工代表董事职务。辞职后将继续在公司任职。 江苏武进不锈股份有限公司 江双凯先生的辞职不会导致公司董事会低于法定人数，不会影响公司董事会 和公司生产经营活动的正常运作。江双凯先生的辞职申请自送达董事会之日起生 效。公司董事会将依照相关规定，尽快完成新任职工代表董事补选工作。 ...

需求或触底回升，回购彰显长期发展信心 武进不锈(603878) ——武进不锈更新报告 | | | | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 6.75 | | | 上次预测: | 9.86 | | Table_CurPrice] [当前价格： | | 5.68 | 本报告导读： 受到公司下游石化、煤化工行业景气度下降影响，公司业绩大幅下降。新疆煤化工 投资较大，预期需求逐步触底。公司持续回购彰显对自身长期发展的信心。 [Table_Balance] 资产负债表摘要(LF) | 股东权益（百万元） | 2,667 | | --- | --- | | 每股净资产（元） | 4.75 | | 市净率（现价） | 1.2 | | 净负债率 | -19.73% | [Table_PicQuote] 52周股价走势图 -27% -15% -3% 9% 21% 34% 2024-03 2024-07 2024-11 2025-03 武进不锈 上证指数 | [Table_Trend] ...

一、回购股份的基本情况 江苏武进不锈股份有限公司（以下简称"公司"）于 2024 年 9 月 9 日召开 第五届董事会第三次会议，审议通过了《关于以集中竞价交易方式回购股份方案 的议案》。同意公司使用自有资金以集中竞价交易方式回购公司股份，用于实施 员工持股计划或者股权激励。回购资金总额不低于人民币 2,000 万元（含本数）, 不超过人民币 3,000 万元（含本数），回购价格不超过人民币 8.28 元/股（含本 数），回购期限自董事会审议通过本次回购股份预案之日起 12 个月内。具体内 容详见公司于 2024 年 9 月 10 日刊在指定信息披露媒体披露的《关于以集中竞价 交易方式回购股份方案的公告》（公告编号：2024-071）。 二、回购股份的进展情况 | 证券代码：603878 | 证券简称：武进不锈 公告编号：2025-009 | | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | 江苏武进不锈股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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 ...

Summary of Conference Call Company and Industry Overview - The conference call involved a discussion about the company "无尽不秀" and its current situation in the chemical industry, particularly focusing on the challenges faced in 2024 [1][2]. - The overall business performance is reported to be at a relatively low level compared to previous years, but there are signs of recovery due to the revival in petrochemical and export activities [2]. Key Points and Arguments - **Business Confidence**: The company expresses confidence in its overall performance for 2024, citing a gradual return to normal procurement cycles among peers in the equipment sector [3]. - **Export Growth**: Exports have increased significantly, with the contribution to total revenue rising from approximately 6% in 2023 to over 15% in the previous year [3]. - **Market Recovery**: The company anticipates a positive outlook for 2025, supported by recent order executions and expansions in production [4]. - **Chemical Sector Performance**: The first quarter of 2024 is expected to show limited impact, but there is a gradual normalization in project progress from clients, which should reflect in the second and third quarters of 2025 [5]. - **Profit Margin Recovery**: The decline in gross margin in the previous year was attributed to reduced demand for high-end products in the chemical sector. However, there is optimism for margin recovery with the introduction of new materials and applications [7]. - **Export Margins**: The gross margin for exports is expected to exceed 30%, indicating a strategic focus on enhancing export capabilities [9]. Additional Important Insights - **Production Capacity**: Current production capacity utilization is reported to be around 60-70%, which is considered low, but there is a 30% increase in orders compared to the previous year [18]. - **Long-term Strategy**: The company is focused on deepening its existing market presence and exploring opportunities for product line expansion, although specific long-term strategies are still under development due to recent leadership changes [24]. - **Comparison with Competitors**: The company acknowledges that its export performance is lagging behind competitors, with only 6% of revenue from exports compared to over 30% for peers. Efforts are being made to address this gap [23]. Conclusion The conference call highlighted the company's cautious optimism for recovery in 2024 and beyond, driven by improvements in export performance and a gradual return to normalcy in the chemical sector. The focus remains on enhancing profit margins and addressing competitive challenges in the market.

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-008 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 江苏武进不锈股份有限公司 关于不向下修正"武进转债"转股价格的公告 自 2025 年 1 月 16 日至 2025 年 2 月 13 日，江苏武进不锈股份有限公司 （以下简称"公司"）股票出现连续三十个交易日中至少有十五个交易日的收盘 价低于当期转股价格的 85%的情形，已触发"武进转债"转股价格向下修正条款。 经公司第五届董事会第八次会议审议通过，公司董事会决定本次不向下 修正"武进转债"的转股价格，并且在未来六个月内（即 2025 年 2 月 14 日至 2025 年 8 月 13 日），如再次触发"武进转债"转股价格向下修正条款，亦不提出向 下修正方案。 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意江苏武进不锈股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2023]1353 号）同意注册，公 司于 2023 年 7 月 10 日向不特定对象发行 310 万张可转换公司债券，每张面值 ...

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-007 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 江苏武进不锈股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2024 年 9 月 10 日 | | --- | --- | | 回购方案实施期限 | 自董事会审议通过后 12 个月 | | 预计回购金额 | 2,000 万元~3,000 万元 | | 回购用途 | 减少注册资本 用于员工持股计划或者股权激励 用于转换公司可转债 | | | 为维护公司价值及股东权益所必需 | | 累计已回购股数 | 4,200,000 股 | | 累计已回购股数占总股本比例 | 0.75% | | 累计已回购金额 | 25,810,874.01 元 | | 实际回购价格区间 | 5.60 元/股~6.299 元/股 | 一、回购股份的基本情况 江苏武进不 ...

Financial Performance Forecast - The company expects a net profit of approximately 145 million yuan for 2024, a decrease of about 206.62 million yuan, representing a year-on-year decline of approximately 58.76%[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be around 128 million yuan, down approximately 196.46 million yuan, reflecting a year-on-year decrease of about 60.55%[5] - The total profit for the previous year was 407.54 million yuan, with a net profit attributable to shareholders of 351.62 million yuan[6] - The company reported earnings per share of 0.63 yuan in the previous year[6] Performance Decline Factors - The decline in performance is attributed to a decrease in main business revenue and gross margin due to intensified market competition and price competition[7] Strategic Plans - The company plans to continue promoting lean management and develop new domestic application markets while advancing foreign trade business to ensure stable operations[7] Forecast Accuracy - There are no significant uncertainties affecting the accuracy of the performance forecast[8] - The forecast data is preliminary and the final financial data will be disclosed in the official 2024 annual report[9]

国泰君安证券股份有限公司 关于江苏武进不锈股份有限公司 2024 年度持续督导工作现场检查报告 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐人"）作为江 苏武进不锈股份有限公司（以下简称"武进不锈"或"公司"）2023 年向不特 定对象发行可转债项目的保荐人及持续督导机构，根据《证券发行上市保荐业务 管理办法》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等国 家有关法律、法规和规范性文件的要求和行业公认的业务标准、道德规范，于 2024 年 11 月 29 日和 2024 年 12 月 31 日对武进不锈进行了现场检查，汇总了检 查资料。现将本次检查的情况报告如下： 一、本次现场检查的基本情况 （四）现场检查内容 1、公司治理和内部控制情况； 1 （一）保荐人：国泰君安证券股份有限公司 （二）保荐代表人：倪霆、顾昊 （三）现场检查人员：顾昊、杨帆 经核查，保荐人认为：本持续督导期内，公司按照上市公司信息披露的相关 规定，及时、真实、准确、完整地履行了信息披露义务，信息披露不存在虚假记 载、误导性陈述和重大遗漏。 2、公司信息披露情况； 3、公司的独立性以及与控股股东、实际控制人及其 ...