Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to benefit from the orderly release of new production capacity and the profitability of its new materials segment [1] - The company’s 2024 annual report shows a revenue of 41.86 billion yuan, a year-on-year increase of 5.0%, and a net profit attributable to the parent company of 8.05 billion yuan, a year-on-year increase of 77.8% [7] - The forecast for earnings per share (EPS) for 2025-2027 is adjusted to 2.38, 2.73, and 3.11 yuan respectively, with a target price of 26.18 yuan based on a PE ratio of 11X for comparable companies [2][8] Financial Performance Summary - Revenue (million yuan): - 2023A: 39,874 - 2024A: 41,861 - 2025E: 48,946 - 2026E: 53,990 - 2027E: 58,608 - Year-on-year growth (%): - 2023A: 0.8% - 2024A: 5.0% - 2025E: 16.9% - 2026E: 10.3% - 2027E: 8.6% [3] - Net profit attributable to the parent company (million yuan): - 2023A: 453 - 2024A: 805 - 2025E: 872 - 2026E: 999 - 2027E: 1,136 - Year-on-year growth (%): - 2023A: -6.9% - 2024A: 77.8% - 2025E: 8.2% - 2026E: 14.6% - 2027E: 13.7% [3] Production and Capacity Expansion - The company achieved a cold-rolled stainless steel production volume of 3.3163 million tons in 2024, a year-on-year increase of 16.95%, and total sales of 3.3139 million tons, a year-on-year increase of 17.52% [7] - New production capacity from various projects is expected to continue to be released, contributing to future growth [7] New Materials Segment - The company has been diversifying into new materials since 2021, with projects in titanium alloys and battery casing materials progressing steadily [7] - The titanium alloy project in Henan has commenced production, and the battery casing project in Zhejiang is expected to begin trial production by the end of 2025 [7]

| 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | | 一、说明会类型 甬金科技集团股份有限公司（以下简称"公司"）于2025年4月10日在上海 证券交易所网站披露了《2024年年度报告》及其摘要。为加强与投资者的深入交 流，使投资者更加全面、深入地了解公司情况，公司拟以自行视频录制+网络文 字互动的方式召开2024年年度业绩说明会，欢迎广大投资者积极参与。 二、说明会召开的时间、地点、方式 甬金科技集团股份有限公司 关于召开 2024 年年度业绩说明会的公告 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。 重要内容提示： 本次说明会将于2025年4月25 日（星期五）10:00-11:00 在价值在线 （www.ir-online.cn）平台通过自行视频录制+网络文字互动的方式召开。 三、公司参加人员 参加本次业绩说明会的人员包括公司董事长、总经理YU JASON CHEN（虞辰 杰）先生，董事 ...

甬金科技集团股份有限公司 2024 年年度股东大会会议资料 甬金科技集团股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月 1 甬金科技集团股份有限公司 2024 年年度股东大会会议资料 甬金科技集团股份有限公司 2024 年年度股东大会 会议资料目录 | 甬金科技集团股份有限公司 | | 2024 年年度股东大会会议须知 3 | | --- | --- | --- | | 甬金科技集团股份有限公司 | | 2024 年年度股东大会会议议程 5 | | 关于公司 | 2024 | 年年度报告及其摘要的议案 7 | | 关于公司《2024 | | 年度董事会工作报告》的议案 8 | | 关于公司《2024 | | 年度监事会工作报告》的议案 14 | | 关于公司《2024 | | 年度财务决算报告》的议案 17 | | 关于公司《2025 | | 年度财务预算报告》的议案 18 | | 关于公司 | 2024 | 年度利润分配方案的议案 19 | | 关于公司 | 2025 | 年度董事、监事薪酬的议案 20 | | 关于预计 | 2025 | 年度对外担保的议案 21 | | 关于续聘天健会计 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [8]. Core Insights - The steel industry is experiencing a significant recovery in production and demand, with March crude steel daily output increasing by 5.2% year-on-year and 6.3% month-on-month, indicating a strong recovery in steel mills' production enthusiasm [2][6]. - The apparent consumption of steel in March 2025 reached 82.89 million tons, a year-on-year increase of 4.9%, with a notable acceleration in downstream demand [2]. - The net export of steel in March was 9.96 million tons, up 7.4% year-on-year, driven by price advantages and export factors [3]. Summary by Sections Production and Demand - In March 2025, crude steel production was 92.84 million tons, a year-on-year increase of 4.6%, with a daily average of 2.995 million tons [6]. - The manufacturing sector showed strong growth, with the manufacturing purchasing managers' index (PMI) at 50.5, indicating expansion [2]. Export and Import Trends - March steel exports were 10.46 million tons, a year-on-year increase of 5.7%, while imports decreased by 18.8% [6]. - Iron ore imports in March were 93.97 million tons, down 6.7% year-on-year, influenced by high port inventories [6]. Government Policy and Industry Outlook - The government is expected to continue implementing crude steel production controls to promote industry restructuring, with some steel mills already announcing production cuts [3]. - The report suggests that the steel industry's medium to long-term fundamentals are likely to improve, supported by government fiscal measures and supply-side adjustments [7].

甬金科技集团股份有限公司 2024 年持续督导年度报告书 华泰联合证券有限责任公司 关于甬金科技集团股份有限公司 2024 年持续督导年度报告书 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司名称：甬金科技集团股份有限公司 | | --- | --- | | 保荐代表人姓名：高出重 | 联系电话：021-38966927 | | 保荐代表人姓名：邹晓东 | 联系电话：021-38966927 | 1 甬金科技集团股份有限公司 2024 年持续督导年度报告书 | 序号 | 工作内容 | 完成持续督导情况 | | --- | --- | --- | | | 核后在指定媒体上公告。 | | | | 持续督导期间，上市公司或相关当事人出现 违法违规、违背承诺等事项的，应自发现或 | 2024年度持续督导期间，公司存在实 | | | | 际控制人因内幕交易、短线交易公司 | | | | 股份被中国证监会立案调查，并于 | | 5 | 应当发现之日起五个工作日内向上海证券交 易所报告，报告内容包括上市公司或相关当 | 2025年1月受到中国证监会浙江监管 | | | 事人出现违法违规、违背承诺等事项的具体 | ...

保荐总结报告书 华泰联合证券有限责任公司 关于甬金科技集团股份有限公司 向特定对象发行 A 股股票并在主板上市 之保荐总结报告书 保荐人名称 华泰联合证券有限责任公司 保荐人编号 Z26774000 一、保荐人及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律 责任。 | 情况 | | | | | | 内容 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 发行人名称 | 甬金科技集团股份有限公司 | | | | | | | | | 证券代码 | 603995 | | | | | | | | | 注册资本 | 36,561.71 万元（截至 2024 年末） | | | | | | | | | 注册地址 | 浙江省金华市兰溪市灵洞乡耕头畈 | | | | | | 999 | 号 | | 主要办公地址 | 浙江省金华市兰溪市灵洞乡耕头畈 | | | | | | 999 | 号 | | 法定代表人 | YU JASON CHEN | ...

现场检查报告 华泰联合证券有限责任公司 关于甬金科技集团股份有限公司 2024 年度现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》（以下简称《保荐办法》） 和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律 法规的要求，华泰联合证券有限责任公司（以下简称"华泰联合证券"）作为甬 金科技集团股份有限公司（以下简称"甬金股份"或"公司"）向特定对象发行 股份的保荐人，于 2025 年 4 月 8 日至 2025 年 4 月 9 日对甬金股份 2024 年度有 关情况进行了现场检查。 一、本次现场检查的基本情况 华泰联合证券针对甬金股份实际情况制订了 2024 年度现场检查工作计划。 为顺利实施本次现场工作，提高现场工作效率，切实履行持续督导工作，华泰联 合证券于 2025 年 4 月 2 日以邮件方式将现场检查事宜通知甬金股份，并要求公 司提前准备现场检查工作所需的相关文件和资料。 2025 年 4 月 8 日至 2025 年 4 月 9 日，华泰联合证券保荐代表人根据事先制 订的现场检查工作计划，采取与公司董事、监事、高级管理人员及有关人员进行 沟通和询问、查看公司生产经营 ...

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Insights - The ongoing escalation of "reciprocal tariffs" has led to a divergence in demand for construction materials and steel plates, with a notable impact on export demand for plates [3][4]. - Domestic steel prices have decreased, with significant drops in various categories, including rebar and cold-rolled steel [8][9]. - The overall steel production has seen a slight decline, with total output for major steel varieties at 8.71 million tons, a decrease of 1.46 million tons week-on-week [2][3]. Price Trends - As of April 11, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,170 CNY/ton, down 50 CNY/ton from the previous week [8][9]. - The prices for hot-rolled and cold-rolled steel have also seen declines, with hot-rolled at 3,330 CNY/ton (down 40 CNY) and cold-rolled at 3,910 CNY/ton (down 100 CNY) [8][9]. Production and Inventory - The production of rebar increased by 3.72 million tons to 2.32 million tons this week, while total inventory decreased by 388,300 tons to 11.76 million tons [2][3]. - The social inventory of rebar decreased by 278,500 tons, while factory inventory increased by 72,500 tons [2][3]. Investment Recommendations - The report suggests focusing on the following companies: 1. Baosteel, Hualing Steel, Nanjing Steel in the general steel sector 2. CITIC Special Steel, Yongjin Co., and Xianglou New Materials in the special steel sector 3. Jiuli Special Materials, Wujin Stainless Steel, and Youfa Group in the pipe materials sector [3][4]. - It also recommends paying attention to high-temperature alloy stocks, specifically Fushun Special Steel [3]. Profitability Analysis - The report indicates a decrease in long-process steel profits, with rebar, hot-rolled, and cold-rolled margins down by 19 CNY/ton, 41 CNY/ton, and 38 CNY/ton respectively [1][3]. - Short-process electric furnace steel profits have seen a slight increase [1][3]. International Market Overview - The U.S. steel market prices have remained stable, with hot-rolled coil prices at 1,040 USD/ton and cold-rolled at 1,270 USD/ton [21][23]. - European steel prices have increased, with hot-rolled prices at 715 USD/ton, up 25 USD from the previous week [21][23]. Raw Material Market - Domestic iron ore prices have shown a mixed trend, with some prices declining, such as Brazilian powder at 850 CNY/ton, down 35 CNY [26][27]. - Scrap steel prices have also decreased, with a current price of 2,030 CNY/ton, down 60 CNY from last week [26][27].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price on April 10, 2025 [6]. Core Insights - The company achieved a revenue of 41.861 billion yuan in 2024, representing a year-on-year growth of 4.98%. The net profit attributable to shareholders was 0.805 billion yuan, an increase of 77.75% year-on-year [1]. - The stainless steel sales volume reached 3.3139 million tons in 2024, marking a year-on-year increase of 17.5%. The company expects to produce and sell 3.8 million tons of cold-rolled stainless steel in 2025, a growth of approximately 14.7% [2][3]. - The company is implementing a diversification strategy, expanding its new materials business, which includes projects in titanium alloys and layered composite materials [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 10.92 billion yuan, a quarter-on-quarter increase of 2.59% but a year-on-year decrease of 11.17%. The net profit for the same quarter was 0.221 billion yuan, with a year-on-year growth of 60.89% [1]. - The gross margin for Q4 2024 was 5.75%, showing a quarter-on-quarter increase of 0.14 percentage points and a year-on-year increase of 0.78 percentage points [2]. Future Outlook - The company is expected to see continued growth in stainless steel sales, driven by the full release of production capacity from its projects in Guangdong and Zhejiang, as well as the near-full production of its Vietnam project [3]. - New projects are progressing steadily, including a 400,000-ton stainless steel processing line in Jiangsu and a 260,000-ton precision stainless steel strip project in Vietnam, which is expected to begin trial production in the first half of 2025 [4]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 0.850 billion yuan, 0.936 billion yuan, and 1.047 billion yuan, respectively, with corresponding PE ratios of 8, 7, and 6 [5][10].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 10 年 月 日 甬金股份（603995.SH） 盈利增速加快，规模持续扩张 事件：公司发布 2024年年度报告。2024 年公司实现营业收入418.61亿元，同比增长4.98%； 归属于上市公司股东的净利润 8.05 亿元，同比增长 77.75%；基本每股收益 2.19 元；公司 拟向全体股东每 10 股派发现金红利 5 元(含税)。 季度利润增速加快，销售净利率环比改善。公司 2024Q4 实现归母净利 2.21 亿元，同比增 长 60.86%，环比增长 41.82%；实现扣非归母净利 2.18 亿元，同比增长 57.92%，环比增 长 42.79%；公司 2024Q1-2024Q4 逐季销售毛利率分别为 4.79%、6.67%、5.61%、5.75%， 逐季销售净利率分别为 1.78%、3.30%、1.97%、2.07%。2024 年广东甬金三期项目产能 充分释放、浙江甬金产能利用率显著提升，越南甬金项目基本满产对公司当年业绩增量贡献 较大，2024 年国内不锈钢表观消费量为 3385 万吨，同比增加 131 万吨，增幅 4.03 ...