证券代码：000708 证券简称：中信特钢 公告编号：2024-050 中信泰富特钢集团股份有限公司 关于子公司内部提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 中信泰富特钢集团股份有限公司（以下简称"公司"）全资子公司 江阴兴澄特种钢铁有限公司（以下简称"兴澄特钢"）拟对全资孙公司 青岛特殊钢铁有限公司（以下简称"青岛特钢"）提供 10 亿元人民币的 担保，具体情况如下： 青岛特钢在中信银行股份有限公司青岛分行（以下简称"中信银行"） 申请 10 亿元人民币的授信额度，由兴澄特钢提供连带责任保证担保， 担保期限为主债务合同债务期限届满之日起三年。兴澄特钢于 11 月 7 日在青岛与中信银行签署《最高额保证合同》。青岛特钢在中信银行申 请授信事项已经经过公司第十届董事会第八次会议及 2023 年年度股东 大会审议通过，具体内容详见公司《关于调整在中信银行存贷款额度暨 关联交易的公告》。 本次担保已经由兴澄特钢于 2024 年 10 月 28 日召开的董事会审议 通过，本次担保事项无须提交公司董事会或股东大会审议。 二、被担保 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q3 performance was slightly below expectations, with revenue of 83.504 billion and net profit of 3.836 billion, representing a year-on-year decline of 3.37% and 12.3% respectively. The Q3 revenue and net profit were 26.499 billion and 1.111 billion, down 5.66% and 16.77% year-on-year [2][3] - The company is expected to see gradual performance improvement in Q4 due to rising downstream demand and supportive policies [2] - The company is actively adjusting its product structure, with significant growth in high-end products, including bearing steel and automotive steel, which saw year-on-year increases of 13.04% and 13.12% respectively [3] - The company aims for a sales target of 19.2 million tons in 2024, an increase of 310,000 tons year-on-year, with expectations of sales and performance recovery in Q4 [3] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 83.504 billion, a decrease of 3.37% year-on-year, and a net profit of 3.836 billion, down 12.3% year-on-year [3] - The projected revenues for 2024-2026 are 107.039 billion, 109.296 billion, and 110.978 billion respectively, with net profits of 5.237 billion, 6.018 billion, and 6.186 billion [4] - The earnings per share (EPS) for 2024-2026 are projected to be 1.04, 1.19, and 1.23 respectively [3][4] - The company is valued at a PE ratio of 13.38 for 2024, with a target price of 13.92 [3][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook compared to market performance [5][7]. Core Views - The company reported Q3 2024 results that met market expectations, with total revenue of 83.504 billion yuan, a year-on-year decrease of 3.37%, and a net profit attributable to shareholders of 3.836 billion yuan, down 12.3% year-on-year [5][6]. - Despite a significant decline in industry conditions and steel prices, the company's gross margin remained relatively stable due to its specialty steel business, which demonstrated strong anti-cyclical characteristics [6][7]. - The company anticipates growth in high-end product sales, with a focus on optimizing product structure to mitigate the impact of mid-range product profit fluctuations [7]. Summary by Sections Financial Performance - For Q3 2024, the company experienced a revenue decline of 7.27% quarter-on-quarter, but the gross margin slightly improved to 12.51% from 12.3% in Q2 [6]. - The company’s total revenue for 2024 is projected at 111.829 billion yuan, with a year-on-year growth rate of -1.9% [9]. - The net profit for 2024 is forecasted to be 5.168 billion yuan, reflecting a year-on-year decrease of 9.7% [9]. Market Conditions - The report highlights a significant downturn in the steel industry, with average prices for hot-rolled and cold-rolled sheets dropping by 11.98% and 11.08% respectively in Q3 2024 [6]. - The overall profit for the black metal and rolling processing industry turned negative, indicating substantial pressure on the sector [6]. Product Strategy - The company’s high-end product sales are expected to grow, with a 24% increase in sales of "two highs and one special" products in H1 2024 [7]. - The focus on high-end products is anticipated to enhance the company's product mix and reduce reliance on mid-range products, which are more susceptible to profit volatility [7].

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the performance and outlook of a steel manufacturing company, focusing on its financial results and market conditions in the steel industry [1][2][3]. Key Points and Arguments 1. **Financial Performance**: - Revenue for the first three quarters was approximately 835 million, a decrease of 3% year-on-year [1]. - Gross margin for the first three quarters was 12.37%, down by 1.3 percentage points compared to the previous year [1]. - Net profit was 38.36 million, representing a year-on-year decline of 12.3%, while the adjusted net profit was 37.4 million, down 10% [1]. - The company's debt ratio is currently at 62%, showing a decrease compared to the same period last year [1]. 2. **Market Conditions**: - The company noted a recovery in product prices from late September to mid-October, with increases of 300 to 500, and further price hikes expected [1]. - The automotive steel demand is rising, but domestic sales growth remains stagnant, primarily driven by new energy vehicles [1]. - The energy sector is showing positive growth, while other sectors are experiencing weaker performance [1][4]. 3. **Outlook for Q4**: - The company anticipates better performance in Q4 compared to Q3, driven by improved manufacturing activity and order placements [2]. - Capital expenditures are expected to remain stable at around 2 to 3 billion annually, focusing on efficiency improvements and digital transformation [2]. 4. **International Expansion**: - The company is cautiously pursuing international expansion, particularly in Southeast Asia, the Middle East, and North America, with ongoing discussions with investment institutions [3]. - There are no significant obstacles reported in international operations, but progress is slower than expected due to differences in operational efficiency compared to domestic standards [3]. 5. **Product Segmentation**: - The company is focusing on high-end products, with significant growth in specific segments like carbon steel, which has seen over 30% growth this year [4]. - The performance of various production bases remains stable, with some bases showing slight improvements in efficiency [4]. 6. **Export Challenges**: - The company faces challenges in meeting its export targets for the year, with a goal of 280 million tons, which appears difficult to achieve based on current performance [5][6]. - Export volumes have decreased due to domestic demand issues and international trade barriers, although there are signs of recovery in recent months [6]. 7. **Shareholder Engagement**: - The company is considering shareholder feedback regarding dividends and potential share buybacks, although no concrete plans have been established yet [2][7]. - The major shareholder's stake is high, at approximately 83.85%, limiting the need for significant buybacks or increases in shareholding [7]. 8. **Future Projects**: - The company is progressing with its "Two High and One Special" project, expecting to exceed 30,000 tons this year, indicating growth in market expansion and product certification [8]. Additional Important Information - The company is committed to maintaining its dividend strategy and will discuss specific proposals with the board and shareholders [2]. - The overall sentiment in the steel industry is cautiously optimistic, with expectations for gradual recovery in demand and pricing [1][2][3].

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses the steel industry and a specific steel company, focusing on its financial performance and market conditions [1][2][3]. Key Points and Arguments 1. **Financial Performance**: - Revenue for the first three quarters was approximately 835 million, a decline of about 3% year-on-year [1]. - Gross margin for the first three quarters was 12.37%, down 1.3 percentage points from the previous year [1]. - Net profit was 38.36 million, a year-on-year decrease of 12.3%, with a non-recurring profit of 37.4 million, down 10% [1]. - The company's debt ratio is currently at 62%, showing a decrease compared to the same period last year [1]. 2. **Market Conditions**: - The company noted a recovery in product prices from late September to mid-October, with increases of 300 to 500, and further price hikes expected [1]. - The automotive steel demand is rising, but domestic sales growth remains stagnant, primarily driven by new energy vehicles [1]. - The energy sector is showing positive growth, while other sectors are experiencing weaker performance [1][4]. 3. **Export and Domestic Market Dynamics**: - The company aims to increase exports from 210 million to 280 million tons, but achieving this target is deemed challenging due to declining export growth [5][6]. - Domestic steel demand is strong, but the company's export volume has decreased, indicating a divergence from overall industry trends [6]. 4. **Capital Expenditure and Investments**: - The company plans to maintain annual capital expenditures of around 2 to 3 billion for efficiency improvements and digital transformation [2]. - There are no immediate plans for share buybacks or significant changes in dividend policies, although discussions with shareholders are ongoing [2][7]. 5. **International Expansion**: - The company is cautiously pursuing international expansion, focusing on Southeast Asia, the Middle East, and North America, but progress is slow due to operational challenges [3][4]. 6. **Operational Updates**: - The performance of various production bases remains stable, with some bases like Qingdao showing over 30% growth in efficiency [4]. - The company is focusing on high-end products, with mixed results across different segments [4][8]. Other Important but Overlooked Content - The company is experiencing a shift in the mining sector, with prices stabilizing between 100 to 100 billion, indicating a potential for future price increases [2]. - There is a noted disparity between the company's export performance and the overall industry, suggesting a need for strategic adjustments [6]. - The management emphasizes a cautious approach to international ventures, highlighting the importance of maintaining operational efficiency and market positioning [3][7].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 12.60 CNY [2]. Core Views - The company's Q3 performance faced pressure, with revenue decreasing by 3.4% year-on-year and net profit attributable to shareholders dropping by 10.7% [2]. - The gross profit margin has declined by 1.29 percentage points year-on-year, with Q3 gross profit margin at 12.51% [2]. - The company is focusing on optimizing its product structure, with a notable increase in other income, which reached 7.58 billion CNY for the first three quarters of 2024 [2]. - Future core highlights include steady growth in special steel demand and resilience through high-end product development [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 835.04 billion CNY, a decrease of 18.7% year-on-year, and a net profit of 38.36 billion CNY, down 10.7% [2]. - The company’s operating income for 2024 is projected to be 110.77 billion CNY, reflecting a decline of 2.8% compared to 2023 [3]. - The net profit attributable to shareholders is expected to be 5.13 billion CNY in 2024, a decrease of 10.3% from 2023 [3]. Profitability and Efficiency - The report indicates that the company’s gross margin is projected to be 12.40% in 2024, down from 13.14% in 2023 [3]. - The company has maintained stable operating expenses, with a slight increase of 0.75 billion CNY in the first three quarters of 2024 [2]. Market Outlook - The demand for special steel is expected to grow steadily, driven by advancements in high-end applications and intelligent manufacturing [2]. - The company is focusing on high-end products, which are anticipated to enhance its resilience against market fluctuations [2]. Earnings Forecast - The projected net profit for the company for 2024-2026 is expected to be 5.13 billion CNY, 5.75 billion CNY, and 6.36 billion CNY respectively [3]. - The report forecasts a PE ratio of 12x for 2024, indicating a cautious outlook on earnings growth [2].

Investment Rating - The report maintains a "Buy" rating for CITIC Special Steel (000708 SZ) due to its leading position in the special steel industry and its strong capacity integration capabilities [1][4] Core Views - The company's Q3 2024 performance declined, with revenue of 83 504 billion yuan, down 3 37% YoY, and net profit attributable to shareholders of 3 836 billion yuan, down 12 3% YoY [1] - Despite the decline, the company demonstrated resilience with a limited drop in net profit compared to the industry's 215 9% YoY decline in profits from January to August 2024 [1] - The gross profit margin improved sequentially, with Q3 2024 gross margin at 12 51%, up from 12 30% in Q2 2024 [1] - Export sales are expected to increase, with export volume reaching 1 1246 million tons in H1 2024, accounting for 11 8% of total sales, and a target of 2 8 million tons for 2024, up 17 6% YoY [1] - The special steel industry is poised for growth due to manufacturing upgrades and intelligent transformation, with strong demand for domestic special steel replacing imports [1] Financial Performance - Revenue for 2024E is projected at 113 294 billion yuan, with a slight decline of 0 6% YoY, while 2025E and 2026E revenues are expected to grow by 5 7% and 3 5% respectively [3] - Net profit attributable to shareholders is forecasted at 5 378 billion yuan for 2024E, down 6 0% YoY, with growth of 11 0% and 5 8% expected in 2025E and 2026E respectively [3] - EPS for 2024E is estimated at 1 07 yuan, increasing to 1 18 yuan in 2025E and 1 25 yuan in 2026E [3] - The company's P/E ratio is projected at 11 8x for 2024E, decreasing to 10 7x in 2025E and 10 1x in 2026E [3] Industry Outlook - The special steel industry is entering a mature phase, with significant growth potential driven by manufacturing upgrades and intelligent transformation [1] - Domestic demand for special steel is expected to remain robust, supported by the replacement of imported special steel [1] Valuation and Forecast - The company's valuation is supported by its focus on high-end special steel manufacturing, improving product structure, and downstream manufacturing upgrade demand [1] - Forecasted net profit for 2024E to 2026E is 5 38 billion yuan, 5 97 billion yuan, and 6 31 billion yuan respectively, with corresponding P/E ratios of 11 8x, 10 7x, and 10 1x [1][3]

证券代码：000708 证券简称：中信特钢 公告编号：2024-047 中信泰富特钢集团股份有限公司 第十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信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 经到会监事审议表决，通过了如下决议： 1．审议通过了《2024 年第三季度报告》； 公司《2024 年第三季度报告》充分、全面、真实、准确地反映 了公司 2024 年第三季度的经营状况。 中信泰富特钢集团股份有限公司（以下简称"公司"）第十届监 事会第十一次会议（以下简称"本次会议"）于 2024 年 10 月 19 日 以书面、邮件方式发出通知，于 2024 年 10 月 25 日以通讯表决方式 召开，会议应到监事 5 名，实际出席会议监事 5 名，公司部分高管列 席了会议，公司监事会主席郏静洪先生主持本次会议。本次会议的召 集和召开程序符合《中华人民共和国公司法》等法律法规及《中信泰 富特钢集团股份有限公司章程》的有关规定。 二、监事会会议审议情况 三、备查文件 公司第十届监事会第十一次会议决议。 特此公告。 中信泰富特钢集团股份有限公司 监 事 会 ...

证券代码：000708 证券简称：中信特钢 公告编号：2024-048 债券代码：127056 债券简称：中特转债 中信泰富特钢集团股份有限公司 关于不向下修正"中特转债"转股价格的公告 本次发行的可转换公司债券实际发行 5,000.00 万张，每张面值 100 元。募集资金总额为人民币 500,000.00 万元，扣除承销及保荐 费（含增值税）、评级费、律师费、审计费和验资费等本次发行相关 费 用 （ 不 含 增值税） 后，公 司本次 发行募集资金的净额为 4,978,723,584.91 元。普华永道中天会计师事务所（特殊普通合伙） 已对前述募集资金到账情况进行了验资，并出具了普华永道中天验字 （2022）第 0209 号《验资报告》。 （二）可转债上市情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1.截至 2024 年 10 月 25 日，中信泰富特钢集团股份有限公司（以 下简称"公司"）股票已出现任意连续 30 个交易日中至少 15 个交易 日的收盘价低于当期转股价格 80%的情形，已触发"中特转债"转股 价格的向下修正条款。 2. ...

证券代码：000708 证券简称：中信特钢 公告编号：2024-046 中信泰富特钢集团股份有限公司 1.审议通过了《2024 年第三季度报告》； 公司《2024 年第三季度报告》充分、全面、真实、准确地反映 了公司 2024 年第三季度的经营状况。该议案提交董事会前已经公司 董事会审计委员会全体成员同意。 具体内容详见同日披露在《中国证券报》《证券时报》《上海证 券报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）的《2024 年第三季度报告》。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 第十届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 中信泰富特钢集团股份有限公司（以下简称"公司"）第十届董 事会第十一次会议（以下简称"本次会议"）于 2024 年 10 月 19 日 以书面、传真、邮件方式发出通知，于 2024 年 10 月 25 日以通讯表 决方式召开，会议应到董事 9 名，实际出席会议董事 9 名。公司监事、 高级管理人员列席了会议。公司董事长钱刚先生主持了会议。本次 ...