证券代码：000708 证券简称：中信特钢 公告编号：2024-049 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 关于可转债募集资金部分专项账户销户的公告 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》。 经中国证券监督管理委员会《关于核准中信泰富特钢集团股份有限 公司公开发行可转换公司债券的批复》（证监许可〔2021〕4082号）核 准，中信泰富特钢集团股份有限公司（以下简称"公司"）公开发行可 转换公司债券500,000.00万元（以下简称"本次发行"），期限6年。 为规范公司募集资金管理及使用，保护中小投资者权益，根据中 国证监会《上市公司监管指引第2号——上市公司募集资金管理和使用 的监管要求（20 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥26,498,640,138.95, a decrease of 5.66% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥1,110,767,506.43, down 16.77% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,070,415,309.68, a decline of 17.57% compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.220, representing a decrease of 16.67% year-on-year[2] - Total operating revenue for Q3 2024 was CNY 83.50 billion, a decrease of 3.3% compared to CNY 86.41 billion in the same period last year[12] - Net profit for Q3 2024 was CNY 4.02 billion, a decrease of 10.5% from CNY 4.50 billion in Q3 2023[13] - Earnings per share for Q3 2024 was CNY 0.760, compared to CNY 0.867 in the same quarter last year[13] - The total comprehensive income for Q3 2024 was CNY 4.03 billion, compared to CNY 4.51 billion in the same quarter last year, indicating a decline of 10.5%[13] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥113,037,779,847.61, a decrease of 2.98% from the end of the previous year[2] - The total current assets decreased from CNY 51.25 billion to CNY 49.15 billion, a decline of approximately 4.1%[9] - The company's total liabilities decreased to CNY 70.43 billion from CNY 74.87 billion year-over-year, a reduction of 5.8%[11] - The total equity attributable to shareholders increased to CNY 39.65 billion, up from CNY 38.61 billion, reflecting a growth of 2.7%[11] - The total assets decreased from CNY 116.51 billion to CNY 113.04 billion, a decline of approximately 3.1%[10] - The total non-current assets decreased from CNY 65.26 billion to CNY 63.89 billion, a decline of about 2.1%[10] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥4,034,301,111.18, a decrease of 25.66% year-on-year[2] - Cash inflow from operating activities totaled approximately ¥65.32 billion, slightly up from ¥65.31 billion year-on-year[14] - Cash outflow from operating activities was approximately ¥61.28 billion, compared to ¥59.88 billion in the previous year, resulting in a net cash flow from operating activities of approximately ¥4.03 billion, down from ¥5.43 billion[14] - Cash inflow from investment activities was approximately ¥139.47 million, down from ¥150.61 million year-on-year[15] - Cash outflow from investment activities totaled approximately ¥660.45 million, significantly lower than ¥2.23 billion in the previous year, leading to a net cash flow from investment activities of approximately -¥520.98 million, an improvement from -¥2.08 billion[15] - Cash inflow from financing activities was approximately ¥25.71 billion, up from ¥21.18 billion year-on-year[15] - Cash outflow from financing activities was approximately ¥31.81 billion, compared to ¥26.57 billion in the previous year, resulting in a net cash flow from financing activities of approximately -¥6.10 billion, worsening from -¥5.39 billion[15] - The ending balance of cash and cash equivalents was approximately ¥5.28 billion, down from ¥6.71 billion in the previous year[15] Expenses and Subsidies - The company reported a total of ¥37,304,588.66 in government subsidies recognized in Q3 2024, primarily from government grants and deferred income amortization[4] - Research and development expenses for Q3 2024 were CNY 3.47 billion, a slight decrease of 2.4% from CNY 3.56 billion in the previous year[12] - The company reported a decrease in tax expenses to CNY 462.71 million from CNY 661.39 million, a reduction of 30% year-over-year[13] - The company reported a decrease in employee compensation payments to approximately ¥4.76 billion, compared to ¥4.89 billion in the previous year[14] Asset Management - The company recorded a loss of ¥13,381,555.37 from the scrapping of non-current assets during the reporting period[4] - Accounts receivable increased from CNY 5.20 billion to CNY 8.24 billion, an increase of approximately 58.5%[9] - Inventory decreased from CNY 17.21 billion to CNY 15.94 billion, a decline of about 7.4%[9] - Short-term borrowings increased from CNY 8.67 billion to CNY 10.99 billion, an increase of approximately 26.8%[10] - Accounts payable decreased from CNY 17.67 billion to CNY 13.16 billion, a reduction of about 25.6%[10] - The company reported a significant increase in accounts receivable financing from CNY 4.82 billion to CNY 5.68 billion, an increase of approximately 17.7%[9] - The company has no reported participation in margin financing activities among the top shareholders[8] Earnings Per Share - The weighted average return on equity was 2.84%, down 0.82 percentage points compared to the same period last year[2] - The diluted earnings per share for the third quarter were 0.747, down from 0.861 in the previous period[14]

| 证券代码：000708 | 证券简称：中信特钢 | 公告编号：2024-044 | | --- | --- | --- | | 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"中特转债"预计触发转股价格向下修正的提示性公告 | 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。 | 特别提示： 4.转股时间：2022 年 9 月 5 日至 2028 年 2 月 24 日 经中国证券监督管理委员会《关于核准中信泰富特钢集团股份有 限公司公开发行可转换公司债券的批复》（证监许可〔2021〕4082 号） 核准，中信特钢公开发行可转换公司债券 500,000.00 万元（以下简称 "本次发行"），期限 6 年。 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 ...

证券代码：000708 证券简称：中信特钢 公告编号：2024-043 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2024年第三季度可转债转股情况的公告 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。 特别提示： | | | 债券代码：127056 债券简称：中特转债 转股价格：22.94元/股 转股起始时间：2022年9月5日 转股截止时间：2028年2月24日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指引第15号——可转换公司债券》的有关规定，中信泰富特钢集团 股份有限公司（以下简称"中信特钢"、"公司"）现将2024年第三季度 可转换公司债券（以下简称"可转债"）转股及公司股份变动情况公告如 下： 一、 可转债发行上市基本情况 根据《中信泰富特钢集团股份有限公司公开发行可转换公司债券募集 说明书》（以下简称"募集说明书"）的相关规定，本次发行的可转债转股 期自可转债发行结束之日（2022年3月3日）满六个月后的第一个交易日 （2022年9月5日）起至可转债到期日（2028年2月24日）止（如 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 11.33 CNY and a target value of 17.70 CNY [2]. Core Insights - The company reported a slight increase in net profit in Q2 2024, with a year-on-year revenue decrease of 6% but a quarter-on-quarter increase of 0.5%. The net profit for Q2 was 1.366 billion CNY, down 12% year-on-year but up 0.4% quarter-on-quarter. The basic earnings per share (EPS) was 0.27 CNY, and the operating cash flow was 7.1 billion CNY, reflecting a 15% year-on-year increase and a significant recovery from a negative cash flow in the previous quarter [1][2]. Financial Performance Summary - In H1 2024, the company's net profit reached 2.7 billion CNY, a decrease of 10% year-on-year but an increase of 2% quarter-on-quarter. The company benefited from a VAT input tax deduction of 6.92 billion CNY [1]. - The sales volume of special steel in H1 2024 was stable at 9.52 million tons, with notable increases in automotive steel (up 13%) and bearing steel (up 13%). The sales of "two high and one special" products increased by 24%, and "small giants" sales rose by 15% [1]. - The gross profit per ton of steel was 737 CNY, down 13% year-on-year and stable quarter-on-quarter. Domestic gross profit per ton improved significantly, while export margins were negatively impacted [1]. Earnings Forecast and Investment Recommendations - The company is expected to have EPS of 1.18 CNY, 1.26 CNY, and 1.36 CNY for 2024, 2025, and 2026, respectively. Based on historical valuations and comparable company valuations, a PE ratio of 15 times for 2024 is suggested, leading to a target price of 17.70 CNY per share, thus maintaining a "Buy" rating [1].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in the first half of 2024 was slightly below expectations, with revenue of 57.005 billion yuan, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 2.725 billion yuan, down 10.34% year-on-year [1][3] - The company has adjusted its net profit forecasts for 2024-2026 to 5.854 billion, 6.148 billion, and 6.329 billion yuan respectively, down from previous estimates [1] - The target price has been lowered to 13.92 yuan from 19.41 yuan, based on a 12x PE valuation for 2024 [1][5] Financial Summary - Revenue for 2022 was 98.345 billion yuan, with a projected increase to 114.930 billion yuan in 2024, reflecting a growth of 0.8% [2] - The net profit attributable to shareholders is expected to decrease from 7.105 billion yuan in 2022 to 5.854 billion yuan in 2024, indicating a decline of 2.3% [2] - The earnings per share (EPS) is projected to be 1.16 yuan in 2024, slightly down from 1.41 yuan in 2022 [2] Sales Performance - In the first half of 2024, the company achieved sales volumes of 4.8 million tons and 4.72 million tons in Q1 and Q2 respectively, totaling 9.52 million tons, an increase of 100,000 tons year-on-year [1] - The average selling prices for the first two quarters were 5,923 yuan and 6,060 yuan per ton, with gross margins of 729 yuan and 746 yuan per ton [1] Product Structure Adjustment - The company is actively adjusting its product mix to capture market opportunities, with bearing steel sales exceeding 1 million tons, up 13.04% year-on-year, and automotive steel sales exceeding 3 million tons, up 13.12% year-on-year [1] - The sales of "two highs and one special" products increased by 24% year-on-year [1] Innovation and Cost Management - The company continues to invest in R&D, achieving significant breakthroughs in high-temperature alloy materials, with over 30 model certifications from Chinese aviation manufacturers [1] - The company has improved key production and technical indicators by 73% year-on-year, focusing on reducing financing and operational costs [1]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 11.76 yuan [2]. Core Views - The company reported a revenue of 13.66 billion yuan for H1 2024, a slight decrease of 0.4% year-on-year, while the net profit attributable to shareholders was 2.725 billion yuan, down 7.6% year-on-year [2][3]. - The sales volume increased by 0.99% year-on-year to 9.5155 million tons, with significant growth in bearing steel sales, which rose by 13.04% [2]. - The gross profit margin slightly declined by 1.32 percentage points to 13.59%, while the gross profit margin for special steel bars increased by 2.31 percentage points [2][3]. - Other income saw significant growth, reaching 6.21 billion yuan, driven by VAT input tax deductions [2]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 13.66 billion yuan, a decrease of 0.4% year-on-year, and a net profit of 2.725 billion yuan, down 7.6% year-on-year [2]. - The company’s gross profit margin was 12.30%, reflecting a slight decline [3]. - The forecast for net profit attributable to shareholders for 2024-2026 is 5.497 billion, 6.129 billion, and 6.751 billion yuan respectively [2]. Market Position and Strategy - The company is focusing on high-end products to enhance resilience and is actively reducing costs and improving efficiency [2]. - The demand for special steel is expected to grow steadily, with significant opportunities in high-end gear steel, bearing steel, and other specialized products [2][3]. - The company has implemented measures to lower financing and operational costs, achieving improvements in various production indicators [2]. Future Outlook - The report highlights the potential for growth in high-end product sales and the optimization of industrial layout as key drivers for future performance [2]. - The company is expected to benefit from the gradual establishment of China's "dual circulation" development pattern, which will boost demand for special steel [2].

2024 年 8 月 20 日 公司研究 巩固轴承、汽车用钢领先地位，稳健经营体现弱周期属性 ——中信特钢（000708.SZ）2024 年半年报业绩点评 要点 事件：公司公告 2024 年半年度报告，2024 年上半年实现营业收入 570.05 亿元， 同比-2.26%，实现归母净利润 27.25 亿元，同比-10.34%；扣除非经常性损益后 归母净利润 26.68 亿元，同比-7.63%。2024 年 Q2 实现营业收入 285.76 亿元， 同比-5.86%，环比+0.52%，归母净利润 13.66 亿元，同比-12.43%，环比+0.42%， 扣除非经常性损益后的归母净利润 13.31 亿元，同比-9.51%，环比-0.53%。 2024H1 公司钢材销量同比+0.99%，按计划下半年销量同比增加 2.29%：今年 上半年公司实现钢材销售 951.55 万吨，同比+0.99%，其中钢材出口 112.4 万吨， 同比-11.73%。如若实现全年计划销量 1920 万吨，预计下半年销量为 968.45 万吨，同比+2.29%，环比+1.78%。 2024H1 公司钢材产品吨钢价格同比-3.22%，吨钢毛利 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 20 年 月 日 中信特钢（000708.SZ） 归母净利环比改善，特钢需求前景向好 事件：公司发布 2024 年半年度报告。公司上半年实现营业收入 570.05 亿元，同比下降 2.26%；归属于上市公司股东的净利润 27.25 亿元，同比下降 10.34%；归属于上市公司股 东的扣除非经常性损益的净利润 26.68 亿元，同比下降 7.63%；基本每股收益 0.54 元。 归母净利环比改善，毛利率存改善预期。公司 2024 年二季度实现归母净利 13.66 亿元，同 比下降 12.43%，环比回升 0.42%，实现扣非归母净利 13.31 亿元，同比下降 9.51%，环比 下降 0.53%；2024 年上半年黑色金属冶炼和压延加工业利润总额同比下降 116.58%，中钢 协统计数据显示重点企业亏损面接近 50%，公司上半年归母净利降幅有限，盈利能力已逐步 回升。公司 2023Q3-2024Q2 逐季销售毛利率分别为 13.75%、11.49%、12.31%、12.30%， 逐季销售净利率分别为 4.96%、5.07%、5.00%、4. ...

钢铁 2024 年 08 月 19 日 라用>/標準用 中信特钢（000708) 特钢弱周期属性凸显，Q2 业绩环比小幅增长 报告原因：有业绩公布需要点评 投资要点: o 2024 年 08 月 19 日市场政规 11.76收盘价 (元) 17.28/11.50年内最高/最低 (元) 市净率1.5 息率 (分红/股价4.80 流通 A 股市值（百万元）59,355 2,893.67/8,356.90/ 江西省人/ 江西省 o 注："息率"以最近一年已公布分红计算 2024 年 06 月 30 日基础数据: 筍股凈资产 (元)7.54 资产负债率%63.08 启殷本/流通 A 殷 (百万)5,047/5,047 济南 B 股/H 股（百万）-/- o -年内股价与大盘对比走势 : 证券分析师 王宏为 A0230519060001 wanghw@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 研究支持 陈松涛 A0230523090002 chenst@swsresearch.com 联系人 防松涛 (8621)23297818× chenst@ ...