点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【石油化工】石化24年报总结：不确定环境下的确定性，"三桶油"及油服再创佳绩—— 石油化工行业周 报第 399 期（ 20250414 — 20250420 ） 根据 S&P Global 统计， 2024 年全球海上勘探开发投资同比增长 8.6% ，陆上勘探开发投资同比下降 7.9% ，预计 25 年全球上游资本开支恢复增长，有望达到 5824 亿美元以上，同比增长 5% ，上游资本开支的持 续扩增为油服景气奠定基础 。国内"三桶油"坚持增储上产，资本开支和产量持续增长，旗下油服企业有望 持续受益，我们持续看好油服企业工作量的增长和盈利能力的改善。 （赵乃迪/蔡嘉豪/王礼沫） 2025-04-20 您可点击今日推送内容 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点击注册小程序 查看完整报告 特别申明： 公司较早前就开始布局机器人产业链，在国内和国外市场关键材料领域均有布局。公司在机器人制造领域 提供滚珠丝杠、RV减速机关键材料、谐波减速机关键材料、直线导轨、拉力器等材料，已实现批量供货， 谐波减速机柔轮用钢成功替代进口，突破了机器人关键零部件生产难题，产品已经应用于全球前五大谐波 减速机生产商中的两家。 积极促进产业转型发展，突出能源用钢地位 公司着重研发大型风电、高铁、航空航天、3D打印等领域用轴承钢、齿轮钢、高温合金、特种不锈钢、超 高强度钢、抗腐蚀管材、抗菌管线、海工用管等高端产品等，以及"深地""深海""新能源""电力"等特种装 备、重大工程、国家战略领域对关键钢铁材料的需求。 报告摘要 事件： 公司发布2025年一季度报告， ...

Core Viewpoint - The company reported a decline in total revenue for Q1 2025 but achieved a slight increase in net profit, indicating resilience in profitability despite revenue challenges [3][4]. Financial Performance - In Q1 2025, the company achieved total revenue of 26.84 billion yuan, a year-on-year decrease of 5.59% and a quarter-on-quarter increase of 4.44% [3]. - The net profit attributable to shareholders was 1.384 billion yuan, reflecting a year-on-year increase of 1.76% and a quarter-on-quarter increase of 7.31% [3][4]. - The net profit margin reached 5.16%, the highest level since Q2 2023, while the debt-to-asset ratio fell to 59.20%, the lowest since Q3 2019 [4]. Export and Trade Strategy - The company's direct exports to the U.S. were relatively low, with 42,000 tons in 2024, minimizing the impact of U.S. tariffs [5]. - The company has implemented strategies to mitigate tariff impacts, including adjusting sales strategies, expanding overseas production bases, and enhancing market development in domestic, European, and Middle Eastern regions [5]. Industry Positioning - The company has established a presence in the key materials sector of the robotics industry, supplying critical components such as ball screws and harmonic reducers, with successful domestic replacements for imported materials [6]. - The company is focusing on high-end products for various sectors, including wind energy, high-speed rail, aerospace, and 3D printing, to meet the demand for specialized steel materials [7]. International Strategy - The company has outlined an internationalization strategy based on a "resources + main business + distribution" model, prioritizing mergers and acquisitions to facilitate overseas expansion [8]. - 2025 is identified as a crucial year for the implementation of international projects, aiming for systematic overseas layout [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [3][5]. Core Insights - In Q1 2025, the company achieved a total revenue of 26.84 billion yuan, a year-on-year decrease of 5.59% but a quarter-on-quarter increase of 4.44%. The net profit attributable to the parent company was 1.384 billion yuan, reflecting a year-on-year increase of 1.76% and a quarter-on-quarter increase of 7.31% [1]. - The net profit margin reached 5.16% in Q1 2025, the highest in nearly eight quarters, while the debt-to-asset ratio fell to 59.20%, the lowest since Q3 2019 [1]. - The company's direct exports to the U.S. are minimal, with only 42,000 tons exported in 2024, which mitigates the impact of U.S. tariffs [1]. - The company has strategically positioned itself in the robotics supply chain, providing key materials and successfully replacing imports in critical components [2]. - The company is focusing on high-end products for various sectors, including wind energy, high-speed rail, aerospace, and 3D printing, to enhance its market position [2]. - An international strategy has been outlined, emphasizing a full industry chain layout with a focus on mergers and acquisitions to support overseas expansion [2]. Financial Summary - The company forecasts net profits of 5.590 billion yuan, 6.236 billion yuan, and 6.825 billion yuan for 2025, 2026, and 2027 respectively, with an expected improvement in profitability due to ongoing product structure optimization [3]. - Key financial metrics include a projected revenue of 114.218 billion yuan in 2025, with a net profit margin of 4.9% [4][16]. - The company’s earnings per share (EPS) is expected to be 1.11 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 [4][16].

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the special steel industry and improving capacity integration capabilities [3][5]. Core Views - The company reported a year-on-year increase in net profit for Q1 2025, with a net profit of 1.384 billion yuan, reflecting a 1.76% increase [1]. - The demand for special steel is expected to grow in the long term due to favorable manufacturing policies and the maturation of the steel industry [1]. - The company aims to achieve a steel production target of 18.6 million tons and an export target of 2.65 million tons in 2025, representing a 20.3% year-on-year increase [2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 26.84 billion yuan, a decrease of 5.59% year-on-year, while the gross profit margin showed signs of improvement [1]. - The company's quarterly sales gross profit margins for 2024Q2 to 2025Q1 were 12.30%, 12.51%, 14.39%, and 13.82%, respectively [1]. - The projected net profits for 2025 to 2027 are 5.449 billion yuan, 5.969 billion yuan, and 6.305 billion yuan, with corresponding P/E ratios of 10.8, 9.9, and 9.4 [3][4]. Sales and Production - The company’s sales volume for high-end products, particularly bearing steel and automotive steel, has shown significant growth, with automotive steel sales increasing by 38% year-on-year [2]. - The export sales volume for 2024 was 2.202 million tons, with an export product gross margin of 19.06%, which is 7.12 percentage points higher than domestic products [2]. Market Outlook - The long-term outlook for the special steel industry is positive, supported by the ongoing demand from downstream manufacturing sectors and government policies [1][3].

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the special steel industry and improving capacity integration capabilities [3][5]. Core Views - The company reported a year-on-year increase in net profit for Q1 2025, with a net profit of 1.384 billion yuan, up 1.76% year-on-year and 7.31% quarter-on-quarter, indicating a recovery in profitability [1][3]. - The demand for special steel is expected to grow in the long term due to favorable manufacturing policies and the maturation of the steel industry, leading to an anticipated recovery in sales gross margins [1][3]. - The company aims to achieve a steel production target of 18.6 million tons and an export target of 2.65 million tons in 2025, reflecting a year-on-year growth of 20.3% in exports [2][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 26.84 billion yuan, a decrease of 5.59% year-on-year, while the gross profit margin showed signs of improvement [1]. - The company's sales gross margins for the last four quarters were 12.30%, 12.51%, 14.39%, and 13.82%, indicating a gradual recovery in profitability [1]. - The projected net profits for 2025 to 2027 are 5.449 billion yuan, 5.969 billion yuan, and 6.305 billion yuan, respectively, with corresponding P/E ratios of 10.8, 9.9, and 9.4 [3][4].

Financial Performance - The company's revenue for Q1 2025 was ¥26,839,851,272.30, a decrease of 5.59% compared to ¥28,428,786,439.94 in the same period last year[4] - Net profit attributable to shareholders was ¥1,383,790,825.91, representing an increase of 1.76% from ¥1,359,809,828.84 year-on-year[4] - Basic earnings per share increased by 1.86% to ¥0.274 from ¥0.269 in the same period last year[4] - The net profit for the current period is CNY 1,446,458,709.26, compared to CNY 1,420,319,533.15 in the previous period, reflecting an increase of approximately 1.7%[19] - The total profit for the current period is CNY 1,754,654,134.73, up from CNY 1,619,348,204.07, indicating a growth of about 8.3%[19] - The total comprehensive income for the current period is CNY 1,444,453,170.65, compared to CNY 1,420,644,002.05 in the previous period, marking an increase of about 1.7%[21] Cash Flow and Liquidity - The net cash flow from operating activities improved by 32.17%, reaching -¥946,320,390.66 compared to -¥1,395,168,766.51 in the previous year[4] - The cash flow from operating activities showed a net outflow of CNY -946,320,390.66, an improvement from CNY -1,395,168,766.51 in the previous period[22] - Cash and cash equivalents decreased to CNY 6,388,849,418.25 from CNY 8,833,495,129.53, representing a decline of 27.6%[14] - The cash and cash equivalents at the end of the period amounted to CNY 5,881,273,430.64, compared to CNY 5,118,159,519.27 at the end of the previous period[23] - The investment activities resulted in a net cash outflow of CNY -229,696,610.24, compared to CNY -268,779,918.21 in the previous period, showing an improvement[22] - The financing activities generated a net cash outflow of CNY -1,077,211,274.17, slightly worse than CNY -1,063,603,647.23 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥110,289,253,957.37, a decrease of 0.68% from ¥111,043,379,345.44 at the beginning of the year[5] - Total assets amounted to CNY 110,289,253,957.37, a slight decrease from CNY 111,043,379,345.44[15] - Total liabilities decreased to CNY 65,295,479,971.24 from CNY 67,215,006,732.97, a reduction of 2.8%[16] Shareholder Information - The company reported a total of 41,247 common shareholders at the end of the reporting period[10] - The largest shareholder, CITIC TaiFu Special Steel Investment Co., Ltd., holds 75.05% of the shares, totaling 3,787,987,284 shares[10] - Shareholders' equity attributable to shareholders increased by 3.67% to ¥42,432,611,787.44 from ¥40,930,430,985.00 at the beginning of the year[5] Operating Performance - Total operating revenue for the current period was CNY 26,839,851,272.30, a decrease of 5.6% compared to CNY 28,428,786,439.94 in the previous period[18] - Total operating costs for the current period were CNY 25,339,951,927.62, down 6.8% from CNY 27,176,460,168.46 in the previous period[18] - The company incurred a total operating expense of CNY 20,090,437,161.32, down from CNY 22,661,474,142.12, reflecting a decrease of about 11.5%[22] - The company reported a decrease in sales revenue from CNY 21,103,790,087.64 to CNY 19,074,482,352.42, a decline of approximately 9.6%[21] Research and Development - Research and development expenses for the current period were CNY 1,131,123,177.11, a decrease from CNY 1,219,559,253.86 in the previous period[18] Other Financial Activities - The company received government subsidies amounting to ¥20,478,518.86 during the reporting period[7] - The company recorded a loss of ¥10,367,623.94 from the scrapping of non-current assets during the quarter[7] - The company approved a maximum deposit balance of CNY 5 billion and a maximum credit balance of CNY 8 billion with CITIC Bank[12] - The company reported a net profit increase in retained earnings to CNY 24,722,698,011.90, up from CNY 23,338,907,185.99[17]

证券代码：000708 证券简称：中信特钢 公告编号：2025-036 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"）的全资孙公 司扬州泰富港务有限公司（以下简称"扬州港务"）拟对公司的孙公司 扬州泰富特种材料有限公司（以下简称"扬州特材"）提供 1 亿元人民 币的连带责任保证担保，具体情况如下： 扬州特材在中信银行股份有限公司扬州分行（以下简称"中信银行"） 申请 1 亿元人民币的授信额度，由扬州港务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。扬州港务于 2025 年 4 月 15 日在扬州与中信银行签署《最高额保证合同》。扬州特材在中信 银行申请授信事项已经经过公司第十届董事会第十五次会议及 2024 年 年度股东大会审议通过，具体内容详见公司《关于与中信银行开展存贷 款等业务暨关联交易的公告》。 本次担保已经由扬州港务于 2025 年 3 月 20 日召开的董事会及股东 审议通过，本次担保事项无须提交公司 ...

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].

致：中信泰富特钢集团股份有限公司 北京中伦（武汉）律师事务所（以下简称"本所"）接受中信泰富特钢集团股份有 限公司（以下简称"公司"）的委托，指派律师对公司 2024 年年度股东大会（以下简称 "本次股东大会"）进行见证。现根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》等法律法 规和规范性文件以及《中信泰富特钢集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，就公司本次股东大会的有关事宜出具法律意见书。 本所律师对公司本次股东大会的召集和召开程序的合法有效性、本次股东大会召集 人资格的合法有效性、出席本次会议人员资格的合法有效性及会议表决程序、表决结果 的合法有效性，发表法律意见。 本所律师依据对法律意见书出具日以前已经发生或存在的事实的了解及对现行相 关法律、法规的理解发表法律意见。 北京中伦（武汉）律师事务所 关于中信泰富特钢集团股份有限公司 2024 年年度股东大会的 法律意见书 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对公司提供 的出具法律意见书所必须的、全部的、真实的有关公司本次 ...