证券代码：000708 证券简称：中信特钢 公告编号：2025-040 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 关于调整"中特转债"转股价格的公告 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： | 股票代码：000708 股票简称：中信特钢 | | --- | | 债券代码：127056 债券简称：中特转债 | | 中特转债调整前的转股价格：人民币22.94元/股 | | 中特转债调整后的转股价格：人民币22.43元/股 | | 中特转债本次转股价格调整实施日期：2025年5月9日 | 中信泰富特钢集团股份有限公司（以下简称"中信特钢"、"公司"） 于2022年2月25日公开发行了5,000万张可转换公司债券（债券简称：中特 转债，债券代码：127056），每张面值100元，发行总额50亿元。 根据中国证券监督管理委员会关于可转换公司债券发行的有关规定及 《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》 的相关条款，在本次发行之后，当公司发生派送股票股利、转增股本、增 发新股（不包括因本次发行的可 ...

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel [5][6]. Core Viewpoints - The easing of tariff policies has led to a stabilization and rebound in steel prices. The report highlights that the U.S. tariffs on Chinese steel are expected to decrease significantly, although not to zero, indicating potential fluctuations in tariff policies [5]. - The report anticipates that the profitability of steel companies will improve due to expected adjustments in crude steel production and a more relaxed supply of raw materials like iron ore and coking coal [5]. Price Summary - As of April 25, steel prices have increased, with Shanghai's 20mm HRB400 rebar priced at 3200 CNY/ton, up 70 CNY/ton from the previous week. Other price changes include: - High line 8.0mm: 3410 CNY/ton, up 80 CNY/ton - Hot-rolled 3.0mm: 3260 CNY/ton, up 20 CNY/ton - Cold-rolled 1.0mm: 3710 CNY/ton, down 80 CNY/ton - Common medium plate 20mm: 3490 CNY/ton, up 20 CNY/ton [3][12]. Production and Inventory Summary - As of April 25, the production of five major steel products increased to 8.76 million tons, a rise of 31,300 tons week-on-week. Notably, rebar production decreased slightly to 2.2911 million tons. Total inventory of these products decreased by 414,400 tons to 10.8235 million tons [4][5]. - The apparent consumption of rebar was estimated at 2.5994 million tons, down 138,800 tons week-on-week, while daily average sales of construction steel increased by 11.56% [4]. Profitability Analysis - The report indicates an increase in steel profitability, with estimated gross margins for rebar, hot-rolled, and cold-rolled steel changing by +16 CNY/ton, +6 CNY/ton, and -94 CNY/ton respectively. Electric arc furnace steel margins increased by +11 CNY/ton [3][5]. Investment Recommendations - The report recommends focusing on the following companies: - General Steel Sector: Baosteel, Hualing Steel, Nanjing Steel - Special Steel Sector: CITIC Special Steel, Yongjin Co., Xianglou New Materials - Pipe Material: Jiuli Special Materials, Wujin Stainless Steel, Youfa Group - It also suggests paying attention to high-temperature alloy companies like Fushun Special Steel [5].

Core Viewpoint - The oil casing industry in China is experiencing growth driven by national policies and increasing demand for oil and gas exploration and production equipment, with the market size projected to reach 20.5 billion yuan by 2024, up from 19.63 billion yuan in 2017 [1][11]. Industry Overview - Oil casing is a critical component used to support oil and gas wells, ensuring the efficiency and safety of drilling operations. It is a one-time consumable material, with consumption accounting for over 70% of total oil well pipe usage [3][9]. - The classification of oil casings includes various steel grades such as J55, K55, N80, L80, C90, T95, P110, Q125, and V150, as well as different end processing forms [3][5]. Industry Chain - The upstream of the oil casing industry includes steel, anti-corrosion coatings, and sealants, with steel being the primary raw material. The midstream involves the production and processing of oil casings, while the downstream focuses on applications in the oil and gas sector [5][7]. Market Demand - The demand for oil casings, particularly high-end products, is increasing due to the growing complexity of drilling environments and deeper drilling depths. High-end oil casings currently dominate the market, accounting for over 70% of the total [13][20]. Industry Competition - The oil casing industry is capital-intensive, primarily dominated by a few large companies that leverage their technological expertise and brand influence. Notable companies include Jiangsu Changbao Steel Tube Co., Shandong Molong Petroleum Machinery Co., and Baosteel [15][16]. Key Companies - Jiangsu Changbao Steel Tube Co. specializes in high-end special pipes, with oil casings being a key product, achieving a revenue of 2.223 billion yuan in 2024, a decrease of 37.14% year-on-year [16]. - Shandong Molong Petroleum Machinery Co. focuses on energy equipment manufacturing, reporting a revenue of 1.231 billion yuan for its pipe products in 2024, an increase of 7.81% year-on-year [18]. Future Trends - The industry is expected to see sustained demand for high-quality, high-performance oil casings, particularly for deep-sea and unconventional oil and gas fields. The integration of digital and intelligent technologies will enhance operational efficiency and competitiveness [20][22].

| 证券代码：000708 | 证券简称：中信特钢 | 公告编号：2025-038 | | --- | --- | --- | | 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 关于实施权益分派期间"中特转债"暂停转股的公告 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。 中信泰富特钢集团股份有限公司（以下简称"公司"）将于近日实施 2024年度权益分派。经公司2024年年度股东会表决通过，公司以 2024 年 年度权益分派实施时股权登记日的股本为基数，向全体股东派发现金股利 25.6亿元（含税），本次利润分配方案公告后至实施前，出现股权激励行 权、可转债转股、股份回购等股本总额发生变动情形时，公司将按照分配 总额不变，分配比例调整的原则进行分配。根据《深圳证券交易所上市公 司自律监管指南第1号——业务办理》及《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》中"转股价格的调整方式和计算公 式"（详见附件）条款的约定等相关规定，自2025年4月24日起至公司权益 分派股权登记日止，公司可转换公司债券（债券 ...

Group 1 - The core viewpoint emphasizes the critical role of high-quality bearing steel in the production of clean energy and high-speed rail systems, highlighting the challenges faced by Chinese steel enterprises in achieving high purity and uniformity in bearing steel [2][3] - Daye Special Steel has focused on market demands, aiming for "ultra-pure and ultra-homogeneous" steel, successfully developing bearing steel for large wind turbines and shield machines, which has gained a leading position in the market due to its high reliability and long lifespan [2][3] - The company has made significant advancements in producing large-diameter bearing steel, including a successful development of a 65-ton cast steel ingot for an 8.61-meter shield machine bearing, showcasing its capabilities in high-performance materials [3][4] Group 2 - In the wind power sector, Daye Special Steel has addressed the challenges of developing 25-megawatt wind turbine main shaft bearings through digital simulation and deformation techniques, laying the foundation for advancements in offshore and high-power wind energy [4] - The company has innovated a specialized refining slag system for the 8.61-meter main bearing of an 18-meter shield machine, significantly enhancing the material's wear resistance and fatigue performance, which is crucial for operating in complex geological environments [5] - Daye Special Steel has developed bearing materials for high-speed trains, achieving recognition from both domestic and international companies, and has successfully addressed the technical challenges associated with high-speed fatigue failure in bearings for trains operating at speeds of 450 kilometers per hour [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 17.42 [6][4]. Core Views - The steel industry shows slight improvement in profitability, with the company reporting a year-on-year revenue decrease of 5.59% but a net profit increase of 1.76% in Q1 2025 [1][2]. - The decline in raw material prices, including hot-rolled coil, iron ore, and coking coal, has been greater than the revenue decline, which supports profit recovery for the company [2]. - The government is taking measures to control steel production to prevent excessive competition, indicating a potential for supply-side optimization in the industry [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of RMB 26.84 billion, a decrease of 5.59% year-on-year, but an increase of 4.44% quarter-on-quarter. The net profit attributable to shareholders was RMB 1.384 billion, reflecting a year-on-year increase of 1.76% and a quarter-on-quarter increase of 7.31% [1]. - The gross profit for Q1 2025 was RMB 3.71 billion, up by RMB 211 million year-on-year, while operating expenses were approximately RMB 2.034 billion, slightly lower than the previous year [2]. Industry Outlook - In 2024, China's crude steel production was 1.005 billion tons, with apparent consumption at 892 million tons, indicating a significant oversupply in the market. The profitability rate for 247 steel companies was only 53.7% as of March 2025 [3]. - The report highlights a substantial opportunity for domestic substitution in the special steel sector, with 255,500 tons of special steel imported in 2024, valued at USD 5.248 billion, suggesting a strong growth potential for the domestic special steel market [3]. Valuation Metrics - The earnings per share (EPS) forecast for 2025 is RMB 1.14, with projected PE ratios of 15.3X for the company compared to a sector average of 12.7X [4][11]. - The company’s market capitalization is approximately RMB 59 billion, with a closing price of RMB 11.69 as of April 18, 2025 [7].

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].