| 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].

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a revenue of 57.005 billion yuan for the first half of 2024, 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] - The company is focusing on consolidating its leading position in bearing and automotive steel, demonstrating stable operations that reflect its weak cycle attributes [1] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 28.576 billion yuan, a year-on-year decrease of 5.86%, but a slight increase of 0.52% compared to Q1 2024 [1] - The average selling price of steel products decreased by 3.22% year-on-year to 5,991 yuan per ton, while the gross profit per ton of steel fell by 12.60% to 737 yuan [1] - The company sold 9.5155 million tons of steel in H1 2024, a year-on-year increase of 0.99%, with plans to increase sales by 2.29% in the second half of the year [1] Product Segments - The sales volume of bearing steel exceeded 1 million tons, up 13.04% year-on-year, and automotive steel sales surpassed 3 million tons, increasing by 13.12% year-on-year [1] - The company has cultivated over 80 "little giant" projects, achieving a sales volume of 3.86 million tons in these niche markets, reflecting a growth of 15.22% year-on-year [1] Profit Forecast and Valuation - The profit forecasts for 2024 to 2026 have been adjusted downwards by 13.57%, 17.66%, and 16.52% respectively, with expected net profits of 5.440 billion, 5.991 billion, and 6.794 billion yuan [2] - The report anticipates that the company's profitability will improve as it continues to optimize its product structure [2]

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@ ...

1 二、募集资金使用情况 公司于 2023 年 8 月 18 日，召开了第十届董事会第三次会议和第十届监事会 第三次会议，会议审议通过了《关于部分可转债募投项目结项并将节余募集资金 用于其他募投项目、以及部分募集资金投资项目重新论证并继续实施的议案》， 此议案已于 2023 年 9 月 5 日召开的第四次临时股东大会审议通过。具体内容详 见公司于 2023 年 8 月 19 日在深圳证券交易所网站披露的《关于部分可转债募投 项目结项并将节余募集资金用于其他募投项目、以及部分募集资金投资项目重新 论证并继续实施的公告》。 截至 2024 年 6 月 30 日，公司募集资金存放专项账户的余额为人民币 1,258,504,104.15 元。 三、募集资金闲置情况 中信证券股份有限公司、五矿证券有限公司关于 中信泰富特钢集团股份有限公司使用部分闲置募集资金 进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）、五矿证券 有限公司（以下简称"五矿证券"或"保荐人"）作为中信泰富特钢集团股份有 限公司（以下简称"中信特钢"或"公司"）公开发行可转换公司债券的保荐人， 根据《证券发行上市保荐业务 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥57,005,199,387.18, a decrease of 2.26% compared to ¥58,324,603,410.26 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was ¥2,725,351,420.16, down 10.34% from ¥3,039,772,515.85 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥2,668,346,723.73, a decrease of 7.63% compared to ¥2,888,772,153.64 in the previous year[11]. - The basic earnings per share decreased by 10.00% to ¥0.54, down from ¥0.60 in the previous year[11]. - The diluted earnings per share also fell by 10.17% to ¥0.53, compared to ¥0.59 in the same period last year[11]. - The weighted average return on equity decreased by 1.32 percentage points to 6.98% from 8.30% year-on-year[11]. - The total comprehensive income for the first half of 2024 was CNY 2,847,383,482.75, compared to CNY 3,110,834,132.89 in the same period last year[128]. Cash Flow and Financial Position - The net cash flow from operating activities increased by 13.70% to ¥5,668,587,861.77, compared to ¥4,985,540,305.63 in the same period last year[11]. - The net increase in cash and cash equivalents was CNY -1,202,599,294.95, an improvement of 15.26% from CNY -1,419,087,988.93 in the previous year[27]. - The company’s total assets included cash and cash equivalents of CNY 7,650,557,985.23, representing 6.80% of total assets[30]. - Total assets at the end of the reporting period were ¥112,430,168,729.36, a decrease of 3.50% from ¥116,506,605,547.44 at the end of the previous year[11]. - The company reported a total equity attributable to shareholders of the parent company of 38,524,230,731.10 yuan as of the end of the first half of 2024, compared to 38,609,126,148.91 yuan at the end of the first half of 2023[134]. Operational Highlights - The company achieved a sales volume of 9.5155 million tons in the first half of 2024, with exports accounting for 1.1246 million tons[18]. - The company reported a 13.04% year-on-year increase in bearing steel sales, exceeding 1 million tons, and a 13.12% increase in automotive steel sales, surpassing 3 million tons[20]. - The company has a production capacity of approximately 20 million tons of special steel materials annually, with five specialized production bases and two raw material production bases[18]. - The company is focusing on expanding its product line, producing over 3,000 varieties and 5,000 specifications of special steel materials[22]. Research and Development - The company has filed 257 patents, including 74 invention patents, and has published three national standards[20]. - Research and development expenses rose by 1.86% to CNY 2,328,226,254.05, compared to CNY 2,285,652,347.26 in the prior year[27]. - The company is focusing on strategic emerging industries such as deep space, deep earth, new energy, and carbon capture, with ongoing research in high-temperature alloy materials[20]. Environmental Compliance - The company maintains compliance with environmental regulations and standards, ensuring legal and regulatory adherence in its operations[62]. - The total emissions of particulate matter from Jiangyin Xingcheng Special Steel reached 997.65 tons in the first half of 2024, with an annual approved emission limit of 3028.51 tons[64]. - Jiangyin Xingcheng Special Steel reported sulfur dioxide emissions of 550.89 tons, with an annual approved limit of 2201.57 tons[65]. - The company achieved a nitrogen oxide emission concentration of less than 150 mg/m3 for blast furnaces and rolling mills[66]. Strategic Initiatives - The company is actively involved in the import substitution of special steel, with 1.457 million tons imported in the first half of 2024, amounting to 2.908 billion USD[17]. - The company is advancing its digital transformation, with 13 key AI projects and 21 smart manufacturing technology initiatives underway[21]. - The company plans to enhance its competitive edge by increasing R&D capital expenditure to maintain the pace of new product development and product structure upgrades[51]. Market and Competition - The steel industry faced significant challenges in the first half of 2024, with a 116.58% year-on-year decline in profits for the black metal smelting and rolling industry[16]. - Market competition risks are heightened as some general steel enterprises transition to special steel, leading to overcapacity in the special steel sector, particularly in homogeneous products[51]. - The company plans to expand its international presence, focusing on Southeast Asia and the Middle East, aiming for substantial progress in 2024[54]. Shareholder Information - The company plans to distribute a cash dividend of RMB 5.646744 per 10 shares for the 2023 fiscal year, totaling approximately RMB 4.03 billion[114]. - The largest shareholder, CITIC Taifeng Investment Co., Ltd., holds 75.05% of the shares, totaling 3,787,987,284 shares[108]. - The total number of ordinary shareholders at the end of the reporting period was 30,736[108]. Legal and Regulatory Matters - The company has 45 ongoing litigation cases with a total amount involved of CNY 303.144657 million, representing 0.79% of the latest audited net assets[77]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[111]. - The company reported no significant penalties or rectifications during the reporting period[79].