Core Viewpoint - The credit rating agency maintains the long-term credit rating of CITIC Pacific Special Steel Group Co., Ltd. at AAA, with a stable outlook for both the company and its convertible bonds, reflecting strong financial health and competitive advantages in the special steel industry [1][4]. Company Overview - As of the end of 2024, the company has a registered capital of 50.47 billion yuan, with CITIC Pacific Investment Co., Ltd. holding 75.05% of the shares, indicating a stable ownership structure [4][15]. - The company specializes in the production and processing of black metal materials and has a production capacity of approximately 20 million tons of special steel materials annually [7][16]. Financial Performance - In 2024, the company reported total revenue of 1092.03 billion yuan, a decrease of 4.22% year-on-year, and a total profit of 59.24 billion yuan, down 9.68% from the previous year [4][15]. - The company's EBITDA for 2024 was 119.88 billion yuan, with a cash flow from operations of 107.41 billion yuan [4][15]. Debt and Credit Metrics - The company maintains a reasonable debt leverage ratio, with an asset-liability ratio of 60.53% and a cash-to-short-term debt ratio of 1.31 times as of the end of 2024 [7][19]. - The total debt of the company was 400.11 billion yuan, with long-term debt accounting for 230.47 billion yuan [4][15]. Industry Context - The steel industry is experiencing a downward trend in profitability due to overcapacity and declining steel prices, with the company facing increased competition and potential impacts from international trade policies [6][8]. - The company’s product structure is adjusting to focus on high-value-added products, which may help mitigate some of the pressures from the overall market [6][8]. Research and Development - The company increased its R&D expenditure to 46.02 billion yuan in 2024, reflecting a year-on-year growth of 3.39%, which supports its competitive edge in technology and product quality [7][16]. Market Position - The company has a strong market position with a diverse product range, producing over 3,000 varieties and 5,000 specifications of products, including high-end bearing steel and automotive steel [7][16]. - The company has received multiple certifications for its products, enhancing its competitiveness in both domestic and international markets [7][16].

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 2025 年跟踪评级报告 www.lhratings.com 联合〔2025〕2515 号 联合资信评估股份有限公司 评级总监： 二〇二五年五月十六日 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受中信泰富特钢集团股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委 托关系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客 观、公正的关联关系。 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资信 履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性不作 任何保证。联合资信合理采信其他专业机构出具的专业意 ...

证券代码：000708 证券简称：中信特钢 公告编号：2025-043 董 事 会 2025 年 5 月 13 日 1 中信泰富特钢集团股份有限公司 关于聘任公司总裁的公告 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"）于 2025 年 5 月 12 日召开第十届董事会第十七次会议，审议通过了《关于聘任 公司总裁的议案》。基于公司经营发展需要，经公司董事会提名委员 会提名，董事会审议通过，同意聘任罗元东先生为公司总裁（简历附 后），任期自本次董事会审议通过之日起至公司第十届高级管理人员 任期届满之日止。本次职务变更后，罗元东先生不再担任公司副总裁 职务。 特此公告。 中信泰富特钢集团股份有限公司 附件： 罗元东先生简历 罗元东先生，男，1972 年 2 月出生，研究生学历，硕士学位。现 任中信泰富特钢集团股份有限公司董事、副总裁，中信泰富特钢投资 有限公司董事。历任江阴兴澄特种钢铁有限公司销售部上海分公司副 经理、经理，销售公司副总经理，浙江格洛斯无缝钢管有限公司副总 经理、销售总经理，江阴兴澄特种钢铁有限公司 ...

证券代码：000708 证券简称：中信特钢 公告编号：2025-042 中信泰富特钢集团股份有限公司 公司董事会同意聘任罗元东先生为公司总裁，任期自本次董事会 审议通过之日起至公司第十届高级管理人员任期届满之日止。 公司第十届董事会提名委员会审议通过了该议案。 具体内容详见公司同日刊登在《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）上的 《关于聘任公司总裁的公告》。 1 该议案表决结果，同意 9 票、反对 0 票、弃权 0 票。 第十届董事会第十七次会议决议公告 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 事会第十七次会议（以下简称"本次会议"）于 2025 年 5 月 11 日以 书面、传真、邮件方式发出通知，于 2025 年 5 月 12 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。本次会议 的召集和召开程序符合《中华人民 ...

中信特钢（000708）公告，公司于2025年5月12日召开第十届董事会第十七次会议，审议通过了《关于 聘任公司总裁的议案》。基于公司经营发展需要，董事会同意聘任罗元东先生为公司总裁，任期自本次 董事会审议通过之日起至公司第十届高级管理人员任期届满之日止。 ...

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Viewpoints - Macro policies are expected to support marginal improvements in steel demand, with the government implementing measures such as interest rate cuts and increased lending for technological innovation [3]. - The report highlights a decrease in steel prices and profits, with specific price drops noted for various steel products as of May 9, 2025 [1][9]. - Steel production has decreased, with total output for five major steel products at 8.74 million tons, a reduction of 95,200 tons week-on-week [2]. Summary by Sections Price Trends - As of May 9, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,150 CNY/ton, down 50 CNY/ton from the previous week [1][10]. - Other steel products also saw price declines, including hot-rolled and cold-rolled sheets [1][10]. Profitability - The report indicates a decline in steel profits, with rebar, hot-rolled, and cold-rolled steel margins decreasing by 13 CNY/ton, 2 CNY/ton, and 44 CNY/ton respectively [1][2]. Production and Inventory - Total production of five major steel products decreased to 8.74 million tons, with rebar production specifically down to 2.2353 million tons [2]. - Total social inventory of these steel products increased by 94,200 tons to 1,031.93 million tons [2]. Investment Recommendations - The report suggests focusing on companies within the general steel sector such as Baosteel, Hualing Steel, and Nanjing Steel, as well as special steel companies like CITIC Special Steel and Yongjin Co., Ltd. [3]. - It also recommends monitoring high-temperature alloy companies like Fushun Special Steel [3].

恢复转股时间：公司2024年度权益分派股权登记日后的第一个交易日 （即2025年5月9日） 证券代码：000708 证券简称：中信特钢 公告编号：2025-041 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（以下简称"公司"）因实施2024年 度权益分派，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》及《深圳证券交易所上市公司自律监管指南第1号——业 务办理：2.4向不特定对象发行可转换公司债券》等相关规定：公司实施权 益分派方案的，如公司回购账户存在股份的，或者公司拟实施利润分配总 额不变的权益分派方法的，实施权益分派期间可转债暂停转股。公司应在 可转债暂停转股后及时办理权益分派事宜，并及时申请可转债于除权除息 日恢复转股。 中信泰富特钢集团股份有限公司 关于"中特转债"恢复转股的提示性公告 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： | 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 | 根据前述规定，公 ...

Core Viewpoint - The "national team" has increased its holdings in several A-share listed companies during the first quarter of 2025, indicating a strategic investment approach in key sectors such as finance, energy, and defense. Group 1: National Team Holdings - A total of 285 A-share listed companies have the "national team" (China Securities Finance Corporation and Central Huijin) among their top ten shareholders [1] - The "national team" has increased its holdings in 26 stocks, including China Ping An, Baogang Group, Guotai Junan, and others [1] - New additions to the "national team" holdings include Citic Special Steel, Tianfu Energy, and China Shipbuilding Defense [1][2][3] Group 2: Company Performance - Citic Special Steel reported a first-quarter revenue of 26.84 billion yuan, a year-on-year decrease of 5.59%, with a net profit of 1.384 billion yuan, up 1.76% [1] - Tianfu Energy's first-quarter revenue was 2.21 billion yuan, down 3.12%, while net profit increased by 22.75% to 181 million yuan [2] - China Shipbuilding Defense achieved a first-quarter revenue of 3.641 billion yuan, a year-on-year increase of 29.73%, with a net profit of 184 million yuan, up 1099.85% [3] Group 3: Strategic Developments - Citic Special Steel is recognized for producing over 3,000 varieties and 5,000 specifications of special steel materials, enhancing its market share in high-end steel products [1] - Tianfu Energy has signed a contract for a comprehensive energy efficiency enhancement project, with an investment of 313 million yuan [2] - China Shipbuilding Defense is noted for its strong order backlog and profitability, expected to stabilize with high-value ship deliveries [3]

Core Viewpoint - The company maintains stable steel sales in 2024, with a slight decline in revenue but an expected improvement in 2025, driven by growth in high-end steel products and exports [1][2][3]. Sales Performance - In 2024, the company sold 18.89 million tons of steel, remaining flat year-on-year, with exports accounting for 2.202 million tons [1]. - By product category, sales distribution includes 33.8% for the energy sector, 28.2% for the automotive sector, 19.0% for machinery, 10.3% for bearings, 2.1% for high-end special materials, and 6.6% for other industries [1]. - Notable growth in specific segments includes a 6% increase in bearing steel sales, a record high in energy steel sales, and a 29% increase in steel for new energy vehicles [1]. Revenue and Profitability - The company's revenue for 2024 was 109.203 billion yuan, a decrease of 4.22% year-on-year, with various product lines experiencing declines [1][2]. - The average steel price in 2024 was 5,781 yuan per ton, also down by 4.22%, leading to a gross profit margin of 743 yuan per ton, a decrease of 6.35% [1]. - The net profit attributable to shareholders for 2024 was 5.126 billion yuan, down 10.41%, while Q1 2025 showed a net profit of 1.384 billion yuan, an increase of 1.76% year-on-year and 7.31% quarter-on-quarter [2]. Cost and Expenses - The decline in gross margin is attributed to increased depreciation and amortization, leading to higher operating costs [2]. - The company’s expense ratio for 2024 was 7.36%, up 0.45 percentage points, with increases in sales, management, and R&D expenses [2]. - Total impairment losses for 2024 amounted to 766 million yuan, an increase due to rising bad debt losses and inventory write-downs [2]. Cash Flow and Financial Health - The company reported an improved cash flow situation, with a cash collection ratio of 0.8459, up 4.43 percentage points, and a cash payment ratio of 0.7494, up 4.67 percentage points [2]. - The net operating cash flow was 10.741 billion yuan, showing a year-on-year increase, while investment cash flow showed a reduced outflow of 302 million yuan [2]. - The asset-liability ratio stood at 60.53%, a decrease of 3.73 percentage points, indicating improved financial stability [2]. Investment Outlook - The company is actively expanding its high-end steel product offerings and optimizing its product mix, with projected net profits of 5.476 billion yuan, 6.057 billion yuan, and 6.722 billion yuan for 2025-2027 [3].

公司点评报告 ·钢铁行业 市占率行业领先,特钢中长期需求向好 | 市场数据 | 2025-04-29 | | --- | --- | | 股票代码 | 000708 | | A 股收盘价(元) | 11.76 | | 上证指数 | 3,286.65 | | 总股本 | 504,716 | | 实际流通 A 股(万股) | 504,716 | | 流通 A 股市值(亿元) | 594 | 2025-04-29 相对沪深 300 表现图 2025 年 04月 30 日 | 中信特钢(股票代码:000708.SZ) | | --- | 推荐 维持评级 分析师 赵良毕 ☎：010-8092-7619 网: zhaoliangbi_yj@chinastock.com.cn 分析师登记编码：S0130522030003 相关研究 【银河钢铁】公司首次覆盖_中信特钢（000708.SZ）: 问鼎特钢之巅，品类丰富响应需求升级 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(亿元) | 1092.03 | ...