Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company has experienced a decline in net profit due to a drop in demand for bearing steel and mid-range automotive steel, leading to a downward revision of profit forecasts for 2024 and 2025 [5]. - Despite the challenges, the company is expected to stabilize its steel profit margins as it optimizes its product mix and increases sales of energy steel and high-end products [5][6]. Summary by Relevant Sections Market Data - Closing price: 15.32 CNY - One-year high/low: 18.81/12.36 CNY - Market capitalization: 77,322 million CNY - Price-to-book ratio: 2.0 [2]. Financial Data - As of December 31, 2023, the company reported: - Net asset per share: 7.65 CNY - Debt-to-asset ratio: 64.26% - Total shares: 5,047 million [3]. Revenue and Profit Forecasts - The company achieved a revenue of 114,019 million CNY in 2023, a year-on-year increase of 15.94%, but net profit decreased by 19.48% to 5,721 million CNY [6]. - Forecasts for 2024 and 2025 net profit are revised to 6,499 million CNY and 7,414 million CNY, respectively [5][7]. Product Performance - The company’s special steel business saw production increase by 23.24% to 19.86 million tons and sales increase by 24.45% to 18.89 million tons [6]. - The average selling price of special steel products was 5,387 CNY/ton, down 4.61% year-on-year, while the cost per ton was 4,647 CNY, down 2.43% [6]. Future Outlook - The company is focusing on developing markets for energy and automotive steel, with energy steel sales up 56% and automotive steel sales up 20% [6]. - High-end product sales, including high-temperature and corrosion-resistant alloys, are expected to continue growing, contributing to a more optimized product structure [6].

一、监事会 2023 年会议情况 中信泰富特钢集团股份有限公司 2023 年度监事会工作报告 2023 年度，中信泰富特钢集团股份有限公司（以下简称"公司"） 监事会严格遵守国家相关法律、法规，中国证监会和深圳证券交易所 发布的有关上市公司治理的规范性文件以及《中信泰富特钢集团股份 有限公司章程》（以下简称"《公司章程》"）的规定，依法履行监督职 责，认真、严谨、勤勉履行和独立行使监事会的监督职权和职责。报 告期内，监事会对公司经营活动、财务状况、股东大会召开程序以及 董事、高级管理人员履行职责情况等方面实施了有效监督，促进公司 规范运作和正常发展，维护全体股东的合法权益。现将 2023 年度监事 会主要工作情况报告如下： 报告期内，公司监事会共召开 9 次会议，会议在通知、召集、议 事程序、表决方式和决议内容等方面均符合有关法律、法规和《公司 章程》的规定。具体情况如下： | 序号 | 召开届次 | 会议时间 | | --- | --- | --- | | 1 | 第九届监事会第二十四次会议 | 2023 年 01 月 13 日 | | 2 | 第九届监事会第二十五次会议 | 2023 年 03 月 17 ...

中信泰富特钢集团股份有限公司 2023 年度董事会工作报告 2023年，中信泰富特钢集团股份有限公司（以下简称"公司"）董 事会严格按照《公司法》《证券法》等法律、法规、规范性文件及《公 司章程》的相关规定，本着对全体股东负责的态度，积极有效地行使董 事会职权，认真贯彻落实股东大会的各项决议，勤勉尽责地开展董事会 各项工作，推动公司治理水平的提高和公司各项业务健康稳定发展。现 就公司董事会2023年度的工作情况报告如下： 一、2023 年经营情况 2023 年，面对复杂形势以及诸多困难，公司实现营业收入 1,140.19 亿元，同比增长 15.94%，归属于上市公司股东的净利润 57.21 亿元，基 本每股收益人民币 1.13 元/股，有效地抵御了市场和行业波动。 二、报告期内董事会工作情况 报告期内，公司董事会共召开 9 次会议，会议在通知、召集、议事 程序、表决方式和决议内容等方面均符合有关法律、法规和《公司章程》 的规定。具体情况如下： | 序号 | 会议届次 | | 召开时间 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | - ...

中信泰富特钢集团股份有限公司 关于对中信财务有限公司的风险持续评估报告 根据深圳证券交易所《上市公司自律监管指引第 7 号——交易与 关联交易》的要求，中信泰富特钢集团股份有限公司（以下简称"公 司、本公司"）通过查验中信财务有限公司（以下简称"财务公司"）《中 华人民共和国金融许可证》《企业法人营业执照》等证件资料，并审阅 了财务公司 2023 年 12 月 31 日的资产负债表、损益表、现金流量表， 对财务公司的经营资质、业务和风险状况进行了评估，现将有关风险 评估情况报告如下： 一、财务公司基本情况 1．财务公司注册地、组织形式和总部地址 财务公司成立于 2012 年 11 月 19 日，统一社会信用代码为 91110000717834635Q。财务公司于 2012 年 10 月 11 日取得原中国银行 保险监督管理委员会（现国家金融监督管理总局）颁发的《中华人民 共和国金融许可证》（机构编码为 L0163H111000001）。 财务公司注册资本为 47.51 亿元，股权结构如下： | 股东 | 出资额（万元） | 出资比例（%） | | --- | --- | --- | | 中国中信有限公司 | ...

[Table_Page] 年报点评|钢铁 证券研究报告 [中Table_信Title] 特钢（000708.SZ） [公Tab司le_I评nves级t] 买入 当前价格 15.55元 天管并表贡献增量，能源、出口钢材表现亮眼 合理价值 21.09元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-14  23Q4公司扣非归母净利环比减少17%。据公司财报，23Q4公司实现 相[Ta对ble市_Pi场cQu表ote现] 营业收入 276 亿元，同比+21%，环比-2%，归母净利润 13 亿元，同 比-14%，环比+1%，归母扣非净利润11亿元，同比-11%，环比-17%， 4% 基本每股收益0.27元/股，同比-14%，环比+1%，经营净现金流52亿 -3%03/23 05/23 07/23 09/23 11/23 01/24 03/24 元，同比-9%，环比+1086%，资产负债率64.26%，同比+4.4PCT，环 -10% 比-1.29PCT。天津钢管并表后，23年费用同比大幅增长，销售、管理、 -17% 财务、研发费用同比增40%、44%、108%、16% ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In 2023, the company achieved a record high in sales volume, with total revenue reaching 1140.19 billion yuan, a year-on-year increase of 15.94%. However, the net profit attributable to shareholders was 57.21 billion yuan, down 19.48% year-on-year [1] - The company expects sales volume to reach 1920 million tons in 2024, representing a year-on-year growth of 1.64% [1] - The company has implemented a "Quality Return Double Improvement" action plan, focusing on product industrialization, innovation-driven development, and optimizing industrial layout [2] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 276.05 billion yuan, a year-on-year increase of 20.89%, but a quarter-on-quarter decrease of 1.72%. The net profit for the quarter was 13.47 billion yuan, down 13.77% year-on-year but up 0.93% quarter-on-quarter [1] - The average selling price of steel per ton was 6036 yuan, a decrease of 6.83% year-on-year, while the gross profit per ton was 793 yuan, down 16.93% year-on-year [1] Sales Volume and Product Segmentation - The company achieved a sales volume of 1889 million tons in 2023, a year-on-year increase of 24.44%, marking a historical high [1] - The sales volume by application in 2023 was as follows: automotive (28%), energy (34%), machinery (19%), bearings (10%), high-end special materials (2%), and others (7%). Notably, energy steel sales exceeded 600 million tons, growing by 56% year-on-year [1] Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 downwards by 41.07% and 34.67%, respectively, due to declining downstream demand. The new net profit forecast for 2026 is set at 81.38 billion yuan [2]

证券研究报告 | 年报点评报告 2024年03月13日 中信特钢（000708.SZ） 受益制造业升级，业绩有望稳步回升 事件：公司发布2023年年度报告。公司实现营业收入1140.19亿元，同比上涨15.94%；归 买入（维持） 母净利润57.21亿元，同比下滑19.48%；基本每股收益1.13元。公司拟向全体股东每10股 股票信息 派发现金红利5.65元（含税）。 行业 特钢Ⅱ 利润降幅有限，毛利存改善预期。公司2023年营收首次破千亿，实现归母净利57.21亿元， 前次评级 买入 下降19.48%，实现扣非归母净利52.63亿元，下降13.41%；2023年钢铁企业普遍面临需求 3月13日收盘价(元) 15.55 转弱、原料成本高企等因素影响，公司归母利润降幅约两成，降幅有限体现出公司经营的韧性 总市值(百万元) 78,483.28 特征。公司2023Q1-Q4逐季销售毛利率分别为13.56%、13.68%、13.75%、11.49%，逐季 总股本(百万股) 5,047.16 销售净利率分别为5.38%、5.28%、4.96%、5.07%；随着钢铁产业进入成熟期，制造业转型 升级以及智能化直接带动特钢需 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥114.02 billion, representing a 15.94% increase compared to ¥98.34 billion in 2022[13]. - The net profit attributable to shareholders for 2023 was ¥5.72 billion, a decrease of 19.48% from ¥7.11 billion in 2022[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5.26 billion, down 13.41% from ¥6.08 billion in 2022[13]. - The net cash flow from operating activities for 2023 was ¥10.66 billion, a decline of 20.67% from ¥13.43 billion in 2022[13]. - The total assets at the end of 2023 were approximately ¥116.51 billion, an increase of 28.35% from ¥90.77 billion at the end of 2022[13]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥38.61 billion, a 6.43% increase from ¥36.28 billion at the end of 2022[13]. - The basic earnings per share for 2023 was ¥1.13, down 19.86% from ¥1.41 in 2022[13]. - The diluted earnings per share for 2023 was ¥1.11, a decrease of 19.57% from ¥1.38 in 2022[13]. - The company reported a net profit of ¥1.48 billion in Q1 2023, with a total operating revenue of ¥27.97 billion for the same quarter[16]. - The company's operating revenue for 2023 reached RMB 114.019 billion, a year-on-year increase of 15.94%, with a net profit attributable to shareholders of RMB 5.721 billion, and basic earnings per share of RMB 1.13[22]. Dividend Distribution - The company plans to distribute a cash dividend of 5.65 RMB per 10 shares to all shareholders, based on the equity distribution on the record date of the 2023 annual equity distribution[2]. - The company implemented a cash dividend plan for 2022, distributing RMB 7 per 10 shares, totaling RMB 2.85 billion, which represents 100% of the distributable profit[130][132]. - The company has a total of 6,026,224,994.11 yuan in distributable profits, with cash dividends accounting for the entire distribution[132]. - A cash dividend of ¥2,850,000,000.00 (including tax) will be distributed to shareholders, equating to approximately ¥5.65 per 10 shares based on the total share capital as of March 8, 2024[133]. Market Position and Product Development - The company reported significant changes in its main products, expanding from alloy steel bars to include alloy steel wires, special steel plates, and special seamless pipes[9]. - The company completed a major restructuring in 2019, acquiring 86.50% of Xincheng Special Steel, which significantly increased its market share[9]. - The company has an annual production capacity of approximately 20 million tons of special steel materials, supported by five specialized production bases[21]. - The company is positioned as a leading manufacturer of high-end bearing steel, with continuous global sales leadership for over a decade[21]. - The company successfully developed 30 new products, with key product sales increasing by 7.1%[23]. - The company established an energy steel division, achieving a 56% year-on-year increase in energy steel sales, while automotive steel sales grew by 20%[22]. - The company is focusing on high-end manufacturing technologies, particularly in sectors like new energy vehicles and clean energy, aiming for a leading market share in special steel products[81]. Research and Development - Research and development expenses reached ¥4,451,614,644.79, representing a 15.61% increase from ¥3,850,581,622.27 in 2022[44]. - The number of R&D personnel increased to 4,867, a rise of 33.20% from 3,654 in the previous year[44]. - The company received 472 authorized patents in 2023, including 122 invention patents, and participated in 29 provincial-level projects[22]. - The company is committed to accelerating technological research and development, particularly in high-temperature alloys, high-end molds, and special stainless steels, to improve market competitiveness[76]. Environmental and Sustainability Initiatives - The company has been recognized as a "green development benchmark enterprise" in the steel industry, with several subsidiaries achieving ultra-low emissions certification[23]. - The company was awarded the "Steelie Life Cycle Assessment Excellence Award" for its low-carbon evaluation standard, the first of its kind in the special steel sector[23]. - The company has installed a total of 123 MW of photovoltaic capacity, generating 115 million kWh of green electricity annually, reducing carbon emissions by 78,000 tons[157]. - The company has implemented a wastewater treatment system that allows for minimal external discharge, aiming for zero discharge[153]. - The company has made significant investments in environmental management and pollution control technologies, enhancing its environmental performance[153]. Governance and Compliance - The company emphasizes the importance of risk awareness for investors regarding forward-looking statements and potential risks[2]. - The company’s financial report has been confirmed for accuracy and completeness by its management team, including the CEO and accounting heads[2]. - The company maintains a complete and independent operational structure, with no significant unfair related transactions reported[95]. - The company has established an independent financial accounting system and management, ensuring compliance with regulations[95]. - The company’s governance structure aligns with the requirements set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange[94]. Strategic Outlook - The company aims to achieve a total sales volume of 19.2 million tons in 2024, including 2.8 million tons for export[80]. - The company plans to enhance its product structure by focusing on high-end seamless steel pipes and special steel products, aiming for rapid growth in "two high and one special" products[80]. - The company anticipates a stable demand for steel in the energy sector, with a positive outlook for the special steel industry driven by China's manufacturing policies[73]. - The company is proactively managing environmental risks by enhancing its pollution control measures and aligning with "clean production" policies[87]. Shareholder Relations - The company held meetings to approve the reallocation of raised funds on August 18, 2023, and disclosed the decision on August 19, 2023[67]. - The company emphasized its commitment to improving investor relations management and ensuring investor rights during the reporting period[93]. - The company has actively engaged with investors through various channels, including roadshows and analyst meetings, to address inquiries and provide updates[93]. Acquisitions and Mergers - The company successfully acquired 60% of Tai Fu Steel Pipe in February 2023, making it a wholly-owned subsidiary, which increased its seamless steel pipe capacity to 5 million tons[71]. - The company is considering strategic acquisitions to enhance its product portfolio and market presence, with a budget of 2 billion CNY allocated for potential mergers[165]. Legal and Regulatory Matters - The company reported a total of 109 ongoing litigation cases with a total amount involved of 44,058.4 million yuan, of which 26,449.6 million yuan remains unresolved[190]. - The company has not faced any major penalties or rectification issues during the reporting period[192]. - The company has maintained a clean integrity status for its controlling shareholders and actual controllers, with no significant unfulfilled court judgments[193].

| 关于本报告 | 1 | | --- | --- | | 董事长致辞 | 3 | | 志在鸿冶，百炼成钢 | | | 公司简介 | 5 | | 企业文化 | 6 | | 年度大事记 | 7 | | 2023 年企业重要荣誉 | 9 | | ESG 管治 | 11 | | 专题故事 | | | --- | --- | | 数智特钢，灯塔引航 | 17 | | 深化党建引领，传承红色基因 | 25 | | 风华兴澄，三十而立 | 29 | | | | | 夯实企业管治 | 35 | | --- | --- | | 加强合规风控 | 37 | | 商业道德建设 | 39 | | 保护信息安全 | 43 | | 铸造国之重器 | | | --- | --- | | | 02 02 | | 驱动科技引领引擎 | | | 推动创新研发 | 47 | | 聚焦产品质量 | 54 | | 保障服务质效 | 57 | 0303 赋能绿色制造 稳步实现双碳目标 报告范围 | 应对气候变化 | 67 | | --- | --- | | 深化绿色管理 | 72 | | 低碳生产运营 | 78 | | 绿色产品研发与创新 | 86 ...

根据《中华人民共和国公司法》《中华人民共和国证券法》 《独立董事管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《国有企业、上市公司选聘会计 师事务所管理办法》和《公司章程》等规定和要求，中信泰富特钢 集团股份有限公司（以下简称"本公司"）董事会审计委员会本着 勤勉尽责的原则，恪尽职守，认真履职。现将董事会对会计师事务 所 2023 年度履职评估及董事会审计委员会履行监督职责的情况汇报 如下： 一、2023 年年审会计师事务所履职情况 2023 年初，本公司与前任会计师事务所的合同期满，为保证审 计工作的独立性、客观性及公允性，并综合考虑公司业务发展和未 来审计服务需求，于 2023 年 7 月 12 日与毕马威华振会计师事务所 （特殊普通合伙）（以下简称"毕马威华振"）签订了 2023 年度审 计业务约定书（以下简称"审计业务约定书"）。毕马威华振已经 按照审计业务约定书，遵循中国注册会计师审计准则和其他执业规 范及中国注册会计师职业道德守则，结合财政部对本公司年度财务 决算的统一工作要求，对本公司 2023 年度财务报表及 2023 年 12 月 31 日的财务报告内部控 ...