Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 12.60 CNY [2]. Core Views - The company's Q3 performance faced pressure, with revenue decreasing by 3.4% year-on-year and net profit attributable to shareholders dropping by 10.7% [2]. - The gross profit margin has declined by 1.29 percentage points year-on-year, with Q3 gross profit margin at 12.51% [2]. - The company is focusing on optimizing its product structure, with a notable increase in other income, which reached 7.58 billion CNY for the first three quarters of 2024 [2]. - Future core highlights include steady growth in special steel demand and resilience through high-end product development [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 835.04 billion CNY, a decrease of 18.7% year-on-year, and a net profit of 38.36 billion CNY, down 10.7% [2]. - The company’s operating income for 2024 is projected to be 110.77 billion CNY, reflecting a decline of 2.8% compared to 2023 [3]. - The net profit attributable to shareholders is expected to be 5.13 billion CNY in 2024, a decrease of 10.3% from 2023 [3]. Profitability and Efficiency - The report indicates that the company’s gross margin is projected to be 12.40% in 2024, down from 13.14% in 2023 [3]. - The company has maintained stable operating expenses, with a slight increase of 0.75 billion CNY in the first three quarters of 2024 [2]. Market Outlook - The demand for special steel is expected to grow steadily, driven by advancements in high-end applications and intelligent manufacturing [2]. - The company is focusing on high-end products, which are anticipated to enhance its resilience against market fluctuations [2]. Earnings Forecast - The projected net profit for the company for 2024-2026 is expected to be 5.13 billion CNY, 5.75 billion CNY, and 6.36 billion CNY respectively [3]. - The report forecasts a PE ratio of 12x for 2024, indicating a cautious outlook on earnings growth [2].

Investment Rating - The report maintains a "Buy" rating for CITIC Special Steel (000708 SZ) due to its leading position in the special steel industry and its strong capacity integration capabilities [1][4] Core Views - The company's Q3 2024 performance declined, with revenue of 83 504 billion yuan, down 3 37% YoY, and net profit attributable to shareholders of 3 836 billion yuan, down 12 3% YoY [1] - Despite the decline, the company demonstrated resilience with a limited drop in net profit compared to the industry's 215 9% YoY decline in profits from January to August 2024 [1] - The gross profit margin improved sequentially, with Q3 2024 gross margin at 12 51%, up from 12 30% in Q2 2024 [1] - Export sales are expected to increase, with export volume reaching 1 1246 million tons in H1 2024, accounting for 11 8% of total sales, and a target of 2 8 million tons for 2024, up 17 6% YoY [1] - The special steel industry is poised for growth due to manufacturing upgrades and intelligent transformation, with strong demand for domestic special steel replacing imports [1] Financial Performance - Revenue for 2024E is projected at 113 294 billion yuan, with a slight decline of 0 6% YoY, while 2025E and 2026E revenues are expected to grow by 5 7% and 3 5% respectively [3] - Net profit attributable to shareholders is forecasted at 5 378 billion yuan for 2024E, down 6 0% YoY, with growth of 11 0% and 5 8% expected in 2025E and 2026E respectively [3] - EPS for 2024E is estimated at 1 07 yuan, increasing to 1 18 yuan in 2025E and 1 25 yuan in 2026E [3] - The company's P/E ratio is projected at 11 8x for 2024E, decreasing to 10 7x in 2025E and 10 1x in 2026E [3] Industry Outlook - The special steel industry is entering a mature phase, with significant growth potential driven by manufacturing upgrades and intelligent transformation [1] - Domestic demand for special steel is expected to remain robust, supported by the replacement of imported special steel [1] Valuation and Forecast - The company's valuation is supported by its focus on high-end special steel manufacturing, improving product structure, and downstream manufacturing upgrade demand [1] - Forecasted net profit for 2024E to 2026E is 5 38 billion yuan, 5 97 billion yuan, and 6 31 billion yuan respectively, with corresponding P/E ratios of 11 8x, 10 7x, and 10 1x [1][3]

证券代码：000708 证券简称：中信特钢 公告编号：2024-047 中信泰富特钢集团股份有限公司 第十届监事会第十一次会议决议公告 本公司及监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、监事会会议召开情况 经到会监事审议表决，通过了如下决议： 1．审议通过了《2024 年第三季度报告》； 公司《2024 年第三季度报告》充分、全面、真实、准确地反映 了公司 2024 年第三季度的经营状况。 中信泰富特钢集团股份有限公司（以下简称"公司"）第十届监 事会第十一次会议（以下简称"本次会议"）于 2024 年 10 月 19 日 以书面、邮件方式发出通知，于 2024 年 10 月 25 日以通讯表决方式 召开，会议应到监事 5 名，实际出席会议监事 5 名，公司部分高管列 席了会议，公司监事会主席郏静洪先生主持本次会议。本次会议的召 集和召开程序符合《中华人民共和国公司法》等法律法规及《中信泰 富特钢集团股份有限公司章程》的有关规定。 二、监事会会议审议情况 三、备查文件 公司第十届监事会第十一次会议决议。 特此公告。 中信泰富特钢集团股份有限公司 监 事 会 ...

证券代码：000708 证券简称：中信特钢 公告编号：2024-048 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 关于不向下修正"中特转债"转股价格的公告 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 元。普华永道中天会计师事务所（特殊普通合伙） 已对前述募集资金到账情况进行了验资，并出具了普华永道中天验字 （2022）第 0209 号《验资报告》。 （二）可转债上市情况 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： 1.截至 2024 年 10 月 25 日，中信泰富特钢集团股份有限公司（以 下简称"公司"）股票已出现任意连续 30 个交易日中至少 15 个交易 日的收盘价低于当期转股价格 80%的情形，已触发"中特转债"转股 价格的向下修正条款。 2. ...

证券代码：000708 证券简称：中信特钢 公告编号：2024-046 中信泰富特钢集团股份有限公司 1.审议通过了《2024 年第三季度报告》； 公司《2024 年第三季度报告》充分、全面、真实、准确地反映 了公司 2024 年第三季度的经营状况。该议案提交董事会前已经公司 董事会审计委员会全体成员同意。 具体内容详见同日披露在《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）的《2024 年第三季度报告》。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 第十届董事会第十一次会议决议公告 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 事会第十一次会议（以下简称"本次会议"）于 2024 年 10 月 19 日 以书面、传真、邮件方式发出通知，于 2024 年 10 月 25 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 ...

证券代码：000708 证券简称：中信特钢 公告编号：2024-049 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 关于可转债募集资金部分专项账户销户的公告 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元。普华 永道中天会计师事务所（特殊普通合伙）已对前述募集资金到账情况进 行了验资，并出具了普华永道中天验字（2022）第0209号《验资报告》。 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，中信泰富特钢集团股份有限公司（以下简称"公司"）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。 为规范公司募集资金管理及使用，保护中小投资者权益，根据中 国证监会《上市公司监管指引第2号——上市公司募集资金管理和使用 的监管要求（20 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥26,498,640,138.95, a decrease of 5.66% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥1,110,767,506.43, down 16.77% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,070,415,309.68, a decline of 17.57% compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.220, representing a decrease of 16.67% year-on-year[2] - Total operating revenue for Q3 2024 was CNY 83.50 billion, a decrease of 3.3% compared to CNY 86.41 billion in the same period last year[12] - Net profit for Q3 2024 was CNY 4.02 billion, a decrease of 10.5% from CNY 4.50 billion in Q3 2023[13] - Earnings per share for Q3 2024 was CNY 0.760, compared to CNY 0.867 in the same quarter last year[13] - The total comprehensive income for Q3 2024 was CNY 4.03 billion, compared to CNY 4.51 billion in the same quarter last year, indicating a decline of 10.5%[13] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥113,037,779,847.61, a decrease of 2.98% from the end of the previous year[2] - The total current assets decreased from CNY 51.25 billion to CNY 49.15 billion, a decline of approximately 4.1%[9] - The company's total liabilities decreased to CNY 70.43 billion from CNY 74.87 billion year-over-year, a reduction of 5.8%[11] - The total equity attributable to shareholders increased to CNY 39.65 billion, up from CNY 38.61 billion, reflecting a growth of 2.7%[11] - The total assets decreased from CNY 116.51 billion to CNY 113.04 billion, a decline of approximately 3.1%[10] - The total non-current assets decreased from CNY 65.26 billion to CNY 63.89 billion, a decline of about 2.1%[10] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥4,034,301,111.18, a decrease of 25.66% year-on-year[2] - Cash inflow from operating activities totaled approximately ¥65.32 billion, slightly up from ¥65.31 billion year-on-year[14] - Cash outflow from operating activities was approximately ¥61.28 billion, compared to ¥59.88 billion in the previous year, resulting in a net cash flow from operating activities of approximately ¥4.03 billion, down from ¥5.43 billion[14] - Cash inflow from investment activities was approximately ¥139.47 million, down from ¥150.61 million year-on-year[15] - Cash outflow from investment activities totaled approximately ¥660.45 million, significantly lower than ¥2.23 billion in the previous year, leading to a net cash flow from investment activities of approximately -¥520.98 million, an improvement from -¥2.08 billion[15] - Cash inflow from financing activities was approximately ¥25.71 billion, up from ¥21.18 billion year-on-year[15] - Cash outflow from financing activities was approximately ¥31.81 billion, compared to ¥26.57 billion in the previous year, resulting in a net cash flow from financing activities of approximately -¥6.10 billion, worsening from -¥5.39 billion[15] - The ending balance of cash and cash equivalents was approximately ¥5.28 billion, down from ¥6.71 billion in the previous year[15] Expenses and Subsidies - The company reported a total of ¥37,304,588.66 in government subsidies recognized in Q3 2024, primarily from government grants and deferred income amortization[4] - Research and development expenses for Q3 2024 were CNY 3.47 billion, a slight decrease of 2.4% from CNY 3.56 billion in the previous year[12] - The company reported a decrease in tax expenses to CNY 462.71 million from CNY 661.39 million, a reduction of 30% year-over-year[13] - The company reported a decrease in employee compensation payments to approximately ¥4.76 billion, compared to ¥4.89 billion in the previous year[14] Asset Management - The company recorded a loss of ¥13,381,555.37 from the scrapping of non-current assets during the reporting period[4] - Accounts receivable increased from CNY 5.20 billion to CNY 8.24 billion, an increase of approximately 58.5%[9] - Inventory decreased from CNY 17.21 billion to CNY 15.94 billion, a decline of about 7.4%[9] - Short-term borrowings increased from CNY 8.67 billion to CNY 10.99 billion, an increase of approximately 26.8%[10] - Accounts payable decreased from CNY 17.67 billion to CNY 13.16 billion, a reduction of about 25.6%[10] - The company reported a significant increase in accounts receivable financing from CNY 4.82 billion to CNY 5.68 billion, an increase of approximately 17.7%[9] - The company has no reported participation in margin financing activities among the top shareholders[8] Earnings Per Share - The weighted average return on equity was 2.84%, down 0.82 percentage points compared to the same period last year[2] - The diluted earnings per share for the third quarter were 0.747, down from 0.861 in the previous period[14]

| 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].