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公开发行可转换公司债券 持续督导保荐总结报告书 根据中国证券监督管理委员会于2021年12月24日签发的证监发行字〔2021〕4082 号文《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》， 公司于2022年2月向社会公众发行A股可转换公司债券50,000,000张，每张面值100元， 募集资金总额为5,000,000,000.00元，扣除发行费用人民币20,000,000.00元后，实际募 集资金净额为人民币4,980,000,000.00元（以下简称"募集资金")，上述资金于2022年3 月3日到位，业经普华永道中天会计师事务所（特殊普通合伙)予以验证并出具普华永 1 道中天验字（2022)第0209号验资报告。上述募集资金已经全部存放于募集资金专户 管理。 三、保荐工作概述 一、发行人基本情况 | 公司名称 | 中信泰富特钢集团股份有限公司 | | --- | --- | | 英文名称 | CITIC Pacific Special Steel Group Co., Ltd | | 股票简称 | 中信特钢 | | ...

股 票 研 究 [Table_industryInfo] 金属，采矿，制品/原材料 [ Table_Main[中ITnaf 信bol]e 特_Ti钢tle]( 000708) [评Tab级le_：Inv est] 增持 上次评级： 增持 灵活调整产品结构，出口快速上升 目标价格： 20.10 上次预测： 20.10 公 ——中信特钢2023 年年报点评 当前价格： 15.12 司 李鹏飞(分析师) 魏雨迪(分析师) 王宏玉(分析师) 2024.03.19 更 010-83939783 021-38674763 021-38038343 [交Ta易bl数e_M据a rket] 新 lipengfei@gtjas.com weiyudi@gtjas.com wanghongyu@gtjas.com 证书编号 S0880519080003 S0880520010002 S0880523060005 52周内股价区间（元） 12.55-18.45 报 总市值（百万元） 76,313 告 本报告导读： 总股本/流通A股（百万股） 5,047/5,047 流通 B股/H股（百万股） 0/0 公司 2023 年业绩符合预期 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its clear growth path and strong market position in the special steel industry [1][12][13]. Core Insights - The company has enhanced its production capacity to 20 million tons in 2023, following the acquisition of Tianjin Steel Pipe, and its special steel segment capacity exceeds 30 million tons [1][5]. - The company achieved a historical high in steel sales of 18.89 million tons, a year-on-year increase of 24.4%, and reported revenue of 114.02 billion yuan, up 15.9% year-on-year [1][5]. - Despite a decline in net profit by 19.5% to 5.72 billion yuan, the company showed resilience with a quarterly net profit of 1.35 billion yuan in Q4, reflecting a 0.9% increase quarter-on-quarter [1][5]. - The company actively adjusted its product mix in response to market demand, with significant growth in energy steel (up 56%) and automotive steel (up 20%) [1][8]. - Export sales reached 2.38 million tons, a 50.1% increase year-on-year, with export product gross margins at 22.0%, significantly higher than the domestic margin of 11.7% [1][8]. Financial Performance - The company’s revenue and net profit forecasts for 2024-2026 are 117.8 billion yuan, 120.7 billion yuan, and 122.7 billion yuan, with corresponding net profits of 6.36 billion yuan, 7.09 billion yuan, and 7.99 billion yuan, indicating growth rates of 3.3%, 2.4%, and 1.7% for revenue, and 11.1%, 11.6%, and 12.7% for net profit [1][12][14]. - The company plans to distribute a cash dividend of 5.65 yuan per 10 shares, totaling 2.85 billion yuan, which represents 49.8% of the net profit attributable to shareholders [1][12]. Market Position and Strategy - The company has a strong cost transfer capability due to its deep focus on special steel and long-term strategic partnerships with leading downstream customers [1][8]. - The company has successfully optimized its product structure and maintained stable performance despite market fluctuations, leveraging its competitive advantages in technology and customer loyalty [1][8]. - The report highlights the company's commitment to maintaining a stable dividend policy, aiming for a balance between performance growth and shareholder returns [1][12].

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 | ...

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 15.55 CNY and a fair value of 21.09 CNY [1]. Core Views - The company has shown a significant increase in energy and export steel performance, contributing positively to its financials. However, the overall profitability has declined due to lower-than-expected demand and rising costs [1][2]. - The company reported a 17% decrease in net profit attributable to the parent company in Q4 2023, with a revenue of 27.6 billion CNY, down 14% year-on-year but up 1% quarter-on-quarter [1]. - The steel sales volume reached 18.89 million tons, a year-on-year increase of 24%, but profitability has been impacted by rising costs and lower-than-expected demand [1][2]. Financial Summary - Revenue for 2023 is projected at 114.02 billion CNY, with a growth rate of 15.9%. The net profit attributable to the parent company is expected to be 5.721 billion CNY, reflecting a decline of 19.5% [2][3]. - The company’s EBITDA for 2023 is estimated at 11.877 billion CNY, with a projected increase to 13.026 billion CNY in 2024 [2][3]. - The forecasted EPS for 2024, 2025, and 2026 are 1.24 CNY, 1.29 CNY, and 1.36 CNY respectively, with a corresponding P/E ratio of 12.53, 12.08, and 11.44 [2][3]. Operational Insights - The company aims to enhance its product structure towards high-end products and plans to expand its overseas presence, particularly in the special steel segment [1][2]. - The sales volume of energy steel, export steel, and "small giant" products has increased significantly, with year-on-year growth rates of 56%, 50%, and 35% respectively [1][2]. - The company is focusing on achieving a sales target of 1.92 million tons in 2024, with an export target of 280,000 tons, reflecting an 18% increase [1].

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 ...