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 ...

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 ...