Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Hualing Steel, Nanjing Steel, Baosteel, and New Steel [8]. Core Insights - The steel industry is experiencing a significant recovery in production and demand, with March crude steel daily output increasing by 5.2% year-on-year and 6.3% month-on-month, indicating a strong recovery in steel mills' production enthusiasm [2][6]. - The apparent consumption of steel in March 2025 reached 82.89 million tons, a year-on-year increase of 4.9%, with a notable acceleration in downstream demand [2]. - The net export of steel in March was 9.96 million tons, up 7.4% year-on-year, driven by price advantages and export factors [3]. Summary by Sections Production and Demand - In March 2025, crude steel production was 92.84 million tons, a year-on-year increase of 4.6%, with a daily average of 2.995 million tons [6]. - The manufacturing sector showed strong growth, with the manufacturing purchasing managers' index (PMI) at 50.5, indicating expansion [2]. Export and Import Trends - March steel exports were 10.46 million tons, a year-on-year increase of 5.7%, while imports decreased by 18.8% [6]. - Iron ore imports in March were 93.97 million tons, down 6.7% year-on-year, influenced by high port inventories [6]. Government Policy and Industry Outlook - The government is expected to continue implementing crude steel production controls to promote industry restructuring, with some steel mills already announcing production cuts [3]. - The report suggests that the steel industry's medium to long-term fundamentals are likely to improve, supported by government fiscal measures and supply-side adjustments [7].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 4.3 yuan [2][8]. Core Viewpoints - The company's revenue for 2024 was 36.194 billion yuan, a decrease of 16.32% year-on-year, with a net profit attributable to shareholders of 167 million yuan, down 87.60% year-on-year. The fourth quarter of 2024 saw a revenue of 9.114 billion yuan, an increase of 31.48% year-on-year, but a net loss of 316 million yuan [2][4]. - The steel industry is facing challenges due to oversupply and declining demand, with the steel price index dropping by 8.40% year-on-year, while costs only decreased by 4.41%, leading to compressed profit margins for the company [8]. - Despite industry pressures, the company has seen a 6% increase in market share for ductile iron pipes and a 29% increase in export sales, maintaining a gross margin of 9.32% for its ductile iron products [8]. - The company has adjusted its steel product mix, increasing the proportion of special steel by 24%, which is expected to enhance profitability [8]. - The report forecasts a rebound in the steel industry by 2025, which could provide performance elasticity for the company, with projected net profits for 2025-2027 revised to 636 million yuan, 697 million yuan, and 866 million yuan respectively [8]. Financial Summary - For 2024, the company reported total revenue of 36,194 million yuan, with a year-on-year growth rate of -16.3%. The net profit attributable to shareholders was 167 million yuan, with a year-on-year growth rate of -87.6% [4]. - The earnings per share (EPS) for 2024 is projected at 0.04 yuan, with a price-to-earnings (P/E) ratio of 78 [4]. - The company’s total assets are estimated at 53.25 billion yuan, with a debt-to-equity ratio of 49.8% [9].

Investment Rating - The report adjusts the investment rating to "Cautious Recommendation" [5] Core Views - The company reported a revenue of 36.194 billion yuan in 2024, a year-on-year decrease of 16.32%, and a net profit attributable to shareholders of 167 million yuan, down 87.60% year-on-year [1] - The company is a leader in the ductile iron pipe industry and is actively expanding into overseas markets, with a significant project in Egypt [2][3] - The demand for ductile iron pipes is expected to grow due to urban pipeline renovation projects, with an estimated total investment of around 4 trillion yuan over the next five years [3] Summary by Sections Financial Performance - In 2024, the company sold 8.2164 million tons of cast iron and steel, a decrease of 4.2% year-on-year, with specific product sales showing varied performance [2] - The gross profit margin for 2024 was 5.40%, a decrease of 0.89 percentage points year-on-year [2] - The fourth quarter of 2024 saw a revenue of 9.114 billion yuan, a quarter-on-quarter increase of 9.16% and a year-on-year increase of 31.48% [1] Market Position and Strategy - The company has a production capacity of 3.2 million tons for cast iron and pipe castings, maintaining a leading position globally [2] - The company has increased its focus on key markets, with a 29% increase in export sales and over 300,000 tons of new cast iron contracts signed in 2024 [3] Future Outlook - The company expects to achieve net profits of 396 million yuan, 584 million yuan, and 784 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 33, 22, and 17 [4] - The anticipated growth in urban pipeline construction is expected to provide new opportunities for the domestic cast iron market [3]

Investment Rating - The report adjusts the investment rating to "Cautious Recommendation" [5] Core Views - The company reported a revenue of 36.194 billion yuan in 2024, a year-on-year decrease of 16.32%, and a net profit attributable to shareholders of 167 million yuan, down 87.60% year-on-year [1] - The company is a leader in the ductile iron pipe industry and is actively expanding into overseas markets, with a current production capacity of 3.2 million tons [2][3] - The demand for ductile iron pipes is expected to gradually increase due to urban pipeline renovation projects, with an estimated total investment demand of approximately 4 trillion yuan over the next five years [3] Summary by Sections Financial Performance - In 2024, the company sold 8.2164 million tons of cast pipes and steel, a decrease of 4.2% year-on-year, with specific product sales showing a decline in cast pipes and common steel but an increase in special steel [2] - The gross profit margin for 2024 was 5.40%, a decrease of 0.89 percentage points year-on-year, with the fourth quarter showing a gross profit margin of 4.84% [2] - The company experienced significant impairment losses, which negatively impacted its financial performance [2] Market Outlook - The company is well-positioned to benefit from domestic urban pipeline renovation, with a projected net profit of 396 million yuan in 2025, representing a growth rate of 136.5% [4] - The company has secured over 300,000 tons of new cast pipe contracts in 2024, with a year-end contract reserve of over 130,000 tons [3] Investment Projections - The projected net profits for 2025, 2026, and 2027 are 396 million yuan, 584 million yuan, and 784 million yuan, respectively, with corresponding price-to-earnings ratios of 33, 22, and 17 [4]

Core Viewpoint - Emerging Foundry (000778.SZ) released its 2024 annual report, indicating significant institutional investor interest with 149 institutions holding a total of 1.898 billion shares, representing 47.58% of the total share capital [1] Group 1: Institutional Holdings - A total of 149 institutional investors disclosed holdings in Emerging Foundry, with a combined shareholding of 1.898 billion shares, accounting for 47.58% of the total share capital [1] - The top ten institutional investors collectively hold 46.23% of the shares, with notable names including Emerging Jihua Group and various social security funds [1] - Compared to the previous quarter, the combined shareholding percentage of the top ten institutions decreased by 0.58 percentage points [1] Group 2: Public Fund Activity - Five public funds reduced their holdings compared to the previous quarter, with a total reduction percentage of 0.53% [2] - A total of 138 new public funds disclosed holdings in Emerging Foundry during this period, including notable funds like Huaxia CSI 500 ETF and GF CSI National New Central Enterprises Shareholder Return ETF [2] - One public fund, the Caitong Asset Management CSI Steel Index Initiated A, was not disclosed in this period, indicating a decrease in public fund participation [2] Group 3: Social Security and Pension Funds - One social security fund, the National Social Security Fund 413 Combination, increased its holdings, with a slight increase in shareholding percentage [2] - One new social security fund, the National Social Security Fund 118 Combination, disclosed holdings in Emerging Foundry [2] - One pension fund, the Basic Pension Insurance Fund 1002 Combination, also increased its holdings, reflecting a slight increase in shareholding percentage [2] Group 4: Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings compared to the previous quarter, with a decrease percentage of 0.15% [2]

Group 1 - The company reported a revenue of 36.194 billion yuan for 2024, a year-on-year decrease of 16.32% [1] - The net profit attributable to shareholders was 167 million yuan, down 87.60% year-on-year [1] - The company proposed a cash dividend of 0.2 yuan per 10 shares, totaling 79.26 million yuan [2] Group 2 - The company's net profit after deducting non-recurring gains and losses was -151 million yuan, marking a significant decline of 118.12% and the first loss in its main business since 2016 [1][2] - The steel industry faced a "demand contraction and price pressure" situation, with steel prices dropping more than the decline in raw material costs [1] - The core product, centrifugal ductile iron pipes, experienced low order prices due to delays in funding for infrastructure projects [1] Group 3 - The company attempted to optimize its product structure, with the revenue share of cast pipes and castings rising to 30.4%, but this transformation did not offset the overall demand decline [2] - R&D expenses were reduced by 3.25%, contrasting with the trend of leading companies increasing investment in new materials [2] - The company acknowledged increasing external challenges during the transition period of new and old kinetic energy conversion [2] Group 4 - The steel industry has shifted from "incremental development" to "reduction optimization," facing structural contradictions and the need for transformation [2] - The ductile iron pipe industry is experiencing severe overcapacity, chaotic competition, and increased export pressure [2] - The company is recognized for its leading production scale and technology in centrifugal ductile iron pipes and steel grating [3]

关于营业收入扣除情况的专项核查意见 天健审〔2025〕4148 号 新兴铸管股份有限公司全体股东： 我们接受委托，审计了新兴铸管股份有限公司（以下简称新兴铸管公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变 动表，以及财务报表附注，并出具了审计报告。在此基础上，我们核查了后附的 新兴铸管公司管理层编制的《2024 年度营业收入扣除情况表》（以下简称扣除情 况表）。 新兴铸管股份有限公司 关于营业收入扣除情况的专项核查意见 目 录 一、关于营业收入扣除情况的专项核查意见………………………第 1—2 页 二、2024 年度营业收入扣除情况表…………………………………第 3—4 页 | 三、资质证书…………………………………………………………第 5—8 页 | | --- | 我们的责任是在实施核查工作的基础上对新兴铸管公司管理层编制的扣除 第 1 页 共 8 页 一、对报告使用者和使用目的的限定 本报告仅供新兴铸管公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为新 ...

新兴铸管股份有限公司 2024 年度审计报告 目 录 | 第 1—5 页 | | --- | | 一、审计报告……………………………………………………… | | 二、财务报表……………………………………………………… 第 6—15 页 | | --- | | （一）合并资产负债表…………………………………………… 第 6 页 | | （二）母公司资产负债表………………………………………… 第 7 页 | | （三）合并利润表………………………………………………… 第 8 页 | | （四）母公司利润表……………………………………………… 第 9 页 | | （五）合并现金流量表…………………………………………… 第 10 页 | | （六）母公司现金流量表………………………………………… 第 11 页 | | （七）合并所有者权益变动表…………………………………第 12-13 页 | | （八）母公司所有者权益变动表………………………………第 14-15 页 | | 三、财务报表附注…………………………………………………第 16—147 页 | | --- | 四、资质证书……………………………………………… ...

关于新兴铸管股份有限公司 2024 年度涉及财务公司关联交易的存 款、贷款等金融业务的专项说明 目 录 一、涉及财务公司关联交易的存款、贷款等 金融业务的专项说明…………………………………………………第 1—2 页 二、2024 年度涉及财务公司关联交易的存款、贷款等 金融业务情况汇总表……………………………………………………第 3 页 三、资质证书…………………………………………………………第 4—7 页 关于新兴铸管股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等 金融业务的专项说明 天健审〔2025〕4146 号 新兴铸管股份有限公司全体股东： 我们接受委托，审计了新兴铸管股份有限公司（以下简称新兴铸管公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变 动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审核了后附的 新兴铸管公司管理层编制的《2024 年度涉及财务公司关联交易的存款、贷款等 金融业务情况汇总表》（以下简称金融业务情况汇总表）。 一、对报告 ...

天健审〔2025〕4145 号 新兴铸管股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了新兴铸管股份有限公司（以下简称新兴铸管公司）2024 年 12 月 31 日 的财务报告内部控制的有效性。 新兴铸管股份有限公司 内部控制审计报告 目 录 | 一、内部控制审计报告…………………………………………第 1—2 页 | | --- | 二、资质证书……………………………………………………第 3—6 页 内部控制审计报告 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是新兴 铸管公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有 ...