公司研究丨点评报告丨中钢国际（000928.SZ） | --- | --- | |-------|-------| | | | | | | [Table_Author] 张弛 张智杰 袁志芃 请阅读最后评级说明和重要声明 资料来源：Wind 04-17 中钢国际发布 2024 年上半年业绩快报，上半年实现营业收入 90.73 亿元，同比下降 15.2%， 归属净利润 4.17 亿元，同比增长 21.7%，扣非净利润 4.13 亿元，同比增长 40.9%；二季度实 现归属净利润同比增长 50.2%，扣非净利润同比增长 50.9%。 ⚫ Q1 海外订单大幅增长，预计全年有望延续高增。一季度公司实现新签订单总额 60.2 亿， 同比增长 48.2%，其中境内订单 7.7 亿，同比下降 72%，海外订单 52.5 亿，同比增长 304%，在境内因钢铁行业景气承压导致订单大幅收缩的情况下，海外订单大幅增长形成 了很好的支撑。考虑到去年二季度境外基数较高（去年 Q2 境外订单 41.8 亿，同比增长 89%，绝对值在去年四个季度中显著领先），预计二季度增速会有所回落。但考虑到目前 公司依然有较多在跟踪项目，且"一带一路" ...

Summary of Conference Call Industry or Company Involved - The conference call focuses on the construction industry, specifically discussing the overseas expansion of state-owned enterprises (SOEs) in China [1] Core Points and Arguments - The call is part of a series dedicated to the overseas expansion of Chinese SOEs, indicating a strategic focus on international markets [1] Other Important but Possibly Overlooked Content - The speaker, a senior analyst from GF Securities, emphasizes the importance of understanding the dynamics of the construction industry in the context of global expansion [1]

公司报告 | 公司点评 资料来源：公司公告，天风证券研究所 财务预测摘要 | --- | --- | --- | --- | --- | --- | |-----------------------|-----------|-----------|-----------|-----------|-----------| | 资产负债表 ( 百万元 ) | 2022 | 2023 | 2024E | 2025E | 2026E | | 货币资金 | 8,196.42 | 9,725.46 | 7,304.83 | 12,091.51 | 9,171.47 | | 应收票据及应收账款 | 3,286.21 | 5,431.17 | 2,867.22 | 7,070.50 | 3,550.03 | | 预付账款 | 2,206.48 | 679.33 | 1,864.00 | 1,458.07 | 2,407.86 | | 存货 | 2,374.22 | 2,125.78 | 3,342.38 | 2,736.31 | 3,449.18 | | 其他 | 2,796.91 | 3,306.37 | 3,942.46 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has seen a significant increase in overseas orders, driven by stable growth in capital expenditures from overseas steel enterprises, with a notable increase in new contracts signed in 2023 [4][24] - The overseas low-carbon metallurgy engineering market is projected to have a market space of approximately 258.6 billion yuan from 2024 to 2026, indicating strong future growth potential [7][11] - The company has established a robust international business network, with operations in over 50 countries and a significant presence in the Belt and Road Initiative countries, contributing to a cumulative overseas contract amount of 15.06 billion USD since 2019 [12][24] Summary by Sections Overseas Orders and Market Growth - The company has secured numerous significant contracts in various countries, including Singapore, Indonesia, and Uzbekistan, with total contract amounts reaching billions of yuan [1] - The capital expenditures of major overseas steel companies have shown a stable growth trend from 2021 to 2023, which is expected to continue, further benefiting the company [4][5] Low-Carbon Metallurgy Market - The overseas low-carbon metallurgy engineering market is estimated to grow significantly, with annual investments projected to reach 745 billion yuan in 2024, 856 billion yuan in 2025, and 985 billion yuan in 2026 [8][11] - The company is well-positioned to capitalize on this trend due to its advanced low-carbon metallurgy technologies and ongoing projects [14][46] International Business Network - The company has a well-established international business network, with 14 overseas branches and extensive cooperation with over 50 well-known enterprises globally [12][24] - In 2023, the company signed new contracts worth 10.55 billion yuan, marking a year-on-year growth of 55% [24][25] Strategic Developments - The ongoing debt restructuring with Baowu Group is expected to enhance the company's internationalization and green low-carbon strategies, providing a platform for technological advancements [34][35] - The integration with Baowu Group is anticipated to reduce competition and enhance resource complementarity, further supporting the company's growth in low-carbon metallurgy [39][40]

[盈利预测与财务指标 Table_Forcast] 1.中钢国际（000928.SH）2023 年半年报点 评：23H1 出海加速，海外新签合同金额超 国内-2023/08/24 2.中钢国际（000928.SH）2023 年半年度业 绩快报点评：Q2 收入同增 20%，海外拓展 加速-2023/07/13 3.中钢国际（000928.SH）2022 年年报＆2 023 年一季报点评：23Q1 业绩"开门红"， 海外新签订单同比高增-2023/05/10 4.中钢国际（000928.SZ）深度报告：致力 国内冶金降碳，出海深耕"一带一路"-202 3/03/13 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并登记为注册分析师，基于认真审慎的工作态度、专业严谨的研 究方法与分析逻辑得出研究结论，独立、客观地出具本报告，并对本报告的内容和观点负责。本报告清晰准确地反映了研究人员的研 究观点，结论不受任何第三方的授意、影响，研究人员不曾因、不因、也将不会因本报告中的具体推荐意见或观点而直接或间接收到 任何形式的 ...

2024 年 07 月 16 日 Q2 业绩表现超预期，盈利能力显著提升。公司业绩快报公告 2024H1 实现 营收 90.7 亿元，同比下降 15.2%；实现归母净利润 4.17 亿元，同比增长 21.7%；扣非业绩 4.13 亿元，同比增长 40.9%。Q2 单季度实现营收 41.7 亿元，同比下降 25.3%，预计主要因境内业务受国内钢铁行业景气承压拖累； 归母净利润 2.02 亿元，同比大幅增长 50%；扣非业绩 2.01 亿元，同比高 增 51%，Q2 业绩表现超预期且增速大幅高于收入增速，预计主要因：1） 海外项目执行逐步恢复正轨，毛利率有所提升；2）减值损失在上年高基数 下有所减少（2023Q2 单季资产（含信用）减值损失为 0.78 亿元，较 2022Q2 多计提 1.39 亿元）。 投资建议：我们预测公司 24-26 年归母净利润分别为 9.3/10.5/11.5 亿元， 同比增长 22%/13%/9%，EPS 分别为 0.65/0.73/0.80 元/股，当前股价对应 PE 分别为 8.1/7.2/6.6 倍，维持"买入"评级。 | --- | --- | --- | --- | --- ...

Revenue Performance - Total revenue for the first half of 2024 was CNY 907,342.65 million, a decrease of 15.15% compared to CNY 1,069,381.35 million in the same period last year[3]. Profitability - Operating profit increased by 18.71% to CNY 56,029.00 million from CNY 47,199.00 million year-on-year[3]. - Net profit attributable to shareholders rose by 21.71% to CNY 41,723.50 million, up from CNY 34,281.49 million in the previous year[3]. - Net profit after deducting non-recurring gains and losses increased by 40.90% to CNY 41,266.28 million from CNY 29,287.43 million year-on-year[3]. - Basic earnings per share increased by 8.91% to CNY 0.2908 from CNY 0.2670 in the same period last year[3]. - The company achieved significant improvement in net profit by implementing detailed project management and cost reduction measures[11]. Asset and Equity Changes - Total assets decreased by 11.25% to CNY 2,662,206.46 million from CNY 2,999,822.04 million at the beginning of the period[3]. - Shareholders' equity attributable to the parent company increased by 1.07% to CNY 795,672.21 million from CNY 787,211.07 million[3]. Financial Reporting - The financial data presented is preliminary and has not been audited, with final figures to be disclosed in the 2024 semi-annual report[9]. - There were no discrepancies noted compared to previous performance forecasts[4].

本次电话会议仅服务于国泰金安证券正式签约客户会议音频及文字记录的内容仅供国泰金安证券客户内部学习使用不得外发并且必须经国泰金安证券研究所审核后方可留存国泰金安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰金安证券将保留追究其法律责任的权利国泰金安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加中钢国际线上交流目前所有的参会者均处于静音状态在演讲结束后将给大家留有提问时间现在有请主持人开始发言谢谢好的各位投资者大家下午好我是国泰圈建筑研究员郭浩然然后我们今天非常荣幸的邀请到了中钢国际的董事会秘书袁总和中钢国际的董事会办公室主任西总参加本次的电话会议 那本次第二会议是分为三个部分第一部分是国军建筑的首席韩一诚老师对建筑的观点做一个介绍第二部分是中央国际的公司领导对公司的近况做一个更新第三部分是问答环节首先有请韩老师谢谢好的谢谢浩然感谢袁总和齐总本周国军建筑团队邀请了19家公司做线上线下的中期策略会交流本场很荣幸请到袁总和齐总 当下的话三个趋势是最大的趋势一个是这个科技创新7月份三中全会也是以现代服务业新生生产力作为改革的一个 ...

Financial Data and Key Metrics Changes - The company reported a significant increase in overseas orders, with over 50% of new contracts coming from international markets, reflecting a growth rate of 55% in overseas new contracts [7] - The company's cash flow remains strong, with a projected dividend yield of approximately 5% based on a 50% payout ratio [8][74] - The company aims for a profit growth of over 20% in 2024, contingent on the continuation of favorable overseas market conditions [7] Business Line Data and Key Metrics Changes - The company operates in four main business lines: metallurgy engineering, mining engineering, environmental engineering, and green infrastructure construction, with metallurgy engineering being the most significant [11] - The company has seen a 30% growth in net profit in Q1 2023, excluding a one-time investment sale from the previous year [10] Market Data and Key Metrics Changes - The overseas business has grown from 15% in 2021 to 37% in 2023, with expectations to reach 50% by 2025 [58] - The company has secured significant contracts in emerging markets, particularly in regions like the Middle East and Africa, indicating strong demand for industrialization and urbanization [6][47] Company Strategy and Development Direction - The company is focusing on integrating its assets and expanding its overseas operations, particularly in regions with high demand for industrial projects [9][10] - The strategy includes leveraging synergies with parent company Baowu Steel Group to enhance resource allocation and operational efficiency [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the overseas market's growth potential, particularly in regions like Russia and the Middle East, where payment conditions are favorable [7][8] - The company anticipates a stable domestic market but sees opportunities in capacity relocation and environmental upgrades, which will sustain demand [6][10] Other Important Information - The company is positioned as a unique EPC enterprise in China, covering the entire process from mining engineering to steel production [31] - The company has a strong market presence in the Belt and Road Initiative countries, with 90% of its overseas contracts coming from these regions [58] Q&A Session Summary Question: What is the outlook for the company's overseas business? - The company expects its overseas orders to significantly exceed domestic orders, with a target of 150 to 200 billion in overseas contracts for 2024 [46] Question: How does the company plan to achieve its profit growth targets? - The management indicated that achieving the profit growth target relies on maintaining favorable conditions in overseas markets and effective cost management [7][74] Question: What are the key risks facing the company? - Risks include potential fluctuations in global market demand and the impact of domestic policy changes on the construction and steel industries [6][10]

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