Group 1 - The core viewpoint of the report is that Tianfeng Securities has given a "buy" rating for China Steel International (000928.SZ) based on several positive indicators [1] - The gross profit margin significantly improved in the first half of the year, driven by overseas operations contributing to overall revenue growth [1] - Domestic new contracts signed in the first half of the year increased by over 50% year-on-year, while overseas new orders saw a decline [1] - The expense ratio has increased year-on-year, indicating that cash flow needs improvement [1]

公司报告 | 半年报点评 中钢国际（000928） 证券研究报告 25Q2 扣非业绩大涨，毛利率水平大幅改善 Q2 扣非利润同比+18%，维持买入评级 公司发布 2025 年半年报，上半年公司实现营收 67.45 亿元，同比-25.66%， 归母净利润 4.24 亿元，同比+1.11%，扣非归母净利润 4.22 亿元，同比 +13.01%。其中，25Q2 单季实现营收 32.26 亿元，同比-22.67%，归母、扣 非归母净利润为 1.93、1.91 亿元，同比分别-5.88%、+17.92%。上半年收入 增速显著慢于扣非利润增速主要系毛利率同比大幅改善、非经常性损益项 目大幅减少，考虑到上半年公司业绩放缓，我们下调公司 2025-2027 年归 母净利润 8.6/9.5/10.4 亿元（前值分别为 9.65/11.2/12.8 亿元），按照公司 24 年末 51.4%的分红比例计算，25 年公司股息率接近 5%，继续维持"买 入"评级。 上半年毛利率水平大幅改善，境外带动公司整体收入增长 分业务来看，25 年上半年公司工程总承包、商品销售、服务业务分别实现 营收 63.16、3.06、1.08 亿元，同比- ...

Q2 营收同比下滑，毛利率持续提升 中钢国际(000928) 证券研究报告 专业工程 / 公司点评 / 2025.08.26 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-08-25 | | 收盘价(元) | 6.71 | | 流通股本(亿股) | 14.35 | | 每股净资产(元) | 5.80 | 最近 12 月市场表现 -5% 3% 11% 20% 28% 36% 中钢国际 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 联系人 陈悦明 chenym01@ctsec.com | 相关报告 | | --- | | 1. 《毛利率持续提升，经营现金流同比改 | | 善》 2025-04-24 | | 2. 《收入下滑毛利率改善，业绩保持较快增 | | 长》 2024-11-04 | | 3. 《海外占比持续提升，毛利率同比改善》 | | 2024-08-30 | 核心观点 | 盈利预测 | | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A ...

责任编辑：小浪快报 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 8月26日，中钢国际工程技术股份有限公司在公司会议室接待了长江证券、富荣基金、光证资管等60余 家机构的特定对象调研。公司副总经理、财务总监、董事会秘书袁陆生，董事会办公室主任戚欣参与接 待。 本次调研主要围绕公司半年报相关情况展开，交流内容未涉及公司内幕信息。以下为本次调研的重要信 息： 1.半年报主要经营指标：2025年上半年，面对复杂环境与行业挑战，公司经营整体平稳。实现营业 收入67.45亿元，虽较上年同期有所下降，但海外业务营收49.85亿元，占比73.91%，较上年同期占比提 升6.36%；国内业务营收17.6亿元，占比26.09%。归母净利润4 ...

Group 1: Financial Performance - The company achieved a revenue of 6.745 billion CNY in the first half of 2025, a decrease compared to the same period last year [4] - Overseas business revenue was 4.985 billion CNY, accounting for 73.91% of total revenue, an increase of 6.36 percentage points year-on-year [4] - Domestic business revenue was 1.76 billion CNY, making up 26.09% of total revenue [4] - The net profit attributable to shareholders was 424 million CNY, remaining stable year-on-year, while the net profit excluding non-recurring items increased by 13.01% [4] - The asset-liability ratio stood at 66.65%, a decrease of 1.84 percentage points year-on-year [4] Group 2: Cash Flow and Expenses - Operating cash flow showed a significant decline due to reduced revenue and delayed payments from clients [5] - Sales, management, and financial expenses all decreased year-on-year [5] - Research and development expenses amounted to 158 million CNY, with 43 new patents granted, including 9 invention patents [5] Group 3: Project Progress - The company has successfully completed the construction of the Bolivia Mutun Comprehensive Steel Plant [6] - The Tosyali Algeria Phase IV project has passed acceptance, marking a record for the company in overseas large electric furnace contracting [7] - The Tosyali Turkey project reached production capacity of 600,000 tons/year, utilizing the company's proprietary technology [7] Group 4: Accounts Receivable and Profit Margins - Accounts receivable increased year-on-year, with a mechanism established for regular data updates and accountability for collection [8] - The gross margin for engineering projects was 14.22%, an increase of 3.57 percentage points year-on-year; domestic projects had a gross margin of 18.9%, up 8.58 percentage points [8] - The overseas gross margin was 13.78%, an increase of 1.25 percentage points year-on-year [8] Group 5: Industry Trends - National statistics show that crude steel production was 515 million tons in the first half of 2025, a decrease of 3.0% year-on-year [9] - The steel industry is facing challenges of strong supply and weak demand, with a need for self-discipline and production adjustments [9] - The industry is expected to continue facing challenges in the second half of the year, including sustainability in high-level exports and environmental cost disparities [9] Group 6: Business Expansion - The company is focusing on business expansion in the Middle East and Africa [10] - Collaborations with major global companies such as Rio Tinto and ArcelorMittal are ongoing, with 17 overseas branches established [10] - The company has developed a comprehensive operational network in over 50 countries, with significant presence in several Belt and Road Initiative countries [10]

Core Viewpoint - Guosheng Securities report indicates that China Steel International achieved a net profit attributable to shareholders of 420 million yuan in H1 2025, a year-on-year increase of 1% [1] - The growth in net profit excluding non-recurring items increased by 13%, driven by a high base effect from the previous year's non-operating income which included a 60 million yuan impairment reversal [1] Financial Performance - In Q1 and Q2, the company reported revenues of 3.5 billion yuan and 3.2 billion yuan respectively, representing declines of 28% and 23% year-on-year [1] - The net profit attributable to shareholders for Q1 and Q2 was 230 million yuan and 190 million yuan, showing year-on-year changes of +8% and -6% respectively [1] - The net profit excluding non-recurring items increased by 9% in Q1 and 18% in Q2, with Q2 showing a significant acceleration in growth due to a 4 percentage point increase in quarterly gross margin [1] Regional Performance - In H1 2025, the company generated revenues of 1.8 billion yuan domestically and 5.0 billion yuan internationally, with year-on-year changes of -60% and +6% respectively [1] - Domestic orders in H1 saw a substantial increase of 54% year-on-year, indicating potential for revenue recovery as backlogged orders are gradually converted [1] Industry Outlook - The company is expected to benefit from the "anti-involution" policy, which is likely to accelerate the elimination of outdated and inefficient production capacity in the domestic steel industry [1] - This policy is anticipated to drive demand for low-carbon and efficiency-enhancing transformations in the steel sector [1] Cash Flow and Dividend - The company has maintained strong cash flow over the past three years, and its high dividend yield presents a strong attraction for investors [1] - The report maintains a "buy" rating for the company's stock [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 9.80 [1][5]. Core Insights - The company reported a revenue of RMB 6.745 billion for H1 2025, a year-over-year decrease of 25.66%, while the net profit attributable to shareholders was RMB 424 million, reflecting a slight increase of 1.11% year-over-year [1]. - The overseas business revenue significantly increased, accounting for 74% of total revenue, with a gross margin improvement to 15.12% in H1 2025, up 3.66 percentage points year-over-year [2]. - The company is expected to maintain steady growth due to favorable overseas market conditions and potential recovery in the domestic steel industry [1]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of RMB 6.745 billion, with a net profit of RMB 424 million, and a non-recurring net profit of RMB 422 million, showing a year-over-year increase of 13.01% [1]. - The second quarter revenue was RMB 3.226 billion, down 22.67% year-over-year and 8.31% quarter-over-quarter, with a net profit of RMB 193 million, down 5.88% year-over-year [1]. Profitability Metrics - The overall gross margin for H1 2025 was 15.12%, with the second quarter gross margin reaching 16.62%, reflecting significant improvements in both domestic and international margins [2]. - The net profit margin for H1 2025 was 6.29%, an increase of 1.67 percentage points year-over-year, while the non-recurring net profit margin was 6.26%, up 2.14 percentage points year-over-year [3]. Cash Flow and Financial Health - The operating cash flow for H1 2025 was negative RMB 2.912 billion, a decline of RMB 1.355 billion year-over-year, primarily due to delayed payments from clients [4]. - The company's debt ratio stood at 66.65%, a decrease of 2.30 percentage points year-over-year, with an interest-bearing debt ratio of 6.08%, an increase of 1.76 percentage points year-over-year [4]. Earnings Forecast and Valuation - The forecasted net profits for the company are RMB 878 million, RMB 925 million, and RMB 969 million for 2025, 2026, and 2027 respectively [5]. - The company is assigned a price-to-earnings (P/E) ratio of 16 times for 2025, leading to an adjusted target price of RMB 9.80, reflecting a valuation adjustment based on comparable companies [5].

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 风险提示：钢铁行业景气持续下行、海外项目执行风险、"反内卷"政策推进 不及预期等。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 26,377 | 17,647 | 14,941 | 15,917 | 16,963 | | 增长率 yoy（%） | 40.9 | -33.1 | -15.3 | 6.5 | 6.6 | | 归母净利润（百万元） | 761 | 835 | 874 | 933 | 998 | | 增长率 yoy（%） | 20.6 | 9.7 | 4.6 | 6.8 | 6.9 | | EPS 最新摊薄（元/股） | 0.53 | 0.58 | 0.61 | 0.65 | 0.70 | | 净资产收益率（%） | 9.7 | 10.0 | 10.0 | 10.1 | 10.3 | | P/E（倍） | 12.6 | 11.5 | 11.0 | 10.3 ...

Core Viewpoint - The company has disclosed its 2025 semi-annual report, highlighting its operational results, financial status, and future development plans, with no cash dividends or stock bonuses planned for the reporting period [1][3][6]. Group 1: Company Overview - The company is named Sinosteel International Engineering Technology Co., Ltd. and is listed under the stock code 000928 [7]. - The board of directors and the supervisory board have both convened meetings to review and approve the semi-annual report [2][30]. Group 2: Financial Data and Performance - The company reported a profit distribution plan for the reporting period, indicating no cash dividends or stock bonuses will be distributed [3]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5]. Group 3: Stock Options and Incentives - The company plans to cancel 361,200 stock options due to unmet performance targets for the second exercise period of its stock option incentive plan, along with an additional 170,000 options for two individuals who no longer meet the incentive conditions [4]. Group 4: Fundraising and Usage - The company raised a total of RMB 960 million through the issuance of convertible bonds, with a net amount of RMB 944.33 million after deducting issuance costs [36]. - As of June 30, 2025, the company has implemented strict management and usage protocols for the raised funds, ensuring compliance with relevant regulations [37][38]. Group 5: Future Engagement - The company will hold a performance briefing on September 5, 2025, to communicate with investors regarding its operational performance and development strategies [55][56].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights an improvement in gross profit margins and a counter-cyclical increase in overseas business revenue [6] - The company is expected to benefit from the "Belt and Road" initiative and low-carbon policies, enhancing its international market position [6] - The forecast for net profit from 2025 to 2027 shows a growth trajectory, with expected net profits of 913 million, 1,030 million, and 1,132 million respectively [6] Financial Summary - Total revenue for 2025 is projected at 17,053 million, with a year-on-year decline of 3.4% [5] - The gross profit margin for 2025 is estimated at 14.9%, maintaining the same level through 2027 [5] - The return on equity (ROE) is expected to be 10.1% in 2025, increasing slightly to 10.4% in 2026 and 2027 [5] - The company reported a net profit of 424 million for the first half of 2025, reflecting a year-on-year increase of 1.1% [6] - The cash flow from operating activities showed a net outflow of 29.1 billion in the first half of 2025, with a cash collection ratio of 69.7% [6]