Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 17.65 billion in 2024, a decrease of 33.1% year-on-year, while the net profit attributable to the parent company increased by 9.7% to 0.835 billion [1][5]. - The gross profit margin improved significantly, contributing to a notable increase in profitability despite revenue pressure [1][2]. - The company plans to distribute a cash dividend of 0.43 billion in 2024, with a dividend payout ratio of 51% and a dividend yield of 4.72%, enhancing investment returns [1]. Financial Performance - In Q1 2025, the company reported a revenue of 3.52 billion, down 28.21% year-on-year, but the net profit attributable to the parent company rose by 7.78% to 0.232 billion [1]. - The gross margin for the company in Q1 2025 was 13.7%, an increase of 3.15 percentage points year-on-year, indicating continuous improvement in profitability [2]. - The company’s net profit margin for 2024 was 4.95%, up 1.91 percentage points year-on-year, with a net cash flow from operations of 1.5 billion, reflecting strong cash flow performance [4]. Order and International Expansion - The company signed new contracts worth 19.67 billion in 2024, a year-on-year increase of 2.12%, with significant growth in overseas projects [3]. - The company has made substantial progress in international projects, particularly in Algeria, with the successful launch of major steel production facilities [3]. Cost Management - The company’s expense ratio for 2024 was 6.71%, an increase of 2.7 percentage points year-on-year, indicating challenges in effectively managing costs [4]. - Despite the increase in expense ratios, the overall profitability metrics improved due to enhanced gross margins [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown continuous improvement in profitability and cash flow performance, with a significant increase in gross margin by 5.7 percentage points year-on-year [2][3] - The company is expected to benefit from the ongoing "Belt and Road" initiative, which is anticipated to enhance infrastructure and engineering demand in emerging markets [3] Financial Performance Summary - In 2024, the company achieved total revenue of 17.6 billion, a decrease of 33% year-on-year, while net profit attributable to shareholders was 840 million, an increase of 10% [1] - The gross margin for 2024 was 14.5%, up 5.7 percentage points from the previous year, indicating improved profitability [2] - The company reported a net cash inflow from operating activities of 1.5 billion, reflecting strong cash flow management [2] - For Q1 2025, the company recorded total revenue of 3.5 billion, down 28% year-on-year, but net profit attributable to shareholders increased by 7.8% [1] Future Earnings Estimates - The company is projected to achieve net profits of 910 million, 980 million, and 1.05 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.6%, 7.8%, and 7.6% [3][4] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.63, 0.68, and 0.73 respectively [4] Dividend Policy - The company announced a cash dividend of 2.99 yuan per 10 shares for 2024, with a payout ratio of 51.4%, indicating a strong commitment to returning value to shareholders [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown continuous improvement in profitability and cash flow performance, with a significant increase in gross margin [2][3] - The company is expected to benefit from the ongoing "Belt and Road" initiative, which is anticipated to enhance infrastructure and engineering demand in emerging markets [3] Financial Performance Summary - In 2024, the company achieved total revenue of 17.6 billion, a decrease of 33% year-on-year, while net profit attributable to shareholders was 840 million, an increase of 10% [1] - The gross margin for 2024 was 14.5%, up 5.7 percentage points year-on-year, indicating improved profitability [2] - The company reported a net cash inflow from operating activities of 1.5 billion in 2024, reflecting strong cash flow management [2] - For Q1 2025, the company recorded total revenue of 3.5 billion, a decrease of 28%, but net profit attributable to shareholders increased by 7.8% [1] Future Earnings Projections - The company is projected to achieve net profits of 910 million, 980 million, and 1.05 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.6%, 7.8%, and 7.6% [3][4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63, 0.68, and 0.73 respectively [4] Dividend Policy - The company announced a cash dividend of 2.99 per 10 shares for 2024, with a payout ratio of 51.4%, indicating a strong commitment to returning value to shareholders [3]

Investment Rating - The report maintains a "Buy" rating for the company [6][17]. Core Views - The company achieved a revenue of 17.65 billion in 2024, a decrease of 33.1% year-on-year, while the net profit attributable to the parent company increased by 9.7% to 0.835 billion [1]. - The gross profit margin improved significantly, contributing to a notable increase in profitability despite revenue pressure [1][2]. - The company plans to distribute a cash dividend of 0.43 billion in 2024, with a dividend payout ratio of 51%, resulting in a dividend yield of 4.72% [1]. - The company expects net profits for 2025-2027 to be 0.965 billion, 1.115 billion, and 1.279 billion respectively, with corresponding P/E ratios of 9.4, 8.1, and 7.1 [1]. Revenue and Profitability - In Q1 2025, the company reported a revenue of 3.52 billion, down 28.21% year-on-year, but net profit increased by 7.78% to 0.232 billion [1]. - The engineering contracting business saw a gross margin of 13.61%, up 6.06 percentage points year-on-year, which significantly enhanced overall profitability [2]. - The overall gross margin for the year improved by 5.71 percentage points to 14.5% [2]. Order Growth and Internationalization - The company signed new orders worth 19.67 billion in 2024, a year-on-year increase of 2.12%, with international orders growing significantly [3]. - The company has made substantial progress in international projects, particularly in mining and steel production, with several key projects successfully launched [3]. Financial Performance - The company’s cash flow from operations (CFO) for 2024 was 1.5 billion, an increase of 1.36 billion year-on-year, indicating strong cash flow performance [4]. - The net profit margin for 2024 was 4.95%, up 1.91 percentage points year-on-year, while the Q1 2025 net profit margin was 6.82%, up 2.25 percentage points [4]. Financial Data and Valuation - The company’s projected revenue for 2025 is 18.49 billion, with a growth rate of 4.8% [5]. - The earnings per share (EPS) for 2024 is expected to be 0.58, with a P/E ratio of 10.87 [5]. - The total market capitalization is approximately 9.08 billion [7].

证券代码：000928 证券简称：中钢国际 公告编号：2025-16 除单项计提坏账准备的上述应收款项外，本公司依据信用风险特征将其余金 融工具划分为若干组合，在组合基础上确定预期信用损失。本公司对应收票据、 应收账款、其他应收款、合同资产、长期应收款等计提预期信用损失的组合类别 及确定依据如下： 一、本年度计提资产减值准备的情况 公司本着谨慎性原则，对公司及下属子公司的应收票据、应收账款、其他应 收款、长期应收款、合同资产、存货、长期股权投资、投资性房地产、固定资产、 无形资产、在建工程等各类资产进行了减值测试，判断可能发生减值的迹象，确 定了需要计提资产减值准备的资产科目，本年度计提资产减值准备情况如下： | 项目 | 报告期计提金额（万元） | | --- | --- | | 一、应收票据坏账损失 | 1,941.92 | | 二、应收账款坏账损失 | 6,326.30 | | 三、其他应收款坏账损失 | 14.42 | | 四、长期应收款坏账损失 | 16,854.89 | | 五、存货跌价准备 | 7.22 | | 六、合同履约成本减值损失 | - | | 七、长期股权投资减值损失 | - | | ...

中钢国际工程技术股份有限公司 关于对宝武集团财务有限责任公司的风险评估报告 根据《关于规范上市公司与企业集团财务公司业务往来的通 知》（证监发〔2022〕48号）、《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》（2023年修订）、《企业 集团财务公司管理办法》（2022）等文件要求，通过查验宝武集 团财务有限责任公司（以下简称"财务公司"）《金融许可证》 《企业法人营业执照》等证件，在审阅资产负债表、利润表、现 金流量表等定期财务报表和内部控制制度的基础上，对财务公司 2024年风险管理情况进行了评估，具体风险评估情况如下： 一、基本情况 财务公司是1992年6月经监管部门批准成立的全国性非银行 金融机构，是由国家金融监督管理总局监管的非银行金融机构， 企业法人统一社会信用代码为913100001322009015。财务公司注 册资本68.4亿元（含3500万美元），股权结构：中国宝武钢铁集 团有限公司占24.32%、马鞍山钢铁股份有限公司占22.36%、宝山 钢铁股份有限公司占16.97%、太原钢铁（集团）有限公司占12.58%、 山西太钢不锈钢股份有限公司占12.08%、武汉钢铁有限公司 ...

（一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准中钢国际工程技术股份有限公司公开 发行可转换公司债券的批复》（证监许可﹝2021﹞410 号）同意，本公司获准向社 会公开发行面值总额 96,000.00 万元可转换公司债券。本公司实际已公开发行了 960.00 万张可转换公司债券，每张面值 100 元，发行总额 960,000,000.00 元，减 除发行费用人民币15,666,037.74元后，募集资金净额为人民币944,333,962.26元。 上述资金于 2021 年 3 月 25 日全部到位，已经大华会计师事务所（特殊普通合 伙）审验，并出具了大华验字﹝2021﹞000194 号《验资报告》。 证券代码：000928 证券简称：中钢国际 公告编号：2025-12 中钢国际工程技术股份有限公司 2024 年年度募集资金存放与使用情况专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 中钢国际工程技术股份有限公司（以下简称"中钢国际""本公司"或"公 司"）董事会根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用 ...

中钢国际工程技术股份有限公司 2024 年年度董事会工作报告 2024年，董事会进一步落实风险防控相关职权，强化"防风险"功 能，将董事会审计委员会更名为审计与风险管理委员会，并补充风险 管理相关职能，增加风险管控相关职责，从而增强董事会决策的民主 性与科学性，为监事会改革奠定坚实基础。 （二）坚持规范运作，提高公司决策科学性。 2024年是全面贯彻落实党的二十大精神的关键之年，是宝武构建 新型经营责任制的开局之年，同时也是中钢国际推动高质量发展再上 新台阶的重要一年。公司董事会坚决贯彻落实习近平总书记关于坚持 "两个一以贯之"建设中国特色现代企业制度的重要论述，进一步加强 党的全面领导和完善公司治理相统一，充分发挥"定战略、作决策、 防风险"重要职责，持续发挥战略引领和科学决策功能，积极履行社 会责任，维护利益相关者的合法权益，公司治理水平和治理质效不断 提升。一年来，公司经营业绩稳步提升，海外市场份额不断扩大，高 端化技术实现新突破，数字化转型取得新成效，国企改革步伐行稳致 远，ESG治理水平显著提高，现将一年来公司董事会工作情况报告如 下： 一、2024年度董事会工作情况 公司董事会严格遵守上市公司各项 ...

证券代码：000928 证券简称：中钢国际 公告编号：2025-19 中钢国际工程技术股份有限公司 副董事长、总经理赵恕昆，独立董事王天翼，常务副总经理、总工程师化光 林，副总经理、财务总监、董事会秘书袁陆生（如遇特殊情况，参会人员可能进 行调整）。 一、说明会召开的时间、地点和方式 关于举办 2024 年年度暨 2025 年一季度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 中钢国际工程技术股份有限公司（以下简称"公司"）已于 2025 年 4 月 24 日在《证券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）上披露了 《2024 年年度报告摘要》（公告编号：2025-9）和《2025 年第一季度报告》（公 告编号：2025-18），在巨潮资讯网上披露了《2024 年年度报告》（公告编号： 2025-10）。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等 情况，公司定于 2025 年 5 月 7 日（星期三）15:00-16:30 举办 2024 年年度暨 2025 年一季度业绩说明会，与投资者进行沟通 ...

证券代码：000928 证券简称：中钢国际 公告编号：2025-17 2023 年 10 月，财政部发布了《准则解释第 17 号》，规定了"关于流动负债 与非流动负债的划分""关于供应商融资安排的披露""关于售后租回交易的会计 处理"的相关内容，该解释规定自 2024 年 1 月 1 日起施行。 2024 年 12 月，财政部发布了《准则解释第 18 号》，规定对不属于单项履约 义务的保证类质量保证产生的预计负债，应当按确定的金额计入"主营业务成本" "其他业务成本"等科目，该解释规定自印发之日起施行，允许企业自发布年度 提前执行。 根据上述会计解释的规定，公司自 2024 年 1 月 1 日起执行变更后的会计政 策。 （二）变更前后采用的会计政策 中钢国际工程技术股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 中钢国际工程技术股份有限公司（以下简称"公司"）根据中华人民共和国 财政部（以下简称"财政部"）颁布的《关于印发〈企业会计准则解释第 17 号〉 的通知》（财会〔2023〕21 号，以下简称"《准则解释第 17 号 ...