证券研究报告 中钢国际 (000928 CH) 海外占比持续提升，盈利能力再优化 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 26 日│中国内地 | 建筑施工 | 目标价(人民币): | 9.80 | 公司发布半年报：25H1 实现营收 67.45 亿元（yoy-25.66%），归母净利 4.24 亿元（yoy+1.11%），扣非净利 4.22 亿元（yoy+13.01%）。其中 Q2 实现营收 32.26 亿元（yoy-22.67%，qoq-8.31%），归母净利 1.93 亿元 （yoy-5.88%，qoq-16.74%），国内钢铁行业景气承压导致收入下行，基本 符合我们的预期（2.0 亿元），我们认为海外业务景气较好，国内钢铁行业 或受益"反内卷"迎来转机，公司有望保持稳健增长，维持"买入"评级。 海外业务占比大幅提升至 74%，综合毛利率继续提升 收现比下降付现比提升，经营性现金流同比承压 25H1 公司经营性现金流净额-29.12 亿元，同比多流出 13.55 ...

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]

Group 1 - The core point of the article is that China Steel International (SZ 000928) held its 9th meeting of the 10th Board of Directors on August 25, 2025, to review the 2025 semi-annual report and other documents [1] - For the first half of 2025, the revenue composition of China Steel International was as follows: engineering settlement income accounted for 93.64%, domestic and foreign trade accounted for 4.54%, service income accounted for 1.6%, and other businesses accounted for 0.23% [1] - As of the time of reporting, the market capitalization of China Steel International was 9.6 billion yuan [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for the autumn season, with 25 job positions available, highlighting the demand for talent in the sector [1]

Core Viewpoint - China Steel International (000928.SZ) reported a significant decline in revenue for the first half of 2025, indicating challenges in the market environment [1] Financial Performance - The company achieved operating revenue of 6.745 billion yuan, a year-on-year decrease of 25.66% [1] - Net profit attributable to shareholders was 424 million yuan, reflecting a year-on-year increase of 1.11% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 422 million yuan, showing a year-on-year growth of 13.01% [1] - Basic earnings per share stood at 0.2958 yuan [1]

智通财经APP讯，中钢国际(000928.SZ)发布2025年半年度报告，该公司营业收入为67.45亿元，同比减少25.66%。归属于上市公司股东的净利润为4.24亿元， 同比增长1.11%。归属于上市公司股东的扣除非经常性损益的净利润为4.22亿元，同比增长13.01%。基本每股收益为0.2958元。 ...

智通财经APP讯，中钢国际(000928.SZ)发布2025年半年度报告，该公司营业收入为67.45亿元，同比减 少25.66%。归属于上市公司股东的净利润为4.24亿元，同比增长1.11%。归属于上市公司股东的扣除非 经常性损益的净利润为4.22亿元，同比增长13.01%。基本每股收益为0.2958元。 ...

中钢国际公告，2025年上半年营业收入67.45亿元，同比下降25.66%。净利润4.24亿元，同比增长 1.11%。 ...

中钢国际 独立董事专门会议审核意见 宝武财务公司严格按照《企业集团财务公司管理办法》的要求规范经营，经 营业绩良好。宝武财务公司内部控制及风险管理制度较为完善，且执行有效，能 较好地控制风险，其各项监管指标均符合国家金融监督管理总局的监管要求。未 发现其在经营资质、经营业务和财务报表编制相关的内部控制及风险管理体系及 运行等方面存在重大缺陷或风险。本公司与宝武财务公司的业务不存在重大风险。 同意将该议案提交董事会审议。 （以下无正文） 1 中钢国际工程技术股份有限公司 第十届董事会独立董事 2025 年第二次专门会议 审核意见 根据《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳证券交 易所股票上市规则》及《中钢国际工程技术股份有限公司章程》和《中钢国际工 程技术股份有限公司独立董事工作制度》的有关规定，中钢国际工程技术股份有 限公司（以下简称"公司"）已于 2025 年 8 月 25 日召开第十届董事会独立董事 2025 年第二次专门会议，基于独立判断立场，本着认真、严谨、负责的态度， 公司独立董事就本次会议的事项发表专项意见如下： 一、关于宝武集团财务有限责任公司 2025 年上半年风险评估报告 ...