华菱钢铁（000932.SZ）2024年一季报点评 Q1 业绩承压，产线结构加快升级 2024年04月30日 ➢ 事件概述：公司发布 2024 年一季报。2024Q1，公司实现营收 370.48 亿 推荐 维持评级 元，同比减少7.1%、环比减少16.2%；归母净利润3.92亿元，同比减少43.1%、 当前价格： 5.76元 环比减少59.8%；扣非归母净利3.23亿元，同比减少49.9%、环比减少52.8%。 ➢ 点评：毛利率同环比均有下滑 ① 价：公司毛利率下滑。2024Q1由于钢铁价格回落，公司毛利率为5.86%， [Table_Author] 同比下滑1.56pct，环比下滑2.31pct。 ② 2024Q1vs2023Q4：2024Q1 归母净利润环比减少 5.82 亿元，主要的增 利点在于费用和税金（9.12亿元）、少数股东损益（1.19亿元）、所得税（0.15 亿元）、公允价值变动（0.03亿元）、营业外收支（0.04亿元）；主要的减利点 包括毛利（-13.88亿元）、其他/投资收益（-2.19亿元）、减值损失等（-0.29 亿元）。 分析师 邱祖学 ③ 2024Q1vs2023Q1：2024Q ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥36,912,216,732.08, a decrease of 7.17% compared to ¥39,762,223,771.96 in the same period last year[3]. - Net profit attributable to shareholders was ¥391,534,073.51, down 43.13% from ¥688,528,138.10 year-on-year[3]. - The net profit after deducting non-recurring gains and losses was ¥322,512,398.26, reflecting a 49.92% decline from ¥643,970,645.55 in the previous year[3]. - The company reported a total profit of ¥90,624.19 million for the quarter, with a net profit of ¥39,153.41 million attributable to shareholders[7]. - The net profit for Q1 2024 was CNY 725,779,156.09, a decrease of 26.1% compared to CNY 982,726,585.37 in Q1 2023[17]. - The total revenue from operating activities was CNY 28,725,860,950.58, down from CNY 37,133,711,322.68 in the previous year, reflecting a decline of 22.6%[19]. - Basic earnings per share for Q1 2024 were CNY 0.0567, down from CNY 0.0997 in Q1 2023, representing a decline of 43.2%[18]. - The total comprehensive income for the period was CNY 663,947,307.73, a decrease of 32.5% from CNY 983,489,744.98 in the previous year[18]. Cash Flow - The company achieved a net cash flow from operating activities of ¥183,602,859.61, a significant improvement compared to a negative cash flow of ¥3,426,219,406.71 in the same period last year, marking a 105.36% increase[3]. - The net cash flow from operating activities turned positive at ¥183.60 million, a significant improvement from a negative cash flow of ¥3.43 billion in the previous period, primarily due to reduced cash outflow from operating receivables and payables[9]. - Cash flow from operating activities showed a net inflow of CNY 183,602,859.61, a significant recovery from a net outflow of CNY -3,426,219,406.71 in Q1 2023[19]. - The net increase in cash and cash equivalents was -¥663.14 million, an improvement from -¥3.29 billion in the same period last year[20]. - The ending balance of cash and cash equivalents was approximately ¥2.91 billion, down from ¥4.83 billion at the end of the previous year[20]. Assets and Liabilities - Total assets at the end of Q1 2024 were ¥139,229,766,599.05, representing a 4.58% increase from ¥133,132,535,874.34 at the end of the previous year[3]. - Current assets rose to CNY 72,386,610,227.27, compared to CNY 66,648,100,939.95, marking an increase of 8.2%[15]. - The total liabilities of the company reached CNY 74,195,866,990.43, an increase of 7.3% from CNY 68,791,134,732.86[16]. - The total equity attributable to shareholders increased to CNY 53,607,352,760.55 from CNY 53,259,733,032.33, reflecting a growth of 0.7%[16]. Investment Activities - Investment activities generated a cash outflow of ¥3.71 billion, a decrease of 33.75% compared to ¥5.60 billion in the previous period, mainly due to a reduction in large deposits purchased[9]. - The company reported a significant increase in investment income, which reached CNY 115,500,783.85, up from CNY 77,025,785.17 in the same quarter last year, indicating a growth of 50%[17]. - Total cash outflow from investment activities was approximately ¥4.92 billion, a decrease from ¥6.09 billion in the previous year, resulting in a net cash flow from investment activities of -¥3.71 billion compared to -¥5.60 billion last year[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 87,590, with the largest shareholder, Hunan Steel Group, holding 32.41% of shares[10]. - Hunan Steel Group and its subsidiaries collectively hold 3,023,210,455 shares, representing a significant portion of the company's equity[10]. Future Outlook and Strategy - The company plans to accelerate its transformation towards high-end, intelligent, and green development amidst ongoing industry adjustments[7]. - The company is focusing on market expansion and new product development to counteract the downturn in the steel industry[9]. - Future outlook remains cautious due to ongoing adjustments in the steel industry and insufficient downstream demand[9]. Financial Adjustments - Financial expenses increased by 95.80% to ¥59,732,649.11 due to a decline in interest income exceeding the increase in interest expenses[8]. - The company began implementing new accounting standards starting in 2024, affecting the financial statements[20].

湖南华菱钢铁股份有限公司 2023 年度股东大会会议资料 2024-5-7 湖南华菱钢铁股份有限公司 2023 年年度股东大会议程 | 序号 | 审议议案 | 公司 | 2023 年度董事会工作报告 | 1 | | | --- | --- | --- | --- | --- | --- | | 公司 | 2023 年度监事会工作报告 | 2 | 公司 | 2023 年度财务决算报告 | 3 | | 公司 | 2023 年度报告全文及其摘要 | 4 | 公司 | 2023 年度利润分配预案 | 5 | | 公司 | 2024 年固定资产投资计划 | 6 | 序号 | 报告事项 | | | 7 | 年度独立董事述职报告（赵俊武、肖海航、蒋艳辉） | 2023 | | | | 1 一、 主持人介绍到会股东及来宾； 二、 会务组宣布本次到会股东资格审查情况； 三、 主持人宣读本次股东大会表决办法； 四、 主持人宣布监票人、计票人名单； 五、 报告人宣读议案，与会股东进行审议； 六、 股东发言和询问； 七、 股东对议案投票表决； 八、 休会，统计表决结果； 九、 监票人宣布表决结果； 十、 律师宣读法律意见书； 十一、 ...

证券代码：000932 证券简称：华菱钢铁 公告编号：2024-18 湖南华菱钢铁股份有限公司 关于召开 2023 年度股东大会的通知 本公司及董事会全体成员保证公告真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 湖南华菱钢铁股份有限公司（以下简称"公司"）定于2024年5月7日（星期二） 14:30召开2023年度股东大会，本次会议采取现场表决与网络投票相结合的方式 召开，现将有关事项通知如下： 一、 召开会议的基本情况 1、会议届次：2023 年度股东大会 2、会议召集人：董事会。第八届董事会第二十次会议审议通过了关于召开 本次股东大会的议案。 3、会议召开的合法、合规性：本次股东大会会议的召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的有关规定。 （1）在股权登记日持有公司已发行有表决权股份的普通股股东或其代理人； 于股权登记日下午收市时在中国证券登记结算有限责任公司深圳分公司登记在 册的公司全体已发行有表决权股份的股东均有权出席股东大会，并可以以书面形 式委托代理人出席会议和参加表决，该股东代理人不必是本公司股东。 4、会议召开的日期、时间： （1）现场会议：2024 年 ...

证券代码：000932 股票简称：华菱钢铁 公告编号：2024-19 特此公告。 湖南华菱钢铁股份有限公司董事会 2024 年 4 月 15 日 湖南华菱钢铁股份有限公司 关于召开2023 年度网上业绩说明会的公告 本公司董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 湖南华菱钢铁股份有限公司（以下简称"公司"或"华菱钢铁"）已于 2024 年 3 月 30 日 在巨潮资讯网上披露了《2023 年年度报告全文》。为便于广大投资者进一步了解公司 2023 年 年度经营情况，公司定于 2024 年 4 月 19 日（星期五）下午 15:00-17:00 在"价值在线"（www.ir- online.cn）举行 2023 年度网上业绩说明会。本次网上业绩说明会将采用网络远程的方式举行， 出席说明会的人员有公司董事长、总经理李建宇先生，董事、副总经理、财务总监兼董事会秘 书阳向宏先生，证券事务代表刘笑非女士。 为广泛听取投资者的意见和建议，公司拟提前向投资者征集问题，提问通道自发出公告之 日起开放。投资者可通过以下两种方式，依据相关提示，授权登入"价值在线"进行提问并参 与互 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - Hualing Steel is transitioning from "premium steel" to "special steel," with a steel production capacity of 25.28 million tons in 2022. The product structure upgrade has increased the proportion of specialty steel to 63% in 2023 [1][11]. - The company is implementing three major transformations: "quality, efficiency, and dynamics," and is enhancing its integrated R&D innovation system [1][21]. - Hualing Steel's comprehensive strength is highlighted by its leading position in high-end plate and pipe products, as well as its advantageous location for long products, which enhances its competitiveness [1][25]. Summary by Sections Company Overview - Hualing Steel, with a production capacity of 25.28 million tons in 2022, is a large state-owned enterprise transitioning from "premium steel" to "special steel" [1][11]. - The company has a complete production process, covering various steel products and serving multiple downstream industries [11]. Product Structure - The product structure upgrade has led to a significant increase in specialty steel sales, which accounted for 63% of total sales in 2023 [1][13]. - The revenue and gross profit structure for 2023 shows that plates, long products, and pipes contributed 67%, 13%, and 10% to gross profit, respectively [1][17]. Strategic Development - Hualing Steel is focused on enhancing its "three strategic support systems" and aims to accelerate its transition towards high-end, intelligent, and green production [21][24]. - The company plans to increase the proportion of special steel from 10% to over 25% by the end of the "14th Five-Year Plan" [22][24]. Financial Analysis - The company forecasts EPS of 0.80, 0.81, and 0.89 CNY for 2024, 2025, and 2026, respectively, with a target PE of 10 times for 2024, leading to a reasonable value of 7.95 CNY per share [1][2][3]. - Revenue is projected to decline slightly from 164.47 billion CNY in 2023 to 159.34 billion CNY in 2024, with a net profit forecast of 5.493 billion CNY for 2024 [2].

Investment Rating - The report assigns a "Buy" rating for the company, Huazhong Steel [1][13]. Core Views - The company is positioned as a high-quality steel stock with strong fundamentals, navigating through the bottom of the cycle effectively [1]. - Despite a decrease in revenue and net profit in 2023, the company maintains a leading position in the industry, supported by its subsidiaries' performance [3][8]. - The company is expected to experience a performance release in 2024 due to new capacity and production line upgrades [4][12]. Financial Performance - In 2023, the company achieved total revenue of 164.465 billion yuan, a year-on-year decrease of 2.47%, and a net profit attributable to shareholders of 5.079 billion yuan, down 20.38% year-on-year [2][7]. - The weighted ROE for 2023 was 9.87%, and the debt-to-asset ratio at the end of 2023 was 51.67% [3][8]. - The company’s subsidiaries, Huazhong Henggang and Automotive Steel, reported net profits of 842 million yuan and 2.474 billion yuan, respectively, with year-on-year growth of 20.47% and 49.78% [3][8]. Cost Control and Efficiency - The company has improved operational efficiency through cost control and increased R&D expenditure, with a R&D expense ratio of 4.2% in 2023, up 0.33 percentage points from 2022 [3][12]. - The company has implemented strategies to reduce costs across various operations, including optimizing iron and steel costs and enhancing procurement competitiveness [12]. Product Development and Market Expansion - The company has established a leading advantage in multiple sectors, including energy, shipbuilding, and new materials, with a focus on high-end product development [12]. - In 2023, the company added 30 new steel grades to replace imports, increasing the sales proportion of key steel products to 63%, up 3 percentage points from 2022 [12]. - The company exported 1.56 million tons of steel in 2023, marking a year-on-year increase of 26.04% [12]. Future Outlook - The company is expected to achieve revenues of 167.88 billion yuan, 174.4 billion yuan, and 178.99 billion yuan in 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 2.1%, 3.9%, and 2.6% [13]. - The net profit attributable to shareholders is projected to be 6.046 billion yuan, 6.743 billion yuan, and 7.146 billion yuan for the same years, with growth rates of 19.1%, 11.5%, and 6.0% [13].

证券研究报告 | 2024年04月03日 华菱钢铁（000932.SZ） 增持 产品结构升级，分红比例提升 核心观点 公司研究·财报点评 降本增效，业绩具备韧性。近年来公司品种钢销量不断提升，叠加成本压降、 钢铁·普钢 资产负债结构优化，公司抵御市场波动能力持续提升。2023年在行业需求弱 证券分析师：刘孟峦 证券分析师：冯思宇 势运行，原燃料价格相对强势的背景下，公司业绩稳定性得到反复验证，全 010-88005312 010-88005314 liumengluan@guosen.com.cn fengsiyu@guosen.com.cn 年实现营业总收入1644.65亿元，同比下降2.47%，归母净利润50.79亿元， S0980520040001 S0980519070001 同比下降20.38%。四季度单季，公司实现营业总收入441.94亿元，环比增 基础数据 长8.54%，归母净利润9.74亿元，环比下降36.65%。 投资评级 增持(维持) 合理估值 加大研发投入，品种钢销量提升。公司长期注重研发投入，持续推进产品高 收盘价 5.24元 端化转型。2023年，公司发生研发费用68.3亿元，占营业 ...

上 市 公 司 钢铁 2024 年04月 01 日 华菱钢铁 (000932) 公 司 研 究 ——2023 年报点评：产品结构持续优化，利润水平韧性 公 司 凸显 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持） 证  公司发布2023年报，业绩符合市场预期。报告期内，公司实现营业总收入1644.65亿元， 券 同比下降2.47%，归母净利润50.79亿元，同比下降20.38%。公司四季度单季归母净利 研 市场数据： 2024年04月01日 润9.73亿元，同比下降21.96%，环比三季度下降36.65%。 究 收盘价（元） 5.24 报 一年内最高/最低（元） 6.43/4.68  品种结构持续优化，单吨盈利具有韧性。2023年公司实现钢材销量2653万吨，同比基本 告 市净率 0.7 息率（分红/股价） - 持平；吨钢售价约4645元/吨，同比下降8.39%；吨钢成本约4104元/吨，同比下降7.95%； 流通A股市值（百万元） 36201 吨钢毛利约542元/吨，同比下降12.07%。报告期内，公司进一步优化产品结构，品种钢 上证指数/深证成指 3077.38/9647.07 销量 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.26 CNY, indicating an expected upside of over 20% within the next six months [3][7]. Core Views - The company reported a total revenue of 163.9 billion CNY in 2023, a decrease of 2.5% year-on-year, and a net profit of 5.08 billion CNY, down 20.38% year-on-year. The fourth quarter of 2023 saw a revenue of 44.06 billion CNY, an increase of 8.59% quarter-on-quarter and 0.79% year-on-year [1]. - The company has demonstrated strong pricing power and resilience in performance despite price declines, with a focus on optimizing product structure [1]. - The company has increased its dividend payout ratio, distributing 2.3 CNY per 10 shares, totaling 1.589 billion CNY, which represents 31.29% of the net profit for 2023, up 5.3 percentage points from 2022 [1]. Financial Summary - In 2023, the company achieved a revenue of 168.1 billion CNY, with a projected revenue of 169.6 billion CNY for 2024, reflecting a growth rate of 1% [2]. - The net profit for 2023 was 6.38 billion CNY, with expectations of 5.77 billion CNY for 2024, indicating a decline of 10% [2]. - The earnings per share (EPS) for 2023 was 0.92 CNY, with projections of 0.83 CNY for 2024 and 0.95 CNY for 2025 [2]. Product and Market Position - The company has shifted its product structure towards high-end products, with specialty steel sales accounting for 63% of total sales in 2023, an increase of 3 percentage points from the previous year [1]. - Research and development investment reached 6.83 billion CNY in 2023, representing 4.2% of total revenue, with 659 new patents granted [1]. - The company has made significant advancements in production capabilities, including the launch of new high-end automotive steel production lines [1].