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].

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company reported a revenue of 163.90 billion yuan in 2023, a decrease of 2.50% year-on-year, and a net profit attributable to shareholders of 5.08 billion yuan, down 20.38% year-on-year, while remaining a leader in the industry [2]. - The company's pre-tax profit margin was 6.69 times higher than the industry average, demonstrating strong profitability despite the industry's low profit margins [2]. - The proposed dividend payout ratio for 2023 reached 31.29%, the highest in nearly four years, translating to a dividend of 1.589 billion yuan and a dividend yield of 4.35% based on the closing price on March 29, 2024 [2]. - The product structure has been optimized, with key steel product sales reaching 16.83 million tons, accounting for 63% of total steel sales, an increase of 3 percentage points from 2022 [2]. - The company has implemented a "hard constraint, strong incentive" mechanism, adjusting 18 middle management personnel due to poor performance, with 45% of middle management being post-80s [3]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 44.06 billion yuan, a year-on-year increase of 0.79% and a quarter-on-quarter increase of 8.59% [2]. - The net profit for Q4 2023 was 974 million yuan, down 21.96% year-on-year and 36.63% quarter-on-quarter, aligning with industry trends [2]. - The company’s return on equity (ROE) remained above 10% from 2017 to 2023, with a minimum ROE of 10.30% [2]. - The net profit forecast for 2024 and 2025 has been adjusted downwards by 10.88% and 3.14%, respectively, with a new forecast for 2026 set at 6.849 billion yuan [3]. Product and Subsidiary Performance - Key product sales in 2023 included automotive steel (3.29 million tons, +13%), electrical steel (1.66 million tons, +12.16%), and shipbuilding steel (1.78 million tons, +12.66%) [2][11]. - Subsidiaries such as Hualing Henggang and the automotive plate company reported net profits of 842 million yuan and 2.474 billion yuan, respectively, marking year-on-year increases of 20.46% and 49.76% [2].

华菱钢铁（000932.SZ）2023年年报点评 区域龙头，产线升级提速高端化转型进程 2024年04月01日 ➢ 事件概述：公司发布2023年年报：2023年，公司实现营收1644.65亿元， 推荐 维持评级 同比减少2.5%；归母净利润50.79亿元，同比减少20.4%；扣非归母净利46.8 当前价格： 5.29元 亿元，同比减少24.7%。2023Q4，公司实现营收441.94亿元，同比增长0.9%、 环比增长 8.5%；归母净利润 9.74 亿元，同比减少 22%、环比减少 36.6%；扣 非归母净利6.83亿元，同比减少45.4%、环比增长54.7%。 [Table_Author] ➢ 点评：产销量增长，毛利率下滑 ① 量：2023年公司产销量稳步增长。公司2023年钢铁产品产量2594万吨， 同比减少2.37%，销量为2653万吨，同比增长0.07%。 ② 价：原料成本高位波动，公司全年毛利率下滑。2023 年热卷价格同比下滑 16.95%。主要原材料中，尽管铁矿石市场全年平均价格同比-0.01%，但焦炭价 格同比-0.28%，主焦煤价格同比-0.14%，废钢价格同比仅-0.1%。由于焦炭等原 分 ...

证券研究报告 | 年报点评报告 2024年03月30日 华菱钢铁（000932.SZ） 盈利呈现韧性，分红比例提升 事件：公司发布2023年年度报告。公司实现营业收入1638.97亿元，同比下滑2.5%； 买入（维持） 归母净利润50.79亿元，同比下滑20.38%；基本每股收益0.7351元。本次拟向全 股票信息 体股东每10股派发现金红利2.3元（含税）。 行业 普钢 盈利呈现韧性，毛利率净利率有望改善。公司2023年实现归母净利50.79亿元，同 比下降20.38%，实现扣非归母净利46.8亿元，下降24.66%；2023年虽然钢铁企 前次评级 买入 业普遍面临供给过剩、原料成本高企等因素影响，但公司归母利润降幅有限，展现 3月29日收盘价(元) 5.29 出公司盈利的韧性特征。公司2023Q1-Q4逐季销售毛利率分别为7.42%、11.19%、 总市值(百万元) 36,546.67 10.94%、8.17%，逐季销售净利率分别为2.47%、5.64%、4.94%、3.24%，受益 总股本(百万股) 6,908.63 于公司品种钢占比提升及一季度原料大跌，后续销售毛利率有望持续改善。 其中自由流通股(% ...

公司研 究 证 券研究 报 告 板材 2024年03月31日 华 菱钢铁（000932）2023年报点评 强 推 （维持） 品种钢比例持续提升，盈利能力显韧性 目标价：7.02元 当前价：5.29元 事项： 华创证券研究所 ❖ 3 月 29 日，公司发布《2023 年年度报告》，2023 年，公司实现营业总收入 证券分析师：马金龙 1644.65亿元，同比下降2.47%；归母净利润50.79亿元，同比下降20.38%； 扣非后归母净利润46.80亿元，同比下降24.66%。单季度看，23Q4实现营业 邮箱：majinlong@hcyjs.com 总收入441.94亿元，同比增长0.91%；归母净利润9.74亿元，同比下降21.96%； 执业编号：S0360522120003 扣非后归母净利润6.83亿元，同比下降45.38%。 证券分析师：马野 评论： 邮箱：maye@hcyjs.com ❖ 产品结构持续提升，全年业绩显韧性。2023年，公司加快产线结构升级调整， 执业编 号：S0360523040003 华菱涟钢冷轧硅钢一期一步建成，形成的 20 万吨无取向硅钢成品、9 万吨取 向硅钢半成品生产能力；VAM ...

Financial Performance - The company's operating revenue for 2023 was ¥163.90 billion, a decrease of 2.50% compared to ¥168.10 billion in 2022[13]. - The net profit attributable to shareholders for 2023 was ¥5.08 billion, down 20.38% from ¥6.38 billion in 2022[13]. - The net cash flow from operating activities decreased by 44.25% to ¥5.27 billion in 2023 from ¥9.46 billion in 2022[13]. - The basic earnings per share for 2023 was ¥0.7351, a decline of 20.38% compared to ¥0.9233 in 2022[13]. - The company achieved a profit total of ¥85.5 billion in 2023, a decline of 12.47% compared to the previous year, but maintained profitability throughout the year[20]. - The total profit was CNY 7.487 billion, with a net profit of CNY 6.640 billion, and net profit attributable to shareholders of the parent company was CNY 5.079 billion, maintaining relatively stable profitability[30]. - The company reported a total of ¥399.04 million in non-recurring gains and losses for 2023, which included investment income from financial products[18]. - The company reported a significant decrease in net profit due to lower downstream demand and high raw material prices, with cash outflow from operating receivables and payables reducing by approximately ¥1.73 billion[13]. Assets and Liabilities - Total assets at the end of 2023 increased by 11.23% to ¥133.13 billion from ¥119.69 billion at the end of 2022[13]. - The net assets attributable to shareholders at the end of 2023 were ¥53.26 billion, up 6.65% from ¥49.94 billion at the end of 2022[13]. - The company's debt-to-asset ratio improved significantly from a peak of 86.90% to 51.67% by the end of 2023, a decrease of 35.23 percentage points[22]. - The company's monetary funds decreased to ¥5,615,975,850.16, accounting for 4.22% of total assets, down 5.10 percentage points from the beginning of the year[52]. - Long-term borrowings rose to ¥15,574,439,689.39, accounting for 11.70% of total liabilities, an increase of 2.58 percentage points from the beginning of the year[52]. - The total liabilities increased to CNY 68.79 billion, up from CNY 62.10 billion, indicating a rise of 10.9%[182]. Cash Flow - The net cash flow from operating activities in 2023 decreased by 44.25% to ¥5,272,597,431.09 compared to ¥9,457,476,637.36 in 2022, primarily due to lower downstream demand and high raw material prices[50]. - Total cash inflow from operating activities was ¥140,285,692,127.52 in 2023, down 3.16% from ¥144,858,475,236.75 in 2022[50]. - The net increase in cash and cash equivalents turned negative at -¥4,544,297,589.72 in 2023, compared to a positive increase of ¥1,535,229,767.24 in 2022, reflecting reduced cash flow from operating and investing activities[50]. - The total cash outflow from investing activities increased by 10.25% to ¥20,970,005,486.69 in 2023, compared to ¥19,019,596,326.12 in 2022[50]. Research and Development - Research and development investment reached CNY 6.831 billion, accounting for 4.2% of total operating revenue, with 659 new patent authorizations, including 120 invention patents[31]. - The company increased R&D efforts, resulting in 120 new authorized invention patents and 8 metallurgical technology progress awards in the reporting period[27]. - The company completed the R&D certification of 25 high-end products in the thick plate sector, including Q690 grade high-strength steel, which was applied domestically for the first time[32]. - The company is focusing on high-end, intelligent, and green transformation and upgrading in response to the macroeconomic environment and industry adjustments[30]. Market Position and Strategy - The company is actively engaging in technological innovation and has established partnerships with universities and research institutions to enhance its R&D capabilities[24]. - The company established business relationships with over 150 Fortune 500 companies, supplying key projects domestically and internationally, including the world's largest span double-deck suspension bridge and the largest new onshore wind power project[25]. - The company is focusing on enhancing its product structure by increasing the proportion of specialty steel and transitioning from "premium steel" to "special steel" products[24]. - The company is advancing its green low-carbon transformation with a clear action plan for carbon peak and carbon neutrality[28]. Environmental and Social Responsibility - The company is recognized as a national-level "green factory" and has been awarded various environmental honors, including "National Environmentally Friendly Enterprise" status[28]. - The company invested approximately 1.9 billion yuan in environmental protection facilities during the reporting period[121]. - The company has implemented ultra-low emission modifications across key processes, expected to be fully completed by 2025[122]. - The company established a poverty alleviation special fund of 100,000 yuan to support households in need, providing timely assistance to those affected by illness or disaster[126]. Governance and Compliance - The company emphasizes compliance and risk control in its financial derivative operations, having revised its management measures to enhance operational processes and risk management[59]. - The company has established a comprehensive production system from ironmaking to steel rolling, ensuring independent production capabilities[78]. - The company has revised its governance documents, including the Articles of Association and rules for shareholder meetings, to ensure compliance with regulatory standards[77]. - The company has not reported any significant discrepancies between its governance practices and the regulations set by the China Securities Regulatory Commission[77]. Shareholder and Management Information - The company appointed Li Jianyu as the new Chairman and General Manager on January 11, 2023, following the resignation of Xiao Zunhu for personal reasons[82]. - The total pre-tax remuneration for the chairman and general manager, Li Jianyu, is 593,600 RMB[90]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounts to 3,700,600 RMB[90]. - The company has a stable management team with all current directors and supervisors serving until March 2, 2025, ensuring continuity in leadership[81].

董事会审计委员会对会计师事务所 2023 年度履职情况评估及履行监督职责情况的报告 1 股股东及其他关联方占用资金情况、涉及财务公司关联交易的存贷款等金融业务 情况等进行核查并出具了专项报告。 经审计，天健所认为公司财务报表在所有重大方面按照企业会计准则的规定 编制，公允反映了公司 2023 年 12 月 31 日的合并及母公司财务状况以及经营成 果和现金流量；公司按照《企业内部控制基本规范》和相关规定在所有方面保持 了有效的财务报告内部控制。天健所出具了标准无保留意见的审计报告。 一、2023 年年审会计师事务所基本情况 （一）天健会计师事务所基本情况 天健会计师事务所（特殊普通合伙）（以下简称"天健所"）成立于 2011 年 7 月 18 日，注册地址为浙江省杭州市西湖区灵隐街道西溪路 128 号，首席合伙 人为王国海先生，拥有财政部颁发的会计师事务所执业证书，是我国最早从事证 券业务的会计师事务所以及首批获得 H 股企业审计资格的事务所之一，具有超 过 40 年的证券业务从业经验。截至 2023 年 12 月 31 日，天健所从业人员超过 8,000 人，其中合伙人 238 人，注册会计师 2,272 ...

湖南华菱钢铁股份有限公司 2023 年度独立董事述职报告 根据《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》等法律法规，以及《公司章程》《独立董事工作制度》等内部制度的规定， 作为湖南华菱钢铁股份有限公司（以下简称"华菱钢铁"或"公司"）的独立董 事，我严格按照国家法规和《公司章程》赋予的权利和义务，诚信、勤勉、客观、 独立地履行职责，按时出席公司相关会议，认真审议董事会各项议案，对公司重 大事项发表独立意见，并为公司运营提出意见和建议，发挥独立董事的独立作用， 维护全体股东的合法权益和公司整体利益。现将本人 2023 年度的主要工作报告 如下： 一、独立董事基本情况 （一）个人简历 本人赵俊武，现任华菱钢铁独立董事，董事会提名与薪酬考核委员会召集人、 战略委员会委员。现任奥音科技集团联席 CEO，长沙岱勒新材料科技股份有限 公司独立董事。历任澳洲必和必拓集团研发部项目经理，江苏环太集团首席运营 官、贝卡尔特集团比利时总部技术经理，蓝思科技集团副总裁等。 （二）独立性说明 经自查，本人在履职期间不存在任何影响担任公司独立董事独立性的情况。 二、独立董事年度履职概况 （一）出席会议及会议 ...

本报告是湖南华菱钢铁股份有限公司（以下简称"华菱钢铁"、"本公司"、"公司"和"我们"）的第3份年度环 境、社会责任和公司治理报告。本报告真实、客观地介绍了华菱钢铁及其控制的子公司2023年在履行环境、社 会责任和公司治理方面活动的开展情况，重点披露公司社会、环境及公司治理等方面表现的相关信息。本报 告内，所有涉及资金的币种均指人民币。 报告范围 报告时间范围：2023年 1 月 1 日至 2023年 12 月 31 日（以下简称"报告期"），为增加报告可比性和完整性， 部分信息可追溯至2021年、2022年及延伸至 2024年。 本报告为年度报告。 报告组织范围：如无特别说明，本报告覆盖湖南华菱钢铁股份有限公司及其主要下属企业，包括湖南华菱湘 潭钢铁有限公司（以下简称"华菱湘钢"）、湖南华菱涟源钢铁有限公司（以下简称"华菱涟钢"）、衡阳华菱钢管 有限公司（以下简称"华菱衡钢"）、华菱安赛乐米塔尔汽车板有限公司（以下简称"VAMA"）和阳春新钢铁有限 责任公司（以下简称"阳春新钢"）。 关于本报告 报告说明 编制依据 本报告参考深圳证券交易所《主板上市公司规范运作指引》、《主板上市公司信息披露备忘录第 1 号 ...

湖南华菱钢铁股份有限公司 2023 年度独立董事述职报告 根据《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》等法律法规，以及《公司章程》《独立董事工作制度》等内部制度的规定， 作为湖南华菱钢铁股份有限公司（以下简称"华菱钢铁"或"公司"）的独立董 事，我严格按照国家法规和《公司章程》赋予的权利和义务，诚信、勤勉、客观、 独立地履行职责，按时出席公司相关会议，认真审议董事会各项议案，对公司重 大事项发表独立意见，并为公司运营提出意见和建议，发挥独立董事的独立作用， 维护全体股东的合法权益和公司整体利益。现将本人 2023 年度的主要工作报告 如下： 一、独立董事基本情况 （一）个人简历 本人肖海航，现任华菱钢铁独立董事，董事会战略委员会委员和关联交易审 核委员会委员。现任东方电气集团东方电机有限公司技术专家，中国电器工业协 会铁心应用分会常务副秘书长，中国金属材料协会电工钢学术委员会委员，全国 专业计量技术委员会磁学工作组成员等。历任东方电气集团东方电机有限公司主 任工程师、技术管理部副部长。 （二）独立性说明 经自查，本人在履职期间不存在任何影响担任公司独立董事独立性的情况。 二、出席 ...