Baosteel(SH:600019)2024-04-26 07:38Financial Performance - The total profit for the first quarter reached 2.79 billion RMB, maintaining the company's position as the leader in the domestic steel industry[4] - The company's operating revenue for the first quarter was 8.0814 billion RMB, a year-on-year increase of 2.81%[6] - The net profit attributable to shareholders was 192.6 million RMB, reflecting a growth of 4.4% compared to the previous year[6] - The basic earnings per share increased by 12.5% to 0.09 RMB per share[6] - In Q1 2024, the company reported a net profit of approximately ¥2.29 billion, an increase from ¥2.18 billion in Q1 2023, representing a growth of about 4.0%[18] - The total comprehensive income attributable to the parent company in Q1 2024 was approximately ¥1.74 billion, down from ¥1.86 billion in Q1 2023, a decline of about 6.6%[19] Production and Sales - The company achieved an export order volume of 1.52 million tons, exceeding the target and supporting full production and sales[4] - The sales volume of high value-added products increased by 16.5% year-on-year, totaling 7.312 million tons[5] - In Q1 2024, the company produced 11.878 million tons of iron and 13.095 million tons of steel, with a total sales volume of 12.524 million tons of finished products, achieving a consolidated profit of 2.79 billion RMB[13] Cost Management - Cost reduction efforts resulted in a savings of 2.24 billion RMB in the first quarter, significantly outperforming the industry average[5] - The company reported a total operating cost of ¥79,363,321,334.53 for Q1 2024, compared to ¥77,395,960,686.70 in Q1 2023, marking an increase of about 2.5%[17] - The cost of goods sold in Q1 2024 was CNY 31.05 billion, up from CNY 30.55 billion in Q1 2023, reflecting an increase of approximately 1.6%[26] Assets and Liabilities - The total assets at the end of the reporting period were 375.325 billion RMB, showing a slight decrease of 0.19% from the previous year[6] - Total liabilities decreased to ¥153,251,733,710.98 from ¥155,913,671,276.70, indicating a reduction of about 1.7%[16] - The total liabilities as of March 31, 2024, were CNY 91.48 billion, down from CNY 93.64 billion as of December 31, 2023[25] Cash Flow - The company experienced a net cash outflow from operating activities of approximately -¥3.01 billion in Q1 2024, compared to -¥5.32 billion in Q1 2023, showing an improvement[20] - The cash and cash equivalents at the end of Q1 2024 stood at approximately ¥22.81 billion, an increase from ¥20.04 billion at the end of Q1 2023, representing a growth of about 13.7%[21] - The company recorded cash outflows from investing activities of CNY 3,408,884,853.52 in Q1 2024, compared to CNY 6,022,346,237.63 in Q1 2023, showing a reduction of approximately 43.7%[30] Research and Development - Research and development expenses for Q1 2024 were ¥779,602,759.77, up from ¥733,466,115.03 in Q1 2023, showing an increase of approximately 6.3%[17] - Research and development expenses for Q1 2024 were CNY 232.22 million, compared to CNY 217.64 million in Q1 2023, marking an increase of about 6.7%[26] Market Conditions - The domestic steel market remained sluggish in Q1 2024, with crude steel production in China at 257 million tons, a year-on-year decrease of 1.9%[13] - The average steel price index in China decreased by 5.5% year-on-year in Q1 2024, reflecting ongoing market challenges[13] Shareholder Information - The top shareholder, China Baowu Steel Group, holds 43.53% of the shares, with a total of 9.628 billion shares[10] Inventory and Receivables - The company reported a decrease in inventory, with total inventory valued at approximately 45.886 billion RMB as of March 31, 2024, compared to 44.716 billion RMB at the end of 2023[14] - The company’s receivables from accounts receivable increased to approximately 16.542 billion RMB in Q1 2024, compared to 14.197 billion RMB in the previous year[14]