Baosteel(SH:600019) Xin Lang Cai Jing·2025-04-29 02:24Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, with performance in line with market expectations, showing a decline in revenue and net profit for 2024 but a recovery in Q1 2025 [1][2]. Financial Performance - In 2024, the company achieved revenue of 322.116 billion yuan, a year-on-year decrease of 6.6%, and a net profit attributable to shareholders of 7.362 billion yuan, down 38.36% year-on-year [1]. - For Q4 2024, the net profit attributable to shareholders was 1.48 billion yuan, a year-on-year decline of 58.82% but a quarter-on-quarter increase of 10.63% [1]. - In Q1 2025, the net profit attributable to shareholders reached 2.434 billion yuan, representing a year-on-year increase of 26.37% and a quarter-on-quarter increase of 64.49% [1]. Production and Sales - The company maintained stable production and sales, with steel sales of 51.59 million tons in 2024, a slight decrease of 0.6% year-on-year [1]. - The average selling price of steel was approximately 4,872 yuan per ton, down 7.02% year-on-year, while the cost per ton was about 4,709 yuan, down 6.46% year-on-year [1]. - The gross profit per ton of steel was approximately 163 yuan, a decrease of 20.71% year-on-year, indicating some resilience in profitability despite industry pressures [1]. Expenses and R&D - Total operating expenses for the period were 10.766 billion yuan, a year-on-year increase of 2.92% [2]. - Management expenses were 4.02 billion yuan, down 5.79% year-on-year, while sales expenses were 1.691 billion yuan, down 5.13% year-on-year [2]. - Financial expenses increased by 28.46% year-on-year to 1.276 billion yuan, primarily due to foreign exchange losses [2]. - R&D expenses were maintained at a high level of 3.779 billion yuan, up 10.55% year-on-year [2]. Product Performance - The company focused on enhancing product differentiation, maintaining a strong market share in cold-rolled automotive sheets and silicon steel products [2]. - The total sales volume of "1+1+N" products reached 30.59 million tons, an increase of 9.6% year-on-year, with export sales of 6.067 million tons, up 3.9% year-on-year [2]. Dividend Policy - The company is committed to a high dividend payout, with an expected dividend rate of approximately 61.34% for 2024 [2]. - The planned cash dividend distribution for 2024 is 0.21 yuan per share, which exceeds the company's commitment of 50% [2]. Investment Outlook - The company maintains its net profit forecasts for 2025-2026 at 9.965 billion yuan and 10.988 billion yuan, respectively, and has added a forecast of 11.929 billion yuan for 2027 [3]. - The corresponding price-to-earnings ratios for 2025-2027 are projected to be 15x, 13x, and 12x, respectively, with a "buy" rating maintained [3].