Baosteel(SH:600019) Xin Lang Cai Jing·2025-04-29 02:46Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating a mixed performance trend [1][2]. Financial Performance - In 2024, the company achieved revenue of 322.116 billion yuan, a year-on-year decrease of 6.60% - The net profit attributable to shareholders was 7.362 billion yuan, down 38.36% year-on-year - In Q4 2024, revenue was 79.26 billion yuan, a decrease of 11.43% year-on-year and 0.43% quarter-on-quarter - For Q1 2025, revenue was 72.88 billion yuan, down 9.82% year-on-year and 8.05% quarter-on-quarter, while net profit increased to 2.434 billion yuan, up 26.37% year-on-year and 64.49% quarter-on-quarter [1]. Sales and Margins - Steel sales in 2024 were 51.59 million tons, a slight decline of 0.6% year-on-year - The average product price in 2024 was 4,507 yuan/ton, down 6.89% year-on-year - The gross margin for 2024 was 5.45%, a decrease of 0.85 percentage points year-on-year, while Q1 2025 gross margin improved to 7.22%, an increase of 2.09 percentage points year-on-year and 1.18 percentage points quarter-on-quarter [2]. Dividend Policy - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling approximately 2.15 billion yuan, with an annual total of 4.516 billion yuan, resulting in a dividend payout ratio of 61.34% - A new minimum dividend clause has been introduced, ensuring a minimum payout of 0.20 yuan per share while maintaining upward flexibility [2]. Future Outlook - The company is focusing on optimizing its product structure, with a 9.6% year-on-year increase in "1+1+N" product sales to 30.59 million tons in 2024 - Key projects are progressing, including various high-end steel production initiatives - The company is expanding its international presence, with a 3.9% year-on-year increase in export sales to 6.067 million tons in 2024 and a historic breakthrough with the establishment of its first overseas full-process steel plant in Saudi Arabia [3]. Profit Forecast - The company is expected to achieve net profits of 9.83 billion yuan, 11.12 billion yuan, and 12.43 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 [4].