【私募调研记录】盘京投资调研华菱钢铁

Group 1 - The core viewpoint is that Hualing Steel is expected to turn a profit in the full year of 2025, with lower iron water costs than the industry average and successful completion of ultra-low emission modifications [1] - Hualing Steel's steel sales have decreased by 12.6%, but the production and sales rhythm is well-matched [1] - There is a significant improvement in profitability in the second quarter, although demand is weak in the third quarter, with stable demand for certain products [1] Group 2 - Financial expenses have decreased, and the income tax rate remains at 15% [1] - The inventory days for raw materials are considered reasonable [1]