研报掘金丨东方证券：维持南钢股份“买入”评级，目标价5.7元

Core Viewpoint - Dongfang Securities report indicates that Nanjing Steel achieved a net profit attributable to shareholders of 1.463 billion yuan in the first half of the year, representing a year-on-year increase of 18.63% and a significant quarter-on-quarter growth of 52.94%, highlighting the resilience of the company's performance [1] Financial Performance - In H1 2025, the average selling price of steel decreased by approximately 11% year-on-year, yet the gross margin increased by 2.02 percentage points [1] - The gross margin for Q2 2025 reached a record high of 14.52%, with high-end advanced steel products contributing significantly to profits [1] - The gross margin for H1 2025 increased by 2.32 percentage points, contributing 46.67% to the overall profit [1] Strategic Focus - The company continues to invest in research and development, focusing on advanced steel products to provide solutions for the upgrade of high-end manufacturing [1] - There is optimism regarding the application prospects of high-value-added steel in the shipbuilding and automotive industries, which are expected to maintain high levels of prosperity [1] Future Outlook - The advanced steel products are anticipated to continuously support profit growth, with expectations of stable profit enhancement in the future [1] - The company is expected to strengthen its dividend capability, with high dividends anticipated [1] - Based on comparable companies' 2025 price-to-book (PB) ratio of 1.22X, the target price is set at 5.70 yuan, maintaining a "buy" rating [1]