研报掘金丨国盛证券：中钢国际Q2扣非业绩增长显著提速，维持“买入”评级

Core Viewpoint - Guosheng Securities report indicates that China Steel International achieved a net profit attributable to shareholders of 420 million yuan in H1 2025, a year-on-year increase of 1% [1] - The growth in net profit excluding non-recurring items increased by 13%, driven by a high base effect from the previous year's non-operating income which included a 60 million yuan impairment reversal [1] Financial Performance - In Q1 and Q2, the company reported revenues of 3.5 billion yuan and 3.2 billion yuan respectively, representing declines of 28% and 23% year-on-year [1] - The net profit attributable to shareholders for Q1 and Q2 was 230 million yuan and 190 million yuan, showing year-on-year changes of +8% and -6% respectively [1] - The net profit excluding non-recurring items increased by 9% in Q1 and 18% in Q2, with Q2 showing a significant acceleration in growth due to a 4 percentage point increase in quarterly gross margin [1] Regional Performance - In H1 2025, the company generated revenues of 1.8 billion yuan domestically and 5.0 billion yuan internationally, with year-on-year changes of -60% and +6% respectively [1] - Domestic orders in H1 saw a substantial increase of 54% year-on-year, indicating potential for revenue recovery as backlogged orders are gradually converted [1] Industry Outlook - The company is expected to benefit from the "anti-involution" policy, which is likely to accelerate the elimination of outdated and inefficient production capacity in the domestic steel industry [1] - This policy is anticipated to drive demand for low-carbon and efficiency-enhancing transformations in the steel sector [1] Cash Flow and Dividend - The company has maintained strong cash flow over the past three years, and its high dividend yield presents a strong attraction for investors [1] - The report maintains a "buy" rating for the company's stock [1]