天风证券给予中钢国际买入评级：25Q2扣非业绩大涨，毛利率水平大幅改善

Group 1 - The core viewpoint of the report is that Tianfeng Securities has given a "buy" rating for China Steel International (000928.SZ) based on several positive indicators [1] - The gross profit margin significantly improved in the first half of the year, driven by overseas operations contributing to overall revenue growth [1] - Domestic new contracts signed in the first half of the year increased by over 50% year-on-year, while overseas new orders saw a decline [1] - The expense ratio has increased year-on-year, indicating that cash flow needs improvement [1]