华菱钢铁：上半年订单饱和

Core Viewpoint - Hualing Steel is making significant progress in the production and supply of non-oriented silicon steel, particularly for key clients in the home appliance and new energy vehicle sectors, with expectations of improved financial performance in the coming years [1] Production and Supply - The first production line for non-oriented silicon steel, with a capacity of 200,000 tons, was launched last year and is expected to complete certification for major clients by Q4 2024 [1] - Starting January 2025, the company will begin bulk supply of high-grade non-oriented silicon steel products to new energy vehicle clients, with ongoing positive developments in client certification [1] - The second production line, also with a capacity of 200,000 tons, was launched in August and is aimed at meeting increasing customer demand, with overall operational performance reported as good [1] Financial Performance - The silicon steel subsidiary is projected to remain in a loss position in the first half of 2025, but has significantly reduced losses compared to the first half of 2024 [1] - There is an expectation for a substantial reduction in losses or a potential turnaround to profitability for the full year 2025 [1]