研报掘金丨国盛证券：维持华菱钢铁“买入”评级，季度业绩同比回升，后续有望持续高增

Core Viewpoint - Hualing Steel's net profit attributable to shareholders reached 2.51 billion yuan in the first three quarters, representing a year-on-year increase of 41.72% [1] - In Q3, the net profit attributable to shareholders was 762 million yuan, showing a year-on-year growth of 73.22% but a quarter-on-quarter decrease of 35.8% [1] - The company focuses on mid-to-high-end plate manufacturing, with continuous optimization of product structure, and is expected to see significant profit improvement due to industry demand recovery and gradual implementation of reduction and restructuring [1] Financial Performance - The net profit for the first three quarters was 2.51 billion yuan, up 41.72% year-on-year [1] - Q3 net profit was 762 million yuan, reflecting a 73.22% year-on-year increase but a 35.8% decrease compared to the previous quarter [1] Valuation Insights - The company has significant valuation recovery potential, with a five-year valuation central area corresponding to a market value of approximately 52.1 billion yuan and a high valuation area corresponding to about 81.1 billion yuan [1] - The report maintains a "buy" rating based on the company's valuation outlook [1]