Core Viewpoint - Maanshan Iron & Steel Co., Ltd. (0323.HK) reported a significant turnaround in its financial performance for the first three quarters of the year, achieving a net profit of 84 million RMB, compared to a loss of 2.535 billion RMB in the same period last year [1] Financial Performance - The company's gross profit per ton of steel increased to 180 RMB, aligning with industry standards after underperforming for four years, driven by synergies from Baosteel [1] - Despite meeting expectations, the outlook for the fourth quarter remains unfavorable due to early peak season demand in the third quarter and potential sales restrictions in November and December, with projected gross profit per ton of steel possibly dropping to around 80 RMB [1] Operational Challenges - Ongoing operational issues include unstable blast furnace output, aging product structure, and internal competition, which have yet to be resolved [1] Analyst Recommendations - UBS raised the target price for Maanshan from 1.9 HKD to 2.35 HKD, while downgrading the rating from "Neutral" to "Sell" [1] - The current stock price is noted to be approximately 0.8 times the price-to-book ratio, which is over two standard deviations above the five-year average [1]
港股异动 | 马鞍山钢铁股份跌超5% 瑞银下调其评级至“沽售”称Q4展望仍不利