Core Viewpoint - Maanshan Iron & Steel Co., Ltd. (0323.HK) experienced a decline of over 5%, trading at HKD 2.69, with a total market capitalization of HKD 20.7 billion. UBS reported that the company turned a profit in the first three quarters of this year, recording a net profit of RMB 84 million, reversing a loss of RMB 2.535 billion in the same period last year. The gross profit per ton of steel increased to RMB 180, catching up to industry levels after underperforming for four years, driven by synergies with Baosteel [1][1][1] Financial Performance - The company achieved a net profit of RMB 84 million in the first three quarters, compared to a loss of RMB 2.535 billion in the same period last year [1] - The gross profit per ton of steel rose to RMB 180, aligning with industry standards after a prolonged period of underperformance [1] Market Outlook - 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. The gross profit per ton of steel may decline to approximately RMB 80 [1][1] - Operational issues such as unstable blast furnace output, aging product structure, and internal competition remain unresolved [1] Analyst Recommendations - UBS raised the target price for Maanshan Iron & Steel from HKD 1.90 to HKD 2.35, while downgrading the rating from "Neutral" to "Sell" [1] - The current stock price is equivalent to a price-to-book ratio of 0.8 times, which is over two standard deviations above the five-year average [1]
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