Core Viewpoint - UBS reported that Maanshan Iron & Steel Co., Ltd. (00323) turned a profit in the first three quarters of this year, recording a net profit of 84 million RMB, reversing a loss of 2.535 billion RMB in the same period last year [1] Financial Performance - The gross profit per ton of steel increased to 180 RMB, catching up to industry levels after underperforming the market for four years, driven by synergies from Baosteel [1] - UBS raised the target price for Maanshan from 1.9 HKD to 2.35 HKD, while downgrading the rating from "Neutral" to "Sell" [1] Market Outlook - Despite the performance meeting expectations, the outlook for Q4 remains unfavorable due to early peak season demand in Q3 and potential sales restrictions in November and December, with the gross profit per ton of steel expected to drop to around 80 RMB [1] - Operational issues such as unstable blast furnace output, aging product structure, and internal competition have not yet been resolved [1]
瑞银：下调马鞍山钢铁股份(00323)评级至“沽售” 关注第四季业务展望