凌钢股份：预计2025年亏损14.5亿元-16.7亿元

Core Viewpoint - The company Lingang Co., Ltd. (stock code: 600231) has announced a forecast for its 2025 performance, expecting a net loss attributable to shareholders of between 1.45 billion to 1.67 billion yuan, compared to a loss of 1.678 billion yuan in the same period last year [4] Financial Performance - The forecasted net profit loss for 2025 is between 1.464 billion to 1.684 billion yuan, with the previous year's loss being 1.471 billion yuan [4] - The company's price-to-book ratio (LF) is approximately 1.31 times, and the price-to-sales ratio (TTM) is about 0.39 times based on the latest closing price [4] Industry Context - The steel industry is still in a phase of "reduction and optimization," facing challenges of strong supply and weak demand in 2025 [12] - The company is dealing with internal challenges, including delays in the commissioning of its No. 6 blast furnace and comprehensive annual repairs on the No. 5 blast furnace, which collectively reduced iron production by 500,000 tons [12] - The company is focusing on "reduction and quality improvement," emphasizing intensive production, quality enhancement, and cost control, although it has not yet turned around its loss situation [12] Non-Operating Income - Non-operating gains have increased by 22.198 million yuan compared to the previous year, primarily due to asset disposal losses related to the replacement of blast furnace capacity and various environmental improvement projects [12]