研报掘金丨国盛证券：首予方大特钢“增持”评级，认为公司估值有修复空间

Group 1 - The core viewpoint of the report highlights that Fangda Special Steel has significant cost advantages and outstanding growth potential [1] - The company is a leading steel enterprise in the Jiangxi region, and its equity capacity growth is expected to gradually materialize against a backdrop of improving industry profitability and sector valuation [1] - The company is considered a rare incremental improvement target in the market, with its profitability expected to continue recovering [1] Group 2 - Over the past three years, the company's valuation has remained at a high level, approximately 1.62 times the replacement cost, corresponding to a market capitalization of around 21.3 billion yuan [1] - The report suggests that there is room for valuation recovery, and it initiates coverage with an "overweight" rating [1]