Nisco(600282) 华福证券·2024-08-21 05:30Investment Rating - The investment rating for the company is "Buy" [8][14] Core Views - The company reported a revenue of 33.679 billion yuan for the first half of 2024, a year-on-year decrease of 8.78%, while the net profit attributable to shareholders was 1.233 billion yuan, an increase of 24.7% year-on-year [3] - The company focuses on cost reduction and efficiency improvement to ensure stable operations in its main steel business, emphasizing advanced steel materials to withstand cyclical challenges [2][4] - The company has successfully optimized its product structure and increased its overseas market presence, achieving record-high export volumes [5][10] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 16.806 billion yuan, a quarter-on-quarter decrease of 0.39% and a year-on-year decrease of 11.64%. The net profit for Q2 was 679 million yuan, a quarter-on-quarter increase of 22.65% and a year-on-year increase of 10.85% [3] - The company produced 4.7872 million tons of steel and sold 4.7828 million tons in the first half of 2024, with respective year-on-year decreases of 6.83% and 7.06% [4] Cost Management and Profitability - The company has focused on reducing costs and improving quality, resulting in a gross profit of 3.068 billion yuan for its steel business in Q2 2024, with a gross margin of 14.21% [4] - The average selling prices for various steel products in Q2 2024 showed a decline compared to the previous quarter and year, reflecting pressure from downstream demand [4] Product Development and Market Expansion - The sales volume of advanced steel materials reached 1.2978 million tons in the first half of 2024, a slight increase of 0.18% year-on-year, with a gross margin of 17.94% [5] - The company has increased its focus on advanced steel materials, with significant growth in exports, achieving a record export volume of 685,000 tons, a year-on-year increase of 31% [5] Dividend Policy - The company plans to change its dividend distribution cycle from annual to semi-annual, with a proposed interim dividend amounting to no less than 30% of the net profit attributable to shareholders for the first half of the year [7][9] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 2.465 billion yuan, 2.630 billion yuan, and 2.964 billion yuan respectively, reflecting a resilient performance despite industry challenges [10]