南钢股份：逆势而上，半年报业绩稳步增长

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Viewpoints - The company reported a revenue of 33.679 billion yuan for H1 2024, a year-on-year decrease of 8.78%, while the net profit attributable to shareholders increased by 24.7% to 1.233 billion yuan [1]. - 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%, with a net profit of 679 million yuan, reflecting a quarter-on-quarter increase of 22.65% and a year-on-year increase of 10.85% [1]. - The company is focusing on product transformation and upgrading, with high-end products steadily increasing their contribution to profits [2]. - The company’s steel production in H1 2024 was 4.7872 million tons, down 7.0% year-on-year, while steel sales were 4.7828 million tons, down 7.1% year-on-year [2]. - The company’s steel product exports reached 816,000 tons, a year-on-year increase of 64%, with an export volume of 685,000 tons, up 31% year-on-year, achieving record highs [2]. - The advanced steel materials segment accounted for 27.14% of total steel sales, with a gross margin of 17.94%, up 1.61 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 617 million yuan, which represents 50% of the net profit attributable to shareholders for H1 2024 [2]. - The company is developing a 6.5 million tons coke production base in Indonesia, with significant sales and revenue contributions expected from this project [3]. Financial Summary - For 2024-2026, the company’s projected net profits are 2.352 billion yuan, 2.668 billion yuan, and 2.861 billion yuan, respectively, with corresponding EPS of 0.38 yuan, 0.43 yuan, and 0.46 yuan [5]. - The company’s revenue is expected to grow from 72.543 billion yuan in 2023 to 89.439 billion yuan in 2026, with a compound annual growth rate of approximately 9.6% [6]. - The gross margin is projected to remain stable at around 11.0% for 2025 and 2026 [6]. - The company’s PE ratio is expected to decrease from 12.3 in 2023 to 9.2 in 2026, indicating potential for valuation improvement [6].