金属材料行业2024年半年报综述：24Q2盈利能力改善，金/铜板块表现亮眼

Investment Rating - The steel industry is rated as "Neutral" - The non-ferrous metals industry is rated as "Positive" [1] Core Insights - The steel industry experienced a revenue decline of 7.18% year-on-year in H1 2024, with a net profit drop of 54.56%. In Q2 2024, revenue decreased by 8.83% year-on-year, and net profit fell by 12.76% [3][24] - The non-ferrous metals industry saw a revenue increase of 2.35% year-on-year in H1 2024, although net profit decreased by 2.81%. In Q2 2024, revenue grew by 7.72%, and net profit surged by 26.43% year-on-year [4][76] Summary by Sections Steel Industry - Overall Performance: In H1 2024, the steel industry generated revenue of 1,044.12 billion, down 7.18% year-on-year, and a net profit of 5.142 billion, down 54.56% year-on-year. Q2 2024 saw revenue of 529.264 billion, down 8.83% year-on-year, and net profit of 4.304 billion, down 12.76% year-on-year [24][3] - Profitability: The gross margin and net margin for H1 2024 were 5.26% and 0.66%, respectively, both lower than the same period in 2023. In Q2 2024, the gross margin improved to 5.78%, up 1.05 percentage points quarter-on-quarter, while the net margin increased to 1.00%, up 0.69 percentage points quarter-on-quarter [28][32] - Sub-sectors: - Steel Raw Materials: H1 2024 revenue was 31.834 billion, down 3.82% year-on-year, with a net profit of 2.872 billion, down 29.54% year-on-year [35] - General Steel: H1 2024 revenue was 843.994 billion, down 8.39% year-on-year, with a net profit of -2.554 billion, down 173.52% year-on-year [48] - Special Steel: H1 2024 revenue was 168.286 billion, down 1.34% year-on-year, but net profit increased by 28.08% year-on-year [61] Non-Ferrous Metals Industry - Overall Performance: In H1 2024, the non-ferrous metals industry achieved revenue of 1,698.224 billion, up 2.35% year-on-year, and a net profit of 69.408 billion, down 2.81% year-on-year. Q2 2024 revenue was 924.091 billion, up 7.72% year-on-year, and net profit was 43.479 billion, up 26.43% year-on-year [4][76] - Profitability: The gross margin and net margin for H1 2024 increased by 1.15 percentage points and decreased by 0.17 percentage points year-on-year, respectively. In Q2 2024, the gross margin improved by 2.33 percentage points quarter-on-quarter, and the net margin increased by 1.50 percentage points quarter-on-quarter [4] - Sub-sectors: - Metal New Materials: Q2 2024 performance improved, with prices stabilizing after a decline [4] - Industrial Metals: Q2 2024 saw a significant increase in net profit, reaching a recent high, while H1 2024 copper prices peaked before a decline [4] - Precious Metals: H1 2024 performance was strong, with gold prices fluctuating positively [4] - Minor Metals: Q2 2024 performance improved significantly, with rare earth prices stabilizing after a rise [4] - Energy Metals: Q2 2024 profitability improved, with lithium prices remaining low [4]