Nisco(600282) 国盛证券·2024-10-27 04:12Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Views - The company demonstrates steady performance with a notable high dividend attribute, achieving a net profit of 1.754 billion yuan in the first three quarters of 2024, a year-on-year increase of 5.31% despite a 12.55% decrease in revenue [1][2]. - The transition to high-value-added products is evident, with the proportion of special steel long products increasing to 32.5% and specialized plates to 55.13% in the first three quarters of 2024 [1]. - Following the change of actual controller to CITIC Group, the company is expected to leverage shareholder resources for synergistic benefits and financial resource sharing [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 49.291 billion yuan, a decrease of 12.55% year-on-year, while net profit reached 1.754 billion yuan, reflecting a 5.31% increase [1]. - The company’s quarterly net profit for Q3 2024 was 520 million yuan, down 23.06% year-on-year and 23.43% quarter-on-quarter [1]. - The company’s gross profit margin has shown improvement, with quarterly figures of 10.50%, 10.30%, 12.00%, and 13.47% from Q4 2023 to Q3 2024 [1]. Production and Sales - The company produced 6.9568 million tons of steel in the first three quarters of 2024, a decrease of 10.43% year-on-year, with sales of 6.943 million tons, down 10.27% [1]. - The production of construction rebar significantly declined, with a year-on-year drop of 40% [1]. Dividend Policy - The company plans to distribute a cash dividend of 0.10 yuan per share in the first half of 2024, totaling 617 million yuan, which represents 50% of the net profit attributable to shareholders [2].