华菱钢铁：季度业绩回落，品种结构持续优化

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company experienced a decline in quarterly performance, with a 7.18% year-on-year decrease in revenue to CNY 111.24 billion and a 56.86% drop in net profit attributable to shareholders to CNY 1.77 billion for the first three quarters of 2024 [1][2]. - Despite the overall industry profit decline of 256% from January to September 2024, the company's net profit decline was comparatively lower, indicating resilience [2]. - The company is accelerating its transformation towards high-end, intelligent, and green production, with high-end steel products accounting for 64.6% of total sales, up 1.2 percentage points from 2023 [3]. - Shareholders have shown confidence in the company's stable operations by increasing their holdings by 2% [3]. Financial Summary - For 2024, the company is projected to achieve a net profit of CNY 3 billion, with estimates of CNY 4.19 billion and CNY 5.08 billion for 2025 and 2026, respectively [4]. - The company's revenue is expected to decline slightly to CNY 157.73 billion in 2024, with a marginal recovery anticipated in subsequent years [4]. - The report highlights a significant potential for valuation recovery, with a market capitalization range of CNY 52.6 billion to CNY 75.6 billion based on historical valuation trends [4].