2024Q3钢铁行业财务专题：钢铁整体继续蛰伏，铁矿石与特钢表现占优

Investment Rating - The steel industry is rated as "Maintain" [8] Core Viewpoints - The macroeconomic policies are expected to enhance the concentration of the steel industry and improve the long-standing imbalance between supply and demand, benefiting leading players in the rebar sector. Additionally, the demand for medium and high-end special steel is anticipated to grow rapidly due to the transformation and upgrading of the manufacturing industry [2][150]. Summary by Sections Operational Capability - The total asset turnover rate (TTM) for the A-share steel industry in Q3 2024 is 0.99 times, down by 0.06 times, and remains at the mid-level since 2017. The accounts receivable turnover rate (TTM) is 26.02 times, down by 1.95 times, and is at a low level since 2017. The inventory turnover rate (TTM) is 7.96 times, up by 0.15 times, and is at a relatively high level since 2017. The fixed asset turnover rate (TTM) is 2.24 times, down by 0.15 times, and is at the mid-level since 2017 [2][89][111]. Growth Capability - The A-share steel industry achieved a total operating revenue of CNY 1,831.233 billion from Q1 to Q3 2024, down by 8.2%, accounting for 3.5% of all 30 industries. In Q3 2024 alone, the operating revenue was CNY 581.102 billion, down by 12.4% year-on-year, marking the second-lowest growth rate since 2017. The net profit for the A-share steel industry from Q1 to Q3 2024 was CNY 1.846 billion, down by 93.6%, and in Q3 2024, the net profit was -CNY 6.938 billion, down by 152.4% [6][57][60]. Profitability - The weighted ROE (TTM) for the A-share steel industry in Q3 2024 is 0.9%, down by 1.4 percentage points, marking the second-lowest since 2017. The sales gross margin (TTM) is 4.5%, down by 0.2 percentage points, also the second-lowest since 2017. The sales net margin (TTM) is 0.4%, down by 0.6 percentage points, again the second-lowest since 2017. The sales collection rate (TTM) is 97.8%, up by 2 percentage points, indicating improved collection quality [7][51][104]. Debt Repayment Capability - The short-term debt repayment capability of the steel industry is stable, with a current ratio of 0.84 times, down by 0.06 times, ranking 28th among all industries. The long-term debt repayment capability is gradually improving [124][143]. Investment Recommendations - It is recommended to focus on leading companies in the rebar sector that are expected to benefit from favorable policies and the special steel sector with good fundamentals, as the demand is expected to improve marginally [2][150].