Nisco(600282) 国盛证券·2025-03-20 02:39Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated resilient performance with a net profit of 2.261 billion yuan in 2024, marking a year-on-year increase of 6.37%, despite a 14.79% decline in revenue to 61.811 billion yuan [1][4] - The company is expected to benefit from an improved industry supply-demand structure and has significant valuation recovery potential, with a market value range of approximately 34.6 billion to 48.1 billion yuan based on historical valuation levels [4] Financial Performance - In 2024, the company achieved a gross profit margin of 11.9% and a net profit margin of 3.7%, showing significant improvement compared to previous periods [1][5] - The company’s advanced steel materials sales reached 2.6149 million tons, accounting for 28.03% of total steel sales, with a gross margin of 17.17% [3] Production and Sales - The company produced 9.27 million tons of steel in 2024, a decrease of 10.88% year-on-year, while sales were 9.33 million tons, down 9.66% [2] - The company set a production target of 9.9 million tons for 2025, representing a year-on-year growth of 6.83% [2] Dividend Policy - The company plans to distribute a cash dividend of 0.085 yuan per share for the second half of 2024, which amounts to 1.14 billion yuan, representing 50.45% of the net profit attributable to shareholders [4]