Nisco(600282) 国盛证券·2025-03-20 02:37Investment 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 estimated between 34.6 billion yuan and 48.1 billion yuan [4] Financial Performance - The company achieved a gross profit margin of 11.9% in 2024, with a net profit margin of 3.7% [5] - The 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] - The company plans to distribute a cash dividend of 0.085 yuan per share for the second half of 2024, totaling 1.14 billion yuan, which represents 50.45% of the net profit attributable to shareholders [4] Production and Sales - In 2024, the company produced 9.27 million tons of steel, 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, reflecting a year-on-year growth of 6.83% [2] - Export volume reached 1.505 million tons, a 25% increase year-on-year, establishing a historical record [2] Strategic Developments - The company has strengthened its product structure towards high-end products, with significant growth in advanced steel materials and environmental business contributing to profit [3] - Following its integration into CITIC Group, the company has transitioned to a state-owned enterprise structure, enhancing resource sharing and operational synergy [4]