Valin Steel(SZ:000932) Minsheng Securities·2025-03-23 05:05Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 144.685 billion yuan in 2024, a year-on-year decrease of 12.03%, and a net profit attributable to shareholders of 2.032 billion yuan, down 59.99% year-on-year [1][2]. - The company is focusing on high-end capacity release and optimizing product structure, with 26 high-precision products launched and 18 steel types replacing imports [3]. Summary by Sections Financial Performance - In 2024, the company’s steel sales volume was 25.3 million tons, a decrease of 1.23 million tons year-on-year, with specific product sales showing mixed results [2]. - The gross margin for 2024 was 7.21%, a decrease of 2.51 percentage points year-on-year, with long products, plates, and pipes showing respective margins of 2.08%, 9.91%, and 8.62% [2]. - The company proposed a cash dividend of 1.00 yuan per 10 shares, totaling 690 million yuan, which accounts for 33.99% of the annual net profit [2]. Future Outlook - The company is set to enhance its high-end production capabilities with ongoing projects, including the launch of new production lines and the optimization of product structures [3]. - The focus on high-end industrial steel is expected to strengthen the company's market position in various sectors, including energy, shipbuilding, and new materials [3]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 2.29 billion yuan, 2.58 billion yuan, and 3.00 billion yuan, respectively, with corresponding PE ratios of 16x, 14x, and 12x [4][5].