Valin Steel(000932) 中信建投·2025-03-26 10:34Investment Rating - The report maintains a rating of "Accumulate" for the company [4][10]. Core Views - The company is advancing its high-end strategy steadily while implementing share buybacks and dividends to reward investors [1][10]. - In 2024, the company reported total revenue of 144.685 billion yuan, a decrease of 12.03% year-on-year, and a net profit attributable to shareholders of 2.032 billion yuan, down 59.99% year-on-year [2][11]. - The company's steel production in 2024 was 25.25 million tons, a decline of 3% year-on-year, with sales of 25.30 million tons, down 5% year-on-year [3][11]. - The proportion of key steel product sales reached 65%, an increase of 2 percentage points from 2023, with high-end steel product exports growing by 7.68% year-on-year [3][11]. Revenue and Profitability - The company's gross profit margin slightly declined to 7%, down 3% year-on-year, with total gross profit of 10.4 billion yuan, a decrease of 35% [4][11]. - Operating cash flow was reported at 5.8 billion yuan, an increase of 10% year-on-year, indicating a good cash flow situation [8][11]. Product Performance - The sales volume of automotive steel increased by 11% year-on-year to 3.64 million tons, benefiting from the production of VAMA Phase II [3][11]. - Electrical steel sales reached 900,000 tons, up 4% year-on-year, supported by the phased production of the Lian Steel electrical steel project [3][11]. Future Outlook - The company expects net profits for 2025 to reach 2.81 billion yuan, with a projected growth of 38.35% year-on-year [11]. - The combination of dividends and share buybacks is expected to enhance the company's market value [10].