Nisco(SH:600282) Guoxin Securities·2025-03-31 02:14Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][23] Core Views - The company is expected to achieve a revenue of 61.81 billion yuan in 2024, a decrease of 14.8% year-on-year, while the net profit attributable to the parent company is projected to grow by 6.4% to 2.26 billion yuan [2][5] - The company maintains a high dividend payout ratio, planning to distribute a total cash dividend of 1.14 billion yuan for 2024, which represents 50.5% of the net profit attributable to shareholders [5][6] - The company has successfully extended its industrial chain with the operation of overseas coking projects, including a 2.6 million-ton coking project in Indonesia [6][23] Financial Performance and Forecast - In 2024, the company is expected to produce 9.337 million tons of steel, with sales of 9.329 million tons, and a record high in steel product exports, with an order volume of 1.509 million tons, up 20% year-on-year [5][6] - The company’s advanced steel material sales reached 2.615 million tons, accounting for 28% of total steel product sales, with a gross profit contribution of 46.7% [5][6] - The financial forecast for 2025 estimates revenues of 65.662 billion yuan and net profits of 2.379 billion yuan, with year-on-year growth rates of 8.5% and 5.2%, respectively [2][23]