BSGCO(SZ:000959) Yin He Zheng Quan·2025-04-30 11:04Investment Rating - The report maintains a "Recommended" rating for Shougang Co., Ltd. (stock code: 000959.SZ) [3] Core Views - The company reported a revenue of 108.31 billion yuan in 2024, a year-on-year decrease of 4.79%, and a net profit attributable to shareholders of 471 million yuan, down 29.03% year-on-year. For Q1 2025, the revenue was 26.53 billion yuan with a net profit of 32.8 million yuan [1][2] - The company is focusing on optimizing its product structure, with a 7% year-on-year increase in the production of three strategic products: electrical steel, automotive plates, and tin (chromium) plates in 2024. The production of electrical steel increased by approximately 17% year-on-year [6] - The company is enhancing its competitive advantage in electrical steel products through continuous R&D innovation, with R&D expenses reaching 533 million yuan in 2024, an increase of 8.48% year-on-year [6] Financial Summary - Revenue projections for 2025-2027 are 102.02 billion yuan, 102.87 billion yuan, and 103.76 billion yuan, respectively, with corresponding growth rates of -5.81%, 0.83%, and 0.87% [2][8] - The net profit attributable to shareholders is expected to grow significantly from 614 million yuan in 2025 to 1.05 billion yuan in 2027, with growth rates of 30.24%, 30.52%, and 31.67% for the respective years [2][6] - The company’s gross margin is projected to improve from 4.05% in 2024 to 4.52% in 2027, indicating a positive trend in profitability [2][8] Market Data - As of April 29, 2025, the closing price of the stock was 3.67 yuan, with a market capitalization of 23.9 billion yuan [4]