山东钢铁（600022）：2025半年度业绩预告点评：持续看好老牌钢企深化降本增效延续利润增长

Investment Rating - The report maintains a "Buy" rating for Shandong Steel [5][10] Core Views - The company has successfully turned losses into profits in the first half of 2025, with a significant increase in gross margin and net profit compared to previous quarters [9] - The company is focusing on cost reduction and efficiency improvement, with a target to lower the cost per ton of steel by over 60 yuan in the first half of 2025 [9] - The report anticipates that the company will benefit from favorable industry conditions and cost reductions, leading to sustained profit growth [9] Financial Forecast and Investment Recommendations - The forecast for the company's earnings per share for 2025-2027 is adjusted to 1.77, 1.85, and 1.94 yuan respectively, with a target price of 1.77 yuan based on a 1X PB valuation [3][10] - The company is expected to achieve a net profit of 25 million yuan in 2025, recovering from losses in previous years [4][10] - The report highlights a projected increase in net profit to 845 million yuan in 2026 and 1.464 billion yuan in 2027, indicating strong growth potential [4][10]