Nisco(SH:600282) Western Securities·2025-08-21 12:04Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated strong performance with high-end products, significantly exceeding market expectations [1][2] - In H1 2025, the company reported revenue of 28.944 billion, a year-on-year decrease of 14.06%, while net profit attributable to shareholders was 1.463 billion, an increase of 18.63% [1] - The company achieved a notable increase in profit contribution from advanced steel materials, with sales of 1.3372 million tons, accounting for 29.77% of total steel product sales, up 2.64 percentage points year-on-year [2] - The company has made significant strides in extending its industrial chain, acquiring exploration rights for the Fanqiao mine, and establishing overseas production bases in Indonesia [2] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 14.592 billion, a year-on-year decrease of 13.18%, while net profit was 0.885 billion, an increase of 30.21% [1] - The company reported a cash dividend of 0.731 billion for the half-year, with a payout ratio of 49.98% [2] Profit Forecast - The report maintains profit forecasts for 2025-2027, with EPS projected at 0.39, 0.42, and 0.45 respectively, and PE ratios at 12, 11, and 11 times [2]