Baosteel(SH:600019) EBSCN·2025-08-28 07:25Investment Rating - The report maintains a "Buy" rating for Baosteel Co., Ltd. (600019.SH) [5] Core Views - The company demonstrated robust profitability as an industry leader, with a high certainty of dividends [3] - In H1 2025, the company achieved operating revenue of CNY 151.37 billion, a year-on-year decrease of 7.28%, while net profit attributable to shareholders reached CNY 4.879 billion, an increase of 7.36% [1][3] - The company plans to optimize its product structure continuously, with a forecasted net profit of CNY 10.642 billion for 2025 [3] Summary by Sections Financial Performance - In H1 2025, the company sold 25.308 million tons of steel, a slight decrease of 0.81% year-on-year, with a gross profit per ton of CNY 272.96, up 51.56% year-on-year [1] - The average steel price in H1 2025 was CNY 4,623.83 per ton, down 9.32% year-on-year [1] - The company reported a net profit of CNY 2.8 billion from the Meishan base, up 133.33% year-on-year, and CNY 15.6 billion from the Zhanjiang base, up 168.97% year-on-year [2] Dividend Policy - The company plans to distribute a cash dividend of CNY 2.565 billion for H1 2025, representing 52.58% of the net profit for the period, with an annualized dividend yield of 3.35% based on the closing price on August 27 [3] Future Outlook - The company forecasts a net profit of CNY 10.642 billion for 2025, with a steady long-term investment value and a minimum dividend of CNY 0.20 per share [3] - The report anticipates a continued improvement in product structure and profitability, with projected net profits of CNY 12.050 billion and CNY 13.811 billion for 2026 and 2027, respectively [3]