中钢国际（000928）：2025H业绩小幅增长，下半年有望加速

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 6.745 billion yuan in the first half of 2025, a year-on-year decrease of 25.66%. However, the net profit attributable to shareholders was 424 million yuan, reflecting a year-on-year increase of 1.11%. The net profit after deducting non-recurring items was 422 million yuan, showing a year-on-year growth of 13.01% [2][6] Summary by Sections Revenue Performance - The company faced significant revenue pressure, with a total revenue of 6.745 billion yuan in the first half of 2025, down 25.66% year-on-year. In Q2 alone, revenue was 3.226 billion yuan, a decrease of 22.67% year-on-year. The domestic steel industry has been in a downturn since 2022, leading to a notable decline in domestic operations and new contracts [12] Profitability - The company's profitability showed improvement, with a comprehensive gross margin of 15.12% in the first half of 2025, up 3.66 percentage points year-on-year. In Q2, the gross margin was 16.62%, an increase of 4.14 percentage points year-on-year. The period expense ratio was 5.95%, up 1.19 percentage points year-on-year [12] Cash Flow - Operating cash flow faced pressure, with a net outflow of 2.912 billion yuan in the first half of 2025, an increase of 1.355 billion yuan year-on-year. The cash collection ratio was 69.74%, down 13.88 percentage points year-on-year [12] New Contracts - The company signed new contracts worth 6.31 billion yuan in the first half of 2025, a year-on-year decline of 35.0%. Domestic new contracts totaled 2.444 billion yuan, up 53.8% year-on-year, while overseas new contracts were 3.864 billion yuan, down 52.4% year-on-year [12] Future Outlook - The overseas market remains promising, with potential catalysts expected in 2025. The company has a healthy balance sheet with 6.86 billion yuan in cash and 1.05 billion yuan in interest-bearing debt, resulting in a net cash position of approximately 5.81 billion yuan [12]