EBSCN·2025-09-18 07:02Investment Rating - The report maintains an "Accumulate" rating for the steel industry [5] Core Viewpoints - The ROA of the ordinary steel sector is at a low level since 2010, with a projected ROA of 0.93% for H1 2025 due to declining industry demand and profits [1] - The PB_LF of the ordinary steel sector is 0.96, which is 6.67% below the average since 2013, indicating potential for growth [1] - There are currently 12 ordinary steel companies with a PB_LF below 1, while 11 companies have a dividend yield above 3% [2][3] - The report anticipates an increase in dividend payout ratios for ordinary steel companies as low-emission transformation projects are completed by 2025 [3] Summary by Sections Section 1: Financial Metrics - The ordinary steel sector's ROA is projected to be 0.93% for H1 2025, marking a low since 2010 [1] - The current PB_LF of 0.96 is 6.67% below the average since 2013, with significant room for growth compared to peaks in 2017 and 2021 [1] Section 2: Company Analysis - Among the ordinary steel companies, 12 have a PB_LF below 1, with notable companies like Hebei Steel at 0.51, New Steel at 0.52, and Ansteel at 0.54 [2] - 11 companies in the steel sector have a dividend yield exceeding 3%, with the highest being Youfa Group at 6.09% [2][3] Section 3: Investment Recommendations - The report recommends focusing on Baosteel, Ordos, CITIC Special Steel, and Jiuli Special Materials for investment, while also suggesting to pay attention to Youfa Group, Nanjing Steel, and others [3]