Valin Steel(SZ:000932) Huaan Securities·2025-09-26 03:59Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 630.92 billion yuan for the first half of 2025, a year-on-year decrease of 16.93%, while the net profit attributable to shareholders was 17.48 billion yuan, an increase of 31.31% year-on-year [4] - In Q2 2025, the company achieved a revenue of 328.63 billion yuan, down 15.52% year-on-year but up 8.71% quarter-on-quarter, with a net profit of 11.86 billion yuan, reflecting a year-on-year increase of 26.22% and a quarter-on-quarter increase of 111.05% [4] - The overall sales volume faced pressure, with revenue from flat products at 290.8 billion yuan, down 13.84% year-on-year, and long products at 121.06 billion yuan, down 24.81% year-on-year [5] - The company optimized its product structure, leading to improved profitability, with gross margins for flat products at 13.65% (up 2.67 percentage points), long products at 5.45% (up 3.81 percentage points), and pipes at 10.89% (up 2.12 percentage points) [6] Financial Summary - The company expects net profits attributable to shareholders for 2025-2027 to be 32.66 billion yuan, 40.84 billion yuan, and 44.46 billion yuan respectively, with corresponding P/E ratios of 13.54, 10.83, and 9.94 [7] - Key financial indicators for 2025E include revenue of 132,956 million yuan, a year-on-year decrease of 8.1%, and net profit of 3,266 million yuan, a year-on-year increase of 60.8% [9] - The gross margin is projected to improve to 9.8% in 2025E, with ROE expected to reach 5.9% [9]