南钢股份（600282）：季度扣非净利创三年新高

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant increase in quarterly net profit, achieving a three-year high in non-recurring net profit, with a year-on-year growth of 24.12% in net profit for the first three quarters of 2025 [1] - The company is transitioning towards high-end product structures, with a notable increase in the proportion of special steel long products, which is expected to enhance profitability [2] - Following the integration with a central enterprise, the company is positioned to leverage shareholder resources for improved operational synergy and financial resource sharing [3] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 432.83 billion yuan, a year-on-year decrease of 12.19%, while net profit attributable to shareholders was 21.76 billion yuan, reflecting a year-on-year increase of 24.12% [1] - The company’s gross profit margin and net profit margin have shown significant improvement, with quarterly gross profit margins for 2024Q4 to 2025Q3 projected at 12.02%, 11.79%, 14.52%, and 15.07% respectively [1] - The company’s advanced steel material sales reached 133.72 million tons in the first half of 2025, accounting for 29.77% of total steel product sales, with a gross margin of 20.26% [2] Dividend Policy - The company plans to distribute a cash dividend of 1.186 yuan per 10 shares, totaling approximately 7.31 billion yuan, which represents 50% of the net profit attributable to shareholders for the first half of 2025 [3] Market Position and Valuation - The company is focused on the manufacturing of mid-to-high-end specialized plates and special steel long products, benefiting from product structure improvements and shareholder empowerment, indicating a resilient profitability outlook [3] - The report suggests that the company’s valuation has significant recovery potential, with a market capitalization corresponding to a valuation midpoint of approximately 33.6 billion yuan [3]