Nisco(SH:600282) Minsheng Securities·2024-03-10 16:00Investment Rating - The report maintains a "Recommended" rating for the company [4][5]. Core Views - The company achieved a revenue of 72.543 billion yuan in 2023, a year-on-year increase of 2.7%, while the net profit attributable to shareholders decreased by 1.7% to 2.125 billion yuan [2][3]. - The company is focusing on optimizing its product structure and capturing the high-end steel market, with advanced steel material sales increasing by 25.15% to 2.5879 million tons, accounting for 25.06% of total steel product sales [4]. - The company is expanding its overseas market presence, with steel exports increasing by 85% in 2023, achieving a record export volume of 1.2 million tons [4]. Financial Performance Summary - In 2023, the company's total steel sales reached 10.3264 million tons, a year-on-year increase of 5.91% [3]. - The gross profit margin for 2023 was 10.53%, showing a slight decline of 0.16 percentage points year-on-year [3]. - The company’s operating expenses increased by 16.46% in 2023, primarily due to the gradual production of the Indonesian coking coal project and increased depreciation and amortization from green low-carbon and digital transformation projects [3]. Future Outlook - The company is expected to achieve net profits of 2.427 billion yuan, 2.706 billion yuan, and 2.849 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12x, 11x, and 10x [4][5]. - The company is strategically positioning itself along the upstream supply chain by establishing overseas coking coal production bases in Indonesia, with a total annual production capacity of 6.5 million tons [4].