Baosteel(SH:600019) EBSCN·2024-04-29 02:33Investment Rating - The report maintains a "Buy" rating for Baosteel Co., Ltd. (600019.SH) [4] Core Views - The company has demonstrated stable performance with a focus on high dividends and share buybacks, enhancing its investment value [2][3] - The company aims to accelerate the development of new production capabilities, targeting top domestic performance and significant cost reductions [3] Financial Performance Summary - In 2023, the company achieved revenue of CNY 344.5 billion, a year-on-year decrease of 6.33%, and a net profit attributable to shareholders of CNY 11.944 billion, down 1.99% [2][4] - For Q4 2023, revenue was CNY 89.484 billion, with a quarter-on-quarter increase of 5.08% and a year-on-year decrease of 0.05% [2] - In Q1 2024, revenue was CNY 80.814 billion, a quarter-on-quarter decrease of 9.69% but a year-on-year increase of 2.81% [2] - The company declared a total dividend of CNY 6.78 billion for 2023, with a cash dividend ratio of 56.77% [2] Production and Cost Structure - In 2023, the company's steel production increased by 4.19% year-on-year, with a gross profit per ton of CNY 208, up 2.46% [2] - The production of steel products reached 51.94 million tons, with specific increases in rolled steel and long products [2] Strategic Developments - The company is actively constructing new specialty steel capacities, with ongoing projects totaling 1.225 million tons and planned projects of 640,000 tons [2] - A zero-carbon high-grade thin steel plate project at the Zhanjiang base commenced in April 2024 [2] Profit Forecast and Valuation - The report forecasts net profits for 2024, 2025, and 2026 to be CNY 12.641 billion, CNY 14.553 billion, and CNY 16.972 billion, respectively [3][4] - The company is expected to continue optimizing its product structure as an industry leader, maintaining the "Buy" rating [3]