Baosteel(SH:600019)2024-05-08 07:02Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has demonstrated resilience in profit levels and continues to maintain a high dividend payout ratio, with a projected dividend rate of approximately 56.77% for 2023 [6]. - The company reported a revenue of 344.87 billion yuan for 2023, a year-on-year decrease of 6.55%, while the net profit attributable to shareholders was 11.94 billion yuan, down 1.99% year-on-year [5][7]. - The company has achieved a steel sales volume of 51.90 million tons in 2023, an increase of 4.3% year-on-year, with a gross profit per ton of steel at approximately 206 yuan, reflecting a year-on-year increase of 2.34% [5][6]. Summary by Sections Financial Performance - For 2023, the company achieved total revenue of 344.87 billion yuan, with a net profit of 11.94 billion yuan [7]. - In Q1 2024, the company reported a net profit of 1.93 billion yuan, a year-on-year increase of 4.41% [5][7]. - The company’s gross profit margin for 2023 was 6.2%, with a projected gross profit margin of 6.8% for 2024 [7]. Cost Management - The company has successfully reduced costs, with the cost per ton of steel decreasing by 10.26% year-on-year to approximately 5,034 yuan [5]. - Total operating expenses for the reporting period were 10.46 billion yuan, a decrease of 3.61% year-on-year [5]. Product Strategy - The company is focusing on optimizing its product structure, with high-value-added steel products such as automotive sheets and silicon steel expected to increase in proportion, enhancing profitability [6]. - The company has launched a production line for high-grade non-oriented silicon steel aimed at the new energy vehicle sector, achieving a sales volume of 27.92 million tons for high-profit products, a year-on-year increase of 10% [5][6].