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更新报告:钢铁毛利率提升,钒产品价格逐步回升

Investment Rating - The investment rating for the company is "Buy" with a target price of 3.02 [1][3]. Core Views - The report highlights that the company's gross profit margin in the steel sector has improved, and the prices of vanadium products are gradually recovering [1]. - The company achieved a net profit attributable to shareholders of 1.08 billion in 2023, which is a decrease of 22.30% year-on-year [1]. - The report anticipates a gradual recovery in profitability for the vanadium chemical segment due to the rebound in vanadium prices [1]. Financial Summary - The company's revenue for 2023 is projected at 122.74 billion, down 14.4% from the previous year [3]. - The operating profit for 2023 is estimated at 6.18 billion, reflecting a 6% increase compared to 2022 [3]. - The net profit attributable to shareholders for 2024 is forecasted to be 1.20 billion, with a slight increase to 1.31 billion in 2025 [1][3]. Performance Metrics - The gross profit margin for the steel business in 2023 is expected to be 10.37%, an increase from 9.3% in 2022 [1]. - The company’s earnings per share (EPS) for 2024 is projected at 0.12, with a gradual increase to 0.14 by 2026 [1]. - The price-to-book (PB) ratio for 2024 is estimated at 0.53, reflecting a cautious valuation approach compared to peers [6].