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【中信特钢(000708.SZ)】持续优化现有品种结构,海外布局取得积极进展——2024年年报业绩点评(王招华/戴默)
CITIC SteelCITIC Steel(SZ:000708) 光大证券研究·2025-03-21 08:37

Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, with a focus on adjusting product structure and expanding international presence to capture growth opportunities in specific sectors [2][6]. Financial Performance - In 2024, the company achieved operating revenue of 109.20 billion, a year-on-year decrease of 4.22%, and a net profit attributable to shareholders of 5.13 billion, down 10.41% year-on-year [2]. - In Q4 2024, the company reported operating revenue of 25.70 billion, a year-on-year decline of 6.90% and a quarter-on-quarter decrease of 3.02%, with a net profit of 1.29 billion, down 4.26% year-on-year but up 16.09% quarter-on-quarter [2]. Steel Sales and Profitability - Steel sales in 2024 remained flat at 18.89 million tons, with an average selling price of 5,781 per ton, down 4.22% year-on-year, and a gross profit per ton of 743, down 6.35% year-on-year [3]. - In the second half of 2024, steel sales were 9.37 million tons, with a price of 5,568 per ton, down 5.34% year-on-year, and a gross profit per ton of 748, showing a slight increase of 0.72% year-on-year [3]. Product Structure Adjustment - The company actively adjusted its product structure in 2024, achieving record high sales in energy steel, with sales distribution as follows: automotive (28%), energy (34%), machinery (19%), bearings (10%), high-end special materials (2%), and others (7%) [4]. - Sales of bearing steel increased by 6% year-on-year, and sales of steel for new energy vehicles grew by 29% [4]. Strategic Projects - The company reported a 23% year-on-year increase in sales of "two high and one special" products, with 738,000 tons sold from 81 "small giant" projects, exceeding the annual plan by 3% [5]. International Expansion - In 2024, the company focused on overseas expansion, conducting in-depth investigations of over 20 steel projects in Southeast Asia, the Middle East, Mexico, and Europe, as well as resource projects in South America and Australia [6]. - The company established an international strategy of "resource + main business + distribution" and prioritized mergers and acquisitions for its expansion efforts [6].