Group 1 - The core viewpoint of the article indicates that the profitability of the general steel sector is at a low point, with the ROA for H1 2025 being 0.93%, the lowest level since 2010 [4] - The PB_LF of the general steel sector is currently at 0.96, which is 6.67% below the average since 2013, and significantly lower than the peaks in 2017 and 2021 by 83% and 69% respectively [5] - Among the general steel companies, 12 firms have a PB_LF below 1, with notable companies like Hebei Steel, New Steel, and Ansteel having PB_LF of 0.51, 0.52, and 0.54 respectively [6] Group 2 - Currently, 11 companies in the steel sector have a dividend yield above 3%, with the highest being Youfa Group at 6.09% [7] - The completion of ultra-low emission transformations in the industry is expected to further enhance the dividend payout ratios of general steel companies [8] - The average capital expenditure for the general steel sector from 2020 to 2024 is projected to be 82.4 billion, significantly higher than the average of 65.4 billion from 2010 to 2019, with expectations of a decline in capital expenditure post-2026 [9]
【钢铁】从股息率角度分析钢铁板块投资价值——钢铁行业动态点评（王招华/戴默）
光大证券研究·2025-09-18 23:07