Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 7.98 RMB [5][8]. Core Views - The company reported a revenue of 322.12 billion RMB in 2024, a year-on-year decrease of 6.60%, and a net profit attributable to shareholders of 7.36 billion RMB, down 38.36% year-on-year, primarily due to weak industry conditions [1][2]. - In Q1 2025, the company achieved a revenue of 72.88 billion RMB, a year-on-year decrease of 9.82% and a quarter-on-quarter decrease of 8.05%, with a net profit of 2.43 billion RMB, reflecting a year-on-year increase of 26.37% and a quarter-on-quarter increase of 64.49% [1][3]. - The steel industry is expected to undergo supply-side optimization, which may lead to a recovery in industry profits, benefiting the company as a leading player in the sector [4]. Summary by Sections Financial Performance - The company's steel product output and sales for 2024 were 51.41 million tons and 51.59 million tons, respectively, with a year-on-year decrease of 1.0% and 0.6% [2]. - The average selling price of steel products was 4,056 RMB per ton (excluding tax), down 6.9% year-on-year [2]. - The gross profit margin, expense ratio, and net profit margin for 2024 were 5.45%, 3.34%, and 2.66%, respectively, with year-on-year changes of -0.75, +0.3, and -1.33 percentage points [2]. Industry Outlook - The steel industry faced significant oversupply in 2024, with the average sales profit margin for key enterprises at 0.71%, down 0.63 percentage points year-on-year [4]. - Government measures to control steel production and prevent excessive competition indicate a potential restart of supply-side optimization [4]. - The global iron ore production capacity is expected to continue expanding in 2025, which may lead to a further decline in iron ore prices and a recovery in steel industry profits [4]. Earnings Forecast - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.43, 0.56, and 0.65 RMB, with adjustments reflecting a 13% decrease and a 5% increase for 2025-2026 compared to previous estimates [5]. - The book value per share (BVPS) for 2025-2026 is estimated at 9.40 and 9.53 RMB, respectively [5]. - The target price of 7.98 RMB is based on an average price-to-book (PB) ratio of 0.84X since 2017 [5].

"产品批量化稳定生产，意味着降低成本、提高效益。"在冷轧生产线上干了25年，刘晓峰见证了本钢板 材公司产品质量的持续跃升——实现世界最宽幅2150毫米汽车板的高效稳定生产，解决冷轧热冲压成型 高强度钢稳定焊接难题…… "技术研发升级，生产流程也得更智能。"刘晓峰说，近年来，团队还致力于参与第三冷轧厂集中控制中 心二期项目的开发。 集中控制中心是生产线上的"智慧大脑"。2023年9月，集中控制中心一期投入使用，原本分布在4条生产 线、28个点位的操作人员和控制功能，全都集中在一间屋内，通过大屏上的监控画面、工艺参数等，实 时掌握生产线上的情况。这样的数据协同共享，带动产线劳动生产率提高65%，产品合格率提升10%， 能源消耗降低30%。刘晓峰说："能为钢铁制造迈向高端化、智能化、绿色化出一份力，我们感觉很自 豪！" （人民日报记者 胡婧怡） "交货周期能不能保证，就看这次试验了！"本钢板材股份有限公司冷轧总厂总工程师刘晓峰出差归来， 一下飞机就赶到第三冷轧厂，和团队成员一起研究酸轧机组工作进展。 近年来，公司生产的1.3米宽、强度超1000兆帕超高强钢的订单量快速增长。但超高强钢轧制难度大， 轧制过程中钢带更硬 ...

Core Viewpoint - CITIC Securities predicts that 2025 will be a turning point for China's steel industry, with Q1 2025 expected to mark a long-term performance inflection point for the sector [1] Industry Summary - Continuous reduction in capacity and output is anticipated as industry reforms deepen, leading to a significant contraction in production that may exceed expectations [1] - The ongoing efforts to promote consolidation and eliminate inefficient production capacity are expected to benefit the steel industry through profit redistribution within the supply chain [1] - The current phase, characterized by low valuations and impending profit redistribution, is viewed as a golden opportunity for investment in the steel sector [1] - The steel industry is rated as "outperforming the market" by CITIC Securities [1]

| 品种 | 核心观点 | 主要逻辑及价格区间 | | --- | --- | --- | | 螺纹钢 | 走势偏强 | 钢铁行业压产 5000 万吨的消息再次影响市场，期货夜盘价格已有所反应。 | | | | 目前消息尚未完全确认，后续会议或给出结果。铁水产量高位运行，压产 | | | | 若落地对钢材整体影响较大，甚至产生供需偏紧预期，行情由政策结果主 | | | | 导，落地前或偏强运行。【3100，3220】 | | 热卷 | 偏强运行 | 钢铁压产消息提振市场，具体数据和措施有待后续会议确认。交易逻辑切 | | | | 换至政策，结果落地前或偏强运行。【3230，3350】 | | 铁矿石 | 短线参与 | 阶段性供应收缩，铁水产量大幅增加，后期钢企利润仍支撑铁矿需求维持 | | | | 高位。随着外矿发运逐渐恢复放量，铁矿基本面边际转弱。下游需求仍在 | | | | 改善，但市场对高铁水的承接力担忧更甚。近期粗钢压减传言又起，短期 | | | | 主要扰动盘面情绪，关注钢厂节前补库情况。观点：单边短线参与，跨期 | | | | 正套持有【680,720】 | | 焦炭 | 偏弱运行 | 焦企第二轮 ...

丨证券研究报告丨 行业研究丨行业周报丨钢铁 [Table_Title] 预期与现实博弈强化，重视底部积极信号 报告要点 请阅读最后评级说明和重要声明 [Table_Summary] 在贸易冲击下，4 月以来，钢价和钢铁股持续回调。近期，受贸易冲突缓和的催化，市场上的 谨慎情绪有所消退，钢铁股走出企稳反弹的趋势。当前时点，有三大积极信号值得重视：1）钢 价和库存再度跌至低位，市场"人心思涨"；2）限产预期强化，盘面利润走扩对钢铁股上涨形 成驱动；3）地产预期改善，产业链有望受益。 分析师及联系人 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SFC：BQT626 SFC：BUY139 SFC：BUZ394 %% %% %% %% research.95579.com 1 [Table_Title2] 预期与现实博弈强化，重视底部积极信号 最新跟踪：供给收缩对冲需求季节性下滑，预期与现实博弈强化 4 月以来，基于成材利润尚可，供给涨至高位；叠加外需预期转弱，市场情绪谨慎， 共同压制成材和原 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].

朝阳市青年企业家协会作为团市委联系青年企业家的桥梁和纽带，自94年成立以来始终致力于服务朝阳 经济，30年间深受广大青年企业家的高度信任和鼎力支持。在全市各行各业的关怀下，青企协聚焦朝阳 全面振兴新突破三年行动，积极主动融入中心大局，在助力文明城市建设、宣传朝阳厚重历史文化、打 造朝阳青年品牌等方面做出了卓越的贡献。 一、招募规模 从即日起，至2025年5月31日截止。广纳贤才，计划招募200人，若因特殊情况未能在5月31日前完成报 名，可于截止日期后30日内（即2025年6月30日前）进行补报名。此外，针对本次未能参与入会的企 业，可于下一年度依相关规定及流程申请办理入会事宜。期待与您携手共进！ 二、推荐基本条件 1.政治立场坚定：热爱祖国，拥护党的领导和中国特色社会主义，坚守正确政治方向 与立场。 2.遵规守纪诚信：遵守法规，践行核心价值观，诚信经营、依法纳税，形象良好，符合建团条 件的企业要建团组织。 3.认同协会理念：认可协会章程，自愿入会、按时缴费，热心协会事务，有履职 能力并愿为协会出力。 4.年龄要求：原则上不超45周岁，可适当放宽年龄限制。 5.企业领导身份：在企 业、企业化管理的单位或社会机 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Special Steel, Hualing Steel, Nanjing Steel, and Baosteel [6][9]. Core Insights - The steel industry is expected to benefit from macroeconomic policies aimed at stimulating demand and reducing supply, with a focus on high-quality development [2][4]. - The report highlights an increase in daily molten iron production and a decrease in inventory levels, indicating a tightening supply situation [3][12]. - The demand for steel products has shown signs of recovery, although there are fluctuations in specific product categories [39][47]. - The report emphasizes the importance of structural changes in the economy, moving from investment-driven growth to consumption-driven growth [2][4]. Supply Analysis - Daily molten iron production increased by 4.4 thousand tons to 244.4 thousand tons, with a rise in the utilization rate of blast furnaces to 91.6%, up 1.5 percentage points from the previous week [3][18]. - Total steel inventory decreased by 3.2%, with significant reductions in both social and factory inventories [24][25]. - The report notes that the government is implementing policies to control crude steel production, which is expected to lead to a reduction in supply and support price stability [4][13]. Demand Analysis - Apparent consumption of the five major steel products decreased by 2.4% week-on-week, with rebar consumption showing a notable decline [39][47]. - The average weekly transaction volume for construction steel increased by 11.6%, indicating some recovery in demand [40][39]. Price and Profitability - Steel prices have shown strength, with the Myspic comprehensive steel price index rising by 0.7% week-on-week [66]. - The report indicates that the gross profit margins for steel products are improving, particularly for long-process steel [66][68]. - The report highlights that the current market conditions may lead to a stronger performance in steel prices in the near term [66][67]. Key Companies - The report recommends several companies for investment, including: - Hualing Steel (Buy) - Nanjing Steel (Buy) - Baosteel (Buy) - Xining Special Steel (Buy) - Jiuli Special Materials (Buy) - New Steel (Buy) - Changbao Steel (Buy) - Yongjin Steel (Buy) [9].

Core Viewpoint - The strategic investment of approximately 9 billion yuan by Baosteel Co., Ltd. in Maanshan Iron & Steel Co., Ltd. marks a significant step in the internal asset integration of China Baowu Steel Group, aimed at optimizing capacity layout and enhancing market influence in the steel industry [2][4][7]. Investment Details - Baosteel plans to acquire a 35.42% stake in Maanshan Iron & Steel for 5.139 billion yuan and simultaneously increase its capital by 3.861 billion yuan, resulting in a total investment of about 9 billion yuan [3][4]. - After the transaction, Baosteel will hold 49% of Maanshan Iron & Steel, becoming the second-largest shareholder, while Maanshan Iron & Steel will retain a controlling stake of 51% [4]. Industry Context - The steel industry has been facing challenges due to market supply-demand imbalances and fluctuating raw material prices, leading to a divergence in company performance [5][6]. - Baosteel has demonstrated strong resilience and profitability, with a reported revenue of 242.856 billion yuan in the first three quarters of 2024, a decrease of 4.77% year-on-year, and a net profit of 5.882 billion yuan, down 29.56% [5]. Strategic Implications - The investment is seen as a crucial part of China Baowu's internal asset integration strategy, which aims to address competition issues between Baosteel and Maanshan Iron & Steel and enhance overall industry consolidation [4][7]. - The collaboration is expected to optimize production capacity and improve product structure, as Baosteel's strengths in certain steel products complement Maanshan's capabilities in others [8]. Market Positioning - Baosteel's entry into Maanshan Iron & Steel is anticipated to strengthen its market presence in East China, enhancing its competitive edge and market share in the region [8]. - The investment aligns with Baosteel's strategic goals, allowing for better resource allocation and increased competitiveness in high-end steel products [8].

Core Viewpoint - The Indian government has decided to impose a temporary 12% tariff on certain imported steel products for 200 days starting from April 21, aimed at protecting the domestic steel industry and curbing the surge of cheap steel imports from China and other regions [1][6]. Group 1: Tariff Implementation and Domestic Impact - India has become a net importer of finished steel for the second consecutive year in the 2024/2025 fiscal year, with a net import volume reaching 9.5 million tons, the highest in nine years [3]. - The imposition of the 12% tariff is expected to increase the social cost of steel in India, despite the ongoing demand gap that necessitates imports [6]. - India's crude steel production has grown significantly, from 68.98 million tons in 2010 to 140.17 million tons in 2023, with a compound annual growth rate (CAGR) of 5.61% [5]. Group 2: Steel Consumption Trends - Finished steel consumption in India has shown a compound growth rate of 8% from 2020 to 2024, with consumption volumes increasing from 1 million tons in 2020 to an estimated 1.36 million tons in 2024 [5]. - The Indian government has set ambitious targets in its National Steel Policy 2017, aiming for crude steel production capacity to reach 300 million tons by the 2030-2031 fiscal year [5]. Group 3: Export Dynamics and Chinese Steel Industry - The new tariff will increase the cost and price of Chinese steel exports to India, potentially weakening China's price advantage and limiting export volumes [7][8]. - Despite the tariff, the demand for steel in India remains, and the key challenge for Chinese steel products is to reduce costs and improve productivity to maintain competitiveness [11][12]. - The tariff exemptions for certain steel products priced between $675 and $964 per ton may encourage Chinese steel companies to shift towards higher value-added products [9][12]. Group 4: Strategic Recommendations for Chinese Steel Industry - To counter the impact of tariffs, the Chinese steel industry should focus on mergers, capacity optimization, and enhancing cooperation with overseas markets to mitigate risks associated with tariffs and anti-dumping measures [11][13]. - Emphasizing technological innovation and the production of high-end steel products can help Chinese steel companies maintain competitiveness in the face of rising protectionism [13].