证券研究报告 公司研究 [Table_ReportDate] 2025 年 8 月 22 日 [Table_S 事件： 2025 ummar年y] 8 月 21 日 ，山东钢铁发布 2025 年中报，2025 年上半年， 公司实现营业收入 368.06 亿元，同比下降 18.60%，实现归母净利润 0.13 亿元，同比上涨 101%；扣非后净利润 0.19 亿元，同比上涨 102%。经营 活动现金流量净额 28.21 亿元，同比上涨 88.31%；基本每股收益 0.0012 元 /股，同比上涨 101%。资产负债率为 56.92%，较 2024 全年下降 0.09pct。 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 山东钢铁(600022.SH) 投资评级 买入 上次评级 买入 [Table_A 高 升 uthor 煤炭、钢铁行业首席分析师 ] 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 煤炭、钢铁行业分析师 执业编号：S1500525070001 邮 箱：liubo1@cindasc.com 李 睿 煤炭 ...

Investment Rating - The investment rating for Shandong Steel is "Buy" [1][8] Core Views - The report highlights that Shandong Steel is gradually turning losses into profits, with future performance improvements expected [1][4] - The company reported a total revenue of 82.094 billion yuan in 2024, a year-on-year decrease of 9.26%, and a net profit attributable to shareholders of -2.258 billion yuan, indicating an expanded loss compared to the previous year [1][2] - The first quarter of 2025 showed signs of recovery with a significant increase in steel production and a slight rise in steel prices, suggesting a potential turnaround in performance [4][8] Financial Performance Summary - In 2024, the company achieved a total revenue of 82.094 billion yuan, down 9.26% year-on-year, and a net profit of -2.258 billion yuan, which is a 465% increase in loss compared to 2023 [1][7] - The first quarter of 2025 saw a revenue of 19.255 billion yuan, a 15.66% decrease year-on-year, but a significant reduction in losses with a net profit of -0.14 billion yuan [2][4] - The company’s steel production in 2024 was 14.83 million tons, a slight decrease from the previous year, but a notable recovery in the first quarter of 2025 with production reaching 4.04 million tons, a year-on-year increase of 22,000 tons [4][8] Strategic Developments - The introduction of China Baowu Steel Group has led to significant improvements in operational efficiency, with a focus on management reforms and cost reductions [4][5] - The company aims to achieve profitability through strategic goals such as "turning losses into profits" and enhancing operational quality [4][8] - Shandong Steel has actively engaged in share buybacks and stock purchases by major shareholders to bolster market confidence [8]

Investment Rating - The investment rating for Shandong Steel is "Buy" [1][8] Core Views - The report highlights that Shandong Steel is gradually turning losses into profits, with future performance improvements expected [1][4] - The company reported a total revenue of 82.094 billion yuan in 2024, a year-on-year decrease of 9.26%, and a net profit attributable to shareholders of -2.258 billion yuan, indicating an expanded loss compared to the previous year [1][4] - The first quarter of 2025 showed signs of recovery with a significant increase in steel production and a reduction in losses [2][4] Financial Performance Summary - In 2024, the company’s steel production was 14.83 million tons, a slight decrease of 0.012 million tons year-on-year [4] - The average selling price of steel in 2024 was 3,643 yuan per ton, down 7% from 2023 [4] - The first quarter of 2025 saw a rebound in production to 4.04 million tons, a year-on-year increase of 0.22 million tons [4] - The report projects net profits for 2025-2027 to be -0.33 billion yuan, 0.723 billion yuan, and 1.009 billion yuan respectively, with EPS expected to be 0.00, 0.07, and 0.09 yuan per share [8] Strategic Developments - The introduction of China Baowu Steel Group has led to significant improvements in operational efficiency and management practices [4][5] - The company is focusing on management reforms and cost reductions, aiming for a turnaround with clear goals set for profitability [4][5] - Shandong Steel has actively engaged in share buybacks and has received support from its controlling shareholder to boost market confidence [8]