高端钢材产品

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【新钢股份(600782.SH)】Q2扣非后归母净利润同环比均扭亏为盈——2025年中报业绩点评(王招华/戴默)
光大证券研究· 2025-08-28 23:05
Core Viewpoint - The company has shown a significant improvement in profitability despite a decline in revenue, indicating a potential recovery phase and effective cost management strategies [3][4]. Financial Performance - In H1 2025, the company achieved operating revenue of 17.512 billion yuan, a year-on-year decrease of 18.33%. However, it reported a net profit attributable to shareholders of 111 million yuan, marking a turnaround from losses [3]. - In Q2 2025, the company recorded operating revenue of 8.763 billion yuan, down 13.66% year-on-year but up 0.17% quarter-on-quarter. The net profit attributable to shareholders was 99 million yuan, a year-on-year increase of 22.30% and a quarter-on-quarter increase of 690.99% [3]. Production and Pricing - The company's steel billet production in H1 2025 was 4.2748 million tons, a decrease of 13.93% year-on-year, with an average selling price of 3,376.56 yuan per ton, down 9.02% year-on-year [4]. - Hot-rolled steel production was 3.1944 million tons, down 17.57% year-on-year, with a selling price of 3,228.72 yuan per ton, down 10.02% year-on-year. Cold-rolled steel production was 1.0804 million tons, down 1.02% year-on-year, with a selling price of 3,814.20 yuan per ton, down 7.41% year-on-year [4]. High-end Product Development - The company has established a dedicated team for production, sales, and research, leading to a significant increase in high-end product sales. In H1 2025, the sales of high-end hot-rolled products surged by 97.6%, while sales of premium steel and silicon steel increased by over 20% [5]. - The company has developed a comprehensive premium steel product system, achieving high market shares in shipbuilding steel plates and pressure vessel plates, and has received industry accolades for quality [5]. Investor Returns - The company has maintained a strong cash dividend policy, with total cash dividends from 2019 to 2023 amounting to 63.8 million yuan, 93.8 million yuan, 156.4 million yuan, 31.3 million yuan, and 47.2 million yuan respectively. The dividend payout ratio over the past five years has been between 18.68% and 94.80% [6]. - For the fiscal year 2024, the company plans to distribute a cash dividend of 0.10 yuan per 10 shares, totaling 31.8254 million yuan, which represents 97.09% of the net profit attributable to shareholders [6].