Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company is a leader in the special steel industry with a strong market share and a positive long-term demand outlook for special steel products [2]. - The company achieved a revenue of 1,092.03 billion yuan in 2024, a decrease of 4.22% year-on-year, and a net profit attributable to shareholders of 51.26 billion yuan, down 10.41% year-on-year [2]. - The company has a robust R&D investment, accounting for 4.21% of revenue in 2024, with a total of 476 patents granted, including 162 invention patents [2]. - The company is positioned to benefit from the accelerated domestic substitution of high-end steel materials, with significant growth potential in the special steel sector [2]. Financial Performance Summary - **Revenue Forecast**: - 2024: 1,092.03 billion yuan - 2025: 1,078.97 billion yuan (down 1.20%) - 2026: 1,096.88 billion yuan (up 1.66%) - 2027: 1,118.93 billion yuan (up 2.01%) [1][4] - **Net Profit Forecast**: - 2024: 51.26 billion yuan - 2025: 54.70 billion yuan (up 6.72%) - 2026: 60.07 billion yuan (up 9.81%) - 2027: 66.18 billion yuan (up 10.17%) [1][4] - **Gross Margin**: - 2024: 12.85% - 2025: 12.95% - 2026: 13.00% - 2027: 13.05% [1][4] - **Earnings Per Share (EPS)**: - 2024: 1.02 yuan - 2025: 1.08 yuan - 2026: 1.19 yuan - 2027: 1.31 yuan [1][4] - **Price-to-Earnings (PE) Ratio**: - 2024: 11.58 - 2025: 10.85 - 2026: 9.88 - 2027: 8.97 [1][4]