北京金诚同达律师事务所 关于 抚顺特殊钢股份有限公司 法律意见书 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于抚顺特殊钢股份有限公司 法律意见书 需公告的文件一同披露； 不得用作其他任何目的。 关事项进行了核查和验证，所发表的结论性意见合法、准确，不存在虚假记载、 误导性陈述或者重大遗漏，并承担相应法律责任； 金诚同达律师事务所 法律意见书 致：抚顺特殊钢股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受抚顺特殊钢股份有限公 司（以下简称"抚顺特钢"或"公司"）的聘请，指派本所律师出席公司 2024 年年度股东大会（以下简称"本次股东大会"）并对会议的相关事项出具法律意 见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"） 《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则 （试行）》等有关法律、法规和规范性文件的要求以及《抚顺特殊钢股份有限 ...

Core Viewpoint - The article discusses the trend of "anti-involution" in various industries as reflected in the capital expenditure to depreciation ratio, indicating a shift towards more conservative investment strategies in response to market conditions [1]. Group 1: Lithium Battery Industry - The lithium battery industry has seen a significant reduction in the capital expenditure to depreciation ratio, dropping from 5.17 in 2022 to 2.37 in 2023, and further to a historical low of 1.77 in 2024, indicating a controlled expansion of capacity [1][2]. - In Q1 2025, major companies like CATL reported a 6.19% revenue growth, while EVE Energy experienced a 37.34% increase, confirming the industry's recovery [2]. Group 2: Silicon Material and Wafer Industry - The silicon material and wafer industry has drastically reduced its capital expenditure to depreciation ratio from 4.1 in 2023 to 1.94 in 2024, marking a historical low due to significant losses [4][5]. - Leading company Tongwei Co. reported an 18.58% revenue decline in Q1 2025, with a negative gross margin of -2.88%, indicating ongoing challenges in the industry [5]. Group 3: Special Steel Industry - The special steel industry saw its capital expenditure to depreciation ratio decrease from 0.93 in 2023 to 0.57 in 2024, suggesting a contraction in capacity but still maintaining profitability among major players [7]. - In 2024, China imported 2.555 million tons of special steel, valued at $5.248 billion, highlighting ongoing demand in high-end steel products [7]. Group 4: Organic Silicon Industry - The organic silicon industry experienced a decline in its capital expenditure to depreciation ratio from 6.98 in 2023 to 1.76 in 2024, indicating a slowdown in capacity expansion [10]. - In Q1 2025, leading company Hoshine Silicon reported a gross margin drop to 14.62%, the lowest in its history, reflecting the industry's ongoing struggles [10]. Group 5: Titanium Dioxide Industry - The titanium dioxide industry faced low prices in 2024, with a capital expenditure to depreciation ratio of 0.78, indicating a contraction in capacity [12]. - Leading company Longbai Group showed signs of stabilization in Q1 2025, with a slight recovery in gross margin, although demand remains uncertain due to external factors [12]. Group 6: Coking Industry - The coking industry is experiencing significant challenges, with a capital expenditure to depreciation ratio of 1.18 in 2024, despite being at a historical low price point [16]. - Leading company Shanxi Coking has reported negative gross margins for ten consecutive quarters, indicating persistent difficulties in the sector [16]. Group 7: Glass Fiber Industry - The glass fiber industry reported a capital expenditure to depreciation ratio of 1.45 in 2024, down from 2.3 in the previous year, suggesting a nearing of historical lows [17]. - Major player China Jushi saw a substantial increase in revenue and net profit in Q1 2025, indicating a clear recovery trend [17]. Group 8: Inorganic Salt Industry - The inorganic salt industry faced continuous price declines, with a capital expenditure to depreciation ratio of 1.06 in 2024, indicating a contraction in capacity [21]. - Leading company Sinochem International reported a gross margin of 9.48% in Q1 2025, the lowest since its listing, reflecting ongoing challenges [21]. Group 9: Inverter Industry - The inverter industry has seen a significant drop in its capital expenditure to depreciation ratio from previous years, now at 4.43 in 2024, indicating a slowdown in expansion [23]. - The industry is experiencing a divergence, with leading companies like Sungrow continuing to perform well, while smaller firms face losses [23].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported Q1 2025 revenue of 2.883 billion RMB, a year-over-year increase of 20.67% and a quarter-over-quarter decrease of 23.64%. The net profit attributable to the parent company was 389 million RMB, up 18.59% year-over-year but down 12.64% quarter-over-quarter. The non-recurring net profit was 394 million RMB, reflecting a year-over-year increase of 15.72% [1] - The company's gross margin for Q1 2025 was 28.08%, showing a year-over-year increase of 1.08 percentage points but a quarter-over-quarter decrease of 0.88 percentage points. The company demonstrated strong cost control, with total expenses of 286 million RMB and an expense ratio of 9.91% [2] - The company is actively expanding its production capacity, with a total capacity of 200,000 tons of finished pipes and ongoing projects expected to enhance future performance. The proportion of high-end products is anticipated to continue increasing [3] Summary by Sections Financial Performance - For 2025-2027, the forecasted net profit attributable to the parent company is 1.726 billion RMB, 1.863 billion RMB, and 2.022 billion RMB, respectively. The corresponding EPS for these years is projected to be 1.77 RMB, 1.91 RMB, and 2.07 RMB. The target price is set at 27.44 RMB, based on a PE ratio of 15.5 times for 2025 [4] Market Position - The company is positioned favorably within its industry, with a competitive PE average of 9.3 times among comparable companies. The report highlights the potential for growth through overseas acquisitions and increased production capacity for composite pipes [4][12]

Core Viewpoint - The company reported a modest growth in revenue and net profit for 2024, but the growth rate has significantly slowed down, indicating challenges in market competition and cost control [1][4]. Revenue and Profitability - In 2024, the company achieved an operating revenue of 4.003 billion, a year-on-year increase of 5.67%, which is a substantial decline from the previous year's growth rate of 12.51% [4]. - The net profit attributable to shareholders was 115 million, reflecting a year-on-year growth of 4.97%, while the non-recurring net profit increased by only 1.19% to 74.3766 million [1][4]. Cash Flow Management - The net cash flow from operating activities was -261 million, although this shows significant improvement compared to the previous year, it remains in a net outflow state [5]. - After excluding the impact of bill discounts and long-term asset purchases, the adjusted net cash flow from operating activities was 467 million, indicating some progress in cash flow management [5]. Accounts Receivable Management - The company faces considerable pressure in managing accounts receivable, despite implementing measures to improve collection efficiency by linking collection performance to individual accountability [5]. Research and Development - In 2024, the company increased its R&D investment to 211 million, a year-on-year growth of 12.71%, representing 5.27% of operating revenue, which is an increase of 0.33 percentage points from the previous year [6]. - The company introduced three core technologies focused on special alloy smelting and production technologies in the renewable energy wind power sector, achieving significant breakthroughs in various products [6]. Overall Performance - Despite maintaining a steady development momentum in 2024, the company continues to face issues such as slowing revenue growth, weak net profit growth, and cash flow pressure, necessitating further efforts in market competition, cost control, and technological innovation [6].

Group 1: Oil and Gas Industry - Global offshore exploration and development investment is expected to grow by 8.6% in 2024, while onshore investment is projected to decline by 7.9% [3] - Upstream capital expenditure is anticipated to recover in 2025, reaching over $582.4 billion, a year-on-year increase of 5% [3] - The domestic "three major oil companies" are focused on increasing reserves and production, with continuous growth in capital expenditure and output, benefiting oil service companies [3] Group 2: Agriculture and Animal Husbandry - The average weight of pigs for slaughter has decreased, indicating a potential turning point in inventory [4] - As of April 18, the average price of external three yuan pigs was 14.97 yuan/kg, with a week-on-week increase of 2.11% [4] - The average weight of commodity pigs for slaughter was 128.57 kg, down by 0.24 kg week-on-week, and the national frozen product inventory rate was 14.88%, a decrease of 0.06 percentage points [4] Group 3: Pharmaceutical Industry - China's implementation of tariffs on U.S. medical devices is expected to increase import costs, accelerating domestic substitution [5] - The domestic medical device sector, particularly in innovative and high-barrier areas, is likely to benefit from this policy [5] Group 4: Banking Sector - Jiangsu Bank reported a revenue of 80.8 billion yuan in 2024, a year-on-year increase of 8.8%, and a net profit of 31.8 billion yuan, up 10.8% [6] - The bank's return on average equity (ROAE) was 13.6%, a decrease of 0.9 percentage points year-on-year, with strong risk compensation ability and stable dividend rate [6] Group 5: Steel Industry - In Q1 2025, CITIC Special Steel achieved a net profit margin of 13.84 billion yuan, the highest in nearly eight quarters, while the debt-to-asset ratio reached the lowest since Q3 2019 [7] - The company reported total revenue of 26.84 billion yuan, a year-on-year decrease of 5.59% but a quarter-on-quarter increase of 4.44% [7] Group 6: Technology Sector - Huace Navigation's revenue for 2024 was 3.251 billion yuan, a year-on-year increase of 21.38%, with a net profit of 583 million yuan, up 29.89% [8] - The company aims for a net profit of 730 million yuan in 2025, representing a growth of approximately 25% compared to the previous year [8] Group 7: LED Lighting Industry - Jingfeng Mingyuan's business includes power management chips and control driver chips, with applications in LED lighting and high-performance computing [9]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【石油化工】石化24年报总结：不确定环境下的确定性，"三桶油"及油服再创佳绩—— 石油化工行业周 报第 399 期（ 20250414 — 20250420 ） 根据 S&P Global 统计， 2024 年全球海上勘探开发投资同比增长 8.6% ，陆上勘探开发投资同比下降 7.9% ，预计 25 年全球上游资本开支恢复增长，有望达到 5824 亿美元以上，同比增长 5% ，上游资本开支的持 续扩增为油服景气奠定基础 。国内"三桶油"坚持增储上产，资本开支和产量持续增长，旗下油服企业有望 持续受益，我们持续看好油服企业工作量的增长和盈利能力的改善。 （赵乃迪/蔡嘉豪/王礼沫） 2025-04-20 您可点击今日推送内容 ...

Group 1 - The company forecasts a revenue increase of approximately 228 million yuan, representing a year-on-year growth of about 25.56% [1] - The company anticipates a profit of around 72 million yuan, which is an increase of approximately 68.83 million yuan compared to the same period last year, reflecting a year-on-year growth of about 2172.15% [1] - The performance forecast is based on preliminary calculations by the internal finance department and has not been audited by external accountants [2] Group 2 - The company has implemented a series of cost reduction and efficiency enhancement measures, leading to an improvement in overall gross margin and enhanced profitability [2] - Significant revenue growth has effectively reduced unit fixed costs, contributing to profitability [2] - The offshore wind power casting project has achieved substantial capacity utilization improvements through technical modifications, production line optimization, cost reduction in processes, and product diversification [2]

Company News - Zhongcai Technology reported a net profit decline of 59.9% for 2024, with revenue of 23.98 billion yuan, down 7.4% year-on-year, and proposed a cash dividend of 2.25 yuan per 10 shares [5][6] - Shunma Co. announced a net profit of 33.53 million yuan for 2024, a decrease of 77.57%, with a cash dividend of 0.50 yuan per 10 shares [6] - Saiwei Electronics reported a net loss of 170 million yuan for 2024, with revenue of 1.205 billion yuan, down 7.31% year-on-year [6] - Wuzhou Xinchun disclosed that shareholder Nanjing Steel intends to reduce its stake by up to 0.437% through block trades or centralized bidding within three months [6] - Kingsoft Office achieved a net profit of 1.645 billion yuan for 2024, an increase of 24.84%, with revenue of 5.121 billion yuan, up 12.4% year-on-year [7] - CITIC Special Steel reported a net profit decline of 10.41% for 2024, with revenue of 109.203 billion yuan, down 4.22%, and proposed a cash dividend of 5.07 yuan per 10 shares [8] - Sinopharm Holdings disclosed a net profit of 2 billion yuan for 2024, a decrease of 6.8%, with revenue of 50.597 billion yuan, up 1.81%, and a cash dividend of 8 yuan per 10 shares [9] - Tencent Holdings reported a revenue of 660.257 billion yuan for 2024, an increase of 8%, with a profit attributable to equity holders of 194.073 billion yuan, up 68% [10]