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甬金股份:一季度盈利回落,规模有望持续扩张-20250427
GOLDEN SUN SECURITIES· 2025-04-27 01:20
Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a decline in net profit in Q1 2025, with a net profit of 1.04 billion yuan, down 15.41% year-on-year and 53.19% quarter-on-quarter. However, the overall sales and production volumes are expected to grow in 2025 [1][2]. - The company is expanding its production capacity and transitioning towards deeper processing, with several projects underway, including new production lines for stainless steel and titanium materials [3]. - The company is projected to achieve significant revenue growth in the coming years, with expected revenues of 450 to 500 billion yuan in 2025, representing a year-on-year growth of approximately 9.10% to 20.40% [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 93.89 billion yuan, a year-on-year increase of 0.89%. The net profit attributable to shareholders was 1.04 billion yuan, a decrease of 15.41% year-on-year [1]. - The company’s cold-rolled stainless steel production in Q1 2025 was 763,000 tons, a decline of 1.5% year-on-year, while sales volume was 726,000 tons, an increase of 3.7% year-on-year [2]. Production and Capacity Expansion - The company has several projects in progress, including a 400,000-ton stainless steel plate production line and a titanium alloy production line, which are expected to enhance production capacity significantly [3]. - The company plans to produce 3.8 million tons of cold-rolled stainless steel in 2025, with a projected revenue of 450 to 500 billion yuan [2]. Future Outlook - The company is expected to achieve net profits of 8.6 billion yuan, 9.6 billion yuan, and 10.9 billion yuan from 2025 to 2027, with corresponding P/E ratios of 7.7, 6.9, and 6.0 [4][5].
韩媒:韩国将对越南不锈钢产品征收反倾销关税
news flash· 2025-04-24 05:55
Core Viewpoint - South Korea has decided to impose anti-dumping duties on stainless steel products imported from two Vietnamese companies, indicating a protective measure for its domestic steel industry against perceived unfair competition [1] Summary by Relevant Categories Trade Measures - The South Korean Ministry of Trade announced that the Korea Trade Commission (KTC) has recommended imposing anti-dumping duties of 18.81% and 11.37% on stainless steel products from the two Vietnamese companies over the next five years [1] Industry Impact - The KTC concluded that the dumping of Vietnamese steel products has caused "substantial" harm to the local steel industry in South Korea, highlighting the competitive pressures faced by domestic producers [1]
甬金股份(603995):2024年报点评:新增产能有序释放,新材料板块盈利增益可期
Orient Securities· 2025-04-21 15:18
Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to benefit from the orderly release of new production capacity and the profitability of its new materials segment [1] - The company’s 2024 annual report shows a revenue of 41.86 billion yuan, a year-on-year increase of 5.0%, and a net profit attributable to the parent company of 8.05 billion yuan, a year-on-year increase of 77.8% [7] - The forecast for earnings per share (EPS) for 2025-2027 is adjusted to 2.38, 2.73, and 3.11 yuan respectively, with a target price of 26.18 yuan based on a PE ratio of 11X for comparable companies [2][8] Financial Performance Summary - Revenue (million yuan): - 2023A: 39,874 - 2024A: 41,861 - 2025E: 48,946 - 2026E: 53,990 - 2027E: 58,608 - Year-on-year growth (%): - 2023A: 0.8% - 2024A: 5.0% - 2025E: 16.9% - 2026E: 10.3% - 2027E: 8.6% [3] - Net profit attributable to the parent company (million yuan): - 2023A: 453 - 2024A: 805 - 2025E: 872 - 2026E: 999 - 2027E: 1,136 - Year-on-year growth (%): - 2023A: -6.9% - 2024A: 77.8% - 2025E: 8.2% - 2026E: 14.6% - 2027E: 13.7% [3] Production and Capacity Expansion - The company achieved a cold-rolled stainless steel production volume of 3.3163 million tons in 2024, a year-on-year increase of 16.95%, and total sales of 3.3139 million tons, a year-on-year increase of 17.52% [7] - New production capacity from various projects is expected to continue to be released, contributing to future growth [7] New Materials Segment - The company has been diversifying into new materials since 2021, with projects in titanium alloys and battery casing materials progressing steadily [7] - The titanium alloy project in Henan has commenced production, and the battery casing project in Zhejiang is expected to begin trial production by the end of 2025 [7]