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。 报告摘要 2025H1公司钢坯材产量为427.48万吨，同比-13.93%；吨钢售价为3376.56元，同比-9.02%。其中热轧产量为 319.44万吨，同比-17.57%，吨钢售价为3228.72元，同比-10.02%；冷轧产量为108.04万吨，同比-1.02%，吨钢 售价为3814.20元，同比-7.41%。 高端产品销量全面提升，并构建了完善精品钢材产品体系 公司成立产销研专项攻关团队，高端品种材销量全面提升。2025H1热卷高端品种增幅97.6%，优钢、硅钢增幅 超20%，中厚板增幅18.4%，优棒品种率增至70%。公司构建了完善的精品钢材产品体系，其中船用钢板、压 力容器板市场占有率位列前茅，荣获"2021中国卓越钢铁企业 ...

Financial Performance - The company reported a net profit attributable to shareholders of -1.277 billion CNY for 2024, a decrease of 91.21% year-on-year [4] - Total revenue for 2024 was 46.058 billion CNY, down 3.93% compared to the previous year [4] - The company produced 11.41 million tons of steel in 2024, a year-on-year increase of 1.51% [4] - The company’s total assets as of December 31, 2024, were 51.646 billion CNY, with equity attributable to the parent company at 19.165 billion CNY [4] Production Capacity and Profitability - The company’s production capacity includes approximately 6.27 million tons of crude steel from the Sanming base, with a gross profit margin of 10.02% for plate products [3] - The Quanzhou and Luoyuan bases each produced about 2.57 million tons of crude steel, primarily in construction materials [3] - The gross profit margins for various products in 2024 were: - Plate: 10.02% - Construction materials: 3.56% - Round steel: 4.27% - Finished products: 3.99% - Profile steel: 2% [3] Governance and Compliance - The company plans to abolish the supervisory board by January 1, 2026, in compliance with new regulations, and will establish an audit committee within the board [2] - The adjustments aim to enhance corporate governance and improve overall efficiency [2] Capital Expenditure and Future Outlook - The company’s capital expenditures are expected to significantly decrease after 2025, as most capacity replacement and ultra-low emission transformation projects are nearing completion [4] - The company aims to optimize its asset structure and reduce financing costs, maintaining a comprehensive funding cost below 2.56% in 2024 [4] Market Presence - The company does not export products overseas, with approximately 63% of sales occurring within Fujian province and 37% in other domestic markets [3]