证券研究报告 | 半年报点评 gszqdatemark 2025 08 20 年 月 日 南钢股份（600282.SH） 季度利润同环比大增，改善趋势有望延续 事件：公司发布 2025 年半年度报告。公司上半年实现营业收入 289.44 亿元，同比减少 14.06%；归属于母公司所有者的净利润 14.63 亿元，同比增长 18.63%；基本每股收益 0.2373 元，同比增长 18.63%。 利润同环比大增，净利率持续改善。公司 2025Q2 实现归母净利8.85亿元，同比增长30.21%， 环比增长 52.94%，实现扣非归母净利 6.50 亿元，同比增长 10.30%，环比增长 30.28%； 据中钢协统计，2025 年上半年重点统计钢铁企业利润总额 592 亿元，同比增长 63.26%， 统计局数据显示上半年黑色金属冶炼和压延加工业利润总额 462.8 亿元，同比增长 1,369.2%，公司业绩与行业盈利同步大幅改善。公司 2024Q3-2025Q2 逐季销售毛利率分别 为 13.47%、12.02%、11.79%、14.52%，逐季销售净利率分别为 3.43%、3.40%、3.93%、 5.75%，受 ...

Group 1: Production and Sales - In 2024, the company's steel production was 9.2674 million tons, a decrease of 10.88% year-on-year, while steel sales were 9.3293 million tons, down 9.66% year-on-year [1] - Advanced steel products showed positive performance with sales of 2.6149 million tons, an increase of 1.04% year-on-year, accounting for 28.03% of total sales, up 2.97 percentage points [1] - The company expects steel production to increase to 9.9 million tons in 2025, representing a growth of 6.04% [1] Group 2: Revenue and Profitability - In 2024, the company achieved revenue of 61.811 billion yuan, a decline of 14.79% year-on-year, primarily due to lower sales prices and volumes of steel products [2] - The gross profit margin improved to 11.91%, an increase of 1.31 percentage points year-on-year, with a gross profit of 575 yuan per ton, up 0.5% [2] - The company reported a net profit of 2.261 billion yuan in 2024, an increase of 6.37% year-on-year, with a net profit per ton of 235 yuan, up 8.11% [3] Group 3: Expenses and Cash Flow - The company's expense ratio increased to 7.78%, up 0.84 percentage points year-on-year, with the sales expense ratio at 0.70% and the management expense ratio at 2.20% [3] - The cash flow situation improved, with a net cash inflow from operating activities of 3.221 billion yuan, an increase of 5.46 billion yuan year-on-year [4] - The company's asset-liability ratio decreased to 59.79%, down 1.49 percentage points [4] Group 4: Future Outlook - The company is focusing on high-end steel materials, smart manufacturing, and overseas business expansion, indicating good growth potential [4] - Projected net profits for 2025-2027 are 2.423 billion, 2.675 billion, and 2.819 billion yuan, respectively [4]