证券代码：000932 证券简称：华菱钢铁 湖南华菱钢铁股份有限公司投资者关系活动记录表 编号：2025-13 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 路演活动 现场参观 电话会议 □其他（请文字说明其他活动内容） 参与单位名称 及人员姓名 富国基金刘莉莉、胡怀瑾、顾飞飞、薛阳 时间 2025 年 8 月 25 日 地点 湖南长沙湘府西路 222 号华菱主楼 601 会议室 接待人员姓名 刘笑非、王音 投资者关系活 动主要内容介 绍 1、公司上半年特别是二季度业绩同比环比均有大幅改善，业绩超出 市场预期，是什么原因？ 回复：公司上半年特别是二季度业绩同比环比均有大幅改善，主要 源于三方面：一是上半年特别是二季度，原料价格下行幅度明显超过钢 材价格下行幅度，"成本让利"下钢企盈利明显改善；二是去年同期公 司业绩受到部分短期因素的扰动，如 2024 年一季度，公司正处于由精料 方针向"精料+经济料相结合方针转变的过渡期，因配煤配矿结构调整需 要经历一段适应期，对该季度铁水成本造成一定拖累，但该短期影响因 素自 2024 年 5 月起已消除。今年上半年公司内部生产运营 ...

Group 1: Sales and Production - The proportion of specialty steel sales is projected to increase from 60% in 2022 to 65% in 2024, with further growth expected due to new projects [2] - The company has maintained a low export volume to the U.S., with only 0.8% of total exports in 2024, focusing primarily on domestic demand [2] - The company’s overseas revenue accounts for approximately 7% of total revenue, indicating limited impact from changes in international trade policies [2][3] Group 2: Environmental and Financial Strategies - The company has completed its ultra-low emission transformation project and aims to achieve an environmental performance rating of A by the end of the year [4] - Capital expenditures for 2025 are projected at 5.467 billion yuan, focusing on product structure upgrades and digital transformation [4] - The cash dividend for 2024 is set at 1.00 yuan per 10 shares, with a payout ratio of 34% of net profit, an increase of 2.7 percentage points from the previous year [4] Group 3: Product Development and Market Position - The first phase of the silicon steel project has reached full production capacity of 200,000 tons, contributing positively to the company's performance [5] - The company is transitioning from "premium steel" to "specialty steel," with new high-speed wire rod projects achieving quarterly full production status [5] - The automotive sheet joint venture is progressing with phases one and two at full production, while the third phase is under feasibility study [7]

Financial Performance - The company's income tax expenses increased year-on-year in Q1 2025 due to profit growth and tax reconciliation, while other income decreased, impacting overall profitability [2] - The effective corporate income tax rate remains at 15% for high-tech enterprises, with expectations for Q2 tax expenses and VAT deductions to stabilize [2] Market Strategy - The subsidiary Yangchun New Steel maintains a low-cost operational strategy, achieving a leading market share and sales price in Guangdong despite the downturn in the real estate sector [2][3] - The company has no immediate strategic adjustments planned, focusing on maintaining profitability in the rebar market [3] Export and Trade Impact - The company's export volume to the U.S. is minimal, accounting for only 0.8% of total exports in 2024, with overseas revenue making up about 7% of total income [4] - The company continues to monitor international trade policies and adjust its export strategies accordingly [4] Environmental Initiatives - The company is on track to complete ultra-low emission upgrades by the end of June 2025, aiming for an environmental performance rating of A by year-end [5] - Capital expenditures for 2025 are projected at 5.467 billion yuan, focusing on product structure upgrades and digital transformation [5] Product Development - The first phase of the silicon steel project has reached full production capacity, contributing positively to the company's performance [6][7] - The automotive sheet joint venture has achieved full production, with plans for further development and product certification [7] Financial Returns - For 2024, the company plans to distribute a cash dividend of 1.00 yuan per 10 shares, representing 34% of net profit, an increase of 2.7 percentage points from the previous year [5] - The total planned share buyback and dividend payout will account for 44%-54% of the company's net profit for 2024 [5]

Summary of LiuGong Co., Ltd. Conference Call Company Overview - LiuGong Co., Ltd. reported a net profit attributable to shareholders of 260 million yuan in Q1 2025, ranking 7th among steel companies, an improvement of 11 positions year-on-year, attributed to internal management optimization, capacity release at the Fangchenggang base, raw material structure optimization, and macroeconomic improvements [2][4] Key Points Financial Performance - In 2024, LiuGong achieved an operating income of 70.1 billion yuan and a net profit of 32 million yuan, reducing losses by 57.23% year-on-year, ranking 22nd among 36 steel companies, an improvement of 6 positions [4] - Q1 2025 net profit of 260 million yuan represents a significant year-on-year increase, with a ranking improvement of 11 positions [2][4] Operational Insights - The Fangchenggang base's first phase is completed, with no specific plans for the second phase yet; the focus is on consolidating reform results and improving product structure [2][7] - Steel industry demand has fluctuated in Q1 2025, with stable demand for industrial high-line and full-diameter products; however, U.S. tariff policies have negatively impacted downstream demand, particularly affecting cold-rolled plate prices [2][8] Raw Material Strategy - LiuGong has gradually increased the proportion of imported coking coal, primarily from Mongolia, Australia, and Canada, with an average import ratio of around 50% and a peak of 60% for injection coal [2][8] - The company maintains cooperation with domestic large mines to mitigate potential risks associated with raw material supply [2][8] Production and Cost Management - Q1 2025 production volume increased year-on-year, with no significant changes expected in Q2 production plans, which will depend on profitability and policy arrangements [2][9] - The cost of iron water at the headquarters is approximately 200 yuan/ton higher than that of Guangxi Steel, with expected gross profit margins for steel products declining to 6%-7% [2][11][12] Environmental Compliance and Future Investments - LiuGong has completed ultra-low emission requirements and plans to invest about 4 billion yuan in related projects in 2025, with potential reductions in future fixed asset investments [3][17] - The company will carefully consider dividend policies in light of its good performance in Q1 2025, focusing on shareholder value management [3][18] Research and Development - R&D expenses have fluctuated significantly, with Q1 2025 expenses at 160 million yuan, down from 500 million yuan in Q1 2024; future R&D spending is expected to stabilize around 3.5% of revenue, focusing on specialty steel and technological innovation [16] Market Conditions - The steel industry is experiencing downward pressure on profitability, with cold-rolled prices under pressure leading to potential shifts in production focus if conditions do not improve [12][14] Taxation - LiuGong expects to maintain a low income tax rate due to accumulated losses exceeding 2 billion yuan over the past few years, with no income tax anticipated for Q2 and Q3 2025 [13] Conclusion LiuGong Co., Ltd. is navigating a challenging steel market with strategic management improvements, a focus on raw material sourcing, and compliance with environmental regulations, while also considering shareholder returns and future investments in R&D and production capacity.

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for 2024 is projected at 681 billion RMB, a year-on-year decrease of 3.51%, with a net profit attributable to shareholders of 2.65 billion RMB, down 48.64% year-on-year [2] - In Q4 2024, the company achieved revenue of 182.24 billion RMB, an increase of 24.34% quarter-on-quarter and 7.31% year-on-year, with a net profit of 7.81 billion RMB, marking a turnaround from losses and a year-on-year increase of 1835% [2] - The rare earth business has seen both volume and price increases, significantly improving the company's profitability [3] - The company has optimized its product structure, with a 9.65% year-on-year increase in steel sales and a record production of over 1.5 million tons of rare earth steel [3][4] Summary by Sections Financial Performance - The company's revenue for 2023 was 70.57 billion RMB, with a projected decline to 68.09 billion RMB in 2024, followed by further declines in 2025 [10] - The net profit for 2023 was 515 million RMB, expected to drop to 265 million RMB in 2024, but forecasted to rebound to 2.24 billion RMB in 2025 [10] - The diluted earnings per share (EPS) is projected to increase from 0.006 RMB in 2024 to 0.10 RMB by 2027 [10] Business Segments - The rare earth segment has benefited from rising prices and improved demand due to export controls and reduced overseas supply [4] - The steel business is expected to benefit from reduced production and a downturn in iron ore prices, leading to a potential reduction in losses [4] Future Outlook - Revenue forecasts for 2025, 2026, and 2027 are 61.68 billion RMB, 63.52 billion RMB, and 64.57 billion RMB respectively, with net profits expected to rise significantly in the following years [5] - The company is positioned to benefit from its strong rare earth resource base and strategic partnerships, which may enhance both performance and valuation in the future [4]