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 1 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 业绩说明会 | | 动类别 | □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） | | | 光大证券戴默、国盛证券高亢、中信建投王晓芳、西部证券刘博、信达 证券刘波、浙商金属沈皓俊、民生证券范均、申万金属陈松涛、广发证 | | | 券陈琪玮、国海证券林晓莹、国泰海通刘彦奇、国泰海通王宏玉、国泰 | | | 海通魏雨迪、长江证券吕士诚、兴证金属张浩、中信证券唐川林、东吴 | | | 证券米宇、瑞银香港刘梦楠、花旗尚游、东方财富证券孟宪博、大家资 | | | 产冯思宇、易方达刘沛显、天弘基金陈禹光、信泰人寿林相宜、平安养 | | 参与单位名称 及人员姓名 | 老陈先龙、平安资产韩帆、中金资管徐榕、汇丰晋信吴纪磊、嘉实基金 | | | 欧阳心桐、大朴资产赵敏宇、工银瑞信杨韵新、新 刘宸垚、Millennium | | | 华基金黄泓鉴、景顺长城尤木、国投瑞银周 ...

Summary of Hualing Steel Conference Call Company Overview - **Company**: Hualing Steel - **Industry**: Steel Manufacturing Key Financial Performance - In Q1 2025, Hualing Steel reported a total profit of 1.202 billion yuan and a net profit attributable to shareholders of 562 million yuan, representing a year-on-year increase of 44% and a quarter-on-quarter increase of 115% [2][4] - Earnings per share (EPS) stood at 7.87 yuan, with a debt-to-asset ratio of 57.24%, indicating a stable financial structure despite being in a state of net asset deficit [2][4] - The company has consistently ranked among the top three listed steel enterprises in terms of total profit since 2018 [5] Strategic Initiatives - Hualing Steel is undergoing a transformation towards high-end products, increasing equipment investment, and adjusting product layout, with projects like the automotive steel phase one completed and silicon steel projects accelerating [2][7] - The company collaborates with Huawei and China Mobile to launch an AI model, enhancing the efficiency of standardized inspections in cold-rolled processes by over 60% [2][7] - Hualing Steel is committed to ultra-low emissions, achieving record levels of self-generated electricity [2][7] Future Projects and Investments - Hualing Hengguan is constructing a 559 mm diameter large-caliber seamless pipe project, expected to be operational in the first half of 2026, which will enhance its capabilities in oil and gas and renewable energy sectors [2][8] - The company plans to maintain a high capital expenditure of 5.5 billion yuan in 2025, with nearly half allocated to ultra-low emissions modifications [4][13] Shareholder Returns - Hualing Steel is actively returning value to shareholders through increased cash dividends, share buybacks, and major shareholder purchases, with a cash dividend of 687 million yuan in 2025, representing 34% of the net profit [9][10] - As of June 30, 2025, the company had repurchased 42.06 million shares for a total of 200 million yuan, with major shareholders increasing their stakes [10][32] Industry Outlook - The steel industry is expected to see a bottom reversal in 2025, with Hualing Steel showing strong performance despite being undervalued [3][11] - The industry faces challenges such as supply-demand imbalances, but companies with technological advantages and reasonable product structures are likely to maintain stable profitability [11][12] - The overall demand for steel is stabilizing, with structural opportunities emerging despite a slow decline in total demand [11][26] Challenges and Opportunities - Hualing Steel faced challenges in 2024 due to transitional adjustments in raw material structures, which have since been resolved [6] - The company is focused on high-end, green, and intelligent transformation to maintain its leading profitability in the industry [4][13] R&D and Product Development - R&D investment accounts for approximately 4% of revenue, with ongoing efforts to enhance product offerings in high-end markets, particularly in silicon steel [7][22][37] - Hualing Steel has become the largest domestic producer of silicon steel since 2021, with plans to further penetrate the mid-to-high-end market [22][23] Conclusion - Hualing Steel is positioned for growth through strategic investments in high-end products, technological advancements, and a commitment to sustainability, while actively enhancing shareholder value and navigating industry challenges.

Industry Overview - The steel industry is currently in a downward cycle that began in mid-2022, with a loss ratio of 26.14% among large and medium-sized steel enterprises, although this has narrowed year-on-year [2][3] - Demand for steel is expected to decline slowly in the long term, but there are structural opportunities in manufacturing, shipbuilding, wind power, silicon steel, and new energy vehicles [2][3] - The cost of raw materials like coking coal has decreased by 32% in the first half of the year, improving the supply-demand balance and leading to a downward shift in price levels [2][3] Government Policies - The government has emphasized the need to regulate the steel industry to combat "involution" and has proposed continuous control of crude steel production [3] - The new 2025 version of the "Steel Industry Normative Conditions" aims to promote high-quality development through optimization and elimination of outdated capacity [3] VAMA's Market Position - VAMA focuses on the high-end automotive steel market, having developed 137 steel grades since its inception in 2014, including advanced high-strength steel (AHSS) and ultra-high-strength steel (UHSS) [5][6] - VAMA's sales to new energy vehicle manufacturers have been increasing, with both Phase I and II of production nearly at full capacity [5][6] Future Developments - VAMA plans to introduce 24 advanced steel grades, including Ductibor®1500 and Fortiform® series, to enhance its competitive edge [8][9] - The third phase of VAMA's project is progressing, with plans to incorporate advanced vacuum coating technology (JVD technology) to improve production capabilities [10][11] Financial Performance - The company has maintained a leading profitability level in the industry, despite fluctuations due to transitional factors and maintenance schedules [12][13] - The cash dividend for 2024 is set at 1.00 yuan per 10 shares, with a payout ratio of 34%, which is an increase of 2.7 percentage points from the previous year [19] R&D Investment - The company has significantly increased R&D investment to support the development of new products and maintain competitiveness in high-end steel markets [16][17] - R&D expenses typically exceed 3% of revenue for large and medium-sized steel enterprises, reflecting the industry's commitment to innovation [17]

Group 1 - Hualing Steel announced that from January 2025 to now, Xintai Life Insurance has cumulatively increased its holdings in the company by 343 million shares, reaching a total of 345 million shares, which accounts for 5.00% of the company's total share capital, triggering the shareholding threshold [1] - Xintai Life's share purchases included 2.71 million shares in January, 10.74 million in February, 122 million in March, 172 million in April, 16.88 million in May, 17.1 million in June, and 690,000 shares in July, with a total value of approximately 1.75 billion yuan at the current share price of 5.1 yuan [1] - Xintai Life expressed optimism about Hualing Steel's future development and recognized the company's value, aiming to support its growth and share in its long-term benefits [1] Group 2 - Hualing Steel's performance has shown a decline, with a revenue of 144.11 billion yuan in 2024, down 12.07% year-on-year, and a net profit attributable to shareholders of 2.03 billion yuan, down 59.99% year-on-year [2] - In the first quarter of this year, the company's revenue continued to decline by 18.52%, reaching 30.08 billion yuan, while the net profit attributable to shareholders increased by 43.55% year-on-year to 562 million yuan [2] - Despite the significant decline in performance, Hualing Steel announced a dividend of 0.1 yuan per share totaling approximately 700 million yuan and plans to repurchase shares worth 200 to 400 million yuan [2]

Core Viewpoint - Insurance capital is increasingly acquiring stakes in listed companies, with Xintai Life Insurance recently increasing its holdings in Hualing Steel, reflecting a broader trend in the market [1][8]. Company Summary - Hualing Steel, established in 1958 and headquartered in Changsha, Hunan, is a leading player in the steel industry, ranking first globally in wide plate production and second in seamless steel pipe production [6]. - The company has made significant strides since its restructuring, investing 3% to 4% of its revenue in R&D, which is notably higher than the industry average of 1.5% [6]. - Hualing Steel's high-end products command a price 30% to 50% higher than regular steel, with a projected net profit of 238 yuan per ton in 2024, significantly above the industry average [6]. - The company serves major clients in high-tech sectors, including top shipbuilding firms and leading automotive manufacturers like Tesla and BYD [6]. - Hualing Steel's recent financial performance shows a 59.99% decline in net profit to 2.032 billion yuan in 2024, despite a 9.58% increase in cash flow from operating activities [7]. - The company plans to distribute a dividend of 1 yuan per 10 shares in 2024, totaling approximately 700 million yuan, and has initiated a share buyback plan of 200 million to 400 million yuan to enhance shareholder value [7]. Industry Summary - In 2023, insurance capital has acquired stakes in 15 listed companies, including five banks, indicating a strong interest in high-dividend sectors [8][9]. - The trend of insurance companies acquiring stakes is driven by regulatory policies encouraging long-term investments in the stock market, with a focus on high-yield sectors such as banking, public utilities, and energy [9]. - Recent regulatory changes have increased the allocation limits for insurance funds in equity assets, further promoting this trend [9].

Core Viewpoint - The establishment of the Henan Steel Group is a strategic decision aimed at enhancing the competitiveness and efficiency of the steel industry in Henan, addressing the challenges of a fragmented market structure and optimizing resource allocation [5][6][14]. Industry Overview - The steel industry is a crucial pillar of the national economy and a key indicator of regional economic strength and industrial competitiveness [4]. - Recent years have seen the steel industry facing deep adjustments, characterized by high production, high costs, low demand, and low profitability, leading to a "three highs and three lows" situation [5]. Company Developments - The formation of the Henan Steel Group in March 2023 has garnered significant attention, aiming to consolidate the previously fragmented steel enterprises in the province [5][6]. - The group is expected to leverage economies of scale to enhance procurement power, reduce costs, and stabilize market prices, thereby improving competitiveness both domestically and internationally [6][10]. Strategic Focus - The Henan Steel Group is focusing on high-end steel production, particularly in special steel, to meet the growing demand from sectors such as automotive and new energy [10][15]. - The group has two main bases: the Anyang base, which specializes in high-strength steel and thin specifications, and the Zhoukou base, which is developing thick plates for high-end applications [8][9][15]. Market Positioning - The group aims to enhance its brand recognition and product quality through resource integration and technological innovation, positioning itself to compete effectively in both domestic and global markets [6][10][15]. - The strategic layout of the two bases allows for a dynamic adjustment of product offerings, catering to diverse market needs and enhancing overall profitability [9][15]. Future Outlook - The Henan Steel Group's transformation is seen as a vital step towards high-quality development, with a focus on integrating into the national market and addressing the challenges posed by competition from coastal provinces [12][15]. - The group's commitment to innovation and collaboration with upstream and downstream partners is expected to strengthen its market position and drive growth in high-value segments [12][15].

Meeting Overview - The company participated in the online investor reception day and 2024 performance briefing on May 22, 2025, with key executives present for interaction with investors [1][2]. Key Investor Questions and Responses - The company is developing oriented silicon steel products primarily for the power distribution industry, including large transformers and high-grade non-oriented silicon steel for electric motors and new energy vehicles [1]. - The company's special steel transformation focuses on high-strength and ultra-high-strength steel, with products for various applications including automotive, marine engineering, and construction [2]. - The controlling shareholder is currently implementing a share buyback plan, which is ongoing as per schedule [2]. - The company has a wide range of products applicable in defense, aerospace, transportation, and other industries, indicating a strong presence in military orders [2]. - The company maintains a cautiously optimistic outlook for market demand in 2025, having achieved profitability in Q1 2025, and is committed to transitioning towards high-end, intelligent, and green steel production [3]. - The major asset restructuring involving the injection of quality assets from Wuyuan Mining is progressing, but specific transaction details are yet to be finalized [4].