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：2025-14 | | 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） | | | 参与单位名称 | 易方达基金何进阳、涂程亮、胡致远、刘凯捷 | | | 及人员姓名 | | | | 时间 | 年 日 2025 8 25 | 月 | | 地点 | 湖南长沙湘府西路 号华菱主楼 会议室 222 601 | | | 接待人员姓名 | 刘笑非、王音 | | | | 1、公司销量下降是减产的要求还是主动减产？下半年的产销量指 | | | | 引？ | | | | 回复：随着政策严控粗钢产能、实施产量调控与钢企自律性减产一 | | | | 同发力，钢铁行业供给端或将持续收缩。今年上半年，公司完成钢材销 | | | | 量 1,110 万吨，同比下降 12.6%；若考虑钢材销量中未包含公司在国内直 | | | | ...

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Insights - The company reported significant performance recovery with a focus on optimizing product structure. In H1 2025, revenue was 63.092 billion yuan, a year-on-year decrease of 16.93%, while net profit attributable to shareholders was 1.748 billion yuan, an increase of 31.31% year-on-year [1]. - The company is experiencing a decline in steel sales but has seen a notable recovery in gross margin, which reached 10.28% in H1 2025, up 2.91 percentage points year-on-year [2]. Summary by Sections Financial Performance - In H1 2025, the total steel sales volume was 11.1 million tons, a decrease of 12.5% year-on-year. Major product categories saw declines, except for coated steel [2]. - The gross margin for H1 2025 was 10.28%, with long products, flat products, and pipes showing respective margins of 5.45%, 13.65%, and 10.89%, all increasing year-on-year [2]. Future Outlook - The company is releasing high-end production capacity, with projects like the cold-rolled silicon steel line and seamless steel pipe production line progressing steadily. The first phase of the non-oriented silicon steel is expected to be operational by August 2025 [3]. - The product structure is being optimized, with key product sales accounting for 68.5% of total sales, an increase of 3.9 percentage points year-on-year. The company has developed 75 new products, achieving six domestic firsts or import substitutions [3]. Cost Management and Efficiency - The company is implementing cost reduction measures across its operations, with 32% of its economic and technical indicators entering the advanced category. Adjustments in structure have led to a reduction in procurement costs by approximately 250 million yuan [4]. - The self-generated electricity reached 4.922 billion kWh in the reporting period, an increase of 3.4% year-on-year, contributing to operational efficiency [4]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 3.465 billion yuan, 3.993 billion yuan, and 4.434 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11x, 10x, and 9x [5][9].

Core Viewpoint - China Baowu Steel Group's Wuhan Iron and Steel Co., Ltd. (WISCO) has produced over 440 million tons of steel and developed more than 1,300 product varieties, including over 200 unique products, showcasing its innovation and technological advancements in the steel industry [1][9][20]. Group 1: Product Innovation and Technological Advancements - WISCO's products have been crucial in major infrastructure projects, such as the Hong Kong-Zhuhai-Macao Bridge, where 248,000 tons of steel plates were used to withstand typhoons [9]. - The company has successfully mass-produced 0.1mm high-strength, ultra-thin non-oriented silicon steel, which enhances the efficiency of electric motors by over 20% compared to previous products [15][16]. - WISCO's high-strength, high-precision magnetic steel for hydropower generators has a flatness error of less than 1mm/m, significantly improving the performance of large hydropower units [18][23]. Group 2: Market Position and Competitive Edge - WISCO holds a market share of over 75% for ultra-wide automotive plates and has supplied steel rails for nearly 18,000 kilometers of railway lines in China [20]. - The company has developed eight globally first products during the 14th Five-Year Plan period, with unique leading product varieties accounting for 48% of its offerings [20]. Group 3: Organizational Reform and Efficiency - Following the merger of Baosteel and WISCO in 2016, the company has implemented market mechanisms within its manufacturing system, leading to improved profitability and operational efficiency [24]. - The introduction of a smart management platform has increased iron water transportation efficiency by 10%, resulting in direct economic benefits exceeding 40 million yuan annually [27]. Group 4: Environmental Sustainability and Green Initiatives - WISCO aims to achieve a 40% purchase ratio of green electricity by 2030 and has installed solar panels that contribute 45 million kWh of green electricity annually, reducing carbon emissions by 35,400 tons [26]. - The company has developed green products with over 50% carbon reduction, supporting the green transformation of downstream industries [28].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **special steel industry** in relation to the **Yasha Hydropower Project** and its specific requirements for high-performance steel materials [2][4][5]. Core Insights and Arguments - **Demand for Special Steel**: The Yasha Hydropower Project has a significant demand for special steel materials, requiring structural support materials to meet grades of 420-450 and impact toughness greater than 50 Joules at -40 degrees Celsius. Pressure pipelines need tensile strength above 1,000 MPa, and non-oriented silicon steel for generators must meet grade 230 or higher with special coatings [2][4]. - **Production Capabilities**: Companies like **Baowu Steel**, **Wuyang Steel**, and **Taiyuan Iron and Steel (TISCO)** have production advantages in high-strength pressure pipelines and magnetic materials, having previously supplied to major projects like Baihetan [2][6][9]. - **Market Share**: Baowu Steel holds an 80% market share in the ultra-high voltage market for non-oriented silicon steel, indicating a strong competitive position [11]. - **Quality Assurance**: The Yasha project has stringent quality requirements, with a high cost of rework, necessitating 100% quality assurance from manufacturers. The profitability of special steel products is high but contingent on manufacturing capabilities [14]. Special Requirements for Steel Products - **Structural Support Steel**: Requires HRB400 or higher, with low-temperature impact toughness for use in tunnels and construction [4]. - **High-Strength Steel Plates**: For hydropower systems, typically WH80Q or higher, with tensile strength above 800 MPa and low sensitivity to welding cracks [5]. - **Generator Steel**: Requires magnetic steel to be 750-800 MPa and non-oriented silicon steel to be of the highest grade, with specific coatings [6]. Production and Supply Chain Dynamics - **Geographical Advantages**: Steel mills located near the western regions, such as Chongqing and Xinjiang, have logistical advantages due to lower transportation costs [7]. - **Profit Margins**: The market price for silicon steel can reach up to 13,000 yuan per ton in high-demand projects, with other special steels also showing high profit margins depending on manufacturing quality [14][15]. Regulatory and Environmental Considerations - **Reduction Targets**: The steel industry faces a 5% reduction target by the end of 2025, with stricter measures to follow in 2026, focusing on ultra-low emissions and carbon reduction [3][18]. - **Compliance Measures**: Companies must adapt to new regulations, with a shift from voluntary compliance to mandatory checks for those not meeting emission standards [19]. Future Outlook - **Electric Arc Furnace (EAF) Production**: The government encourages EAF production to align with carbon reduction goals, although current usage is low. Future policies may enhance the viability of EAFs as high furnace capacities are reduced [21]. Additional Important Points - **Market Dynamics**: The Yasha project is expected to consume approximately 3 million tons of special structural materials, indicating a substantial market opportunity for suppliers [5]. - **Material Specifications**: The project requires specific grades and performance characteristics that exceed those of conventional materials, highlighting the need for advanced manufacturing capabilities [4][12].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Viewpoints - The upcoming "stability growth plan" from the Ministry of Industry and Information Technology is expected to optimize steel production capacity, focusing on structural adjustments and the elimination of outdated capacity [3][7]. - Steel prices have shown an upward trend, with specific prices for various steel products increasing as of July 18, 2025 [1][10]. - The report indicates a decrease in steel production and inventory levels, with a total production of 8.68 million tons for the five major steel products, reflecting a week-on-week decrease [2][8]. Summary by Sections Price Trends - As of July 18, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,270 CNY/ton, up 30 CNY/ton from the previous week [1][10]. - Other steel products also saw price increases, including hot-rolled and cold-rolled steel [1][11]. Production and Inventory - The total production of the five major steel products is 8.68 million tons, down 45,300 tons week-on-week [2][8]. - Social inventory of the five major steel products increased by 81,500 tons to 9.21 million tons, while steel mill inventory decreased by 100,200 tons [2][8]. Profitability - The report notes fluctuations in steel profitability, with rebar, hot-rolled, and cold-rolled steel margins changing by -19 CNY/ton, -7 CNY/ton, and +7 CNY/ton respectively [1][3]. Investment Recommendations - The report recommends several companies for investment, including Baosteel, Hualing Steel, and Nanjing Steel in the flat steel sector, and Xianglou New Materials and CITIC Special Steel in the special steel sector [3][4].

Group 1: Investment and Project Development - The company is investing significantly in new projects, particularly in the development of large-diameter seamless steel pipes to meet high-end demands in sectors such as oil casing and new energy transportation [2] - The company aims to enhance the competitiveness of its seamless steel pipe products by reducing costs and improving quality through the implementation of advanced technologies [2] - In the silicon steel sector, the company has established itself as the largest supplier of silicon steel base materials in China, with an annual production capacity of approximately 180,000 tons [3] Group 2: Financial Performance and Market Demand - The company's profitability has shown improvement in the second quarter, with stable demand and orders across various sectors, although there is a noted weakness in real estate and infrastructure [2] - The automotive board joint venture, VAMA, has reached full production capacity, with a combined output of approximately 1.6 million tons from its first two phases [4] - The company plans to allocate approximately 5.467 billion yuan for new projects in 2025, focusing on product structure upgrades and digital transformation [5] Group 3: Taxation and Financial Outlook - The company's income tax expenses increased in the first quarter of 2025 due to higher profits and tax adjustments, with a corporate tax rate of 15% for its high-tech subsidiaries [6] - The cash dividend for 2024 is set at 1.00 yuan per 10 shares, representing 34% of the net profit attributable to shareholders, an increase of 2.7 percentage points from the previous year [5] - The company anticipates a potential increase in dividend payout ratios post-2026, following the completion of low-emission transformation projects [5]

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]

Core Insights - The global silicon steel industry is experiencing significant growth, driven by increasing demand in the automotive and power sectors, particularly for electric vehicles and transformers [11]. Industry Development History - The silicon steel industry began developing in the late 19th century, with a shift from hot-rolled to cold-rolled oriented silicon steel initiated by the American Armco Steel Company in the early 1940s [1]. - By the 1960s to late 1980s, hot-rolled electrical steel was phased out in favor of cold-rolled oriented and non-oriented silicon steel, with advancements in non-oriented silicon steel technology [2]. Market Size and Growth - The global silicon steel market was valued at $30.7 billion in 2023, with a projected growth rate of 5.6%, leading to an estimated market size of approximately $32.4 billion in 2024 [4]. - The industry is characterized by high competition and concentration, with Asia expected to account for over 50% of the global market share [4]. Regional Development Patterns - China leads the oriented silicon steel market with a production capacity share of 56%, followed by Japan (11%) and the USA (7%) [6]. - In the non-oriented silicon steel market, China holds a dominant position with a 67% share, while other Asian countries collectively account for 17% and Europe for 15% [8]. Future Market Outlook - The silicon steel market is anticipated to maintain a growth trend, with a projected compound annual growth rate of 5%, potentially reaching a market size of $43.4 billion by 2030 [11].

Core Viewpoint - Baosteel Co., Ltd. has achieved a significant technological breakthrough by launching four new non-oriented silicon steel products, which are crucial materials for industries such as humanoid robots and low-altitude aircraft [2][3]. R&D Investment and Achievements - In 2024, Baosteel plans to invest 25.044 billion yuan in R&D, with a total of 73.2 billion yuan invested over the past four years [2][5]. - The company has nearly 10,000 R&D personnel, accounting for 21.7% of its total workforce, and has received approximately 12,867 authorized patents, with 41.2% being invention patents [6][8]. - Baosteel's R&D team has successfully developed the B10AHV900M non-oriented silicon steel, which is 0.1 mm thick and has achieved an iron loss value below 9 W/kg, a first in the industry [3][4]. Financial Performance - In Q1 2024, Baosteel reported a net profit attributable to shareholders of 2.434 billion yuan, a year-on-year increase of 26.37%, despite a 9.82% decline in revenue to 72.88 billion yuan [8][10]. - The company has maintained a strong profitability record, with cumulative profits of approximately 2525.54 billion yuan since its listing in 2000, and has never reported an annual loss [9][10]. Market Position and Strategy - Baosteel's non-oriented silicon steel products are expected to enhance its competitiveness in the domestic market, which has historically relied on imports for similar products [4][5]. - The company is actively pursuing digital transformation and energy-saving initiatives, with a focus on integrating smart applications into its operations [7][8].