证券研究报告 | 季报点评 gszqdatemark 2025 04 19 年 月 日 中信特钢（000708.SZ） 一季度业绩同比增长，特钢需求前景向好 事件：公司发布 2025 年一季度报告。公司第一季度实现营业收入 268.4 亿元，同比下降 5.59%；归属于上市公司股东的净利润 13.84 亿元，同比 增加 1.76%；基本每股收益 0.274 元。 一季度业绩同比增长，毛利存改善预期。公司 2025Q1 实现归母净利 13.84 亿元，同比增加 1.76%，环比增加 7.31%，实现扣非归母净利 13.73 亿 元，同比增加 2.67%，环比增加 11.12%；2025Q1 钢价普遍回落，行业 钢企盈利比例位于 50%左右运行，公司归母利润环比改善，盈利能力已逐 步回升。公司 2024Q2-2025Q1 逐季销售毛利率分别为 12.30%、12.51%、 14.39%、13.82%，逐季销售净利率分别为 4.98%、4.46%、5.19%、5.39%； 随着钢铁产业进入成熟期，以及"两新"等利好制造业政策的积极影响逐 步释放，特钢下游行业的长期需求有望增长，行业中长期前景向好，后续 销售毛利率有 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the special steel industry and improving capacity integration capabilities [3][5]. Core Views - The company reported a year-on-year increase in net profit for Q1 2025, with a net profit of 1.384 billion yuan, up 1.76% year-on-year and 7.31% quarter-on-quarter, indicating a recovery in profitability [1][3]. - The demand for special steel is expected to grow in the long term due to favorable manufacturing policies and the maturation of the steel industry, leading to an anticipated recovery in sales gross margins [1][3]. - The company aims to achieve a steel production target of 18.6 million tons and an export target of 2.65 million tons in 2025, reflecting a year-on-year growth of 20.3% in exports [2][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 26.84 billion yuan, a decrease of 5.59% year-on-year, while the gross profit margin showed signs of improvement [1]. - The company's sales gross margins for the last four quarters were 12.30%, 12.51%, 14.39%, and 13.82%, indicating a gradual recovery in profitability [1]. - The projected net profits for 2025 to 2027 are 5.449 billion yuan, 5.969 billion yuan, and 6.305 billion yuan, respectively, with corresponding P/E ratios of 10.8, 9.9, and 9.4 [3][4].