中信特钢所属申万行业为：钢铁-特钢Ⅱ-特钢Ⅲ。所属概念板块包括：水电概念、特种钢、央企改革、 中字头、中特估等。 截至6月30日，中信特钢股东户数4.34万，较上期增加5.17%；人均流通股116344股，较上期减少 4.92%。2025年1月-6月，中信特钢实现营业收入547.15亿元，同比减少4.02%；归母净利润27.98亿元， 同比增长2.67%。 分红方面，中信特钢A股上市后累计派现209.27亿元。近三年，累计派现89.43亿元。 机构持仓方面，截止2025年6月30日，中信特钢十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股4815.04万股，相比上期减少2390.00万股。南方标普中国A股大盘红利低波50ETF联接A （008163）位居第五大流通股东，持股2028.30万股，相比上期增加597.23万股。华泰柏瑞沪深300ETF （510300）位居第六大流通股东，持股1807.11万股，相比上期增加164.88万股。易方达沪深300ETF （510310）位居第八大流通股东，持股1281.94万股，相比上期增加128.62万股。东方红启恒三年持有混 合A（910004）位居第 ...

中信泰富特钢集团股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关 | □特定对象调研 分析师会议 | | --- | --- | | 系活动类 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | | | | □现场参观 √其他 电话会议 | | 参与单位 | 中信证券 唐川林、长江证券 赵超、长江证券 吕士诚、广发证券 陈 | | 名称及人 | 琪玮、国信证券 焦方冉、光大证券 戴默、东方证券 黄雨韵、浙 | | 员姓名 | 商证券 沈皓俊、国泰海通证券 王宏玉、中金证券 张树玮、申万 | | 证券 | 王明路、景顺长城 尤木等 | | 时间 2025 | 年 8 月 25 日 15:30-16:30 | | 地点 | 线上电话会议 | | 上市公司 | 董事、总裁 罗元东先生 | | 接待人员 | 董事会秘书 王海勇先生 | | 姓名 | 副总会计师 吴 斌先生 | | | 证券事务代表 杜 鹤先生 | | 投资者关 | 第一部分：管理层介绍公司 2025 年半年度经营情况 | | 系活动主 | 由公司董事、总裁罗元东先生介绍 2025 年上半年业绩 ...

Group 1 - CITIC Group is a large comprehensive enterprise group founded in 1979, headquartered in Beijing, and is one of the first multinational enterprises established after China's reform and opening up [1] - The group operates under a unique "finance + industry" dual-drive model, covering sectors such as finance, resource energy, high-end manufacturing, and engineering contracting [1] - CITIC Group has a significant presence in both domestic and international markets, consistently ranking in the Fortune Global 500 [1] Group 2 - CITIC Bank, established in 1987, is one of the earliest emerging commercial banks in China, providing a wide range of financial services [3] - CITIC Securities, founded in 1995, is the largest securities company in China, leading in investment banking market share for five consecutive years [5] - CITIC Special Steel, established in 1993, is a global leader in special steel manufacturing, with products used in high-end applications [7] Group 3 - CITIC Heavy Industries, founded in 2008, specializes in heavy machinery manufacturing and has a global presence in 68 countries [10][11] - CITIC Offshore Helicopter, established in 1999, is the largest general aviation operator in China, focusing on offshore oil and emergency rescue services [13] - CITIC Guoan Information Industry, founded in 1997, holds a significant position in the integrated information services sector [15] Group 4 - CITIC Metal, established in 1988, is a leading trader of metal and mineral products, with a focus on iron ore and non-ferrous metals [17] - CITIC Publishing Group, founded in 1993, is a leading publishing group in China, focusing on book publishing and digital reading [18] - CITIC Resources Holdings, established in 1997, engages in the exploration and trading of natural resources [20] Group 5 - CITIC International Financial Holdings serves as the main asset integration platform for CITIC Group, covering various sectors including finance and manufacturing [22] - CITIC International Telecommunications is one of the largest international telecommunications hubs in the Asia-Pacific region [24] - CITIC Financial Asset Management, restructured in 2023, focuses on managing non-performing assets and financial services [26] Group 6 - CITIC Group's listed companies benefit from a "strategic control + market-oriented operation" model, enjoying resource synergy while maintaining competitiveness in niche markets [26] - Many of the group's listed companies are currently undervalued compared to their industry positions, presenting potential investment opportunities [26] - The ongoing national policy for state-owned enterprise value reassessment and the effective layout of emerging industries may lead to structural opportunities for CITIC Group companies [26]

Core Viewpoint - The credit rating agency maintains the long-term credit rating of CITIC Pacific Special Steel Group Co., Ltd. at AAA, with a stable outlook for both the company and its convertible bonds, reflecting strong financial health and competitive advantages in the special steel industry [1][4]. Company Overview - As of the end of 2024, the company has a registered capital of 50.47 billion yuan, with CITIC Pacific Investment Co., Ltd. holding 75.05% of the shares, indicating a stable ownership structure [4][15]. - The company specializes in the production and processing of black metal materials and has a production capacity of approximately 20 million tons of special steel materials annually [7][16]. Financial Performance - In 2024, the company reported total revenue of 1092.03 billion yuan, a decrease of 4.22% year-on-year, and a total profit of 59.24 billion yuan, down 9.68% from the previous year [4][15]. - The company's EBITDA for 2024 was 119.88 billion yuan, with a cash flow from operations of 107.41 billion yuan [4][15]. Debt and Credit Metrics - The company maintains a reasonable debt leverage ratio, with an asset-liability ratio of 60.53% and a cash-to-short-term debt ratio of 1.31 times as of the end of 2024 [7][19]. - The total debt of the company was 400.11 billion yuan, with long-term debt accounting for 230.47 billion yuan [4][15]. Industry Context - The steel industry is experiencing a downward trend in profitability due to overcapacity and declining steel prices, with the company facing increased competition and potential impacts from international trade policies [6][8]. - The company’s product structure is adjusting to focus on high-value-added products, which may help mitigate some of the pressures from the overall market [6][8]. Research and Development - The company increased its R&D expenditure to 46.02 billion yuan in 2024, reflecting a year-on-year growth of 3.39%, which supports its competitive edge in technology and product quality [7][16]. Market Position - The company has a strong market position with a diverse product range, producing over 3,000 varieties and 5,000 specifications of products, including high-end bearing steel and automotive steel [7][16]. - The company has received multiple certifications for its products, enhancing its competitiveness in both domestic and international markets [7][16].

Core Viewpoint - The company maintains stable steel sales in 2024, with a slight decline in revenue but an expected improvement in 2025, driven by growth in high-end steel products and exports [1][2][3]. Sales Performance - In 2024, the company sold 18.89 million tons of steel, remaining flat year-on-year, with exports accounting for 2.202 million tons [1]. - By product category, sales distribution includes 33.8% for the energy sector, 28.2% for the automotive sector, 19.0% for machinery, 10.3% for bearings, 2.1% for high-end special materials, and 6.6% for other industries [1]. - Notable growth in specific segments includes a 6% increase in bearing steel sales, a record high in energy steel sales, and a 29% increase in steel for new energy vehicles [1]. Revenue and Profitability - The company's revenue for 2024 was 109.203 billion yuan, a decrease of 4.22% year-on-year, with various product lines experiencing declines [1][2]. - The average steel price in 2024 was 5,781 yuan per ton, also down by 4.22%, leading to a gross profit margin of 743 yuan per ton, a decrease of 6.35% [1]. - The net profit attributable to shareholders for 2024 was 5.126 billion yuan, down 10.41%, while Q1 2025 showed a net profit of 1.384 billion yuan, an increase of 1.76% year-on-year and 7.31% quarter-on-quarter [2]. Cost and Expenses - The decline in gross margin is attributed to increased depreciation and amortization, leading to higher operating costs [2]. - The company’s expense ratio for 2024 was 7.36%, up 0.45 percentage points, with increases in sales, management, and R&D expenses [2]. - Total impairment losses for 2024 amounted to 766 million yuan, an increase due to rising bad debt losses and inventory write-downs [2]. Cash Flow and Financial Health - The company reported an improved cash flow situation, with a cash collection ratio of 0.8459, up 4.43 percentage points, and a cash payment ratio of 0.7494, up 4.67 percentage points [2]. - The net operating cash flow was 10.741 billion yuan, showing a year-on-year increase, while investment cash flow showed a reduced outflow of 302 million yuan [2]. - The asset-liability ratio stood at 60.53%, a decrease of 3.73 percentage points, indicating improved financial stability [2]. Investment Outlook - The company is actively expanding its high-end steel product offerings and optimizing its product mix, with projected net profits of 5.476 billion yuan, 6.057 billion yuan, and 6.722 billion yuan for 2025-2027 [3].

Investment Rating - The report assigns a "Buy" rating to the company, CITIC Special Steel [3] Core Views - CITIC Special Steel is positioned as a leading player in the special steel industry, with a robust product portfolio that meets the evolving demands of various sectors, including energy and automotive [6][10] - The company has demonstrated resilience in its financial performance, with a focus on high-temperature corrosion-resistant alloys and high-strength steel products, which are expected to see significant sales growth [6][10] - The report highlights the company's strategic initiatives in digital transformation and cost reduction, which are anticipated to enhance operational efficiency and profitability [6][10] Financial Performance Summary - The projected revenue for CITIC Special Steel is expected to be 114,018.80 million in 2023, with a slight decline to 112,254.93 million in 2024, followed by a recovery to 116,879.83 million in 2025 and 122,999.66 million in 2026 [2] - The net profit attributable to shareholders is forecasted to be 5,721.19 million in 2023, decreasing to 5,191.47 million in 2024, before rebounding to 5,754.78 million in 2025 and reaching 6,503.84 million in 2026 [2] - The report indicates a sales gross margin of 13.14% in 2023, with a slight improvement expected in subsequent years [18] Product and Market Positioning - CITIC Special Steel offers over 3,000 types of products and more than 5,000 specifications, catering to diverse applications in automotive manufacturing, energy, and machinery [13][46] - The company has a strong focus on high-end special steel products, which are critical for various industries, including renewable energy and automotive [6][10] - The report emphasizes the company's commitment to quality control and technological innovation, which positions it favorably against international competitors [6][10] Strategic Initiatives - The company is actively pursuing digital transformation, investing over 1 billion annually to enhance operational efficiency and reduce costs [6][10] - CITIC Special Steel is expanding its market presence, particularly in overseas markets, to capitalize on the growing demand for high-performance steel products [6][10] - The report notes the company's strategic partnerships and collaborations that enhance its competitive edge in the special steel sector [6][10]