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 ...

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].