高端产品有望持续增厚利润，稳健分红凸 显长期投资价值 核心观点 盈利预测与投资建议 ⚫ 根据公司 2025 年半年报，我们做出下调特钢长材、专用板材等相关产品的售价、上 调产品毛利率，上调投资收益等调整，预测公司 2025-2027 年每股净资产为 4.68、 4.95、5.24 元（2025-2027 年原预测值为 4.74、4.99、5.23 元），根据可比公司 2025 年 1.22X 的 PB 估值，对应目标价 5.70 元，维持买入评级。 风险提示 ——南钢股份 2025 年半年报点评 宏观经济波动风险、原材料价格上涨风险、下游行业市场波动风险、新项目推进不及预 期风险、订单量不及预期风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 72,543 | 61,811 | 62,048 | 61,393 | 60,871 | | 同比增长 (%) | 2.7% | -14.8% | 0.4% | -1.1% | -0.8% | | 营业利润 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 此乃南京鋼鐵股份有限公司在二零二五年八月十九日登載於中華 人民共和國上海證券交易所網站（www.sse.com.cn）關於 2025 年 第二季度主要經營數據的更正公告。南京鋼鐵股份有限公司為中 國中信股份有限公司的附屬公司。 证券代码：600282 证券简称：南钢股份 公告编号：临 2025-050 南京钢铁股份有限公司 海外監管公告 关于 2025 年第二季度主要经营数据的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | （1－6月） | | 同期增减（%） | | 营业收入 | 28,944,495,409.32 | 33,678,59 ...

Core Viewpoint - South Steel Co., Ltd. (南钢股份) has successfully acquired exploration rights for the Fanqiao Iron Mine in Anhui Province for RMB 920 million, aiming to enhance its competitive edge in "high efficiency, low cost, and intelligent manufacturing" [1] Group 1: Financial Performance - In 2024, South Steel achieved a net profit attributable to shareholders of RMB 2.261 billion, representing a year-on-year increase of 6.37% [1] Group 2: Research and Development - The company's R&D investment ratio has consistently remained above 3%, reaching 3.96% in 2024, with a continuous increase in the contribution of advanced steel materials to profits [2] - South Steel is focusing on high-end product development in specialized plate materials and is transitioning towards premium special steel [2] Group 3: Digital Transformation - South Steel is one of the earliest companies in the industry to initiate digital transformation, adhering to the strategy of "digitalizing all businesses and businessizing all digital operations" [2] - The company has established an integrated layout of "one brain and three centers," covering the entire production process and operational management through digital applications [2] Group 4: Industry Ecosystem Development - South Steel is actively constructing a composite industrial chain ecosystem centered on "precision" and "specialty" steel businesses, along with strategic emerging industries [3] - The company’s subsidiary, Jin'an Mining, has launched a 50,000-ton ultra-pure iron powder production line, filling a domestic gap in the production of raw materials for permanent magnetic ferrite [3] - The green low-carbon environmental ecosystem is highlighted by the successful implementation of a key project for aluminum ash resource utilization in Huai'an [3]

Group 1: Production and Sales - In 2024, the company's steel production was 9.2674 million tons, a decrease of 10.88% year-on-year, while steel sales were 9.3293 million tons, down 9.66% year-on-year [1] - Advanced steel products showed positive performance with sales of 2.6149 million tons, an increase of 1.04% year-on-year, accounting for 28.03% of total sales, up 2.97 percentage points [1] - The company expects steel production to increase to 9.9 million tons in 2025, representing a growth of 6.04% [1] Group 2: Revenue and Profitability - In 2024, the company achieved revenue of 61.811 billion yuan, a decline of 14.79% year-on-year, primarily due to lower sales prices and volumes of steel products [2] - The gross profit margin improved to 11.91%, an increase of 1.31 percentage points year-on-year, with a gross profit of 575 yuan per ton, up 0.5% [2] - The company reported a net profit of 2.261 billion yuan in 2024, an increase of 6.37% year-on-year, with a net profit per ton of 235 yuan, up 8.11% [3] Group 3: Expenses and Cash Flow - The company's expense ratio increased to 7.78%, up 0.84 percentage points year-on-year, with the sales expense ratio at 0.70% and the management expense ratio at 2.20% [3] - The cash flow situation improved, with a net cash inflow from operating activities of 3.221 billion yuan, an increase of 5.46 billion yuan year-on-year [4] - The company's asset-liability ratio decreased to 59.79%, down 1.49 percentage points [4] Group 4: Future Outlook - The company is focusing on high-end steel materials, smart manufacturing, and overseas business expansion, indicating good growth potential [4] - Projected net profits for 2025-2027 are 2.423 billion, 2.675 billion, and 2.819 billion yuan, respectively [4]