编号：10 | 投资者关系活动 | 特定对象调研 | 分析师会议 | | --- | --- | --- | | | □媒体采访 | 业绩说明会 | | 类别 | □新闻发布会 | 路演活动 | | | 现场参观 | 其他 | | 参与单位名称及 | 长江证券-赵超 | | | | 国泰海通证券-李鹏飞 | 王宏玉 | | 人员姓名 | 中信建投证券-汪明宇 | | | | 光大证券-王秋琪 | | | | 中天证券-刘大海 | | | | 国投瑞银基金-周思捷 | 王鹏 | | | 华夏基金-翟宇航 | | | | 恒安人寿基金-傅之浩 | | | | 富国基金-薛阳 | | | | 光大银行-光明明 | 王志昊 | | | 开源证券-孙二春 | | | | 申万宏源证券-陈松涛 | 周豪 | | | 国金证券-王钦扬 | | | | 民生证券-范钧 | | | | 中国银河证券-赵良毕 | 周欣 佟毅 赵中兴 | | | 浙商证券-沈皓俊 | | | | 太平洋证券-安风楼 | | | | 华创证券-马野 | | | | 财通证券-郑惠文 | | | | 广发证券-高金戈 | 林倩 | | | ...

Group 1: Green and Low-Carbon Development - The company has established a low-carbon management system and a smart carbon management platform, releasing the "Shougang Low-Carbon Action Plan" in July 2023, which includes four planning principles: coordinated planning, technology-driven, innovative development, and collaborative promotion [1][2] - The company aims to reduce carbon emissions through technologies such as high-blast hydrogen fuel injection and carbon capture and utilization, with a target to significantly lower carbon emissions by 2025 [2] Group 2: Steel Product Development and Market Trends - The demand for high-grade non-oriented electrical steel is increasing due to the growth of the new energy vehicle industry and energy-efficient motors, with the company focusing on high-end product applications in these sectors [3][4] - The market for oriented silicon steel is expected to grow due to new energy standards and the need for energy-efficient transformers, with the company targeting high-end product applications to maintain a competitive edge [4] Group 3: Automotive Steel Production - In 2024, the company plans to produce 4.394 million tons of automotive steel, a year-on-year increase of approximately 9%, exceeding the domestic automotive industry's growth rate by 5 percentage points [5][6] - The company is enhancing its product offerings in automotive steel to meet trends towards corrosion resistance, lightweight materials, and green low-carbon solutions [6] Group 4: Medium and Heavy Plate Strategy - The company aims to produce over 2.6 million tons of medium and heavy plates in 2024, focusing on applications in shipbuilding, bridge construction, and energy sectors [7] - Plans include optimizing product structure and expanding high-end customer bases to enhance competitiveness in the medium and heavy plate market [7] Group 5: Cost Reduction and Efficiency Improvement - The company emphasizes extreme efficiency and low-cost management, establishing a comprehensive performance indicator system to enhance operational efficiency [8] - Collaborative cost management strategies are being implemented to optimize costs across processes, enhancing resilience against market risks [8] Group 6: Capital Expenditure Plans - The company plans to invest CNY 3.764 billion in fixed assets in 2024, with a focus on projects related to near-zero carbon emissions and high-strength automotive steel production lines [9][10] - Future investments will prioritize necessary upgrades for strategic product iterations and energy-saving projects to maintain competitive advantages [10]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, with performance in line with market expectations, showing a decline in revenue and net profit for 2024 but a recovery in Q1 2025 [1][2]. Financial Performance - In 2024, the company achieved revenue of 322.116 billion yuan, a year-on-year decrease of 6.6%, and a net profit attributable to shareholders of 7.362 billion yuan, down 38.36% year-on-year [1]. - For Q4 2024, the net profit attributable to shareholders was 1.48 billion yuan, a year-on-year decline of 58.82% but a quarter-on-quarter increase of 10.63% [1]. - In Q1 2025, the net profit attributable to shareholders reached 2.434 billion yuan, representing a year-on-year increase of 26.37% and a quarter-on-quarter increase of 64.49% [1]. Production and Sales - The company maintained stable production and sales, with steel sales of 51.59 million tons in 2024, a slight decrease of 0.6% year-on-year [1]. - The average selling price of steel was approximately 4,872 yuan per ton, down 7.02% year-on-year, while the cost per ton was about 4,709 yuan, down 6.46% year-on-year [1]. - The gross profit per ton of steel was approximately 163 yuan, a decrease of 20.71% year-on-year, indicating some resilience in profitability despite industry pressures [1]. Expenses and R&D - Total operating expenses for the period were 10.766 billion yuan, a year-on-year increase of 2.92% [2]. - Management expenses were 4.02 billion yuan, down 5.79% year-on-year, while sales expenses were 1.691 billion yuan, down 5.13% year-on-year [2]. - Financial expenses increased by 28.46% year-on-year to 1.276 billion yuan, primarily due to foreign exchange losses [2]. - R&D expenses were maintained at a high level of 3.779 billion yuan, up 10.55% year-on-year [2]. Product Performance - The company focused on enhancing product differentiation, maintaining a strong market share in cold-rolled automotive sheets and silicon steel products [2]. - The total sales volume of "1+1+N" products reached 30.59 million tons, an increase of 9.6% year-on-year, with export sales of 6.067 million tons, up 3.9% year-on-year [2]. Dividend Policy - The company is committed to a high dividend payout, with an expected dividend rate of approximately 61.34% for 2024 [2]. - The planned cash dividend distribution for 2024 is 0.21 yuan per share, which exceeds the company's commitment of 50% [2]. Investment Outlook - The company maintains its net profit forecasts for 2025-2026 at 9.965 billion yuan and 10.988 billion yuan, respectively, and has added a forecast of 11.929 billion yuan for 2027 [3]. - The corresponding price-to-earnings ratios for 2025-2027 are projected to be 15x, 13x, and 12x, respectively, with a "buy" rating maintained [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a significant recovery in Q1 2025, with a net profit of 2.434 billion yuan, a year-on-year increase of 26.37% and a quarter-on-quarter increase of 64.49% [2] - The company's 2024 net profit was 7.362 billion yuan, a decrease of 38.36% year-on-year, but the decline was less severe than the industry average, indicating resilience [2] - The company is focusing on optimizing its product structure and deepening its international strategy, with plans to invest approximately 7.23 billion yuan in a joint venture in Saudi Arabia [3] Financial Performance - In 2024, the company achieved an operating revenue of 322.116 billion yuan, a decrease of 6.5% year-on-year, and a basic earnings per share of 0.34 yuan, down 37.04% [1] - The sales gross margin for Q1 2025 was 7.22%, showing a recovery trend compared to previous quarters [2] - The company has successfully reduced costs by 7.43 billion yuan in the first three quarters of 2024, exceeding its annual target [4] Product and Market Strategy - The company produced 51.41 million tons of steel in 2024, a decrease of 1.0% year-on-year, but its high-value product sales increased by 9.6% [3] - The company is expanding its production capacity for high-value products, including non-oriented silicon steel and oriented silicon steel, which is expected to enhance its profitability [3] Dividend Policy - The company plans to distribute a cash dividend of 0.10 yuan per share for the second half of 2024, with a total cash dividend amounting to approximately 4.516 billion yuan, representing 61.34% of the net profit attributable to shareholders [4]