事ab件le：_S u2m0m2a5r年y] 8月 18 日，华菱钢铁发布 2024年中报，2024 年上半年，公司实现营业收 入627.94 亿元，同比下降17.02%，实现归母净利润17.48亿元，同比上涨31%；扣非后净利润15.22 亿 元，同比上涨31%。经营活动现金流量净额90.63 亿元，同比上涨64.41%；基本每股收益0.25 元/股，同 比上涨32%。资产负债率为55.62%，较2024 全年下降0.40pct。 2025 年第二季度，公司单季度营业收入328.63 亿元，同比下降15.52%，环比上涨8.71%；单季度归母净 利润11.86 亿元，同比上涨26.22%，环比上涨111.05%；单季度扣非后净利润10.71 亿元，同比上涨 27.43%，环比上涨225.26%。 点评： 公司业绩稳健增长，经营数据整体向好。2025 年上半年，实现利润总额、净利润、归属于母公司所有 者的净利润29.84 亿元、23.10 亿元、17.48 亿元，同比分别增长23.29%、17.29%、31.31%，继续保持了 行业靠前的盈利水平。营收结构方面，受公司贸易业务主体之一华菱电商100%股权已于2 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's performance shows steady growth, with significant improvements in net profit and cash flow, indicating strong operational resilience [5][8] - The company is focusing on product iteration and optimization, enhancing its market position in high-end steel products [5][8] - The company is committed to increasing shareholder returns and maintaining market value through dividends and share buybacks [5][6][8] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 62.794 billion yuan, a year-on-year decrease of 17.02%, while net profit attributable to shareholders rose by 31% to 1.748 billion yuan [1] - For Q2 2025, the company reported a quarterly operating revenue of 32.863 billion yuan, a year-on-year decrease of 15.52%, but net profit increased by 26.22% to 1.186 billion yuan [2] - The company’s gross profit margins for long products, plates, and pipes improved significantly in the first half of 2025 compared to the same period in 2024 [5] Future Earnings Forecast - The company is expected to benefit from scale efficiencies and enhanced profitability due to production growth and high-end product development, with projected net profits of 3.314 billion yuan, 4.138 billion yuan, and 4.510 billion yuan for 2025, 2026, and 2027 respectively [8]