Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Insights - The company reported significant performance recovery with a focus on optimizing product structure. In H1 2025, revenue was 63.092 billion yuan, a year-on-year decrease of 16.93%, while net profit attributable to shareholders was 1.748 billion yuan, an increase of 31.31% year-on-year [1]. - The company is experiencing a decline in steel sales but has seen a notable recovery in gross margin, which reached 10.28% in H1 2025, up 2.91 percentage points year-on-year [2]. Summary by Sections Financial Performance - In H1 2025, the total steel sales volume was 11.1 million tons, a decrease of 12.5% year-on-year. Major product categories saw declines, except for coated steel [2]. - The gross margin for H1 2025 was 10.28%, with long products, flat products, and pipes showing respective margins of 5.45%, 13.65%, and 10.89%, all increasing year-on-year [2]. Future Outlook - The company is releasing high-end production capacity, with projects like the cold-rolled silicon steel line and seamless steel pipe production line progressing steadily. The first phase of the non-oriented silicon steel is expected to be operational by August 2025 [3]. - The product structure is being optimized, with key product sales accounting for 68.5% of total sales, an increase of 3.9 percentage points year-on-year. The company has developed 75 new products, achieving six domestic firsts or import substitutions [3]. Cost Management and Efficiency - The company is implementing cost reduction measures across its operations, with 32% of its economic and technical indicators entering the advanced category. Adjustments in structure have led to a reduction in procurement costs by approximately 250 million yuan [4]. - The self-generated electricity reached 4.922 billion kWh in the reporting period, an increase of 3.4% year-on-year, contributing to operational efficiency [4]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 3.465 billion yuan, 3.993 billion yuan, and 4.434 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11x, 10x, and 9x [5][9].

《国资三棱镜》以党媒视角穿透改革现场：看治理升级的智慧，察动能迭代的轨迹，听市场突围的脉动。在这里解剖"大象转 身"的战略抉择，记录"蚂蚁雄兵"的砥砺前行，探寻山东国资国企从"量"的积累到"质"的跃迁的深层逻辑。以观察为镜，以思 想为桥，与万千奋斗者共同书写新时代的国企答卷。 在经历连续亏损的阵痛后，山钢集团终于迎来曙光——根据"厚道山钢"微信公众号消息，1至7月份，山钢集团实现利润同比 减亏20.86亿元，连续7个月实现经营改善，连续5个月保持盈利。 根据财务快报数据，山钢集团旗下12家单位中，山钢股份、山钢资本等5家单位超额完成挑战目标，山钢股份、莱钢集团、山 钢财务等11家单位完成基础目标，只有淄博张钢未完成基础目标。其中，山钢资本、金岭矿业、山钢股份利润总额位列前 三。累计利润总额同比增长前三名的是山钢股份、金岭矿业、冶金机械厂。 特别是非钢多元产业的贡献表现抢眼。1-7月份，山钢资本实现利润总额6.45亿元，同比增长13.52%，完成奋斗目标进度的 116.35%。山钢资本持续赋能钢铁生态圈，获准接入上海票据交易所供应链票据平台，成为深圳首家、中国钢铁行业第三家获 准接入该平台的企业。金岭矿业1-7 ...

▍ 2 0 2 5年Q1有望成为钢铁行业长期业绩拐点。 根据国家统计局数据，2 0 2 5年Q1全国规模以上工业企业实现利润总额1 5 0 9 3 . 6亿元，同比增长0 . 8%。其中黑色金属冶炼和压 延加工业利润总额7 5 . 1亿元，成为继2 0 2 2年Q1后首个盈利的一季度。今年一季度钢铁企业效益逐步改善，重点钢铁企业营业 成本同比下降9 . 6%，钢材产品平均销售利润率同比上升0 . 6 7个百分点。此外，钢材产品的结构持续优化，一季度，建筑用钢 筋产量4 8 11万吨，下降了2 . 9%；用于制造领域的特厚板、中板、涂层板、镀层板产量同比增长都超过了1 0%，合计产量3 8 8 4 万吨；粗钢的产量基本保持稳定，全国粗钢产量2 . 5 9亿吨，同比微增0 . 6%。 我们预计 2 0 2 5年是中国钢铁行业的拐点年份。2 0 2 5年Q1有望成为钢铁行业长期业绩拐点。随着行业改革的深入，产能产量的 持续性削减将势在必行。供应端有望带来产量超预期收缩。同时随着钢铁行业"推进整合重组，推动落后低效产能退出"的持续 推进，预计产业链利润将持续进行再分配，而钢铁行业将在再分配中受益。我们认为当前在估值底 ...