Investment Rating - The report maintains a "Buy" rating for Baosteel Co., Ltd. (600019.SH) [6] Core Views - Despite a challenging industry environment, Baosteel's operational performance remains strong, with free cash flow at a mid-high level since 2017 [1] - The company has optimized its product structure, achieving a record high in export sales proportion [3] - The forecast for net profit has been adjusted downward due to declining downstream demand in the steel industry, but Baosteel is expected to continue benefiting from its leading position and product optimization [3] Summary by Sections Financial Performance - In the first three quarters of 2024, Baosteel achieved operating revenue of 242.86 billion yuan, a year-on-year decrease of 4.91%, and a net profit attributable to shareholders of 5.882 billion yuan, down 29.56% year-on-year [1] - In Q3 2024, the company reported operating revenue of 79.605 billion yuan, a year-on-year decline of 6.53%, and a net profit of 1.338 billion yuan, down 64.78% year-on-year [1] - Baosteel's profit per ton of steel in Q3 2024 was 153 yuan, significantly higher than the industry average loss of 142 yuan per ton [1] Sales and Pricing - The company's sales volume of commodity billets in Q3 2024 decreased by 3.10% year-on-year, with an expected increase of 6.02% in Q4 [2] - The average selling price of plate and strip products fell by 5.96% quarter-on-quarter in Q3 2024, while the average price of pipes decreased by 1.46% [2] Product Structure and Market Strategy - Baosteel's "1+1+N" product sales reached 22.55 million tons in the first three quarters, an increase of 2.23 million tons year-on-year, with significant growth in oriented silicon steel sales [3] - The company signed export contracts for 4.66 million tons, achieving a historical high in export sales proportion [3] Share Buyback and Future Outlook - Baosteel has repurchased 405 million shares using nearly 3 billion yuan of its own funds, reflecting confidence in long-term development [3] - The net profit forecasts for 2024-2026 have been revised down by 19.79%, 26.88%, and 29.00% to 10.139 billion, 10.642 billion, and 12.050 billion yuan respectively [3]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company's quarterly performance has weakened, but profitability remains resilient, with a net profit of 58.82 billion yuan for the first three quarters of 2024, a year-on-year decrease of 29.56% [1] - The company is focusing on optimizing its product structure and deepening its international strategy, with a significant increase in the sales of oriented silicon steel by 27.5% [2] - Cost reduction efforts have exceeded annual targets, achieving a total cost reduction of 7.43 billion yuan in the first three quarters of 2024 [2] - The company is expected to improve its profitability due to its leading position in the industry and ongoing product upgrades, despite a weak steel demand impacting overall industry profitability [3] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 242.86 billion yuan, a year-on-year decrease of 4.77% [1] - The net profit for Q3 2024 was 13.38 billion yuan, down 64.77% year-on-year and 48.92% quarter-on-quarter [1] - The company's sales gross margin for Q3 2024 was 4.30%, reflecting the overall decline in industry profitability [1] - The projected net profit for 2024-2026 is estimated at 89.9 billion, 100.3 billion, and 117.2 billion yuan respectively [3] Product and Market Strategy - The company produced 38.7 million tons of steel in the first three quarters of 2024, a slight decrease of 0.7% year-on-year, while steel sales were 38.5 million tons, down 1.2% [2] - The company has adjusted its investment in the Saudi thick plate company from approximately 3 billion yuan to about 7.23 billion yuan, indicating a deepening of its international strategy [2] - The company aims to enhance its main business profitability through continuous optimization of product structure and resource allocation [2] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 0.11 yuan per share for the first half of 2024, which accounts for 52.13% of the net profit attributable to shareholders [2] - The high dividend payout ratio is expected to be maintained as capital expenditures are anticipated to decrease following the completion of low-emission modifications [2]

Core Viewpoint - Baosteel Co., Ltd. reported a significant decline in net profit for the third quarter of 2024, primarily due to falling steel prices outpacing the decline in raw material costs, leading to compressed profit margins [1][2]. Financial Performance - For the first three quarters of 2024, the company achieved an operating revenue of 242.856 billion yuan, a year-on-year decrease of 4.77% [1]. - The net profit attributable to shareholders for the same period was 5.882 billion yuan, down 29.56% year-on-year [1]. - In the third quarter alone, operating revenue was 79.605 billion yuan, reflecting a year-on-year decline of 6.53% [1]. - The net profit for the third quarter was 1.338 billion yuan, a substantial decrease of 64.77% year-on-year [1]. Market Conditions - The report indicated a slowdown in domestic GDP growth and a continued weak supply-demand situation in the steel industry, with the domestic steel price index decreasing by 9.8% compared to the second quarter [1]. - Iron ore prices also saw a decline, with the Platts 62% iron ore index dropping by 10.9% from the second quarter [1]. - Coking coal prices faced pressure, with Shanxi Lvliang's main coking coal price also decreasing by 10.9% compared to the second quarter [1]. Production and Sales - In the third quarter, the company produced 12.558 million tons of iron and 13.304 million tons of steel, with a sales volume of 12.991 million tons of finished products, achieving a consolidated profit of 1.99 billion yuan [2]. - For the first three quarters, cumulative iron production reached 36.676 million tons, steel production was 39.611 million tons, and finished product sales totaled 38.504 million tons, resulting in a consolidated profit of 8.23 billion yuan [2]. Strategic Direction - The company is committed to high-quality development, focusing on internal coordination, optimizing production and sales mechanisms, and enhancing market and manufacturing collaboration [2]. - Baosteel aims to improve product profitability and operational efficiency while maintaining its leading position in the domestic industry [2].

Core Viewpoint - Baosteel Co., Ltd. reported a decline in revenue and net profit for the first three quarters of the year, while maintaining its position as a leader in the industry through various operational improvements and cost reductions [1][2]. Financial Performance - For the first three quarters, Baosteel achieved operating revenue of 242.856 billion yuan, a year-on-year decrease of 4.77% - The net profit attributable to shareholders was 5.882 billion yuan, down 29.56% year-on-year - In Q3 alone, the total profit reached 1.99 billion yuan, with a cumulative profit of 8.23 billion yuan for the first three quarters, leading the industry [1][3]. Operational Strategy - The company focused on deepening integration of production, sales, and research, enhancing market collaboration, and improving manufacturing capabilities - Key initiatives included optimizing product differentiation, enhancing brand value, and reducing costs, achieving a cumulative cost reduction of 7.43 billion yuan, exceeding annual targets [1][2]. Product and Market Development - Baosteel's product sales for the first three quarters reached 22.55 million tons, an increase of 2.23 million tons year-on-year, with oriented silicon steel sales up by 27.5% - The company expanded its overseas market presence, signing export contracts for 4.66 million tons, with export sales reaching a historical high [1][2]. Technological Advancements - The company implemented advanced AI applications and models to enhance production efficiency, including the deployment of the Huawei Pangu model for hot-rolled width prediction and the iEDAS system for operational decision support - Baosteel completed 12 application research projects and filed 1,176 domestic invention patents, achieving global firsts in several product categories [2]. Industry Context - The domestic steel industry faced challenges with a slowdown in GDP growth and a weak supply-demand balance, leading to a 9.8% decline in the domestic steel price index - Iron ore prices also fell, with the Platts 62% iron ore index down by 10.9%, while coal prices faced pressure, particularly in Shanxi [2].

Financial Performance - The total profit for Q3 reached RMB 1.99 billion, with a cumulative profit of RMB 8.23 billion for the first three quarters, maintaining the industry's leading position[2] - The company's operating revenue for Q3 was RMB 7.96 billion, a decrease of 6.53% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 was RMB 133.8 million, down 64.77% year-on-year[5] - Basic earnings per share for Q3 were RMB 0.06, a decrease of 66.67% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2024 was CNY 242.86 billion, a decrease of 4.4% compared to CNY 255.38 billion in the same period of 2023[19] - Net profit for the first three quarters of 2024 was CNY 6.89 billion, a decline of 28.7% from CNY 9.67 billion in the same period of 2023[22] - Total comprehensive income attributable to the parent company was CNY 5,997,021,859.34, down from CNY 8,333,102,574.78, representing a decrease of approximately 28.1% year-over-year[23] - The net profit for the first three quarters of 2024 was CNY 6.59 billion, down from CNY 6.72 billion in the previous year, representing a decline of 1.9%[29] Production and Sales - The sales volume of "1+1+N" products for the first three quarters was 22.55 million tons, an increase of 2.23 million tons year-on-year, with oriented silicon steel sales growing by 27.5%[2] - In Q3 2024, the company produced 12.558 million tons of iron and 13.304 million tons of steel, with a total sales volume of 12.991 million tons of finished products, achieving a consolidated profit of 1.99 billion RMB[15] - For the first three quarters of 2024, the company accumulated iron production of 36.676 million tons, steel production of 39.611 million tons, and finished product sales of 38.504 million tons, resulting in a consolidated profit of 8.23 billion RMB[15] Costs and Expenses - Cumulative cost reduction for the first three quarters amounted to RMB 7.43 billion, exceeding the annual target[3] - Total operating costs for the first three quarters of 2024 were CNY 238.34 billion, down 3.7% from CNY 247.61 billion in 2023[19] - Research and development expenses increased to CNY 2.45 billion, up 8.8% from CNY 2.25 billion in the previous year[19] - The financial expenses for the first three quarters of 2024 were CNY 845.29 million, significantly higher than CNY 377.98 million in the same period of 2023, marking an increase of 123.8%[28] Assets and Liabilities - The total assets at the end of the reporting period were RMB 376.05 billion, a decrease of 2.36% compared to the end of the previous year[5] - The company's total assets decreased to CNY 367.18 billion from CNY 376.05 billion, reflecting a reduction of 2.3%[18] - Total liabilities decreased to CNY 148.74 billion from CNY 155.91 billion, a decline of 4.6%[18] - The company's equity attributable to shareholders decreased to CNY 199.03 billion from CNY 200.33 billion, a slight decrease of 0.65%[18] - The company’s total liabilities increased to CNY 89,045,730,896.17 from CNY 87,887,056,545.16 year-over-year[26] Cash Flow - As of September 30, 2024, the company's cash and cash equivalents amounted to approximately 24.08 billion RMB, a decrease from 25.97 billion RMB at the end of 2023[16] - The company reported a net cash outflow from investing activities of CNY -15,759,367,916.09, compared to CNY -861,384,169.41 in the same period last year[25] - Cash flow from operating activities generated CNY 327.75 million in the first three quarters of 2024, compared to CNY 6.71 billion in the same period of 2023[31] Strategic Initiatives - The company aims for high-quality development, focusing on internal coordination and optimizing production and sales mechanisms[14] - The company plans to focus on market expansion and new product development to enhance future growth prospects[21] - The company is committed to enhancing product profitability and efficiency while reducing costs[14] Research and Development - The company completed 12 application-based research projects and filed 1,176 domestic invention patents in the first three quarters[4] - The company has implemented 47 "scenario + AI application" projects to enhance operational efficiency[4] - Research and development expenses increased to CNY 764.97 million in 2024, up 10.9% from CNY 689.38 million in 2023[28] Shareholder Information - The top ten shareholders hold a combined 77.25% of the company's shares, with China Baowu Steel Group Co., Ltd. being the largest shareholder at 43.79%[12] - The company has pledged 1.375 billion shares, with the pledgee being Taiyuan Iron and Steel (Group) Co., Ltd.[12] Market Conditions - The domestic steel price index decreased by 9.8% compared to Q2 2024, while the Platts 62% iron ore index fell by 10.9% in the same period[14] - The company maintained a leading position in the industry with its profit per ton of steel remaining among the highest in the sector[14] Accounting and Reporting - Baoshan Iron & Steel Co., Ltd. began implementing new accounting standards in 2024, affecting the financial statements from the beginning of the year[32] - The financial report includes adjustments due to the first-time execution of new accounting standards[32] - The document concludes with a formal announcement from the board of directors[32] - Specific revenue figures and performance metrics were not disclosed in the provided content[32] - Future outlook and guidance for performance were not detailed in the available information[32] - No new product or technology developments were mentioned in the report[32] - Market expansion strategies and potential mergers or acquisitions were not addressed in the content[32] - The report does not provide user data or specific percentage changes in performance metrics[32] - Other strategic initiatives were not highlighted in the available information[32]

宝山钢铁股份有限公司 2024 年第三季度主要经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信 息披露》"第七号——钢铁"要求，公司将 2024 年第三季度主要经营 数据公告如下： 一、公司经营亮点 2024 年三季度，公司完成铁产量 1,255.8 万吨，钢产量 1,330.4 万吨，商品坯材销量 1,299.1 万吨，实现合并利润 19.9 亿元。1-3 季度，公司累计完成铁产量 3,667.6 万吨，钢产量 3,961.1 万吨，商 品坯材销量 3,850.4 万吨，实现合并利润 82.3 亿元。 证券代码：600019 证券简称：宝钢股份 公告编号：临 2024-066 - 1 - 经营业绩保持国内行业第一。公司锚定年度经营目标不放松，围 绕深化产销研一体化实体化、强化购销两端市场协同、提升基地 制造能力、提升客户端质量绩效、深挖成本改善潜力等重点工作， 全面深化改革，推进整合协同。三季度实现利润总额 19.9 亿元， 1-3 季度累计实现利润总 ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2024-065 宝山钢铁股份有限公司 第八届监事会第四十六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 （一）会议召开符合有关法律、法规情况 （五）会议的主持人和列席人员 本次会议由监事会主席朱永红主持。 二、监事会会议审议情况 本次监事会会议经过了适当的通知程序，会议程序符合有关法律 法规和《公司章程》的规定。 （二）发出会议通知和材料的时间和方式 本次监事会会议以现场结合通讯的方式于 2024 年 10 月 29 日在 上海召开。 公司于 2024 年 10 月 24 日以书面和电子邮件方式发出召开监事 会的通知及会议材料。 （四）监事出席会议的人数情况 （三）会议召开的时间、地点和方式 本次监事会应出席监事 7 名，实际出席监事 7 名。 1 证券代码：600019 证券简称：宝钢股份 公告编号：临 2024-065 （一）关于审议董事会"关于 2024 年三季度末母公司提取各项 资产减值准备的议案"的提案 全体监事一致 ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2024-064 宝山钢铁股份有限公司 第八届董事会第四十六次会议决议公告 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。 公司于 2024 年 10 月 18 日以书面和电子邮件方式发出召开董事 会的通知及会议材料。 （三）会议召开的时间、地点和方式 本次董事会会议以现场结合通讯的方式于 2024 年 10 月 29 日在 上海召开。 （四）董事出席会议的人数情况 本次董事会应出席董事 10 名，实际出席董事 10 名。 （五）会议的主持人和列席人员 本次会议由吴小弟董事主持，公司部分监事和高级管理人员列 席了会议。 一、董事会会议召开情况 （一）会议召开符合有关法律、法规情况 本次董事会会议经过了适当的通知程序，会议程序符合有关法 律、行政法规及公司章程的规定，会议及通过的决议合法有效。 （二）发出会议通知和材料的时间和方式 二、董事会会议审议情况 本次会议审议通过以下决议: 本议案内容详见上海证券交易所网站。 本议案已经公司董事会审计及内控合规管理委员会全体成员事 ...

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。 重要内容提示： 证券代码：600019 证券简称：宝钢股份 公告编号：临 2024-063 宝山钢铁股份有限公司 关于召开 2024 年三季度业绩网上说明会的公告 二、会议召开方式：全景投资者关系互动平台 网址：https://ir.p5w.net/c/600019.shtml 届时，公司管理层将在线就公司 2024 年三季度的业绩、生产经 营情况等问题与投资者进行互动交流。欢迎投资者踊跃参加。 特此公告。 宝山钢铁股份有限公司董事会 网址： https://ir.p5w.net/c/600019.shtml 宝山钢铁股份有限公司（以下简称"公司"）计划于 2024 年 10 月 30 日披露公司 2024 年三季度报告，为便于广大投资者更全面深入 地了解公司 2024 年三季度经营成果、财务状况，公司计划举行 2024 年三季度业绩网上说明会，就投资者关心的问题进行交流。 一、会议召开时间： 2024 年 10 月 30 日(星期三) 上午 9:30-11:00 2024 年 ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2024-062 宝山钢铁股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 二、回购实施情况 （一）2023 年 11 月 1 日，公司披露了《宝钢股份关于以集中竞价交易方式 首次回购股份暨回购进展公告》（公告编号：临 2023-073）。 （二）2024 年 10 月 15 日，公司完成回购，已实际回购公司股份 404,772,657 股，占公司总股本（21,985,240,734 股）的比例约为 1.84%，回购最高价格 7.10 元/股，回购最低价格 5.57 元/股，回购均价 6.16 元/股，使用资金总额 249,188.19 万元（不含交易费用）。 重要内容提示： | 回购方案首次披露日 | 2023/10/17 | | --- | --- | | 回购方案实施期限 | 待宝钢股份第八届董事会第三十三次会议审议通 | | | 过后 12 个月 | | 预计回购金额 | 0 万元~300,000 万元 | | ...