Investment Rating - The report maintains a "Buy" rating for CITIC Special Steel (000708 SZ) due to its leading position in the special steel industry and its strong capacity integration capabilities [1][4] Core Views - The company's Q3 2024 performance declined, with revenue of 83 504 billion yuan, down 3 37% YoY, and net profit attributable to shareholders of 3 836 billion yuan, down 12 3% YoY [1] - Despite the decline, the company demonstrated resilience with a limited drop in net profit compared to the industry's 215 9% YoY decline in profits from January to August 2024 [1] - The gross profit margin improved sequentially, with Q3 2024 gross margin at 12 51%, up from 12 30% in Q2 2024 [1] - Export sales are expected to increase, with export volume reaching 1 1246 million tons in H1 2024, accounting for 11 8% of total sales, and a target of 2 8 million tons for 2024, up 17 6% YoY [1] - The special steel industry is poised for growth due to manufacturing upgrades and intelligent transformation, with strong demand for domestic special steel replacing imports [1] Financial Performance - Revenue for 2024E is projected at 113 294 billion yuan, with a slight decline of 0 6% YoY, while 2025E and 2026E revenues are expected to grow by 5 7% and 3 5% respectively [3] - Net profit attributable to shareholders is forecasted at 5 378 billion yuan for 2024E, down 6 0% YoY, with growth of 11 0% and 5 8% expected in 2025E and 2026E respectively [3] - EPS for 2024E is estimated at 1 07 yuan, increasing to 1 18 yuan in 2025E and 1 25 yuan in 2026E [3] - The company's P/E ratio is projected at 11 8x for 2024E, decreasing to 10 7x in 2025E and 10 1x in 2026E [3] Industry Outlook - The special steel industry is entering a mature phase, with significant growth potential driven by manufacturing upgrades and intelligent transformation [1] - Domestic demand for special steel is expected to remain robust, supported by the replacement of imported special steel [1] Valuation and Forecast - The company's valuation is supported by its focus on high-end special steel manufacturing, improving product structure, and downstream manufacturing upgrade demand [1] - Forecasted net profit for 2024E to 2026E is 5 38 billion yuan, 5 97 billion yuan, and 6 31 billion yuan respectively, with corresponding P/E ratios of 11 8x, 10 7x, and 10 1x [1][3]

证券代码：000708 证券简称：中信特钢 公告编号：2024-048 债券代码：127056 债券简称：中特转债 中信泰富特钢集团股份有限公司 关于不向下修正"中特转债"转股价格的公告 本次发行的可转换公司债券实际发行 5,000.00 万张，每张面值 100 元。募集资金总额为人民币 500,000.00 万元，扣除承销及保荐 费（含增值税）、评级费、律师费、审计费和验资费等本次发行相关 费 用 （ 不 含 增值税） 后，公 司本次 发行募集资金的净额为 4,978,723,584.91 元。普华永道中天会计师事务所（特殊普通合伙） 已对前述募集资金到账情况进行了验资，并出具了普华永道中天验字 （2022）第 0209 号《验资报告》。 （二）可转债上市情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1.截至 2024 年 10 月 25 日，中信泰富特钢集团股份有限公司（以 下简称"公司"）股票已出现任意连续 30 个交易日中至少 15 个交易 日的收盘价低于当期转股价格 80%的情形，已触发"中特转债"转股 价格的向下修正条款。 2. ...

证券代码：000708 证券简称：中信特钢 公告编号：2024-049 债券代码：127056 债券简称：中特转债 中信泰富特钢集团股份有限公司 关于可转债募集资金部分专项账户销户的公告 本次发行的可转换公司债券实际发行5,000.00万张，每张面值100元。 募集资金总额为人民币500,000.00万元，扣除承销及保荐费（含增值 税）、评级费、律师费、审计费和验资费等本次发行相关费用（不含增 值税）后，公司本次发行募集资金的净额为4,978,723,584.91元。普华 永道中天会计师事务所（特殊普通合伙）已对前述募集资金到账情况进 行了验资，并出具了普华永道中天验字（2022）第0209号《验资报告》。 经中国证券监督管理委员会《关于核准中信泰富特钢集团股份有限 公司公开发行可转换公司债券的批复》（证监许可〔2021〕4082号）核 准，中信泰富特钢集团股份有限公司（以下简称"公司"）公开发行可 转换公司债券500,000.00万元（以下简称"本次发行"），期限6年。 为规范公司募集资金管理及使用，保护中小投资者权益，根据中 国证监会《上市公司监管指引第2号——上市公司募集资金管理和使用 的监管要求（20 ...

证券代码：000708 证券简称：中信特钢 公告编号：2024-046 中信泰富特钢集团股份有限公司 1.审议通过了《2024 年第三季度报告》； 公司《2024 年第三季度报告》充分、全面、真实、准确地反映 了公司 2024 年第三季度的经营状况。该议案提交董事会前已经公司 董事会审计委员会全体成员同意。 具体内容详见同日披露在《中国证券报》《证券时报》《上海证 券报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）的《2024 年第三季度报告》。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 第十届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 中信泰富特钢集团股份有限公司（以下简称"公司"）第十届董 事会第十一次会议（以下简称"本次会议"）于 2024 年 10 月 19 日 以书面、传真、邮件方式发出通知，于 2024 年 10 月 25 日以通讯表 决方式召开，会议应到董事 9 名，实际出席会议董事 9 名。公司监事、 高级管理人员列席了会议。公司董事长钱刚先生主持了会议。本次 ...

证券代码：000708 证券简称：中信特钢 公告编号：2024-047 中信泰富特钢集团股份有限公司 第十届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 经到会监事审议表决，通过了如下决议： 1．审议通过了《2024 年第三季度报告》； 公司《2024 年第三季度报告》充分、全面、真实、准确地反映 了公司 2024 年第三季度的经营状况。 中信泰富特钢集团股份有限公司（以下简称"公司"）第十届监 事会第十一次会议（以下简称"本次会议"）于 2024 年 10 月 19 日 以书面、邮件方式发出通知，于 2024 年 10 月 25 日以通讯表决方式 召开，会议应到监事 5 名，实际出席会议监事 5 名，公司部分高管列 席了会议，公司监事会主席郏静洪先生主持本次会议。本次会议的召 集和召开程序符合《中华人民共和国公司法》等法律法规及《中信泰 富特钢集团股份有限公司章程》的有关规定。 二、监事会会议审议情况 三、备查文件 公司第十届监事会第十一次会议决议。 特此公告。 中信泰富特钢集团股份有限公司 监 事 会 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥26,498,640,138.95, a decrease of 5.66% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥1,110,767,506.43, down 16.77% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,070,415,309.68, a decline of 17.57% compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.220, representing a decrease of 16.67% year-on-year[2] - Total operating revenue for Q3 2024 was CNY 83.50 billion, a decrease of 3.3% compared to CNY 86.41 billion in the same period last year[12] - Net profit for Q3 2024 was CNY 4.02 billion, a decrease of 10.5% from CNY 4.50 billion in Q3 2023[13] - Earnings per share for Q3 2024 was CNY 0.760, compared to CNY 0.867 in the same quarter last year[13] - The total comprehensive income for Q3 2024 was CNY 4.03 billion, compared to CNY 4.51 billion in the same quarter last year, indicating a decline of 10.5%[13] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥113,037,779,847.61, a decrease of 2.98% from the end of the previous year[2] - The total current assets decreased from CNY 51.25 billion to CNY 49.15 billion, a decline of approximately 4.1%[9] - The company's total liabilities decreased to CNY 70.43 billion from CNY 74.87 billion year-over-year, a reduction of 5.8%[11] - The total equity attributable to shareholders increased to CNY 39.65 billion, up from CNY 38.61 billion, reflecting a growth of 2.7%[11] - The total assets decreased from CNY 116.51 billion to CNY 113.04 billion, a decline of approximately 3.1%[10] - The total non-current assets decreased from CNY 65.26 billion to CNY 63.89 billion, a decline of about 2.1%[10] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥4,034,301,111.18, a decrease of 25.66% year-on-year[2] - Cash inflow from operating activities totaled approximately ¥65.32 billion, slightly up from ¥65.31 billion year-on-year[14] - Cash outflow from operating activities was approximately ¥61.28 billion, compared to ¥59.88 billion in the previous year, resulting in a net cash flow from operating activities of approximately ¥4.03 billion, down from ¥5.43 billion[14] - Cash inflow from investment activities was approximately ¥139.47 million, down from ¥150.61 million year-on-year[15] - Cash outflow from investment activities totaled approximately ¥660.45 million, significantly lower than ¥2.23 billion in the previous year, leading to a net cash flow from investment activities of approximately -¥520.98 million, an improvement from -¥2.08 billion[15] - Cash inflow from financing activities was approximately ¥25.71 billion, up from ¥21.18 billion year-on-year[15] - Cash outflow from financing activities was approximately ¥31.81 billion, compared to ¥26.57 billion in the previous year, resulting in a net cash flow from financing activities of approximately -¥6.10 billion, worsening from -¥5.39 billion[15] - The ending balance of cash and cash equivalents was approximately ¥5.28 billion, down from ¥6.71 billion in the previous year[15] Expenses and Subsidies - The company reported a total of ¥37,304,588.66 in government subsidies recognized in Q3 2024, primarily from government grants and deferred income amortization[4] - Research and development expenses for Q3 2024 were CNY 3.47 billion, a slight decrease of 2.4% from CNY 3.56 billion in the previous year[12] - The company reported a decrease in tax expenses to CNY 462.71 million from CNY 661.39 million, a reduction of 30% year-over-year[13] - The company reported a decrease in employee compensation payments to approximately ¥4.76 billion, compared to ¥4.89 billion in the previous year[14] Asset Management - The company recorded a loss of ¥13,381,555.37 from the scrapping of non-current assets during the reporting period[4] - Accounts receivable increased from CNY 5.20 billion to CNY 8.24 billion, an increase of approximately 58.5%[9] - Inventory decreased from CNY 17.21 billion to CNY 15.94 billion, a decline of about 7.4%[9] - Short-term borrowings increased from CNY 8.67 billion to CNY 10.99 billion, an increase of approximately 26.8%[10] - Accounts payable decreased from CNY 17.67 billion to CNY 13.16 billion, a reduction of about 25.6%[10] - The company reported a significant increase in accounts receivable financing from CNY 4.82 billion to CNY 5.68 billion, an increase of approximately 17.7%[9] - The company has no reported participation in margin financing activities among the top shareholders[8] Earnings Per Share - The weighted average return on equity was 2.84%, down 0.82 percentage points compared to the same period last year[2] - The diluted earnings per share for the third quarter were 0.747, down from 0.861 in the previous period[14]

| 证券代码：000708 | 证券简称：中信特钢 | 公告编号：2024-044 | | --- | --- | --- | | 债券代码：127056 | 债券简称：中特转债 | | 中信泰富特钢集团股份有限公司 关于"中特转债"预计触发转股价格向下修正的提示性公告 | 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 | | --- | | 假记载、误导性陈述或重大遗漏。 | 特别提示： 4.转股时间：2022 年 9 月 5 日至 2028 年 2 月 24 日 经中国证券监督管理委员会《关于核准中信泰富特钢集团股份有 限公司公开发行可转换公司债券的批复》（证监许可〔2021〕4082 号） 核准，中信特钢公开发行可转换公司债券 500,000.00 万元（以下简称 "本次发行"），期限 6 年。 本次发行的可转换公司债券实际发行 5,000.00 万张，每张面值 100 元。募集资金总额为人民币 500,000.00 万元，扣除承销及保荐费 （含增值税）、评级费、律师费、审计费和验资费等本次发行相关费用 （不含增值税）后，公司本次发行募集资金的净额为 4,978,723,584.91 ...

证券代码：000708 证券简称：中信特钢 公告编号：2024-043 债券代码：127056 债券简称：中特转债 中信泰富特钢集团股份有限公司 关于2024年第三季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： | | | 债券代码：127056 债券简称：中特转债 转股价格：22.94元/股 转股起始时间：2022年9月5日 转股截止时间：2028年2月24日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指引第15号——可转换公司债券》的有关规定，中信泰富特钢集团 股份有限公司（以下简称"中信特钢"、"公司"）现将2024年第三季度 可转换公司债券（以下简称"可转债"）转股及公司股份变动情况公告如 下： 一、 可转债发行上市基本情况 根据《中信泰富特钢集团股份有限公司公开发行可转换公司债券募集 说明书》（以下简称"募集说明书"）的相关规定，本次发行的可转债转股 期自可转债发行结束之日（2022年3月3日）满六个月后的第一个交易日 （2022年9月5日）起至可转债到期日（2028年2月24日）止（如 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 11.33 CNY and a target value of 17.70 CNY [2]. Core Insights - The company reported a slight increase in net profit in Q2 2024, with a year-on-year revenue decrease of 6% but a quarter-on-quarter increase of 0.5%. The net profit for Q2 was 1.366 billion CNY, down 12% year-on-year but up 0.4% quarter-on-quarter. The basic earnings per share (EPS) was 0.27 CNY, and the operating cash flow was 7.1 billion CNY, reflecting a 15% year-on-year increase and a significant recovery from a negative cash flow in the previous quarter [1][2]. Financial Performance Summary - In H1 2024, the company's net profit reached 2.7 billion CNY, a decrease of 10% year-on-year but an increase of 2% quarter-on-quarter. The company benefited from a VAT input tax deduction of 6.92 billion CNY [1]. - The sales volume of special steel in H1 2024 was stable at 9.52 million tons, with notable increases in automotive steel (up 13%) and bearing steel (up 13%). The sales of "two high and one special" products increased by 24%, and "small giants" sales rose by 15% [1]. - The gross profit per ton of steel was 737 CNY, down 13% year-on-year and stable quarter-on-quarter. Domestic gross profit per ton improved significantly, while export margins were negatively impacted [1]. Earnings Forecast and Investment Recommendations - The company is expected to have EPS of 1.18 CNY, 1.26 CNY, and 1.36 CNY for 2024, 2025, and 2026, respectively. Based on historical valuations and comparable company valuations, a PE ratio of 15 times for 2024 is suggested, leading to a target price of 17.70 CNY per share, thus maintaining a "Buy" rating [1].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in the first half of 2024 was slightly below expectations, with revenue of 57.005 billion yuan, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 2.725 billion yuan, down 10.34% year-on-year [1][3] - The company has adjusted its net profit forecasts for 2024-2026 to 5.854 billion, 6.148 billion, and 6.329 billion yuan respectively, down from previous estimates [1] - The target price has been lowered to 13.92 yuan from 19.41 yuan, based on a 12x PE valuation for 2024 [1][5] Financial Summary - Revenue for 2022 was 98.345 billion yuan, with a projected increase to 114.930 billion yuan in 2024, reflecting a growth of 0.8% [2] - The net profit attributable to shareholders is expected to decrease from 7.105 billion yuan in 2022 to 5.854 billion yuan in 2024, indicating a decline of 2.3% [2] - The earnings per share (EPS) is projected to be 1.16 yuan in 2024, slightly down from 1.41 yuan in 2022 [2] Sales Performance - In the first half of 2024, the company achieved sales volumes of 4.8 million tons and 4.72 million tons in Q1 and Q2 respectively, totaling 9.52 million tons, an increase of 100,000 tons year-on-year [1] - The average selling prices for the first two quarters were 5,923 yuan and 6,060 yuan per ton, with gross margins of 729 yuan and 746 yuan per ton [1] Product Structure Adjustment - The company is actively adjusting its product mix to capture market opportunities, with bearing steel sales exceeding 1 million tons, up 13.04% year-on-year, and automotive steel sales exceeding 3 million tons, up 13.12% year-on-year [1] - The sales of "two highs and one special" products increased by 24% year-on-year [1] Innovation and Cost Management - The company continues to invest in R&D, achieving significant breakthroughs in high-temperature alloy materials, with over 30 model certifications from Chinese aviation manufacturers [1] - The company has improved key production and technical indicators by 73% year-on-year, focusing on reducing financing and operational costs [1]