2025 年 04 月 28 日 中钢国际(000928.SZ) 2024 年毛利率大幅提升，经营性现金 流改善 事件： 公司发布 2024 年年报和 2025 年一季报，2024 年公司实现营业收入 176.47 亿元，同比-33.10%，实现归母净利润 8.35 亿元，同比+9.69%， 实现扣非归母净利润 7.46 亿元，同比+19.01%。拟向全体股东每 10 股派发现金红利 2.99 元（含税）, 预计共分配股利 4.29 亿元，占合 并报表 2024 年归母净利润的 51.36%。2025Q1 公司实现营业收入 35.19 亿元，同比-28.21%，实现归母净利润 2.32 亿元，同比+7.78%， 实现扣非归母净利润 2.31 亿元，同比+9.25%。 高基数下营收下滑，境外新签合同额高增。 2024 年公司实现营收 176.47 亿元，yoy-33.10%,在 2023 年高基 数（yoy+40.92%）基础上，公司营业收入同比下滑，营收下滑主 要由于国内冶金行业承压，国内业务营收大幅下滑，同时海外业 务营收有所收缩，2024 年公司国内、海外营收分别 yoy-44.72%、 -13.21%， ...

事件：公司发布2024年年报及2025年一季报。 归母净利润稳健增长，一季度新签国内项自增速较快。公司2024年实现营业收入176.47亿元，同比减少 33.1%；归母净利润8.35亿元，同比增长9.69% 扣非后归母净利润7.47亿元，同比增长19.01%。2024年， 公司共计新签工程项目合同金额196.70亿元，同比增长2.12%，其中国外项目合同金额162.68 亿元，同 比增长54.17%。2025Q1，公司实现营业收入35.19亿元，同比减少 28.21%，归母净利润2.32亿元，同比 增长7.78%，扣非后归母净利润2.31 亿元，同比增长9.25%。2025Q1，公司新签合同额39.79亿元，同比 减少 33.87%，其中国内项目合同金额20.67亿元，同比增长169.14%。 稳步开拓海外市场，提升数字化能力建设。2024年，阿尔及利业 Tosyali1780mm酸洗冷轧联合机组、镀 锌及彩涂总承包项目、阿尔及利亚国家钢铁公司GaraDiebilet铁矿400万吨/年预选厂项目、埃及新峰钢铁 20C 万吨热轧卷板总承包项目、力拓Simfer几内亚西芒杜矿山项目等顺利签约； EPC总承包建设的 ...

Core Viewpoint - The company reported a significant decline in revenue for 2024, but managed to achieve a growth in net profit through effective cost control and business optimization [1][4]. Revenue Performance - The total revenue for 2024 was 17.647 billion yuan, a decrease of 33.10% compared to 26.377 billion yuan in 2023 [4]. - The gross profit reached 2.558 billion yuan, reflecting a year-on-year increase of 10.30% [4]. - The company's net profit attributable to shareholders was 835 million yuan, an increase of 9.69% year-on-year [1][4]. - The net profit excluding non-recurring items was 747 million yuan, up 19.01%, indicating stable growth in core business [4]. International Expansion - The company achieved significant breakthroughs in overseas markets, with new contract amounts reaching 19.670 billion yuan [5]. - Major projects include the Algeria Tosyali 1780mm pickling cold-rolled unit and the Egypt New Peak Steel 2 million tons hot-rolled coil project [5]. Green and Low-Carbon Technology - The company invested 375 million yuan in R&D, filing 225 patents and receiving approval for 73, including 24 invention patents [6]. - The hydrogen metallurgy project in Zhanjiang Steel has achieved stable operation, exceeding design indicators [6]. - The Baigang 2500m³ HyCROF project was recognized as a national "green low-carbon advanced technology demonstration project" and won the Steelie Award for low-carbon production excellence [6]. Shareholder Returns - The company proposed a cash dividend of 2.99 yuan per 10 shares, totaling 429 million yuan, which accounts for 51.36% of the net profit attributable to shareholders [6]. - The company has distributed dividends 13 times since its listing, totaling over 3 billion yuan [6]. Cash Flow Challenges - The net operating cash flow for 2024 was -1.635 billion yuan, an increase of 41.4% year-on-year, indicating ongoing cash flow pressure [7]. - The negative cash flow suggests challenges in project execution and fund recovery, particularly in overseas projects with longer payment cycles [7].

Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 17.647 billion yuan, a total profit of 1.125 billion yuan, and a net profit of 874 million yuan, with a net cash flow from operating activities of 1.504 billion yuan and a debt-to-asset ratio of 68.49% [4] - In Q1 2025, the company reported an operating revenue of 3.519 billion yuan and a net profit attributable to shareholders of 232 million yuan [4] Group 2: Project Profitability - The overall project gross profit margin for 2024 was 13.61%, an increase of 6.06% year-on-year, with domestic projects at 15.26% and overseas projects at 13.67% [5] - The company aims to maintain a stable gross profit margin in 2025 by enhancing cost control and project management [5] Group 3: Market Conditions - The steel industry is experiencing a "reduction and quality improvement" phase, with improving enterprise profitability and decreasing operating costs [7] - The company plans to leverage its core technical advantages to capitalize on opportunities in domestic steel industry consolidation and low-carbon technology [7] Group 4: International Business Outlook - The international steel industry is showing steady growth, despite uncertainties in the global landscape, and the company is focused on expanding into emerging markets [6] - The U.S.-China trade war does not directly impact the company's business, but it poses systemic challenges to the global economy [8] Group 5: Technological Innovation - The company emphasizes technological innovation, with significant advancements in low-carbon metallurgy and digital design applications [9][10] - A hydrogen-based vertical furnace project was successfully completed, demonstrating the company's commitment to green technology [9] Group 6: Financial Management - The company has improved cash flow management, achieving a net cash flow of 1.504 billion yuan in 2024, a 9.95% increase from the previous year [11] - Management is proactively addressing accounts receivable to mitigate impairment risks in 2025 [11] Group 7: Corporate Governance - The company maintains a stable strategic direction focused on internationalization, green technology, and digitalization, unaffected by personnel changes [11] - The restructuring of the parent company, China Steel Group, has not altered the actual control of the company [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a total operating revenue of 17.647 billion yuan for 2024, a year-on-year decrease of 33.1%. However, the net profit attributable to the parent company was 0.835 billion yuan, an increase of 9.69% year-on-year [2][8]. - The company is expected to benefit from overseas market demand, with a significant increase in overseas orders, which rose by 54.2% year-on-year to 16.268 billion yuan in 2024 [8]. - The company’s gross profit margin improved significantly, with a gross margin of 14.50% in 2024, up 5.71 percentage points year-on-year [8]. Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 17.647 billion yuan, a decrease of 33.1% year-on-year. The net profit attributable to the parent company was 0.835 billion yuan, an increase of 9.69% year-on-year, while the net profit after deducting non-recurring gains and losses was 0.747 billion yuan, up 19.01% year-on-year [2][8]. - For Q1 2025, the company reported total operating revenue of 3.519 billion yuan, a decrease of 28.21% year-on-year, with a net profit of 0.232 billion yuan, an increase of 7.78% year-on-year [2][8]. Operational Insights - The company’s gross profit margin showed significant improvement, with a comprehensive gross margin of 14.50% in 2024, up 5.71 percentage points year-on-year. The gross margin for Q1 2025 was 13.75%, an increase of 3.15 percentage points year-on-year [8]. - The company’s cash flow from operating activities showed a net inflow of 1.504 billion yuan in 2024, an increase of 0.136 billion yuan year-on-year, with a cash collection ratio of 97.57%, up 18.55 percentage points year-on-year [8]. Market Outlook - The company signed new orders totaling 19.67 billion yuan in 2024, a year-on-year increase of 2.1%. The domestic orders decreased by 60.9% to 3.402 billion yuan, while overseas orders increased significantly, providing strong support for the company [8]. - Looking ahead to 2025, the company is expected to maintain high growth in performance, supported by overseas market demand, with a projected net profit of 0.9 billion yuan and a dividend payout ratio of 50%, corresponding to a dividend yield of over 5% [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.57 RMB [8][9] Core Insights - The company reported a significant improvement in gross margin and cash flow, with a gross margin of 14.5% for 2024, up 5.7 percentage points year-on-year [2] - Despite a decline in revenue of 33.1% year-on-year to 17.6 billion RMB in 2024, the net profit attributable to the parent company increased by 9.7% to 835.2 million RMB [1][5] - The company has seen a notable increase in overseas orders, with new contracts signed reaching 19.7 billion RMB, a 2.1% increase year-on-year, and overseas orders accounting for 89% of total new contracts [2] Revenue and Profitability - The company experienced a revenue decline in Q4 2024 and Q1 2025, with revenues of 50.4 billion RMB and 35.2 billion RMB respectively, down 45.3% and 28.2% year-on-year [1] - The net profit margin improved to 4.73% in 2024, up 1.85 percentage points year-on-year, despite an increase in the expense ratio to 6.7% [3] Cash Flow and Financial Health - Operating cash flow significantly improved, with a net cash inflow of 1.5 billion RMB in 2024, and a cash flow ratio of 97.6% for receipts and 103.1% for payments [4] - As of Q1 2025, the company's debt-to-asset ratio decreased to 66.9%, down 2.9 percentage points year-on-year, indicating improved financial stability [4] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company is adjusted to 878.4 million RMB for 2025, reflecting a decrease of 9.7% from previous estimates [5] - The company is valued at a price-to-earnings (P/E) ratio of 14 times for 2025, aligning with the industry average [5][13]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown continuous improvement in profitability and cash flow performance, with a significant increase in gross margin by 5.7 percentage points year-on-year [2][3] - The company is expected to benefit from the ongoing "Belt and Road" initiative, which is anticipated to enhance infrastructure and engineering demand in emerging markets [3] Financial Performance Summary - In 2024, the company achieved total revenue of 17.6 billion, a decrease of 33% year-on-year, while net profit attributable to shareholders was 840 million, an increase of 10% [1] - The gross margin for 2024 was 14.5%, up 5.7 percentage points from the previous year, indicating improved profitability [2] - The company reported a net cash inflow from operating activities of 1.5 billion, reflecting strong cash flow management [2] - For Q1 2025, the company recorded total revenue of 3.5 billion, down 28% year-on-year, but net profit attributable to shareholders increased by 7.8% [1] Future Earnings Estimates - The company is projected to achieve net profits of 910 million, 980 million, and 1.05 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.6%, 7.8%, and 7.6% [3][4] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.63, 0.68, and 0.73 respectively [4] Dividend Policy - The company announced a cash dividend of 2.99 yuan per 10 shares for 2024, with a payout ratio of 51.4%, indicating a strong commitment to returning value to shareholders [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 17.65 billion in 2024, a decrease of 33.1% year-on-year, while the net profit attributable to the parent company increased by 9.7% to 0.835 billion [1][5]. - The gross profit margin improved significantly, contributing to a notable increase in profitability despite revenue pressure [1][2]. - The company plans to distribute a cash dividend of 0.43 billion in 2024, with a dividend payout ratio of 51% and a dividend yield of 4.72%, enhancing investment returns [1]. Financial Performance - In Q1 2025, the company reported a revenue of 3.52 billion, down 28.21% year-on-year, but the net profit attributable to the parent company rose by 7.78% to 0.232 billion [1]. - The gross margin for the company in Q1 2025 was 13.7%, an increase of 3.15 percentage points year-on-year, indicating continuous improvement in profitability [2]. - The company’s net profit margin for 2024 was 4.95%, up 1.91 percentage points year-on-year, with a net cash flow from operations of 1.5 billion, reflecting strong cash flow performance [4]. Order and International Expansion - The company signed new contracts worth 19.67 billion in 2024, a year-on-year increase of 2.12%, with significant growth in overseas projects [3]. - The company has made substantial progress in international projects, particularly in Algeria, with the successful launch of major steel production facilities [3]. Cost Management - The company’s expense ratio for 2024 was 6.71%, an increase of 2.7 percentage points year-on-year, indicating challenges in effectively managing costs [4]. - Despite the increase in expense ratios, the overall profitability metrics improved due to enhanced gross margins [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown continuous improvement in profitability and cash flow performance, with a significant increase in gross margin [2][3] - The company is expected to benefit from the ongoing "Belt and Road" initiative, which is anticipated to enhance infrastructure and engineering demand in emerging markets [3] Financial Performance Summary - In 2024, the company achieved total revenue of 17.6 billion, a decrease of 33% year-on-year, while net profit attributable to shareholders was 840 million, an increase of 10% [1] - The gross margin for 2024 was 14.5%, up 5.7 percentage points year-on-year, indicating improved profitability [2] - The company reported a net cash inflow from operating activities of 1.5 billion in 2024, reflecting strong cash flow management [2] - For Q1 2025, the company recorded total revenue of 3.5 billion, a decrease of 28%, but net profit attributable to shareholders increased by 7.8% [1] Future Earnings Projections - The company is projected to achieve net profits of 910 million, 980 million, and 1.05 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.6%, 7.8%, and 7.6% [3][4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63, 0.68, and 0.73 respectively [4] Dividend Policy - The company announced a cash dividend of 2.99 per 10 shares for 2024, with a payout ratio of 51.4%, indicating a strong commitment to returning value to shareholders [3]

Investment Rating - The report maintains a "Buy" rating for the company [6][17]. Core Views - The company achieved a revenue of 17.65 billion in 2024, a decrease of 33.1% year-on-year, while the net profit attributable to the parent company increased by 9.7% to 0.835 billion [1]. - The gross profit margin improved significantly, contributing to a notable increase in profitability despite revenue pressure [1][2]. - The company plans to distribute a cash dividend of 0.43 billion in 2024, with a dividend payout ratio of 51%, resulting in a dividend yield of 4.72% [1]. - The company expects net profits for 2025-2027 to be 0.965 billion, 1.115 billion, and 1.279 billion respectively, with corresponding P/E ratios of 9.4, 8.1, and 7.1 [1]. Revenue and Profitability - In Q1 2025, the company reported a revenue of 3.52 billion, down 28.21% year-on-year, but net profit increased by 7.78% to 0.232 billion [1]. - The engineering contracting business saw a gross margin of 13.61%, up 6.06 percentage points year-on-year, which significantly enhanced overall profitability [2]. - The overall gross margin for the year improved by 5.71 percentage points to 14.5% [2]. Order Growth and Internationalization - The company signed new orders worth 19.67 billion in 2024, a year-on-year increase of 2.12%, with international orders growing significantly [3]. - The company has made substantial progress in international projects, particularly in mining and steel production, with several key projects successfully launched [3]. Financial Performance - The company’s cash flow from operations (CFO) for 2024 was 1.5 billion, an increase of 1.36 billion year-on-year, indicating strong cash flow performance [4]. - The net profit margin for 2024 was 4.95%, up 1.91 percentage points year-on-year, while the Q1 2025 net profit margin was 6.82%, up 2.25 percentage points [4]. Financial Data and Valuation - The company’s projected revenue for 2025 is 18.49 billion, with a growth rate of 4.8% [5]. - The earnings per share (EPS) for 2024 is expected to be 0.58, with a P/E ratio of 10.87 [5]. - The total market capitalization is approximately 9.08 billion [7].