证券代码：000932 股票简称：华菱钢铁 公告编号：2024-19 特此公告。 湖南华菱钢铁股份有限公司董事会 2024 年 4 月 15 日 湖南华菱钢铁股份有限公司 关于召开2023 年度网上业绩说明会的公告 本公司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。 湖南华菱钢铁股份有限公司（以下简称"公司"或"华菱钢铁"）已于 2024 年 3 月 30 日 在巨潮资讯网上披露了《2023 年年度报告全文》。为便于广大投资者进一步了解公司 2023 年 年度经营情况，公司定于 2024 年 4 月 19 日（星期五）下午 15:00-17:00 在"价值在线"（www.ir- online.cn）举行 2023 年度网上业绩说明会。本次网上业绩说明会将采用网络远程的方式举行， 出席说明会的人员有公司董事长、总经理李建宇先生，董事、副总经理、财务总监兼董事会秘 书阳向宏先生，证券事务代表刘笑非女士。 为广泛听取投资者的意见和建议，公司拟提前向投资者征集问题，提问通道自发出公告之 日起开放。投资者可通过以下两种方式，依据相关提示，授权登入"价值在线"进行提问并参 与互 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - Hualing Steel is transitioning from "premium steel" to "special steel," with a steel production capacity of 25.28 million tons in 2022. The product structure upgrade has increased the proportion of specialty steel to 63% in 2023 [1][11]. - The company is implementing three major transformations: "quality, efficiency, and dynamics," and is enhancing its integrated R&D innovation system [1][21]. - Hualing Steel's comprehensive strength is highlighted by its leading position in high-end plate and pipe products, as well as its advantageous location for long products, which enhances its competitiveness [1][25]. Summary by Sections Company Overview - Hualing Steel, with a production capacity of 25.28 million tons in 2022, is a large state-owned enterprise transitioning from "premium steel" to "special steel" [1][11]. - The company has a complete production process, covering various steel products and serving multiple downstream industries [11]. Product Structure - The product structure upgrade has led to a significant increase in specialty steel sales, which accounted for 63% of total sales in 2023 [1][13]. - The revenue and gross profit structure for 2023 shows that plates, long products, and pipes contributed 67%, 13%, and 10% to gross profit, respectively [1][17]. Strategic Development - Hualing Steel is focused on enhancing its "three strategic support systems" and aims to accelerate its transition towards high-end, intelligent, and green production [21][24]. - The company plans to increase the proportion of special steel from 10% to over 25% by the end of the "14th Five-Year Plan" [22][24]. Financial Analysis - The company forecasts EPS of 0.80, 0.81, and 0.89 CNY for 2024, 2025, and 2026, respectively, with a target PE of 10 times for 2024, leading to a reasonable value of 7.95 CNY per share [1][2][3]. - Revenue is projected to decline slightly from 164.47 billion CNY in 2023 to 159.34 billion CNY in 2024, with a net profit forecast of 5.493 billion CNY for 2024 [2].

Investment Rating - The report assigns a "Buy" rating for the company, Huazhong Steel [1][13]. Core Views - The company is positioned as a high-quality steel stock with strong fundamentals, navigating through the bottom of the cycle effectively [1]. - Despite a decrease in revenue and net profit in 2023, the company maintains a leading position in the industry, supported by its subsidiaries' performance [3][8]. - The company is expected to experience a performance release in 2024 due to new capacity and production line upgrades [4][12]. Financial Performance - In 2023, the company achieved total revenue of 164.465 billion yuan, a year-on-year decrease of 2.47%, and a net profit attributable to shareholders of 5.079 billion yuan, down 20.38% year-on-year [2][7]. - The weighted ROE for 2023 was 9.87%, and the debt-to-asset ratio at the end of 2023 was 51.67% [3][8]. - The company’s subsidiaries, Huazhong Henggang and Automotive Steel, reported net profits of 842 million yuan and 2.474 billion yuan, respectively, with year-on-year growth of 20.47% and 49.78% [3][8]. Cost Control and Efficiency - The company has improved operational efficiency through cost control and increased R&D expenditure, with a R&D expense ratio of 4.2% in 2023, up 0.33 percentage points from 2022 [3][12]. - The company has implemented strategies to reduce costs across various operations, including optimizing iron and steel costs and enhancing procurement competitiveness [12]. Product Development and Market Expansion - The company has established a leading advantage in multiple sectors, including energy, shipbuilding, and new materials, with a focus on high-end product development [12]. - In 2023, the company added 30 new steel grades to replace imports, increasing the sales proportion of key steel products to 63%, up 3 percentage points from 2022 [12]. - The company exported 1.56 million tons of steel in 2023, marking a year-on-year increase of 26.04% [12]. Future Outlook - The company is expected to achieve revenues of 167.88 billion yuan, 174.4 billion yuan, and 178.99 billion yuan in 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 2.1%, 3.9%, and 2.6% [13]. - The net profit attributable to shareholders is projected to be 6.046 billion yuan, 6.743 billion yuan, and 7.146 billion yuan for the same years, with growth rates of 19.1%, 11.5%, and 6.0% [13].

证券研究报告 | 2024年04月03日 华菱钢铁（000932.SZ） 增持 产品结构升级，分红比例提升 核心观点 公司研究·财报点评 降本增效，业绩具备韧性。近年来公司品种钢销量不断提升，叠加成本压降、 钢铁·普钢 资产负债结构优化，公司抵御市场波动能力持续提升。2023年在行业需求弱 证券分析师：刘孟峦 证券分析师：冯思宇 势运行，原燃料价格相对强势的背景下，公司业绩稳定性得到反复验证，全 010-88005312 010-88005314 liumengluan@guosen.com.cn fengsiyu@guosen.com.cn 年实现营业总收入1644.65亿元，同比下降2.47%，归母净利润50.79亿元， S0980520040001 S0980519070001 同比下降20.38%。四季度单季，公司实现营业总收入441.94亿元，环比增 基础数据 长8.54%，归母净利润9.74亿元，环比下降36.65%。 投资评级 增持(维持) 合理估值 加大研发投入，品种钢销量提升。公司长期注重研发投入，持续推进产品高 收盘价 5.24元 端化转型。2023年，公司发生研发费用68.3亿元，占营业 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.26 CNY, indicating an expected upside of over 20% within the next six months [3][7]. Core Views - The company reported a total revenue of 163.9 billion CNY in 2023, a decrease of 2.5% year-on-year, and a net profit of 5.08 billion CNY, down 20.38% year-on-year. The fourth quarter of 2023 saw a revenue of 44.06 billion CNY, an increase of 8.59% quarter-on-quarter and 0.79% year-on-year [1]. - The company has demonstrated strong pricing power and resilience in performance despite price declines, with a focus on optimizing product structure [1]. - The company has increased its dividend payout ratio, distributing 2.3 CNY per 10 shares, totaling 1.589 billion CNY, which represents 31.29% of the net profit for 2023, up 5.3 percentage points from 2022 [1]. Financial Summary - In 2023, the company achieved a revenue of 168.1 billion CNY, with a projected revenue of 169.6 billion CNY for 2024, reflecting a growth rate of 1% [2]. - The net profit for 2023 was 6.38 billion CNY, with expectations of 5.77 billion CNY for 2024, indicating a decline of 10% [2]. - The earnings per share (EPS) for 2023 was 0.92 CNY, with projections of 0.83 CNY for 2024 and 0.95 CNY for 2025 [2]. Product and Market Position - The company has shifted its product structure towards high-end products, with specialty steel sales accounting for 63% of total sales in 2023, an increase of 3 percentage points from the previous year [1]. - Research and development investment reached 6.83 billion CNY in 2023, representing 4.2% of total revenue, with 659 new patents granted [1]. - The company has made significant advancements in production capabilities, including the launch of new high-end automotive steel production lines [1].

上 市 公 司 钢铁 2024 年04月 01 日 华菱钢铁 (000932) 公 司 研 究 ——2023 年报点评：产品结构持续优化，利润水平韧性 公 司 凸显 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持） 证  公司发布2023年报，业绩符合市场预期。报告期内，公司实现营业总收入1644.65亿元， 券 同比下降2.47%，归母净利润50.79亿元，同比下降20.38%。公司四季度单季归母净利 研 市场数据： 2024年04月01日 润9.73亿元，同比下降21.96%，环比三季度下降36.65%。 究 收盘价（元） 5.24 报 一年内最高/最低（元） 6.43/4.68  品种结构持续优化，单吨盈利具有韧性。2023年公司实现钢材销量2653万吨，同比基本 告 市净率 0.7 息率（分红/股价） - 持平；吨钢售价约4645元/吨，同比下降8.39%；吨钢成本约4104元/吨，同比下降7.95%； 流通A股市值（百万元） 36201 吨钢毛利约542元/吨，同比下降12.07%。报告期内，公司进一步优化产品结构，品种钢 上证指数/深证成指 3077.38/9647.07 销量 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company reported a revenue of 163.90 billion yuan in 2023, a decrease of 2.50% year-on-year, and a net profit attributable to shareholders of 5.08 billion yuan, down 20.38% year-on-year, while remaining a leader in the industry [2]. - The company's pre-tax profit margin was 6.69 times higher than the industry average, demonstrating strong profitability despite the industry's low profit margins [2]. - The proposed dividend payout ratio for 2023 reached 31.29%, the highest in nearly four years, translating to a dividend of 1.589 billion yuan and a dividend yield of 4.35% based on the closing price on March 29, 2024 [2]. - The product structure has been optimized, with key steel product sales reaching 16.83 million tons, accounting for 63% of total steel sales, an increase of 3 percentage points from 2022 [2]. - The company has implemented a "hard constraint, strong incentive" mechanism, adjusting 18 middle management personnel due to poor performance, with 45% of middle management being post-80s [3]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 44.06 billion yuan, a year-on-year increase of 0.79% and a quarter-on-quarter increase of 8.59% [2]. - The net profit for Q4 2023 was 974 million yuan, down 21.96% year-on-year and 36.63% quarter-on-quarter, aligning with industry trends [2]. - The company’s return on equity (ROE) remained above 10% from 2017 to 2023, with a minimum ROE of 10.30% [2]. - The net profit forecast for 2024 and 2025 has been adjusted downwards by 10.88% and 3.14%, respectively, with a new forecast for 2026 set at 6.849 billion yuan [3]. Product and Subsidiary Performance - Key product sales in 2023 included automotive steel (3.29 million tons, +13%), electrical steel (1.66 million tons, +12.16%), and shipbuilding steel (1.78 million tons, +12.66%) [2][11]. - Subsidiaries such as Hualing Henggang and the automotive plate company reported net profits of 842 million yuan and 2.474 billion yuan, respectively, marking year-on-year increases of 20.46% and 49.76% [2].

华菱钢铁（000932.SZ）2023年年报点评 区域龙头，产线升级提速高端化转型进程 2024年04月01日 ➢ 事件概述：公司发布2023年年报：2023年，公司实现营收1644.65亿元， 推荐 维持评级 同比减少2.5%；归母净利润50.79亿元，同比减少20.4%；扣非归母净利46.8 当前价格： 5.29元 亿元，同比减少24.7%。2023Q4，公司实现营收441.94亿元，同比增长0.9%、 环比增长 8.5%；归母净利润 9.74 亿元，同比减少 22%、环比减少 36.6%；扣 非归母净利6.83亿元，同比减少45.4%、环比增长54.7%。 [Table_Author] ➢ 点评：产销量增长，毛利率下滑 ① 量：2023年公司产销量稳步增长。公司2023年钢铁产品产量2594万吨， 同比减少2.37%，销量为2653万吨，同比增长0.07%。 ② 价：原料成本高位波动，公司全年毛利率下滑。2023 年热卷价格同比下滑 16.95%。主要原材料中，尽管铁矿石市场全年平均价格同比-0.01%，但焦炭价 格同比-0.28%，主焦煤价格同比-0.14%，废钢价格同比仅-0.1%。由于焦炭等原 分 ...

证券研究报告 | 年报点评报告 2024年03月30日 华菱钢铁（000932.SZ） 盈利呈现韧性，分红比例提升 事件：公司发布2023年年度报告。公司实现营业收入1638.97亿元，同比下滑2.5%； 买入（维持） 归母净利润50.79亿元，同比下滑20.38%；基本每股收益0.7351元。本次拟向全 股票信息 体股东每10股派发现金红利2.3元（含税）。 行业 普钢 盈利呈现韧性，毛利率净利率有望改善。公司2023年实现归母净利50.79亿元，同 比下降20.38%，实现扣非归母净利46.8亿元，下降24.66%；2023年虽然钢铁企 前次评级 买入 业普遍面临供给过剩、原料成本高企等因素影响，但公司归母利润降幅有限，展现 3月29日收盘价(元) 5.29 出公司盈利的韧性特征。公司2023Q1-Q4逐季销售毛利率分别为7.42%、11.19%、 总市值(百万元) 36,546.67 10.94%、8.17%，逐季销售净利率分别为2.47%、5.64%、4.94%、3.24%，受益 总股本(百万股) 6,908.63 于公司品种钢占比提升及一季度原料大跌，后续销售毛利率有望持续改善。 其中自由流通股(% ...

公司研 究 证 券研究 报 告 板材 2024年03月31日 华 菱钢铁（000932）2023年报点评 强 推 （维持） 品种钢比例持续提升，盈利能力显韧性 目标价：7.02元 当前价：5.29元 事项： 华创证券研究所 ❖ 3 月 29 日，公司发布《2023 年年度报告》，2023 年，公司实现营业总收入 证券分析师：马金龙 1644.65亿元，同比下降2.47%；归母净利润50.79亿元，同比下降20.38%； 扣非后归母净利润46.80亿元，同比下降24.66%。单季度看，23Q4实现营业 邮箱：majinlong@hcyjs.com 总收入441.94亿元，同比增长0.91%；归母净利润9.74亿元，同比下降21.96%； 执业编号：S0360522120003 扣非后归母净利润6.83亿元，同比下降45.38%。 证券分析师：马野 评论： 邮箱：maye@hcyjs.com ❖ 产品结构持续提升，全年业绩显韧性。2023年，公司加快产线结构升级调整， 执业编 号：S0360523040003 华菱涟钢冷轧硅钢一期一步建成，形成的 20 万吨无取向硅钢成品、9 万吨取 向硅钢半成品生产能力；VAM ...