宝钢股份第三季度净利润降超六成

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].