中钢国际2024年财报：营收下滑33%，净利润逆势增长9.69%

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].