方大特钢2024中报业绩点评：持续降本增效，保持成本优势

Investment Rating - Maintain "Overweight" rating [4] - Target price adjusted to 4.45 RMB (previously 5.62 RMB) [4] Core Views - The company maintains strong cost management capabilities, keeping its rebar profitability at the forefront of the industry [3] - Future focus will be on further reducing costs and consolidating cost advantages [3] - Contribution from the mining sector is expected to gradually recover [3] Financial Performance - 2024H1 revenue: 12.752 billion RMB, down 4.75% YoY [4] - 2024H1 net profit attributable to parent company: 163 million RMB, down 42.82% YoY [4] - 2024Q2 net profit attributable to parent company: 69 million RMB, down 25.66% QoQ and 55.25% YoY [4] - 2024-2025 net profit forecast adjusted to 509 million RMB and 606 million RMB (previously 1.012 billion RMB and 1.168 billion RMB) [4] - 2026 net profit forecast added at 728 million RMB [4] Steel Production and Sales - 2024H1 steel production and sales: 2.0996 million tons and 2.0977 million tons, up 9.00% YoY [4] - 2024Q2 steel production and sales: 1.1529 million tons and 1.1423 million tons, up 21.78% and 19.56% QoQ, and 2.38% and 1.38% YoY [4] - 2024Q2 gross profit per ton of steel: 310.21 RMB/ton, up 57.50% QoQ but down 24.92% YoY [4] Product Structure Optimization - Spring flat steel, a high-margin product, saw a 5.11% YoY increase in sales in 2024H1 [4] - The company has extended its product line to include automotive leaf springs, covering light, medium, heavy, and bus springs [4] Mining Sector Performance - 2024H1 iron concentrate sales: 181,000 tons, exceeding the total sales of 150,800 tons in 2023 [4] - 2024H1 revenue from iron concentrate: 188 million RMB, exceeding the total revenue of 148 million RMB in 2023 [4] - Gross profit per ton of iron concentrate: 796.96 RMB/ton, up 22.86% compared to 2023 [4] Valuation and Market Data - 2024E PB ratio: 1.08x, based on comparable companies [13] - Current price: 3.57 RMB [5] - 52-week price range: 3.57-4.97 RMB [6] - Market capitalization: 8.258 billion RMB [6]