Baosteel(600019) 民生证券·2024-10-30 15:00Investment Rating - The report maintains a "Recommended" rating for Baosteel Co., Ltd. (600019.SH) [4][6] Core Views - The company reported a revenue of 242.856 billion yuan for the first three quarters of 2024, a decrease of 4.9% year-on-year, with a net profit attributable to shareholders of 5.882 billion yuan, down 29.6% year-on-year [2] - The third quarter of 2024 saw a revenue of 79.605 billion yuan, a decline of 6.5% year-on-year and 3.4% quarter-on-quarter, with a net profit of 1.338 billion yuan, down 64.8% year-on-year and 48.9% quarter-on-quarter [2] - The company is focusing on optimizing its product structure and expanding its overseas market presence, with a notable 27.5% increase in the sales of oriented silicon steel [4] Summary by Sections Financial Performance - For Q1-Q3 2024, the steel sales volume was 38.5 million tons, a decrease of 1.21% year-on-year, while Q3 sales volume was 12.99 million tons, down 3.13% year-on-year [3] - The average product price for Q1-Q3 2024 was 4,573 yuan/ton, a decline of 5.58% year-on-year, with a gross margin of 5.26%, down 0.90 percentage points year-on-year [3] Future Outlook - The company is advancing key projects, including the optimization of product structures and the establishment of green manufacturing projects across various bases [4] - The acquisition of a 48.61% stake in Shandong Steel Group Rizhao Co., Ltd. for 10.703 billion yuan is expected to enhance the company's competitiveness in the northern market [4] Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 8.998 billion yuan, 10.829 billion yuan, and 12.865 billion yuan, respectively, with corresponding PE ratios of 17, 14, and 12 [5][7]