Baosteel(600019) 民生证券·2025-04-27 05:23Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 6.64 CNY per share [6][4]. Core Views - The company reported a revenue of 322.12 billion CNY in 2024, a decrease of 6.60% year-on-year, and a net profit attributable to shareholders of 7.36 billion CNY, down 38.36% year-on-year [1][4]. - In Q1 2025, the company achieved a revenue of 72.88 billion CNY, a decrease of 9.82% year-on-year, but the net profit increased by 26.37% year-on-year to 2.43 billion CNY [1][2]. Summary by Sections Financial Performance - In 2024, the company's steel sales volume was 51.59 million tons, a slight decline of 0.6% year-on-year, while the average product price was 4,507 CNY per ton, down 6.89% year-on-year [2][3]. - The gross profit margin for Q1 2025 improved to 7.22%, an increase of 2.09 percentage points year-on-year [2][3]. Dividend Policy - The company plans to distribute a cash dividend of 0.10 CNY per share, totaling approximately 2.15 billion CNY, with an overall annual distribution of 4.52 billion CNY, resulting in a dividend payout ratio of 61.34% [2][3]. Future Outlook - The company is focused on optimizing its product structure, with a sales volume of high-end products increasing by 9.6% year-on-year [3]. - The company aims to achieve a sales target of 52.24 million tons of steel in 2025, representing a 1.3% increase year-on-year [2][3]. - The company has made significant progress in international expansion, with export sales reaching 6.07 million tons in 2024, up 3.9% year-on-year [3].