南钢股份(600282)季报点评：产品结构继续优化，Q1业绩开门红

华泰证券04-23

24Q1归母净利润同比+47.24%，维持“买入”评级公司24Q1实现营收168.72亿元(yoy-5.73%，qoq+4.29%)，归母净利5.54亿元(yoy+47.24%，qoq+20.38%)。我们维持盈利预测，预计24-26年公司EPS分别为0.38/0.41/0.43元，可比公司PE(2024E)均值10.3X，考虑公司盈利稳定性较强，且分红率较同业更高，给予公司24年15.5XPE，...

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(600282): the product structure continues to be optimized, and the Q1 performance is off to a good start","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600282":1},"content_text":"24Q1归母净利润同比+47.24%，维持“买入”评级公司24Q1实现营收168.72亿元(yoy-5.73%，qoq+4.29%)，归母净利5.54亿元(yoy+47.24%，qoq+20.38%)。我们维持盈利预测，预计24-26年公司EPS分别为0.38/0.41/0.43元，可比公司PE(2024E)均值10.3X，考虑公司盈利稳定性较强，且分红率较同业更高，给予公司24年15.5XPE，对应目标价5.89元(前值5.13元)，维持“买入”评级。产品结构继续优化，盈利能力持续跑赢行业据公司经营数据公告，24Q1公司钢材产量230.6万吨(yoy-8.3%、qoq-12.4%)，销量226.4万吨(yoy-10.7%，qoq-12.5%)，其中建筑螺纹产量34.36万吨，同比减少33.73%，而将产能向特钢长材等产品调整，合金钢带材产量21.30万吨，同比增加22.30%，此外公司中厚板产量122.50万吨，同比保持相对稳定。得益于公司产品结构调整及高端产品价格韧性，公司平均钢材销售价格4481元/吨(yoy+2.3%、qoq-0.4%)，而同期中钢协CSPI钢材价格指数同比下降6.29%，公司表现明显好于行业。期间费用率相对稳定，24Q1吨钢利润同环比提升24Q1公司毛利率10.3%(yoy+0.89pct，qoq-0.20pct)，期间费用率7.30%(yoy+0.07pct，qoq-0.37pct)，总体相对稳定。销售净利率3.29%(yoy+0.88pct，qoq+0.67pct)。我们测算24Q1公司吨钢净利润约237元/吨(yoy+91元/吨，qoq+87元/吨)。公司持续优化产品结构、提升精益生产水平、锻造敏捷经营体系、挖掘降本增效潜力等多措并举，实现了开局有力、稳健韧性。焦炭项目产量持续释放，全球化战略持续推进据公司经营数据公告，24Q1印尼金瑞新能源实现焦炭销量46.12万吨，实现营业收入13.58亿元，净利润1790.14万元。金瑞新能源产能260万吨，4座焦炉均已投运，测算吨净利约38.8元/吨。此外，印尼金祥新能源390万吨焦炭项目，1、2号焦炉已投运，3号焦炉正在烘炉中，其余焦炉及其配套设施正在按序推进施工。公司设立蔚蓝高科技集团，对印尼金瑞新能源、印尼金祥新能源赋能，推进全球化战略落地。同时随着公司焦炭项目陆续投产，有望为业绩增长注入新动能。风险提示：下游需求不及预期，原材料价格大幅波动，产能释放不及预期。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429398901"}