研報掘金丨申萬宏源:寶鋼股份業績符預期,維持“買入”評級
申萬宏源研究指出,寶鋼股份(600019.SH)降本增效持續推進,24Q2業績環比增長,業績符合市場預期。整體來看,報吿期內,公司生產基本平穩,產銷保持均衡,同時在降本方面取得一定成效,最終實現噸毛利同比增長。上半年公司“1+1+N”高盈利產品銷量約1509 萬噸,同比上升16.5%;同時在出口方面,公司上半年出口接單共計303.5 萬噸,創歷史同期新高。並且公司延續較高分紅水平,2024H1分紅率預計約52.13%。公司產品以板材為主,且下游汽車佔比較高,故可比公司參考同樣以板材為主的南鋼股份、首鋼股份,以及下游汽車領域用鋼佔比較高的中信特鋼,當前可比公司24年平均PE 約為15倍,高於公司24年12倍PE,故維持“買入”評級。
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