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SWHY: The progress of ultra-low emission transformation in Guangdong Province has accelerated, and the expectations for constraints on crude Steel supply have strengthened.
In the future, the Steel Industry will focus on two main lines: high-dividend symbols with stable performance and quality state-owned enterprises with a price-to-book ratio below one.
Hunan Valin Steel (000932.SZ): Capital expenditure mainly focuses on upgrading product structure, ultra-low emission transformation, and digital transformation.
On December 25, Gelonghui reported that Hunan Valin Steel (000932.SZ) stated on the investor interaction platform that the company's capital expenditure mainly focuses on upgrading product structure, ultra-low emission transformation, and digital transformation. The low emission transformation includes organized and unorganized pollutant emissions, as well as clean Transportation, while hydropower hydrogen production does not fall within this category. The company is also actively paying attention to green Energy, various carbon reduction methods, and the application of new metallurgical technologies, working with some upstream and downstream partners to explore the application of related new technologies, and striving to contribute to reducing carbon emissions and achieving Carbon Neutrality.
Huafu Securities: The formation of a double bottom in profit and valuation, focus on five main opportunity lines in the Steel Industry in 2025.
In 2025, policies will focus on both the supply and demand sides, with expectations for supply contraction further increasing. Steel prices are expected to stabilize, forming a "profit bottom", and industry profits may bottom out and rebound.
Hunan Valin Steel (000932.SZ): intends to increase capital by 1 billion yuan to Hunan Valin Henggang in proportion.
On December 9, Gelonghui reported that hunan valin steel (000932.SZ) announced that to support its subsidiary hunan valin steel in the implementation of the large-caliber seamless steel pipe continuous rolling technology development and industrial application project, the company and hunan steel group plan to increase capital in hunan valin steel proportionally by 1 billion yuan. Among them, hunan steel group will contribute 0.1409 billion yuan, and hunan valin steel will contribute 0.8591 billion yuan. The capital increase price will be determined based on the net asset value from the audit report of hunan valin steel for the fiscal year 2023, which will be audited by Tianjian Accounting Firm with December 31, 2023, as the benchmark date.
CICC's outlook on the steel industry in 2025: Expected far-reaching supply-side reforms, with the potential for accelerated capacity clearance.
In 2024, the Ministry of Industry and Information Technology has suspended the implementation of the steel capacity replacement, and in 2025, there is little chance for an increase in steel supply. Meanwhile, the optimization of existing capacity driven by policy may accelerate further, creating structural opportunities.
We Think Hunan Valin Steel (SZSE:000932) Is Taking Some Risk With Its Debt
Hunan Valin Steel (SZSE:000932) Is Reinvesting At Lower Rates Of Return
