Swhy research pointed out on August 28 that Baoshan Iron & Steel (600019.SH) continues to reduce costs and increase efficiency, with Q2 24Q2 performance increasing compared to the previous quarter and performance meeting market expectations. Overall, during the reporting period, the company's production remained stable, with balanced production and sales, and achieved certain results in cost reduction, ultimately achieving year-on-year growth in gross profit per ton. In the first half of the year, the company's sales of "1+1+N" high-profit products amounted to approximately 15.09 million tons, a year-on-year increase of 16.5%; at the same time, in terms of exports, the company's export orders in the first half of the year totaled 3.035 million tons, a record high for the same period in history. The company also maintained a relatively high dividend level, with a dividend ratio of approximately 52.13% expected for 2024H1. The company's products are primarily plate, with a relatively high proportion in the downstream automotive industry, so comparable companies that can be referred to include Nanjing Iron & Steel and Beijing Shougang, which are also primarily focused on plate, as well as CITIC Pacific Special Steel Group, which has a high proportion of steel used in the downstream automotive sector. The current PE ratio of comparable companies in 24 years is about 15 times, higher than the company's PE ratio of 12 times in 24 years, so the "buy" rating is maintained.