-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：浦项钢铁控股（POSCO Holdings）公布了强劲的2026年第一季度业绩，净利润从6930亿韩元飙升至4670亿韩元，营收环比增长6.1%至178760亿韩元，营业利润从130亿韩元跃升至7070亿韩元。业绩全面好转，电池材料业务亏损从1570亿韩元收窄至70亿韩元，基础设施业务也由亏损100亿韩元扭亏为盈，实现盈利4050亿韩元。尽管钢铁业务营业利润因利润率承压而环比下降35.8%。主要进展包括浦项钢铁阿根廷公司商业产能利用率达到70%，并与SK On公司签订了2028年前每年2.5万吨的供货协议。该公司宣布与JSW公司成立一家具有里程碑意义的合资企业，将在印度建设一座年产能600万吨的钢铁厂，这是其最大的海外投资项目，预计将于2031年完工。我们认为，浦项制铁的新股东回报政策旨在通过灵活的分红和股票回购，将调整后净利润的 35%-40% 返还给股东，再加上低碳举措（包括计划于 2026 年 6 月投产的 250 万吨/年的电炉），使公司在增长方面处于有利地位。
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