Rare history of steel industry reported high growth

目前已发中报预告的A股钢铁公司业绩普遍较大幅预喜。34家申万钢铁行业公司中，截至昨日收盘，15家发布中报预告中，除了两家ST公司预计续亏、金洲管道略减，其余全部预喜。

A shares have been reported in advance, Steel Corp performance generally more substantial pre happy. 34 Shen Wan iron and steel industry companies, as of yesterday's close, 15 released mid day notice, in addition to the two ST companies expected to continue losses, Jinzhou pipeline slightly reduced, the rest of the pre hi.

除了预增喜人的河钢股份，三钢闽光中报也预增150%以上，沙钢股份、酒钢宏兴和宝钢股份预增下限超过50%。凌钢股份、*ST华菱的扭亏幅度更分别超过600%、195%，前者预计盈利4亿元左右、后者高达9亿至10亿元。太钢不锈预计上半年盈利65000万元—80000万元，比上年同期增长115.55%-165.29%。韶钢松山半年报预增384.06%，实现盈利约65,000万元。值得注意的是，其中三钢闽光7月7日对2017年中报业绩预告进行了向上修正，之前一季报时预计上半年业绩增长57.50%-107.50%，现在预计增长150.60%-200.50%、盈利9.03亿元至10.83亿元。

In addition to the river steel company yejiyuzeng gratifying, also reported by more than 150% steel Minguang, Sha Steel shares, Jiuquan Hongxing and Baosteel expected by the lower than 50%. Lingganggufen, Hualing *ST losses were more than 600%, 195% more, the former is expected profit of about 400 million yuan, which is as high as 900 million to 1 billion yuan. TISCO stainless steel expected first half profit of 650 million yuan - 800 million yuan, an increase of 115.55%-165.29% over the same period last year. SGIS semi annual pre growth of 384.06%, a profit of about 650 million yuan. It is worth noting that, in July 7th of steel Minguang 2017 notice reporting the results of upward revisions, before the season of time is expected in the first half earnings growth is expected to grow 57.50%-107.50%, now 150.60%-200.50%, a profit of 903 million yuan to 1 billion 83 million yuan.

而且不仅从河钢股份，沙钢股份、凌钢股份等中报预增下限幅度来看，在其上市来都比较少见。*ST华菱的上半年9亿至10亿元预计盈利更将是上市来最佳中报业绩。

And not only from the river steel company, Shagang shares, lingganggufen etc. report by lower margins, which are relatively rare in the market to. *ST Valin the first half of 900 million to 1 billion yuan is expected to profit more will be listed to the best reported performance.

记者梳理15家公司预告发现，供给侧改革与钢材价格上涨，成为业绩大幅增长的主要原因之一。例如三钢闽光7日在业绩预告修正公告中解释净利润远超预期时称，进入2017年，在国家供给侧改革、淘汰中频炉以及整治地条钢等政策措施的大力推进下，钢材价格始终保持在较高价位区间，且原燃材料价格上涨幅度相对不大。

Reporters combed 15 companies notice found that supply side reform and steel prices, has become one of the main reasons for the substantial growth performance. For example, in the 7 steel Minguang performance forecast announcement explaining net profit than expected that in 2017, in the state of supply side reform, the elimination of intermediate frequency furnace and rectification to steel policy measures to vigorously promote, steel prices remain at the higher price range, and raw materials prices is relatively small.

再如酒钢宏兴也表示，报告期内，受国家进一步推进调整钢铁供需系列政策的影响，钢材价格上涨，企业效益逐步好转。

Another example of Jiuquan Hongxing also said that during the reporting period, by the country to further promote the adjustment of policy influence the supply and demand of steel series, steel prices, enterprises gradually improved efficiency.

研究员房俊涛昨日向大众证券报和财信网记者表示，今年钢铁行业景气提升明显，在历史上看比较少见，去年亏损的企业大部分有望盈利，超预期增长公司也不会罕见。而且上半年钢企利润增加不仅受益去产能和钢价，需求的有力支撑也非常关键。

Researcher Fang Juntao yesterday told the public securities and financial information network reporter said that this year the steel industry boom significantly, historically relatively rare, most of the companies are expected to profit losses last year than expected, Growth Company will not rare. Moreover, in the first half of the steel prices increased profits, not only to benefit capacity and steel prices, the strong support of demand is also very critical.

当前，涨价是刺激市场关注钢铁板块业绩改善最直观的因素。目前来看，处于高位的钢价仍在上行。本周二，宝钢股份上调碳钢板材8月份国内期货销售价格，每吨上调100-300元。武钢同日也上调8月份各品种钢材价格，调价幅度每吨200-300元。南钢11日上调碳结钢、合结钢等结构钢品种的出厂列表价格，每吨均调高80元。首钢长治钢铁则自昨日起上调螺纹钢等钢材价格每吨30-50元。

At present, the price increase is the most intuitive factor to stimulate the market concerned about the performance improvement of iron and steel sector. At present, the steel prices are still high. On Tuesday, Baosteel raised carbon steel plates, and domestic futures prices rose by 100-300 yuan per ton in August. Wuhan Iron and steel also raised the price of various varieties of steel on August the same day, the price adjustment rate of 200-300 yuan per ton. Nanjing 11 increase on carbon structure steel, alloy steel and other steel structure factory varieties list prices were raised 80 yuan per ton. Shougang Changzhi steel since yesterday raised rebar and other steel prices 30-50 yuan per ton.

国金证券分析师李立峰称，随着钢价上涨，6月初以来钢铁股启动了一波反弹。而随着中报行情渐行渐近，钢铁行业二季度盈利或超一季度背景下中报普遍有望超预期，还将推动钢铁板块在中报行情阶段的表现。近日钢铁板块出现休整比较正常，调整到位后仍值得介入。

State Securities analyst Li Lifeng said that with the rising steel prices since the beginning of June, steel stocks started to rebound. With the reported market gradually approaching, the steel industry in the two quarter earnings or over a quarter of the background is expected to be expected to exceed expectations, but also to promote the steel plate in the mid market stage performance. Recently, the steel plate appears to rest more normal, after adjustment in place is still worth the intervention.

申万宏源最新研报指出，上半年钢铁行业下游需求强劲，叠加供给收缩、成本塌陷，钢企持续高利润，而产能缩紧周期下钢价仍保持向上趋势。建议重点关注板材为主和前期有过大幅调整的个股。

Shenwan Hong's latest research report pointed out that the strong steel industry in the first half of the downstream demand, supply and cost contraction superposition collapse, steel prices continued high profits, while the capacity of tightening cycle steel prices still maintain an upward trend. Recommendations focus on sheet oriented and pre - had a substantial adjustment of stocks.