Who Stole The Steel Industry's Growth, "cheese" - Iron And Steel Industry, Steel

Iron and steel industry is the most important basic industries

, is the material foundation for the development of other industries. Meanwhile, the steel industry's development also depends on the coal industry, mining industry, metallurgical industry, power, transportation and other industrial sectors. In recent years, see Iron ore price Has been rising, the recent acceptance of Shanghai Baosteel, one of the world's major iron ore producers Rio Tinto up to 96.5% of the price increase, indicating that domestic steel production costs increase; while coke prices rise, electricity prices rise further increase the iron and steel, etc. manufacturer's production cost pressures. Therefore, since last year, domestic steel prices from around the corner into a sharp rise in domestic steel industry by leading enterprises such as Shanghai Baosteel analysis, we found that the cost per ton of steel per ton of steel rose less than the price increase, enterprises still have profit margins, But the decline in growth. Through the same time financial analysis, risk analysis and the Shanghai Stock Exchange authorized compass to win the rich data analysis, the domestic steel industry is still worth looking forward to profitability, maintaining profit levels are based on last year's level up space, this article suggests the steel industry Recommended hold rating.

1, News Analysis (A) The average price trends of domestic steel

Average price of domestic steel products from the second half of 2007 showed significant upward trend, particularly after 2008, rising faster and the rate increased. The main reasons: First, the difference in the expansion of the current domestic and foreign steel, export prices of hot rolled coupons close to 1100 U.S. dollars / ton, while the domestic is 860 U.S. dollars / ton, the spread reached 1,000 yuan / ton, and other domestic and international steel price difference is relatively large; 2 the recent rise in domestic steel production cost, increase the cost of the main source of iron ore and coke prices rose sharply and the tariff increases; Third, in 2008 the weather and snow beginning in May's Sichuan earthquake, so increased demand for such construction.

(B) Domestic policy analysis Steel industry in recent years, China's macroeconomic regulation and control of key industries in 2004, the State introduced a series of curb investment expansion, land and credit tightening measures gate. 2005, promulgated the "iron and steel industry development policy" to guide the development of steel industry norms. In 2006 the State has frequently introduced the policies and measures, generally speaking, include elimination of backward production capacity, regulate foreign M & A and adjustments Export tax Received three aspects.

(C) the profitability of Nearly three major listed companies in China's steel industry, the average sales gross margin 2005 has been increased by the end of 2006, 2007, beginning the first quarter of this year, the domestic steel industry has become the average sales gross margin continued to decline, mainly because iron and steel industry raw material prices, domestic energy prices squeezed profit margins caused by the industry.

(D) Analysis of growth Domestic steel industry in recent years, major listed companies, the average growth rate of total output an inverted V-type, after the first quarter of this year, a slight increase in growth rate of 35.04%; net assets by Zhang rate trends change with the growth rate of total assets the same trend is also increased and then decreased, annual growth rate over the previous quarter this year dropped slightly, down 0.54%; core business revenue growth in the stable and slow rise in recent years, the basic, not increase, 6.5 percentage points; after-tax profit growth from 2005 to 2007 has been in a growth state, but in 2008 a quarter of the profits of the domestic iron and steel industries and enterprises began to decline mainly because of sharply rising raw material prices this year have greatly reduced the profit margin. Overall, the growth of the domestic steel industry has declined over previous years.

Second, analysis of listed companies

This paper, Shanghai Baosteel Iron and Steel industry leaders to accept Iron ore prices , And coke prices and other production costs resulting in raised steel product prices, the forecast of domestic steel companies raised prices to offset increased costs can?

by: gaga

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