Daye Special Steel (000708) 2019 Interim Report Review: Highlights of Anti-Cycle Capacity in First Half Performance Growth

Incident company released semi-annual report, the company achieved operating income in the first half of 63.

86 ppm, a 10-year increase3.

78%; realized net profit attributable to the parent company2.

97 ppm, an increase of 15 in ten years.

02%; realized sales profit reduction of 5.

40%, rising by 0 every year.

44 units.

The opinion report pointed out that the company has achieved strong production and sales, optimized product structure, and reduced costs and consumption to help the company’s performance growth.

In the first half of the year, the company produced 63 steel.

65 for the first time, up 9 each year.

51%; production of steel 121天津夜网 .

23 for the first time, up 8 each year.

68%; sales of steel 120.

Initially, it rose by 8 each year.

28%.

In terms of steel products, the company’s sales of high-efficiency bearing steel increased rapidly, and the sales of mid-to-high-end tubular billet bearing steel continued to grow. The sales of automotive steel still maintained a good momentum, supporting steel sales to a certain extent.

The company’s product structure of the report continued to be optimized, and the proportion of high-end varieties continued to increase. In the first half of the year, the “three new projects” of bar products achieved sales of 14.

34 In a certain period, the annual sales volume of stainless steel forging materials increased by 258%, the sales volume of high-temperature alloys increased by 128%, and the sales volume of key customer forging material bearing steel increased by 155%.

In the first half of the year, the gap in the prices of iron ore, scrap and other bulk raw materials rose. The company kept an eye on market changes. Under the expected increase in production costs, it controlled the amount of resources and inventory through the overall procurement strategy, vigorously reduced procurement costs, and reduced costs and consumption.Work effectively helps the company’s performance grow.

CITIC Group’s special steel plate will be listed on the market collectively, leading the company’s leading steel industry.

The company issued shares to buy Xingcheng Special Steel 86.

The 50% equity declaration was conditionally approved, and CITIC Group’s special steel plate will be listed as a whole; after the reorganization is completed, the listed company will have a capacity of 1,300 tons of special steel, which will become the world’s largest specialized steel product with the most complete product scale.enterprise.

Xingcheng Special Steel’s profitability is exceptional, with a committed net profit of 33 in 2019, 2020 and 2021.

43, 33.

23, 33.

The company’s performance is expected to maintain stable growth after the asset injection of USD 9.3 billion, and its advantages are expected to continue to increase.

The injection of high-quality assets has made it a leading steel company, and it maintains an “overweight” rating. It is expected that the company’s EPS for 2019-2021 will be 1.

28, 1.

37, 1.

45, corresponding to PE is 11.

22, 10.

43, 9.

85 times, maintain the company’s “overweight” rating.

Risk warning: The demand of special steel is lower than expected, and the progress of 武汉夜生活网asset restructuring is lower than expected.