03/24/2020 | 新闻 | No Comments
Lingsteel (600231): Changes in performance, slight change in equity structure
On the evening of October 30, the company announced the third quarter report of 2019.
At the core of the report, the company achieved profit attributable to its mother4.
22 ‰, 66 in the previous decade.
96%; Realize basic profit income of 0.
15 yuan / share, 66 in the previous decade.
The company achieved net profit attributable to its mother in the third quarter of 0.
42 trillion, down 86 from the second quarter.
The sales price of finished products decreased and the cost of raw materials increased, and the company’s third quarter performance increased significantly.
The company’s main products are profiles, strips, etc., of which profiles account for more than 78%.
Since the third quarter of this year, iron ore prices have remained high.
According to Steel Federation data, the spot price of 62% Australian fines in the third quarter was 101.
33 US dollars / dry ton, an increase of 1 from the second quarter.
Under the situation of rising 深圳桑拿网 cost pressure, the company’s main product rebar price is still on the rise in the third quarter: with rebar HRB400: 20mm, according to the data from the Steel Federation, the average price of rebar in the third quarter in Shenyang was 3765 yuanTons, a decrease of 134 yuan / ton, a decrease of 3.
Rising raw material costs and changes in sales prices of raw materials are the initial factors that affect the company’s third quarter performance.
At the same time, the company’s output continued to increase slightly in the third quarter.
According to the company’s announcement, the company’s output in the third quarter of section, plate and strip, and pipe were 119.
5 initial, 30.
3 early, 2.
7 nominal, totaling 152.
5 digits, an increase of 2 from the previous month.
The shareholding structure has changed 杭州桑拿 slightly from the first half of the year. After the company decided to increase and lift the ban earlier, the shareholding structure has undergone a change this year.
As of the third quarterly report, Tianjin Taiyue and Jiujiang Pinggang are the company’s second and third largest shareholders, of which Tianjin Taiyue holds company 5.
5.3 billion shares, accounting for 19% of total equity.
94%; Jiujiang Pinggang holds the company’s share capital3.
1.1 billion shares, accounting for 11 of the total share capital.
Compared with the semi-annual report, the company’s shareholding structure has changed slightly: Tianjin Taiyue and Jiujiang Pinggang’s shareholding ratio will remain unchanged in the second quarter, but Jiujiang Pinggang Iron and Steel Co., Ltd. is an actual control enterprise of Liaoning Fangda Group Industrial Co., Ltd. and the actual controllerWei added 754 shares.
80,000 shares, the new shares accounted for 0.
Later changes in equity structure and the impact on the company’s operations still require further attention.
“Hold” rating Since the beginning of this year, the price of raw materials such as iron ore has risen, which has increased the company’s operating costs, while changes in the sales price of ordinary steel have intensified the company’s product profits.
The combined company’s third-quarter performance was lower than expected, and we believe that the company’s performance may be affected to some extent.
Therefore, we will change the company’s EPS for 2019-2021 from 0.
28 yuan / share, 0.
29 yuan / share, 0.
32 yuan / share adjusted to 0.
18 yuan / share, 0.
22 yuan / share, 0.
25 yuan / share, adjusted the company’s rating from “buy” to “hold”.
Risk reminder: The demand side is less than expected, and the prices of upstream raw materials fluctuate sharply.