防弹钢板价格回升是业绩持续向好的主要原因
The rebound of bulletproof steel plate is the main reason for the continuous improvement of performance
防弹钢板价格回升是业绩持续向好的主要原因，而需求优于预期、供应不及预期是钢价上升的主要动力。从下游主要用钢行业上半年的表现来看，防弹钢板需求整体上保持稳定增长态势，优于市场预期。从供给端来看，全国防弹钢板产量同比仅增长0.8%，钢材增速远不及于预期。因此，上半年钢铁市场整体处于供给紧平衡状态。同时库存波动下降也助推钢价保持较高水平。
The rebound in the price of bulletproof steel plate is the main reason for the continuous improvement of performance, while demand is better than expected, and supply is less than expected, which is the main driving force of steel price rise. Judging from the performance of the steel industry in the first half of the year, the demand for bulletproof steel plate keeps stable growth on the whole, better than the market expectation. From the supply side, the national bulletproof steel plate production increased by only 0.8%, steel growth is far from expected. Therefore, the steel market in the first half of the whole is in tight supply balance. At the same time, inventory fluctuations also helped to maintain a high level of steel prices.
原材料价格整体下降进一步巩固了钢企的业绩，无论是铁矿石、焦炭还是废钢，上半年价格整体呈趋弱下降走势。而主要原材料价格下降导致钢企成本中枢下移，进一步巩固了钢铁企业业绩向好的基础。钢铁行业下半年业绩有望保持稳定，后市仍有可为。一是宏观经济整体趋稳，钢材需求不会大幅下降；二是钢铁供给受多重因素影响难以快速释放；三是主要原燃料价格弱势趋势难改，国家降成本政策效果将逐步显现。因此，帝豪娱乐城判断下半年钢材价格有望继续维持在当前水平，而成本则有望进一步下降，钢企业绩有望继续保持稳定。
The overall decline in the price of raw materials to further consolidate the steel enterprises performance, whether it is iron ore, coke or scrap, the first half of the overall price decline trend was weaker. The main raw material prices led to the lower cost center of steel enterprises, and further consolidate the basis for the good performance of iron and steel enterprises. Iron and steel industry is expected to remain stable in the second half of the year, there is still available for the future. One is the overall stabilization of the macro economy, steel demand will not decline; two steel supply is affected by multiple factors is difficult to quickly release; three is the main raw material and fuel prices weak trend is hard to change, the national cost reduction policy effect will gradually appear.  Therefore, we judge the second half of the steel price is expected to continue to maintain at the current level, while the cost is expected to further decline, steel performance is expected to continue to maintain stability.
帝豪娱乐城认为在流动性偏紧、风险偏好低的市场环境下，基本面应是后市投资最为重要的关注维度，良好的业绩和确定的成长性将是下半年股票价值的主要驱动力。从行业来看，钢企中报业绩靓丽，后期业绩仍具备一定的持续性，钢铁股仍然能获得相对收益。帝豪娱乐城继续看好钢铁行业发展，维持行业“强于大市”评级。个股方面，建议加大对细分行业龙头股以及业绩弹性大的防弹钢板股的关注，如太钢不锈、方大特钢等等。了解公司更多动态请登录www.sanjiten.com
We believe that in the tight liquidity, low risk appetite in the market environment, the fundamentals should be the most important dimension of attention to the investment outlook, good performance and to determine the growth will be the main driving force in the second half of the stock value. From the industry point of view, steel enterprises reported beautiful results, the latter performance still has a certain sustainability, steel stocks still get relative income. We continue to be optimistic about the development of iron and steel industry, maintain the industry "stronger than big" rating. In terms of individual stocks, it is suggested that more attention should be paid to the leading stocks in the subdivided industries and the bulletproof steel sheet stocks with great elasticity of performance, such as TISCO stainless steel, Fangda special steel and so on. Learn more about the company, please log on to www.sanjiten.com