In order to plan the iron and steel business in an integrated manner and build a unified capital market platform, Hebei Iron and Steel Group has integrated and reorganized three affiliated companies, and Tangshan Iron & Steel Co., Ltd. has absorbed the merger of Handan Iron and Steel Co., Ltd. and Chengde New Vanadium Titanium. Corporation. On December 15, 2009, the company issued relevant announcements on the implementation of the share swap absorption and merger of Handan Iron and Steel and Chengde Vanadium and Titanium. In January 2010, Tangshan Iron & Steel Co., Ltd. was changed to Hebei Iron and Steel. Through the merger and reorganization, the company has formed a product structure featuring long products and sheet metal. The company's long product yield and quality have been enhanced, and the long steel pricing capabilities in Hebei Province and even surrounding areas have been strengthened.
After the merger and reorganization, the advantages are obvious. 1) After the merger and reorganization, the company not only enhanced its discourse power for upstream raw material procurement, but also re-ordered downstream customers, reducing unnecessary disorderly competition. 2) The scale advantages of the company are reflected. At present, the company's production capacity is 24 million tons, and its production ranks among the top three in the country's Dagang, establishing its position in the national steel industry. 3) The location advantage is obvious. At present, the country is implementing the construction of the Bohai Rim and the consumption intensity is high. Tangshan Iron and Steel and Shaogang are both facing concentrated consumption. 4) The proportion of the company's use of foreign mines is 80%. The company is close to Tianjin Port (600717) and Yingkou Port (600317), close to Bohai Sea, with lower logistics costs.
The company's future perspective 1) The company plans to acquire Sic Bo. Shenbao's profit in the first quarter was 156 million yuan, and its profit in the second quarter was slightly lower. The hot rolling capacity is 4.5 million tons, and the finished product rate can reach 98%.
The cold rolling line is in the running-in period of the equipment, and the galvanized sheet design capacity is 650,000 tons. Shenbao has formed strategic cooperation with famous enterprises in the province. As the cold rolling line has now reached the stage of mass production, the situation is constantly improving. After the company acquired Sic Bo, profitability will increase. 2) Committed to the acquisition of Xuangang and Wugang. Xuanhua Iron & Steel is in the reform of the old company, the efficiency is not as good as the listed company, and the main product is long products. Wugang mainly produces high-end sheet metal and belongs to steel for electric furnaces. Xuanhua Iron and Steel and Wugang are commissioned operations, and the two subsidiaries are also working hard to improve profitability. When the time comes, the listed company will purchase Xuangang and Wugang at their choice. 3) The company's future iron ore supply is stable. At present, listed companies currently own a 32% stake in Sijiaying Iron Mine. The listed company's iron ore mainly comes from BHP and VALE, and the ratio is about 80%. In 2010, the Group’s iron ore production was 5.6 million tons, and the 7-year plan was 7 million tons. The Group plans to produce 35 million tons of iron ore from the 12th Five-Year Plan, and the company’s iron ore self-sufficiency rate will reach 50% by then. the above. At present, the group companies own multiple iron ore mines in different forms with more than 5 billion tons of resources. It does not rule out that the group will inject part of its iron ore into the market.
The company's possible. 4) Concerning the transfer of Tangshan Steel. On December 14, 2007, the company issued Tanggang Convertible Bonds, which has a high debt-to-asset ratio of 70.7% and 70.5% in 2009 and 2010 for a period of five years. The company's financial expenses have remained high. As the time limit for Tanggang's convertible bonds is approaching, the company's more realistic and relatively optimized approach is to lower the price of conversions and use various methods of capital operation to increase the positive stock prices. At present, the stock price of listed companies is slightly higher than the net assets per share, and the margin of safety is higher.
Investment analysis expects the company to achieve revenue of 122.7 billion yuan, 155.7 billion yuan and 168.3 billion yuan in 2011-13, respectively, an increase of 4.94%, 28.55% and 6.74%. The net profit attributable to the parent company is respectively 1.70 billion yuan, 3.21 billion yuan and 4.19 billion yuan, and it is estimated that the EPS will be 0.25 yuan, 0.31 yuan, and 0.40 yuan in 11-13 years, and the corresponding dynamic PEs are 18X, 14.5X, and 11.2 respectively. X. Considering that the company's asset injection is expected to be strong, and drawing on the market performance of other listed steel companies after injecting assets, the company will give the company a 24x valuation for 11 years, a target price of 6.00 yuan for 6-12 months, and maintain a “overweight†rating.
After the merger and reorganization, the advantages are obvious. 1) After the merger and reorganization, the company not only enhanced its discourse power for upstream raw material procurement, but also re-ordered downstream customers, reducing unnecessary disorderly competition. 2) The scale advantages of the company are reflected. At present, the company's production capacity is 24 million tons, and its production ranks among the top three in the country's Dagang, establishing its position in the national steel industry. 3) The location advantage is obvious. At present, the country is implementing the construction of the Bohai Rim and the consumption intensity is high. Tangshan Iron and Steel and Shaogang are both facing concentrated consumption. 4) The proportion of the company's use of foreign mines is 80%. The company is close to Tianjin Port (600717) and Yingkou Port (600317), close to Bohai Sea, with lower logistics costs.
The company's future perspective 1) The company plans to acquire Sic Bo. Shenbao's profit in the first quarter was 156 million yuan, and its profit in the second quarter was slightly lower. The hot rolling capacity is 4.5 million tons, and the finished product rate can reach 98%.
The cold rolling line is in the running-in period of the equipment, and the galvanized sheet design capacity is 650,000 tons. Shenbao has formed strategic cooperation with famous enterprises in the province. As the cold rolling line has now reached the stage of mass production, the situation is constantly improving. After the company acquired Sic Bo, profitability will increase. 2) Committed to the acquisition of Xuangang and Wugang. Xuanhua Iron & Steel is in the reform of the old company, the efficiency is not as good as the listed company, and the main product is long products. Wugang mainly produces high-end sheet metal and belongs to steel for electric furnaces. Xuanhua Iron and Steel and Wugang are commissioned operations, and the two subsidiaries are also working hard to improve profitability. When the time comes, the listed company will purchase Xuangang and Wugang at their choice. 3) The company's future iron ore supply is stable. At present, listed companies currently own a 32% stake in Sijiaying Iron Mine. The listed company's iron ore mainly comes from BHP and VALE, and the ratio is about 80%. In 2010, the Group’s iron ore production was 5.6 million tons, and the 7-year plan was 7 million tons. The Group plans to produce 35 million tons of iron ore from the 12th Five-Year Plan, and the company’s iron ore self-sufficiency rate will reach 50% by then. the above. At present, the group companies own multiple iron ore mines in different forms with more than 5 billion tons of resources. It does not rule out that the group will inject part of its iron ore into the market.
The company's possible. 4) Concerning the transfer of Tangshan Steel. On December 14, 2007, the company issued Tanggang Convertible Bonds, which has a high debt-to-asset ratio of 70.7% and 70.5% in 2009 and 2010 for a period of five years. The company's financial expenses have remained high. As the time limit for Tanggang's convertible bonds is approaching, the company's more realistic and relatively optimized approach is to lower the price of conversions and use various methods of capital operation to increase the positive stock prices. At present, the stock price of listed companies is slightly higher than the net assets per share, and the margin of safety is higher.
Investment analysis expects the company to achieve revenue of 122.7 billion yuan, 155.7 billion yuan and 168.3 billion yuan in 2011-13, respectively, an increase of 4.94%, 28.55% and 6.74%. The net profit attributable to the parent company is respectively 1.70 billion yuan, 3.21 billion yuan and 4.19 billion yuan, and it is estimated that the EPS will be 0.25 yuan, 0.31 yuan, and 0.40 yuan in 11-13 years, and the corresponding dynamic PEs are 18X, 14.5X, and 11.2 respectively. X. Considering that the company's asset injection is expected to be strong, and drawing on the market performance of other listed steel companies after injecting assets, the company will give the company a 24x valuation for 11 years, a target price of 6.00 yuan for 6-12 months, and maintain a “overweight†rating.
Prefabricated House,Steel Structure Co., Ltd. , http://www.wfsteelstructure.com