今年國(guó)內(nèi)方管市場(chǎng)仍將延續(xù)頻繁震蕩回歸理性區(qū)間

春節(jié)過(guò)后大盤(pán)回升，昨日，方管、農(nóng)林牧漁領(lǐng)漲兩市。據(jù)記者統(tǒng)計(jì)，截至2月26日，667家上市公 司披露去年業(yè)績(jī)，逾六成實(shí)現(xiàn)業(yè)績(jī)?cè)鲩L(zhǎng)。其中，7家披露去年業(yè)績(jī)的方管上市公司，凈利潤(rùn)均實(shí)現(xiàn)增長(zhǎng)。據(jù)工信部消息，去年我國(guó)鋼材行業(yè)實(shí)現(xiàn)利潤(rùn)4704億元， 同比增長(zhǎng)39.3%，效益達(dá)到歷史最佳水平。張磊對(duì)《證券日?qǐng)?bào)》記者表示，去年方管行業(yè)利潤(rùn)創(chuàng)歷史最佳，主要受益于近兩年的供給側(cè)改革，而今年方管行業(yè)大概率會(huì)有調(diào)整。
After the Spring Festival, the market rebounded. Yesterday, Fangguan, agriculture, forestry, animal husbandry and fishery led the rise in two cities. According to reporters'statistics, as of February 26, 667 listed companies disclosed last year's performance, more than 60% of which achieved performance growth. Among them, seven managed listed companies that disclosed last year's performance achieved net profit growth. According to the Ministry of Industry and Information Technology, China's steel industry realized a profit of 470.4 billion yuan last year, an increase of 39.3% over the same period last year, and its benefits reached the best level in history. Zhang Lei told the Securities Daily that last year the profits of the Square Management Industry were the best in history, mainly due to the supply side reform in the past two years, and this year the Square Management Industry's probable rate will be adjusted. 逾六成公司業(yè)績(jī)?cè)鲩L(zhǎng)
Over 60% of the company's performance growth

上市公司2018年年報(bào)披露即將進(jìn)入高峰期，《證券日?qǐng)?bào)》記者據(jù)東方財(cái)富choice數(shù)據(jù)統(tǒng)計(jì)，截至2月26日，667家上市公司披露2018年年報(bào)或業(yè)績(jī)快報(bào)，其中406家業(yè)績(jī)實(shí)現(xiàn)增長(zhǎng)，占比為60.87%，564家實(shí)現(xiàn)盈利，占比為84.56%。
The annual report disclosure of Listed Companies in 2018 is about to reach its peak. According to the statistics of Oriental Wealth Choice, as of February 26, 667 listed companies disclosed their annual reports or performance reports in 2018, of which 406 achieved growth, accounting for 60.87% and 564 achieved profits, accounting for 84.56%.

在 667家披露2018年業(yè)績(jī)的公司中，57家凈利潤(rùn)實(shí)現(xiàn)倍增，24家凈利潤(rùn)增幅超過(guò)2倍，其中新集能源和蘭州民百凈利潤(rùn)增幅在10倍以上。去年，新集能源 和蘭州民百分別實(shí)現(xiàn)營(yíng)業(yè)收入87.49億元和13.83億元，分別同比增長(zhǎng)17.16%和1.18%，分別實(shí)現(xiàn)凈利潤(rùn)2.52億元和15.84億元，同比 增長(zhǎng)1037.67%和1004.41%。
Of 667 companies that disclosed their performance in 2018, 57 doubled their net profits and 24 more than doubled their net profits, among which Xinji Energy and Lanzhou Minbai increased their net profits by more than 10 times. Last year, Xinji Energy and Lanzhou people realized operating income of 8.749 billion yuan and 1.383 billion yuan respectively, up 17.16% and 1.18% respectively, and net profit of 252 million yuan and 1.584 billion yuan respectively, up 103.67% and 10.441% respectively.

但是，新集能源在業(yè)績(jī)快報(bào)中稱(chēng)，去年凈利潤(rùn)大幅增長(zhǎng)主要由于上年比較基數(shù)較小，2017年，公司實(shí)現(xiàn)凈利潤(rùn)2213.36萬(wàn)元。
However, Xinji Energy said in its performance report that last year's net profit growth was mainly due to the smaller base of last year's comparison. In 2017, Xinji Energy realized net profit of 221.336 million yuan.

蘭 州民百去年實(shí)現(xiàn)凈利潤(rùn)15.84億元，同比增長(zhǎng)1004.41%，實(shí)現(xiàn)扣非后凈利潤(rùn)1.35億元，同比增長(zhǎng)24.58%。由此，公司業(yè)績(jī)?cè)鲩L(zhǎng)主要來(lái)源于非 經(jīng)常性損益項(xiàng)目，其中，非流動(dòng)資產(chǎn)處置損益金額為16.95億元，持有、處置長(zhǎng)期股權(quán)投資取得收益以及喪失控制權(quán)后，剩余股權(quán)按公允價(jià)值重新計(jì)量產(chǎn)生的利 得為1.48億元。
Lanzhou Min-bai realized net profit of 1.584 billion yuan last year, an increase of 100.4.41% over the same period last year, and realized net profit of 135 million yuan after deduction of non-payment, an increase of 24.58% over the same period last year. As a result, the company's performance growth mainly comes from non-recurring profit and loss items. Among them, the amount of non-current assets disposal profit and loss is 1.695 billion yuan. After holding and disposing of long-term equity investment and losing control rights, the surplus equity returned to 148 million yuan in fair value.

方管行業(yè)全面復(fù)蘇
Comprehensive Recovery of the Square Management Industry

記者注意到，截至2月26日，共7家方管上市公司披露去年年報(bào)，業(yè)績(jī)?nèi)�部�?shí)現(xiàn)增長(zhǎng)。其中常寶股份和久立特材業(yè)績(jī)實(shí)現(xiàn)翻倍，去年凈利潤(rùn)分別為4.85億元和3.05億元，同比增長(zhǎng)237.3%和128.02%。
Reporters noted that as of February 26, a total of seven listed companies managed by the local government disclosed last year's annual report, and all achieved growth in performance. Among them, Changbao shares and Jiuli special materials doubled their performance, with net profits of 485 million yuan and 305 million yuan respectively last year, an increase of 237.3% and 128.02% over the same period last year.

另 外，沙鋼股份去年實(shí)現(xiàn)凈利潤(rùn)11.75億元，較上年同期增長(zhǎng)66.67%。公司稱(chēng)，2018年業(yè)績(jī)?cè)鲩L(zhǎng)，主要受?chē)?guó)家供給側(cè)結(jié)構(gòu)性改革持續(xù)推進(jìn)的影響，鋼材 市場(chǎng)隨著需求回升價(jià)格上漲；同時(shí)，公司不斷推進(jìn)產(chǎn)品結(jié)構(gòu)調(diào)整，優(yōu)化生產(chǎn)組織模式，強(qiáng)化內(nèi)部精細(xì)管理，盈利水平較上年同期大幅提高。
In addition, Shagang achieved net profit of 1.175 billion yuan last year, an increase of 66.67% over the same period last year. According to the company, the performance growth in 2018 is mainly influenced by the continuous advance of structural reform on the supply side of the country, and the steel market rises with the rise of demand. Meanwhile, the company continuously promotes product restructuring, optimizes production organization mode, strengthens internal fine management, and the profit level is greatly improved compared with the same period last year.

據(jù)工信部 數(shù)據(jù)顯示，2018年鋼材綜合價(jià)格指數(shù)平均為115.8點(diǎn)，同比增長(zhǎng)7.6%。2018年，我國(guó)方管行業(yè)主營(yíng)業(yè)務(wù)收入為7.65萬(wàn)億元，同比增長(zhǎng) 13.8%；實(shí)現(xiàn)利潤(rùn)4704億元，同比增長(zhǎng)39.3%。去年，我國(guó)方管行業(yè)持續(xù)推進(jìn)供給側(cè)結(jié)構(gòu)性改革，經(jīng)濟(jì)效益創(chuàng)歷史最好水平。
According to data from the Ministry of Industry and Information Technology, in 2018, the steel composite price index averaged 115.8 points, an increase of 7.6% over the same period last year. In 2018, the revenue of the main business of China's local management industry was 7.65 trillion yuan, up 13.8% year-on-year, and the profit was 470.4 billion yuan, up 39.3% year-on-year. Last year, China's square management industry continued to push forward the structural reform of supply side, and its economic benefits reached the best level in history.

分析師葛昕在接受《證券日?qǐng)?bào)》記者采訪時(shí)表示，今年方管行業(yè)利潤(rùn)可能會(huì)有所回調(diào)。從供需上來(lái)看，他認(rèn)為今年方管需求平穩(wěn)，供給方面，鋼廠受益于利潤(rùn)回升以及短期需求回升，供給可能快速恢復(fù)增長(zhǎng)，另外，原料價(jià)格的高位，也會(huì)壓縮鋼廠的利潤(rùn)空間。
Analyst Ge Xin told Securities Daily in an interview that this year's profits in the Fangguan industry may be reversed. From the perspective of supply and demand, he believes that this year's square tube demand is stable. On the supply side, steel mills benefit from the recovery of profits and short-term demand. Supply may recover rapidly. In addition, the high price of raw materials will also reduce the profit margin of steel mills.

王國(guó)清認(rèn)為，2019年方管行業(yè)運(yùn)行環(huán)境仍然復(fù)雜多變，去產(chǎn)能、環(huán)保邊際效應(yīng)遞減，預(yù)計(jì)今年國(guó)內(nèi)方管市場(chǎng)仍將延續(xù)頻繁震蕩，上行空間收窄，下行壓力加大，鋼材均價(jià)將略有下移，方管企業(yè)利潤(rùn)將逐漸回歸理性區(qū)間。
Wang Guoqing believes that in 2019, the operating environment of the square pipe industry is still complex and changeable, and the marginal effect of capacity removal and environmental protection is decreasing. It is expected that the domestic square pipe market will continue to oscillate frequently this year, the upward space will be narrowed, the downward pressure will be increased, the average price of steel will slightly decline, and the profits of square pipe enterprises will gradually return to the rational range.