Ji'nan iron and steel: slow recovery of medium plate and expectation of integrated adjustment structure
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[b][url=http://finance.ifen G.com/jigou/detail/stockcom/guoxinzhengquan.shtml:1ppz48kq][color=#1e00ff] national letter securities [/color][/url:1ppz48kq][/b]
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.insertBlock H5 a{display:block; float:left; Ji'nan steel ([url=http://finance.ifeng.com/app/hq/stock/sh600022/index.shtml:1ppz48kq]SH:600022[/url:1ppz48kq])
the latest price: 5.01 0.03 0.6%
[url=http://finance.ifeng.com/app/hq/ stock/sh600022/index.shtml:1ppz48kq] market trend [/u Rl:1ppz48kq] [url=http://app.finance.ifeng.com/info/news_gsxw.php? Code=sh600022:1ppz48kq] news [/url:1ppz48kq] [url=http://app.finance.ifeng.com/data/stock/lsgg.php? Symbol=600022:1ppz48kq], the latest announcement [/url:1ppz48kq]
[url=http:// app.finance.ifeng.com/hq/stock_bill.php? Code=sh600022:1ppz48 Kq] [/url:1ppz48kq] [url=http://app.finance.ifeng.com/hq/trade/stock_zijin.php? Code=sh600022:1ppz48kq] funds flow to [/url:1ppz48kq] [url=http://app.finance.ifeng.com/hq/trade/stock_chengben.php? Code=sh600022:1ppz48kq] holding cost [/url: 1ppz48kq]
2009 annual earnings per share of 0.02 yuan per share The company's net cash flow -0.75 yuan
the company achieved 25 billion 400 million yuan in the year of operating revenue, up -41% of the same year, the operating cost of 24 billion 300 million yuan, up -39%, the net profit of 70 million yuan, a year-on-year increase of -91%. The earnings per share are 0.02 yuan. In the quarter, 09 years and four quarters of the 09 quarter were -0.25, -0.03, 0.09, 0.22 yuan respectively, of which the fourth quarter gross interest rate reached a record 16%, which was not quite consistent with the fact that the fourth quarter raw material price rises were down, and the reliability was debatable. From the point of view of cash flow, net operating cash net flow per share at the end of 2009 is -0.75 yuan, and the asset liability ratio has reached 75.4%, which is far higher than the average level of debt ratio of about 62% in the industry. In
2010, the production plan of steel production increased by 15%, but the short-term profit of the main varieties was difficult to be optimistic in
2009, and the output of iron, steel and timber was 696, 746 and 7 million 90 thousand tons respectively, and -5.11%, -10.2% and -5.95% were increased respectively. In the whole year, the ratio of middle plate to high school is 58%, that of medium plate is 63%, and that of hot rolling is 60%. In 2010, the planned output of iron, steel and timber in the company was 835, 886 and 8 million 170 thousand tons respectively, which increased by 20%, 19% and 15% respectively, but the profit of the company's main variety - medium plate in the short term was difficult to be optimistic.
Shandong iron and steel integration platform, the future prospects are worth looking forward to
although the company is facing certain pressure at present, the main varieties of medium and thick plates are also difficult to be optimistic in the short term. However, as the only integrated platform for Shandong steel, the prospect of Jigang is worth looking forward to. The company has announced the merger and absorption of the merger of [url=http://finance.ifeng.com/app/hq/stock/sh600102/: 1ppz48kq][color=#1e00ff] Laiwu Steel shares [/color][/url:1ppz48kq][11.33 0.00%] and the acquisition of other related steel assets of laiang group, and this part of the future is more clear after the relationship between Rizhao Iron and steel and Shandong iron and steel. Good assets will also be gradually injected, and it is worth looking forward to. A series of approvals have yet to be announced, and the time is not yet clear.
the steel market is showing signs of warming, but the industry still has to withstand the cost pressure test
with the steel market entering the peak season, demand will be slowly rising, the steel market has been showing a warming trend. In particular, the prices of wire and thread varieties with higher pressure in the early stage have begun to rise continuously, proving that the phased warming trend has been established. However, when the market is warm, the price of [url=http://app.finance.ifeng.com/data/indu/cpjg.php? Symbol=1489:1ppz48kq][color=#1e00ff] iron ore [/color][/url:1ppz48kq] stone is also rising step by step. In the near future, the freshwater Valley is more than 90% of the increase in the price of long association mine. The rising price of iron ore is a foregone conclusion, and the industry will still undergo the test of cost pressure.
maintain the "prudent recommendation" rating
we maintain the company's 2010 performance forecast of about 0.27 yuan, corresponding to the PE 20 times, to maintain the company 'prudent recommendation' rating.
[url=http://app.finance.ifeng.com/data/stock/gsgg.php? Symbol=600022:1ppz48kq][color=#1e00ff][b] company announcement: [/b][/color][/url:1ppz48kq]
[2010-03-13][url=http://app.finance.ifeng.com/data/stock/ggzw.php? Id=13625381.amp; amp; symbol= 600022:1ppz48kq][color=#1e00ff] Ji'nan iron and steel: 2009 Report [/color][/url:1ppz48kq]
[2010-03-13][url=http://app.finance.ifeng.com/data/stock/ggzw.php? Id=13625595.amp; amp; symbol=600022:1ppz48kq][color=#1e00ff] Ji'nan iron and steel: [/color][/url:1ppz48kq]
[2010-03-13][url=http://app.finance.ifeng.com/data/stock/ggzw.php? Id=13625382.amp; amp; symbol=600022:1ppz48kq][color=#1e00ff] Ji'nan iron and steel: 200 The summary of the annual report of 9 years [/color][/url:1ppz48kq]
[2010-03-13][url=http://app.finance.ifeng.com/data/stock/ggzw.php? Id=13625546.amp; amp; symbol=600022:1ppz48kq][color=#1e00ff] Ji'nan iron and steel: a special description of the capital occupancy of the controlling shareholders and other related parties in 2009, [/color][/url:1ppz48kq]
[2010-0 3-13][url=http://app.finance.ifeng.com/data/stock/ggzw.php? Id=13625531.amp; amp; symbol=600022:1ppz48kq][color=#1e00ff] Ji'nan iron and steel: the resolution announcement of the tenth meeting of the third session of the board of directors and the notification on the convening of the 2009 annual shareholders' meeting [/color][/url:1ppz48kq]
[url=http://app.finance.ifeng.com/info/news_gsx W.php? Code=sh600022:1ppz48kq][color=#1e00ff][b] news: [/b][/color][/url:1ppz48kq]
[2010-03-15][url=http://finance.ifeng.com/stock/ssgs/20100315/1924818.shtml:1ppz48kq][color=#1e00ff] Ji'nan iron and steel: a variety of measures to promote the healthy and smooth development of enterprises [/ color][/url:1ppz48kq]
[2010-03-13][url=http //finance.ifeng.com/roll/20100313/1923144.shtml:1ppz48kq][color=#1e00ff] Ji'nan steel 2009 net profit of more than 90% [/color][/url:1ppz48kq]
[2010-03-13][url=http://finance.ifeng.com/stock/ssgs/20100313/1921477.shtml:1ppz48kq][color=#1e00ff] for more than the normal Ji'nan iron and steel prudent industry recovery [/color][/url:1ppz48kq]
[2010-03-13][url=http://finance.ifeng.com/roll/20100313/1923001.shtml:1ppz48kq][color=#1e00ff] Ji'nan iron and steel Limited by Share Ltd 2009 annual report summary (down C2 version) [/color][/url:1ppz48kq]
[2010-03-13][url=http:// finance.ifeng.com/roll/20100313/1922999.shtml:1ppz4 8kq][color=#1e00ff] Ji'nan iron and steel Limited by Share Ltd 2009 annual report summary (on C1 Edition) [/color][/url:1ppz48kq]
[2010-03-13][url=http://finance.ifeng.com/stock/roll/20100313/1922684.shtml:1ppz48kq][color=#1e00ff] Ji'nan steel last year lower than 90% [/color][/url:1ppz48kq]
[2010-03-13][u net profit Rl=http://finance.ifeng.com/roll/20100313/1922553.shtml:1ppz48kq][color=#1e00ff] Ji'nan iron and steel Limited by Share Ltd Bulletin (Series) [/color][/url:1ppz48kq]
[2010-03-13][url=http://finance.ifeng.com/roll/20100313/1922550.shtml:1ppz48kq][color=#1e00ff] Ji'nan iron and steel Limited by Share Ltd 2009 Annual Report [/color][/url:1ppz48kq]
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