* ST Antai (600408) medium report comment: the first half of the year's net profit increased by 767.16% compared with the same period last year, mainly due to the surge in performance caused by improvement of superimposed non-recurrent profit and loss.

安信證券 · Aug 16, 2018 00:00 · Researches

事件：公司发布2018 年半年报。其中，公司2018 年上半年实现营业收入38.81 亿元，同比增长52.98%；实现归母净利润4.47 亿元，同比增长767.16%；实现扣非归母净利2.39 亿元，同比增401.83%。

点评：

公司上半年业绩大幅改善，主因主营业务改善、债务重组豁免相关费用以及收回逾期经营性欠款冲回坏账：据公告，公司2018 年二季度实现主营收入21.16 亿元，同比增50.50%，环比增19.82 %；实现主营成本18.92 亿元，同比增34.85%，环比增21.13%；归母净利实现4.08亿元，同比增2247.37%，环比增946.15%。除了主营业务改善因素之外，公司二季度和上半年归母净利大幅改善的原因为债务重组豁免相关费用以及收回逾期经营性欠款冲回坏账。其中，在报告期内公司控股子公司宏安焦化与奥合银行完成债务重组，豁免的贷款本金及利息、罚息、费用和开支等共计3,926.82 万美元，折合人民币2.49 亿元，计入公司2018 年半年度营业外收入。公司在报告期内收回关联方部分逾期经营性欠款，冲回坏账准备1.41 亿元，并冲减当期资产减值损失1.24亿元。此外，公司二季度实现扣非归母净利2.19 亿元，同比增999.22%。

公司上半年焦炭业务量价齐升，贡献业绩：我们认为受益下游需求良好和焦化行业去产能双因素叠加，公司焦炭业务上半年同比改善明显。据公告，公司2018 年上半年焦炭生产101.90 万吨，同比增18.46%；销量99.96 万吨，同比增18.76%；焦炭二季度生产50.97 万吨，同比增15.17%，环比增16.97%，销量8.81 万吨，同比增30.71%，环比增7.44%。焦炭上半年平均售价1701.68 元/吨，同比增18.47%；二季度平均售价1635.74 元/吨，同比增13.56%，环比降8.14%。

受益下游需求良好，公司钢铁业务上半年明显改善：我们认为由于下游需求良好以及行业供给端收缩等因素，公司钢铁业务上半年实现量价齐升。其中，据公告，公司2018 年上半年H 型钢产品产量54.12万吨，同比增52.32%，销量52.81 万吨，同比增47.27%。公司二季度H 型钢产品产量29.13 万吨，同比增47.12%，环比增16.57%，销量29.53万吨，同比增47.43%，环比增26.85%；H 型钢产品18 年上半年平均售价3397.08 元/吨，同比增22.31%；二季度平均售价3464.33 元/吨，同比增27.09%，环比增4.60%。

投资建议：增持-A 投资评级，6 个月目标价3.00 元。我们预计公司2018 年-2020 年的收入增速分别为55%、15%、1%，净利润增速分别为-456.1%（扭亏）、-19.6%、2.8%，折合EPS 分别为1.00/0.80/0.82元/股；首次给予增持-A 的投资评级，6 个月目标价为3.00 元，相当于2018 年3 倍的动态市盈率。

风险提示：焦炭价格大幅下跌，钢铁价格大幅下跌，焦煤价格大幅上涨

Event: the company released its 2018 semi-annual report. Among them, the company realized operating income of 3.881 billion yuan in the first half of 2018, an increase of 52.98% over the same period last year; net profit of 447 million yuan, an increase of 767.16% over the same period last year; and non-return net profit of 239 million yuan, an increase of 401.83% over the same period last year.

Comments:

The company's performance improved significantly in the first half of the year, mainly due to the improvement of the main business, debt restructuring related fees and the recovery of overdue operating arrears to offset bad debts: according to the announcement, the company achieved 2.116 billion yuan in main business income in the second quarter of 2018, an increase of 50.50% over the same period last year and 19.82% over the same period last year; the main business cost was 1.892 billion yuan, an increase of 34.85% over the same period last year and 21.13% over the previous year The net profit of returning to the mother reached 408 million yuan, an increase of 2247.37% over the same period last year and 946.15% over the previous month. In addition to the improvement factors of the main business, the significant improvement in the company's return net profit in the second quarter and the first half of the year was due to the debt restructuring waiver of related fees and the recovery of overdue operating arrears to offset bad debts. Among them, during the reporting period, Hongan Coking, a holding subsidiary of the company, and Aohe Bank completed debt restructuring, and the total amount of loan principal and interest, penalty interest, fees and expenses exempted amounted to US $39.2682 million, equivalent to RMB 249 million, which was included in the company's non-operating income in 2018. During the reporting period, the company recovered part of the overdue operating arrears of the related parties, recovered 141 million yuan from the provision for bad debts, and deducted 124 million yuan from the impairment loss of assets in the current period. In addition, the company realized a non-return net profit of 219 million yuan in the second quarter, an increase of 999.22% over the same period last year.

The company's coke business volume and price rose in the first half of the year, contributing to the performance: we believe that the benefit of good downstream demand and the coking industry capacity superimposed, the company's coke business improved significantly in the first half of the year compared with the same period last year. According to the announcement, in the first half of 2018, the company produced 1.019 million tons of coke, an increase of 18.46 percent over the same period last year; sales of 999600 tons, an increase of 18.76 percent; and coke production of 509700 tons in the second quarter, an increase of 15.17 percent over the same period last year, an increase of 16.97 percent over the previous year, and sales of 88100 tons, an increase of 30.71 percent and 7.44 percent. The average selling price of coke in the first half of the year was 1701.68 yuan / ton, up 18.47% from the same period last year; in the second quarter, the average selling price was 1635.74 yuan / ton, up 13.56% from the same period last year, down 8.14% from the previous quarter.

Benefiting from good downstream demand, the company's steel business improved significantly in the first half of the year: we believe that due to the good downstream demand and the contraction of the supply side of the industry, the company's steel business rose in volume and price in the first half of the year. Among them, according to the announcement, the company produced 541200 tons of H-shaped steel products in the first half of 2018, an increase of 52.32 percent over the same period last year, and sales of 528100 tons, an increase of 47.27 percent over the same period last year. In the second quarter, the company produced 291300 tons of H-section steel products, an increase of 47.12% over the same period last year, 16.57% month-on-month growth, 295300 tons of sales, 47.43% year-on-year increase and 26.85% month-on-month increase of 26.85%. The average price of H-beam products in the first half of 18 years was 3397.08 yuan / ton, up 22.31% over the same period last year; the average selling price in the second quarter was 3464.33 yuan / ton, an increase of 27.09% and 4.60%.

Investment advice: increase holdings-An investment rating, 6-month target price of 3.00 yuan. We expect revenue growth of 55%, 15% and 1% respectively from 2018 to 2020, and net profit growth of-456.1% (turnaround),-19.6% and 2.8% respectively, equivalent to 1.00 shock 0.80 yuan per share (EPS). For the first time, the company is given an investment rating of-A, with a six-month target price of 3.00 yuan, equivalent to 3 times the dynamic price-to-earnings ratio in 2018.

Risk hint: Coke prices fell sharply, steel prices fell sharply, and coking coal prices rose sharply.

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*ST安泰(600408)中报点评：上半年归母净利同比增767.16% 主因改善叠加非经常性损益致业绩激增

* ST Antai (600408) medium report comment: the first half of the year's net profit increased by 767.16% compared with the same period last year, mainly due to the surge in performance caused by improvement of superimposed non-recurrent profit and loss.

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