Linggang (600231): the performance of the company has improved compared with the previous month, and the company's ownership structure needs to be paid more attention to.

天風證券 · Aug 25, 2019 00:00 · Researches

事件

8 月24 日，公司公布2019 年半年度报告。报告期内，公司实现归属于上市公司股东的净利润3.80 亿元，同比下降49.24%；实现基本每股收益0.14元/股，去年同期为0.27 元/股。公司二季度实现归属于上市公司股东的净利润3.11 亿元，环比一季度增长350.72%。

业绩同比下降环比改善符合行业整体情况

2019 年上半年受巴西矿难及需求增长影响，铁矿石平均价格指数同比上涨28.88%。原材料价格快速上涨，而成材价格有所下滑。同时，钢材价格出现显著下滑，沈阳螺纹钢HRB400:20mm 今年上半年均价为3800.90 元/吨，相较于去年上半年平均3897.56 元/吨下滑2.48%。原材料价格的上涨以及成品价格下滑致使公司盈利水平同比下降。

但从单季度看，二季度沈阳螺纹钢HRB400:20mm 均价为3898.71 元/吨，相较一季度上升5.38%。另根据公司经营数据显示，公司2019 年上半年型材、板带材产量分别为227.18 万吨、59.59 万吨，分别同比上涨8.70%、7.73%。其中，二季度型材、板带材产量分别为115.75 万吨、29.88 万吨，环比一季度分别增长3.88%、0.56%。公司钢材产量及产品价格齐升，二季度盈利环比大幅改善。

股权结构持续变化公司控制权需要重点关注

公司前期定增解禁后，股权结构今年发生较大变化。其中华富基金将持有公司的5.4 亿股以2.97 元/股的价格协议转让给天津泰悦投资管理有限公司，权益变动后，天津泰悦持有5.53 亿股，占总股本19.94%；广发基金将持有公司的1.73 亿股以2.70 元/股的价格转让给九江萍钢钢铁有限公司，权益变动后，九江萍钢持有1.73 亿股，占总股本的6.23%。根据中报披露，九江萍钢继续增持了公司股本至3.11 亿股，占总股本的11.23%。目前，天津泰悦和九江萍钢分别为公司第二、第三大股东。需要指出的是，据万得数据，天津泰悦投资管理有限公司与天津荣程联合钢铁集团有限公司系同一实控人，九江萍钢钢铁有限公司系辽宁方大集团实业有限公司实控企业，双方均是国内涉及钢铁生产经营的产业资本，后期股权结构的变化以及对公司经营影响仍需进一步重点关注。

投资建议

考虑到铁矿石价格同比高位或将导致盈利下滑，我们将公司2019-2021 年EPS 由0.44 元/股、0.59 元/股、0.75 元/股调整为0.28 元/股、0.29 元/股、0.32 元/股，维持目标价4 元，维持“买入”评级。

风险提示：中朝关系变化，钢材价格回落所导致的公司净利润收缩，公司设备生产、检修引起的产量变化及公司本身管理导致的经营成本变化等。

Event

On August 24, the company released its 2019 half-yearly report. During the reporting period, the company realized net profit of 380 million yuan belonging to shareholders of listed companies, down 49.24% from the same period last year, and basic earnings per share, compared with 0.27 yuan per share in the same period last year. In the second quarter, the company realized a net profit of 311 million yuan belonging to shareholders of listed companies, an increase of 350.72% over the first quarter.

The improvement in performance compared with the same period last year is in line with the overall situation of the industry.

Affected by mining accidents and demand growth in Brazil in the first half of 2019, the average price index of iron ore rose 28.88% year on year. The price of raw materials has risen rapidly, while the price of finished wood has fallen. At the same time, steel prices have fallen significantly. The average price of Shenyang rebar HRB400:20mm in the first half of this year was 3800.90 yuan / ton, down 2.48 percent from the average of 3897.56 yuan / ton in the first half of last year. The rise in the price of raw materials and the decline in the price of finished products have led to a decline in the company's profitability compared with the same period last year.

However, from a single quarter, the average HRB400:20mm price of Shenyang rebar in the second quarter was 3898.71 yuan / ton, up 5.38% from the first quarter. According to the company's operating data, the company's output of profile and plate and strip in the first half of 2019 was 2.2718 million tons and 595900 tons respectively, up 8.70% and 7.73% respectively over the same period last year. Among them, the output of profiles and plate and strip in the second quarter was 1.1575 million tons and 298800 tons respectively, up 3.88% and 0.56% respectively over the first quarter. The company's steel output and product prices rose, and its profit improved significantly in the second quarter compared with the previous quarter.

The continuous change of ownership structure and corporate control need to be paid more attention.

After the initial increase and lifting of the ban, the ownership structure has changed greatly this year. Among them, Huafu Fund transferred 540 million shares of the company to Tianjin Taiyue Investment Management Co., Ltd. at a price of 2.97 yuan per share. after the change of rights and interests, Tianjin Taiyue held 553 million shares, accounting for 19.94% of the total share capital. Guangfa Fund transferred 173 million shares of the company to Jiujiang Pinggang Iron and Steel Co., Ltd. at a price of 2.70 yuan per share. after the change of equity, Jiujiang Pinggang held 173 million shares, accounting for 6.23% of the total share capital. According to the China Daily, Jiujiang Pinggang continued to increase its share capital to 311 million shares, accounting for 11.23% of the total share capital. At present, Tianjin Taiyue and Jiujiang Pinggang are the second and third largest shareholders of the company respectively. It should be pointed out that, according to Wande data, Tianjin Taiyue Investment Management Co., Ltd. and Tianjin Rongcheng United Iron and Steel Group Co., Ltd. are the same actual controller. Jiujiang Pinggang Iron and Steel Co., Ltd. is an industrial control enterprise of Liaoning Fangda Group Industrial Co., Ltd. both sides are domestic industrial capital involved in iron and steel production and operation, and the changes in the ownership structure and the impact on the company's operation still need further attention.

Investment suggestion

Considering that the year-on-year high price of iron ore may lead to a decline in profits, we adjusted the company's EPS from 0.44 yuan per share, 0.59 yuan per share and 0.75 yuan per share to 0.28,0.29 yuan and 0.32 yuan per share in 2019-2021, maintaining the target price of 4 yuan and maintaining the "buy" rating.

Risk tips: changes in Sino-Korean relations, the contraction of the company's net profit caused by the decline in steel prices, the output changes caused by the company's equipment production and maintenance, and the changes in operating costs caused by the company's own management.

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凌钢股份(600231)：业绩环比有所改善公司股权结构需重点关注

Linggang (600231): the performance of the company has improved compared with the previous month, and the company's ownership structure needs to be paid more attention to.

Risk Disclaimer

Statement