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宝钢股份(600019)
研报日期:2018-08-30 宝钢股份(600019) Baosteel’s 1H18 NP was Rmb10.0bn with EPS of Rmb0.449, up62% yoy. Excluding one-offs, which included Rmb599mn of FX lossand Rmb780mn of provisions for severance expenses, we estimaterecurring NP would be Rmb10.7bn, 8% below our expectation yet inline with consensus (IBES), due to lower-than-expected unit profit(likely on CR products) and higher R&D costs. Sales volume was 23.3mnt, up 2% YoY. Unit gross profit of steelproducts was Rmb790/t, up 27% yoy and 10% HoH, driven byhigher ASP but partly offset by higher costs. Excluding the impact ofprovisions on severanc
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Siu:
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悠远_8866:
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