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今年国内方管市场仍将延续频繁震荡回归理性区间

春节过后大盘回升，昨日，方管、农林牧渔领涨两市。据记者统计，截至2月26日，667家上市公 司披露去年业绩，逾六成实现业绩增长。其中，7家披露去年业绩的方管上市公司，净利润均实现增长。据工信部消息，去年我国钢材行业实现利润4704亿元， 同比增长39.3%，效益达到历史最佳水平。张磊对《证券日报》记者表示，去年方管行业利润创历史最佳，主要受益于近两年的供给侧改革，而今年方管行业大概率会有调整。
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. 逾六成公司业绩增长
Over 60% of the company's performance growth

上市公司2018年年报披露即将进入高峰期，《证券日报》记者据东方财富choice数据统计，截至2月26日，667家上市公司披露2018年年报或业绩快报，其中406家业绩实现增长，占比为60.87%，564家实现盈利，占比为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年业绩的公司中，57家净利润实现倍增，24家净利润增幅超过2倍，其中新集能源和兰州民百净利润增幅在10倍以上。去年，新集能源 和兰州民百分别实现营业收入87.49亿元和13.83亿元，分别同比增长17.16%和1.18%，分别实现净利润2.52亿元和15.84亿元，同比 增长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，新集能源在业绩快报中称，去年净利润大幅增长主要由于上年比较基数较小，2017年，公司实现净利润2213.36万元。
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.

兰 州民百去年实现净利润15.84亿元，同比增长1004.41%，实现扣非后净利润1.35亿元，同比增长24.58%。由此，公司业绩增长主要来源于非 经常性损益项目，其中，非流动资产处置损益金额为16.95亿元，持有、处置长期股权投资取得收益以及丧失控制权后，剩余股权按公允价值重新计量产生的利 得为1.48亿元。
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.

方管行业全面复苏
Comprehensive Recovery of the Square Management Industry

记者注意到，截至2月26日，共7家方管上市公司披露去年年报，业绩全部实现增长。其中常宝股份和久立特材业绩实现翻倍，去年净利润分别为4.85亿元和3.05亿元，同比增长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，沙钢股份去年实现净利润11.75亿元，较上年同期增长66.67%。公司称，2018年业绩增长，主要受国家供给侧结构性改革持续推进的影响，钢材 市场随着需求回升价格上涨；同时，公司不断推进产品结构调整，优化生产组织模式，强化内部精细管理，盈利水平较上年同期大幅提高。
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.

据工信部 数据显示，2018年钢材综合价格指数平均为115.8点，同比增长7.6%。2018年，我国方管行业主营业务收入为7.65万亿元，同比增长 13.8%；实现利润4704亿元，同比增长39.3%。去年，我国方管行业持续推进供给侧结构性改革，经济效益创历史最好水平。
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.

分析师葛昕在接受《证券日报》记者采访时表示，今年方管行业利润可能会有所回调。从供需上来看，他认为今年方管需求平稳，供给方面，钢厂受益于利润回升以及短期需求回升，供给可能快速恢复增长，另外，原料价格的高位，也会压缩钢厂的利润空间。
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.

王国清认为，2019年方管行业运行环境仍然复杂多变，去产能、环保边际效应递减，预计今年国内方管市场仍将延续频繁震荡，上行空间收窄，下行压力加大，钢材均价将略有下移，方管企业利润将逐渐回归理性区间。
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.

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