Recently, Taigang stainless Steel issued a semi-annual performance forecast, the company expects a sharp increase in performance from January to June 2021, the net profit belonging to the shareholders of listed companies is 4.68 billion to 4.97 billion yuan, the net profit increased by 693.18% to 742.33% compared with the same period last year, and the basic earnings per share is expected to be 0.82 to 0.87 yuan. The company pointed out that in the first half of 2021, due to the impact of macroeconomic recovery, the demand of the downstream industry of iron and steel products increased and steel prices rose; at the same time, the company persisted in finding the difference, the production efficiency increased significantly, and the technical and economic indicators of key processes improved significantly. Operating performance increased significantly in the first half of 2021 compared with the same period last year.
It is reported that stainless steel is mainly engaged in the production and sales of stainless steel and other steel, billets, ingots, ferrous metals, ferroalloys and metal products, as well as domestic trade and import and export of raw and auxiliary materials needed for iron and steel production. By 2020, the stainless Steel Division of TISCO has produced 10.6886 million tons of steel, including 4.1884 million tons of stainless steel; annual steel sales volume of 9.8708 million tons, including 3.788 million tons of stainless steel; and export of 695500 tons of steel, including 482600 tons of stainless steel.
In 2020, China Baowu United to reorganize TISCO Group, and the actual controller of the company changed. The goal of the new shareholders is to build TISCO into the flagship platform for integrated operation of stainless steel industry under Baowu of China and the most competitive stainless steel industry chain enterprise in the world. According to the company's goal, the stainless steel production capacity will increase from 4.5 million tons to 15 million tons by the end of 2023.
Zeshang Securities pointed out in its first coverage report on TISCO stainless Steel that Baowu Group is stationed, epitaxial mergers and acquisitions and efficiency improvement are worth looking forward to, and TISCO stainless Steel is expected to become a stainless steel industry platform under Baowu Group. Due to Baowu Group's commitment to solve the problem of inter-industry competition, stainless steel assets are expected to be injected into the company in the future. At present, Baowu Group's stainless steel production capacity of Baosteel Desheng (2 million tons) and Baosteel Special Steel (300000 tons), coupled with TISCO's own 4.5 million tons of stainless steel, there is still a large gap in the future. At the same time, Baowu will import advanced production management experience, and the improvement of production efficiency is also worthy of attention.
At present, the prospect of new special steel materials is good, according to the Pacific Securities Research report, China's middle and high-end special steel has "import substitution" and "global share increase". At present, the proportion of medium and high-end special steel in China is about 4%, which is still quite different from that of developed countries, and the development of strategic emerging industries has been listed by the state as the main measure to change the development model. Special steel is the key basic material for the development of strategic emerging industries, core basic industries and advanced manufacturing industries. With the deepening of China's industrialization and the upgrading of equipment manufacturing to high-end, the market of high-quality, high-performance and customized special steel products has maintained steady growth.
In response to investors' questions at the recent investors' online collective reception day and annual report performance presentation meeting, the secretary of the board of directors of Taiyuan Iron and Steel Co., Ltd. also said that there is room for growth in China's stainless steel demand. China's per capita stainless steel consumption in 2020 is 18.7 kg, an increase of 1.5 kg over the same period last year, but there is still room for growth with the per capita 20kg of developed countries above, with the concentrated release of new steelmaking capacity in the future. The concentration of stainless steel industry in China will be further improved.
As of June 30, 2021, TISCO stainless steel closed at 7.49 yuan, an increase of 116.5% in the first half of the year, and reached a semi-annual high of 8.39 yuan in mid-May, with a total market capitalization of more than 40 billion yuan.
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