鋼鐵行業(yè)三季報綜述景氣上行兌現，三張表漸次改善

1、正文目錄一、利潤表：盈利快速恢復，各項指標顯著改善........................................................4二、現金流量表：造血能力提升但仍有待恢復...........................................................6三、資產負債表：負債下降趨勢明顯，資產結構逐步優(yōu)化.................................

2、.........7四、投資建議............................................................................................................9五、風險提示.........................................................................................

3、...................915%10%5%0%5%公司代碼公司簡稱18年三季度營收同比18Q3單季營收同比環(huán)比2018三季度歸母凈利潤同比18Q3單季歸母凈利潤同比環(huán)比600022.SH山東鋼鐵405.4714.97%156.7033.09%19.86%24.19125.47%7.4155.23%29.90%600117.SH西寧特鋼50.7720.97%16.928.81%2.19%(5.76)257.42%(5.89)

4、242.17%44554%600126.SH杭鋼股份197.463.46%65.7014.41%0.98%16.0535.01%4.5046.00%31.01%600231.SH凌鋼股份158.0417.89%57.1913.40%1.35%12.7728.21%5.2810.62%6.93%600282.SH南鋼股份336.4124.27%120.1918.84%6.80%34.3767.95%11.4937.01%10.29%600

5、307.SH酒鋼宏興362.1218.88%131.7118.30%0.43%10.7461.52%4.8955.70%5.77%600507.SH方大特鋼127.8226.22%45.4417.86%3.85%23.1550.35%10.0920.83%34.81%600569.SH安陽鋼鐵256.9528.07%99.2816.27%4.40%15.7361.03%5.5641.41%37.39%600581.SH八一鋼鐵153.7

6、722.32%71.6330.54%49.08%5.7733.26%3.6221.97%406.85%600782.SH新鋼股份407.8814.86%155.9320.91%22.88%39.48187.10%17.90122.76%38.84%600808.SH馬鋼股份631.1719.39%230.5430.41%5.97%55.83103.79%21.5596.53%7.18%601003.SH柳鋼股份344.5315.15%1

7、18.709.66%5.67%32.54159.27%12.1441.21%22.05%601005.SH重慶鋼鐵174.37113.08%63.4473.27%6.79%14.80267.77%7.18516.74%74.44%603878.SH武進不銹14.5241.86%4.9829.91%10.80%1.4555.72%0.5357.84%11.66%合計11258.1314.49%4026.8014.38%3.27%800.9

8、072.59%297.4520.28%2.34%資料來源：、wind2、毛利率持續(xù)提升。18年Q3行業(yè)毛利率16.57%，同比增長1.74%，環(huán)比繼續(xù)提升0.33%。18年Q3行業(yè)凈利率7.39%，同比增長0.36%，環(huán)比微降0.07%。圖318Q3板塊毛利率統(tǒng)計圖418Q3板塊凈利率統(tǒng)計20%18%19.05%16.24%16%14%14.63%14.63%12%10%8%10.45%6%4%2%0%10%9.38%8%6.93%7.