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惠誉料中国钢铁生产明年回落 钢企盈利能力复苏
阿思达克 12-17 14:37

评级机构惠誉发表报告指,中国钢铁生产今年创纪录新高後(今年首九个月录7.5亿吨,去年同期录7亿吨),料明年总钢铁生产将会下滑。由於环保要求收紧致更多产能退场,该行料住宅物业施工放慢及总钢铁产能下降。即使楼市需求放缓,惟政府基建投资增加及汽车销售单位数复苏,将支持钢铁需求。

惠誉料随着原材料价格正常化及销售均价趋稳,钢铁企业盈利能力将会复苏。不过,由於中国实施超低排放标准,钢企需要投入大额环保相关资本开支以避免干扰生产,钢企自由现金流生成料走势各异。该行料大型钢企大致符合标准,自由现金流继续强劲,惟小型钢企则需要争取过关。

报告称,在覆盖的绝大部分钢企展望「稳定」,未有调整评级需要。即使盈利能力及自由现金流憧憬改善,钢企经营环境改善料不会带来正面评级行动。

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