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惠譽料中國鋼鐵生產明年回落 鋼企盈利能力復甦
阿思達克 12-17 14:37

評級機構惠譽發表報告指,中國鋼鐵生產今年創紀錄新高後(今年首九個月錄7.5億噸,去年同期錄7億噸),料明年總鋼鐵生產將會下滑。由於環保要求收緊致更多產能退場,該行料住宅物業施工放慢及總鋼鐵產能下降。即使樓市需求放緩,惟政府基建投資增加及汽車銷售單位數復甦,將支持鋼鐵需求。

惠譽料隨著原材料價格正常化及銷售均價趨穩,鋼鐵企業盈利能力將會復甦。不過,由於中國實施超低排放標準,鋼企需要投入大額環保相關資本開支以避免干擾生產,鋼企自由現金流生成料走勢各異。該行料大型鋼企大致符合標準,自由現金流繼續強勁,惟小型鋼企則需要爭取過關。

報告稱,在覆蓋的絕大部分鋼企展望「穩定」,未有調整評級需要。即使盈利能力及自由現金流憧憬改善,鋼企經營環境改善料不會帶來正面評級行動。

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