摘要：<span style="font-family:宋體;font-size:small;"> </span> <p style="margin:0cm 0cm 0pt;"> <span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;"><span style="font-size:small;">西安不鏽鋼精軋管及西安不鏽鋼精密管生產(chǎn)廠家</span></span> </p> <span style="font-family:宋體;font-size:small;"> </span> <p style="margin:0cm 0cm 0pt;"> <span style="font-size:small;"><span style="font-family:'Times New Roman';"><span lang="EN-US">&nbsp;1</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">、西安不鏽鋼精軋管行業(yè)主要特點(diǎn)。</span><span style="font-family:'Times New Roman';"><span lang="EN-US">(1)</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">成長(zhǎng)性好於普鋼，周期性強(qiáng)於普鋼，且近幾年的多次經(jīng)驗(yàn)表明，西安不鏽鋼精軋管和普鋼複蘇的時(shí)點(diǎn)基本相同，但景氣反彈的力度更大，見(jiàn)頂?shù)臅r(shí)間也更早</span><span style="font-family:'Times New Roman';"><span lang="EN-US">;(2)2016</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">年中國(guó)精密不鏽鋼管行業(yè)直接和間接出口量占產(chǎn)量的比重為</span><span style="font-family:'Times New Roman';"><span lang="EN-US">36%</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">，超出普鋼</span><span style="font-family:'Times New Roman';"><span lang="EN-US">13</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">個(gè)百分點(diǎn)</span><span style="font-family:'Times New Roman';"><span lang="EN-US">;</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">精密不鏽鋼管的終端消費(fèi)領(lǐng)域中，廚具白電業(yè)占</span><span style="font-family:'Times New Roman';"><span lang="EN-US">45%</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">，建築裝飾業(yè)僅占</span><span style="font-family:'Times New Roman';"><span lang="EN-US">19%</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">，而普鋼近</span><span style="font-family:'Times New Roman';"><span lang="EN-US">54%</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">的需求集中在建築地產(chǎn)領(lǐng)域，表明西安不鏽鋼精軋管的需求更依賴(lài)出口和消費(fèi)品</span><span style="font-family:'Times New Roman';"><span lang="EN-US">;(3)</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">由於技術(shù)等原因，精密不鏽鋼管項(xiàng)目達(dá)產(chǎn)周期較長(zhǎng)，行業(yè)實(shí)際有效產(chǎn)能通常比統(tǒng)計(jì)產(chǎn)能低，因此在西安不鏽鋼精軋管行業(yè)集中度較高</span><span style="font-family:'Times New Roman';"><span lang="EN-US">(CR5</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">達(dá)到</span><span style="font-family:'Times New Roman';"><span lang="EN-US">70%)</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">的背景下，其需求趨勢(shì)更值得關(guān)注</span><span style="font-family:'Times New Roman';"><span lang="EN-US">;(4)</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">目前國(guó)內(nèi)精密不鏽鋼管產(chǎn)量中，</span><span style="font-family:'Times New Roman';"><span lang="EN-US">300</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">係</span><span style="font-family:'Times New Roman';"><span lang="EN-US">(</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">鉻鎳係</span><span style="font-family:'Times New Roman';"><span lang="EN-US">)</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">占比超過(guò)</span><span style="font-family:'Times New Roman';"><span lang="EN-US">50%</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">，鎳的成本占</span><span style="font-family:'Times New Roman';"><span lang="EN-US">304</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">冷軋精密不鏽鋼管價(jià)的</span><span style="font-family:'Times New Roman';"><span lang="EN-US">50%-90%</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">，因此精密不鏽鋼管行業(yè)盈利對(duì)鎳價(jià)及鎳庫(kù)量高度敏感，需求結(jié)構(gòu)也會(huì)受到鎳價(jià)影響，但需求總量受鎳價(jià)影響不大。</span></span><span style="font-family:'Times New Roman';font-size:small;"> </span> </p> <span style="font-family:宋體;font-size:small;"> </span> <p style="margin:0cm 0cm 0pt;"> <span style="font-size:small;"><span style="font-family:'Times New Roman';"><span lang="EN-US">2</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">、今年上半年西安不鏽鋼精軋管行業(yè)景氣有望繼續(xù)好於普鋼。預(yù)計(jì)中國(guó)經(jīng)濟(jì)增速前高後低，全年</span><span style="font-family:'Times New Roman';"><span lang="EN-US">GDP</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">增</span><span style="font-family:'Times New Roman';"><span lang="EN-US">10%</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">，且出口和消費(fèi)對(duì)</span><span style="font-family:'Times New Roman';"><span lang="EN-US">GDP</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">的貢獻(xiàn)將加大，這意味著上半年精密不鏽鋼管的高需求得以延續(xù)的概率較大。目前國(guó)內(nèi)外精密不鏽鋼管與普鋼價(jià)格的比值、精密不鏽鋼管企業(yè)的盈利均處?kù)稌咽返臀?，我們認(rèn)為精密不鏽鋼管價(jià)上行空間將超過(guò)普鋼，行業(yè)盈利能力也將底部回升。</span></span><span style="font-family:'Times New Roman';font-size:small;"> </span> </p> <span style="font-family:宋體;font-size:small;"> </span> <p style="margin:0cm 0cm 0pt;"> <span style="font-size:small;"><span style="font-family:'Times New Roman';"><span lang="EN-US">3</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">、兼並重組及技術(shù)進(jìn)步是未來(lái)行業(yè)發(fā)展方向。目前中國(guó)精密不鏽鋼管行業(yè)集中度顯著低於其他各國(guó)，而發(fā)達(dá)國(guó)家精密不鏽鋼管鋼企業(yè)之間仍可能繼續(xù)重組，以進(jìn)一步提升區(qū)域及全球市場(chǎng)競(jìng)爭(zhēng)力，因此未來(lái)國(guó)內(nèi)規(guī)模以上的精密不鏽鋼管企業(yè)之間兼並重組的可能性較大</span><span style="font-family:'Times New Roman';"><span lang="EN-US">;</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">與此同時(shí)，我們認(rèn)為國(guó)內(nèi)精密不鏽鋼管廠加大研發(fā)和生產(chǎn)</span><span style="font-family:'Times New Roman';"><span lang="EN-US">400</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">係及雙相精密不鏽鋼管產(chǎn)量的力度也將進(jìn)一步加大。</span></span><span style="font-family:'Times New Roman';font-size:small;"> </span> </p> <span style="font-family:宋體;font-size:small;"> </span> <p style="margin:0cm 0cm 0pt;"> <span style="font-size:small;"><span style="font-family:'Times New Roman';"><span lang="EN-US">4</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">、投資建議。基於對(duì)各品種鋼以及精密不鏽鋼管行業(yè)的景氣趨勢(shì)判斷，我們給予精密不鏽鋼管行業(yè)“推薦</span><span style="font-family:'Times New Roman';"><span lang="EN-US">A</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">”的投資評(píng)級(jí)。目前國(guó)內(nèi)</span><span style="font-family:'Times New Roman';"><span lang="EN-US">A</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">股上市公司中，僅太鋼不鏽和寶鋼股份主要生產(chǎn)精密不鏽鋼管板材，撫順特鋼主要生產(chǎn)精密不鏽鋼管長(zhǎng)材、其中太鋼不鏽是國(guó)內(nèi)精密不鏽鋼管行業(yè)的龍頭，</span><span style="font-family:'Times New Roman';"><span lang="EN-US">2010</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">年上半年我們重點(diǎn)推薦太鋼不鏽，給予其”推薦</span><span style="font-family:'Times New Roman';"><span lang="EN-US">A</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">“的投資評(píng)級(jí)大多數(shù)的使用要**長(zhǎng)期保持建築物的原有外貌。在確選用的精密不鏽鋼管類(lèi)型時(shí)，主要考慮的是所要求的審美標(biāo)準(zhǔn)、所在地大氣的腐蝕性以及要采用的清理製度。然而，其它應(yīng)用越來(lái)越多的隻是尋求結(jié)構(gòu)的完整性或不透水性。例如，工業(yè)建築的屋頂和側(cè)牆。在這些應(yīng)用中，物主的建造成本可能比審美更為重要，表麵不很乾淨(jìng)也可以。在乾燥的室內(nèi)環(huán)境中使用</span><span style="font-family:'Times New Roman';"><span lang="EN-US">304</span></span><span style="font-family:宋體;mso-ascii-font-family:&quot;Times New Roman&quot;;mso-hansi-font-family:&quot;Times New Roman&quot;;">精密不鏽鋼管效果相當(dāng)好。</span></span><span style="font-family:'Times New Roman';font-size:small;"> </span> </p> <span style="font-family:宋體;font-size:small;"> </span>