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　　 Changjiang Securities Liu Yuanrui, Wang Hetao

Event description:

　　 Angang Steel The ex factory price policy of main products in February 2013 was announced today. The details of adjustment of main varieties are as follows:

1. Hot rolled coil: increase 230 yuan/ton; 2. Cold rolled coil: increase 180 yuan/ton; 3. Cold rolling and hardening: increase 180 yuan/ton; 4. Galvanizing: increase 200 yuan/ton; 5. Color coating: the base price of color coated sheet coil with thickness below 0.5mm will be increased by 250 yuan/ton, and the base price of color coated sheet coil with thickness above 0.5mm will be increased by 300 yuan/ton; 6. Pickling: increase by 180 yuan/ton; 7. Medium plate: increase 230 yuan/ton.

Event comment:

The ex factory price in February followed the increase, which was larger than that of Baosteel and Wuhan Iron and Steel Co., Ltd.: the adjustment trend of the ex factory price of the three major steels has always been basically the same. Under the condition that Baosteel and Wuhan Iron and Steel Co., Ltd. both raised the ex factory price of mainstream products in February, the ex factory price of the company in February was also raised within expectations. However, the ex factory price of the company has been raised for three consecutive months, and the range is significantly larger than that of Baosteel and Wuhan Iron and Steel Co., Ltd. Recently, the company's price adjustment policy seems to have slightly changed from the more cautious style in the past, which may be related to the greater cost pressure and performance pressure this year, which needs further verification.

The price difference between hot rolling and cold rolling increased, and the price difference rose to a higher position: the sharp increase in factory prices of hot rolling and cold rolling products in February made the price difference between factory prices and market prices of hot rolling and cold rolling products rise. Recently, the factory price of the company has continued to rise significantly, making the price difference between hot rolling and cold rolling rise to a relatively high position.

In February, the ex factory price increased significantly, and the performance of a single month improved: the ex factory price increased relatively significantly in February, which may lead to a significant improvement in the company's monthly earnings. Of course, our calculation is relatively simple, and only considers the simple changes in the ex factory price and raw material price, which may inevitably be different from the actual situation. However, considering the inventory turnover and the continuous increase in the ex factory price, it should be more certain that the profit in February will improve month on month.

It is estimated that the company's EPS in 2012 and 2013 will be -0.46 yuan and 0.05 yuan respectively, maintaining the rating of "prudent recommendation".

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