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高盛:中国基础材料-中国大宗商品 -更新盈利预期
Goldman Sachs· 2025-06-09 01:42
Investment Rating - The report maintains a positive outlook on cement, copper, and incrementally positive on steel and aluminium, while holding a negative view on coal and lithium [1][9]. Core Insights - Earnings estimates for China commodities have been refreshed, reflecting mark-to-market price changes for 1H25, with target price changes ranging from -13% to +12% [1][9]. - The report highlights a positive outlook for hog pricing/margin in 2H25E due to improved supply discipline [1][9]. Summary by Sector Steel - Earnings forecasts for Baosteel and Angang have been revised up by 1-4% for 2025E, while the loss-making forecast for Maanshan has been cut by 11% [10]. - Maintain Buy on Baosteel with a new target price of Rmb8.8/sh [10]. Coal - The thermal coal market is expected to remain balanced in 2025E, with a decline in demand driven by renewable energy expansion [11]. - Earnings forecasts for Shenhua, Chinacoal, and Yankuang have been cut by 2-11% for 2025E and 10-27% for 2026-27E [12]. Cement - Unit gross profit forecasts for cement have been revised down by Rmb2-6/t for 2025E, but a positive view is maintained for 2H25E due to supply discipline [13]. - Earnings estimates for CNBM, WCC, BBMG-H/A, Conch-H/A, and CRBMT have been cut by 6% to 18% for 2025E [14]. Aluminum - Earnings estimates for Hongqiao have been revised up by 5-27% for 2025-27E, reflecting higher industry spread forecasts [17]. - Maintain Neutral on Hongqiao with a target price of HK$12.5/sh [17]. Copper - The benchmark copper price forecast has been revised to an average of US$4.20/lb in 2025E and US$4.61/lb in 2026E [18]. - Earnings estimates for CMOC-H/A, JXC-H/A, and MMG have been cut by 1-18% for 2025-26E [18]. Lithium - Earnings estimates for Ganfeng, Tianqi, and Yongxing have been cut by 3-4% for 2025E due to lower lithium prices [20]. - Yongxing's 2027E earnings have been cut by 37% based on flat lithium price forecasts [20]. Paper - Earnings forecasts for ND Paper have been revised up by 3-4%, while Sunpaper's earnings have been cut by 3% [22].
X: 1 Reason to Bet on U.S. Steel, and 1 Reason to Hold Back
MarketBeat· 2025-06-07 14:17
Core Viewpoint - United States Steel has experienced a significant rally of 35% in three weeks, driven by trade protectionist sentiment and optimism surrounding a $14 billion acquisition bid from Japan's Nippon Steel, reaching levels not seen since 2010 [1][2] Group 1: Acquisition Dynamics - The stock is trading close to the proposed buyout price of $55 per share, raising questions about potential upside and whether the rally has peaked [2][5] - Trump's endorsement of the acquisition has been a major catalyst for the stock's rise, with a single statement causing a 20% jump in one session [3][4] - If the acquisition fails, other domestic steelmakers like Cleveland-Cliffs Inc. and Nucor Corp may present better offers, potentially exceeding Nippon's bid [8] Group 2: Market Sentiment and Risks - The stock is currently trading at $53.27, which is just below the proposed acquisition price, indicating limited upside potential [10] - The stock's relative strength index (RSI) is above 75, suggesting it is in overbought territory, indicating that the best-case scenario may already be priced in [10][11] - Labor unions oppose the acquisition, raising concerns about job security and U.S. industrial policy, which could impact the deal's approval [7][8]
Why Cleveland-Cliffs Stock Soared This Week
The Motley Fool· 2025-06-06 18:21
Group 1 - Cleveland-Cliffs shares have increased by 28.8% this week, benefiting from the rise in the S&P 500 and Nasdaq-100 [1] - The Trump administration has raised tariffs on foreign steel from 25% to 50%, with the exception of steel from the U.K., which will incur a 25% charge [2] - American steel manufacturers, including Cleveland-Cliffs, will see their products become more competitively priced due to these tariffs [3] Group 2 - The sustainability of Cleveland-Cliffs' benefits from tariffs is uncertain, as tariff policies can change rapidly and unpredictably [5] - Cleveland-Cliffs has struggled financially, barely turning a profit in 2023 and experiencing losses in most quarters, with only one quarter showing a minimal profit of $2 million on $5 billion in sales [6]
EXCLUSIVE: Tariff Titans - Why Cleveland-Cliffs, Nucor, Steel Dynamics Could Outmuscle The Competition
Benzinga· 2025-06-05 12:17
Core Viewpoint - The U.S. has implemented a 50% tariff on imported steel and aluminum, creating significant opportunities for domestic producers like Cleveland-Cliffs Inc, Nucor Corp, and Steel Dynamics Inc [1][2]. Group 1: Impact of Tariffs on Companies - Cleveland-Cliffs Inc experienced a 25.2% gain in early trading following the tariff announcement, allowing the company to raise prices by $200-300 per ton while remaining competitive [3][4]. - Nucor Corp is expected to boost its EBITDA margins to the 18-20% range over the next 12-18 months due to its low-cost electric arc furnace model and reduced import competition [4]. - Steel Dynamics Inc's diversification into aluminum production is now advantageous, as rising tariffs on both steel and aluminum enhance its pricing power [5]. Group 2: Broader Market Implications - Investors may consider steel-focused ETFs like the VanEck Steel ETF and the SPDR S&P Metals and Mining ETF for diversified exposure to the steel sector [6]. - While current gains are significant, there are concerns about potential policy changes by late 2025 due to structural supply gaps and midterm politics [6].
Better Dividend Stock: Nucor vs. Steel Dynamics
The Motley Fool· 2025-06-05 09:10
Group 1: Company Overview - Nucor and Steel Dynamics are both U.S. steelmakers that utilize electric arc mini-mills for steel production, which is more flexible than traditional blast furnace technology [2] - Both companies have established businesses selling fabricated steel products, enhancing their resilience during cyclical downturns in the steel industry [5] Group 2: Financial Performance and Dividends - Nucor is recognized as a Dividend King, having increased its annual dividend for over 50 consecutive years, while Steel Dynamics has raised its dividend annually for 14 years [6][7] - Nucor's dividend has grown at an annualized rate of approximately 4% over the past decade, while Steel Dynamics' dividend has increased by more than 10% annually [8][9] - Nucor's current dividend yield is around 1.8%, compared to Steel Dynamics' yield of 1.5%, both exceeding the S&P 500 average of 1.3% [11] Group 3: Strategic Differences - Nucor operates as a larger, more deliberate company, while Steel Dynamics is characterized as more aggressive, recently entering the aluminum market [10][12] - The choice between Nucor and Steel Dynamics may depend on investor preferences for dividend growth rates and management aggressiveness [12] Group 4: Market Performance - Nucor's stock has experienced a 40% decline from its 2024 highs, which is considered a normal drawdown, while Steel Dynamics is down approximately 10% over the same period [13]
Ternium: Latin Steelmaker Betting Big On Nearshoring - And It's Dirt Cheap
Seeking Alpha· 2025-06-05 08:15
Core Insights - The article emphasizes the importance of identifying high-quality and mispriced investment opportunities, suggesting that great investment ideas should be intuitive and involve purchasing strong companies at favorable prices [1]. Group 1 - The focus is on the role of an investment analyst in uncovering valuable investment ideas that are not immediately apparent [1]. - The article highlights the belief that successful investments stem from a combination of quality companies and attractive pricing [1].
Ternium: A Value Opportunity In The Regional Steel Industry
Seeking Alpha· 2025-06-05 07:29
Group 1 - Ternium is a significant player in the Latin American industrial sector, not just a steel producer, with nearly twenty years of operational history [1] - The company has successfully integrated the entire steel production process, a feat that few in the sector have achieved [1]
Algoma Steel Releases 2024 Sustainability Report
Globenewswire· 2025-06-04 21:30
Core Viewpoint - Algoma Steel Group Inc. emphasizes its commitment to sustainability as a strategic priority, particularly through the completion of its Electric Arc Furnace (EAF) project, which aims to significantly reduce carbon emissions and position the company as a leading producer of green steel in Canada [2][6]. Group 1: Sustainability Report Highlights - The 2024 Sustainability Report covers a nine-month transition period from April 1 to December 31, 2024, aligning with the company's financial reporting period [1]. - The report showcases Algoma's advancements in enterprise risk management and integrated business planning, enhancing governance and operational reliability [2]. - Algoma's EAF project is expected to reduce carbon emissions by approximately 70%, marking a significant step towards decarbonization in the steel industry [2][6]. Group 2: Commitment to Transparency - The report is prepared in accordance with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD), highlighting Algoma's dedication to transparency and long-term value creation [3]. Group 3: Company Overview - Algoma Steel Group Inc. is a fully integrated producer of hot and cold rolled steel products, serving various sectors including automotive, construction, energy, defense, and manufacturing [5]. - The company operates one of the lowest-cost producers of hot rolled sheet steel in North America, with a focus on customer-driven product solutions [5].
Gerdau: Latin American Steelmaker Benefits From Tariff Hike (Rating Upgrade)
Seeking Alpha· 2025-06-04 16:04
Core Viewpoint - The recommendation for Gerdau S.A. (NYSE: GGB) shares has been raised from hold to buy, indicating a positive outlook for the company's stock performance [1]. Company Summary - Gerdau S.A. is being analyzed based on over 5 years of experience in equity analysis in Latin America, suggesting a strong foundation for the investment recommendation [1].
3 Stocks Poised for Growth as Trump Doubles Steel Tariffs
ZACKS· 2025-06-04 15:01
Key Takeaways NUE, STLD and CLF stand to benefit from new 50% tariffs that favor domestic steel producers. NUE and STLD will benefit from smart investments and investor-friendly moves. CLF expects $50/ton in cost savings for 2025 and a strong earnings rebound by 2026.U.S. President Donald Trump does it again. In a bid to protect American industry, he has doubled down, literally, on his favorite economic weapon — tariffs. Effective today, the United States has raised import duties on steel and aluminum fro ...