调研报告—锌 天津镀锌调研：一叶知秋，韧荷犹立 [★Ta关bl键e_调Su研mm结a论ry]和分析 1）早前需求尚有韧性，彩涂订单表现亮眼。年初至今，彩涂订 单内需和外贸均表现强劲，镀锌板尚有支撑，镀锌管逐月走弱； 锌铝镁合金 5 月底起迅速下滑。终端方面，基建相关灯杆护栏、 铁塔等订单未有明显增量，淡季下建筑拖累更为显著，家电订单 逐月环比下降，光伏抢装后订单显著下滑。镀锌下游抢出口的主 因是买单出口和反倾销，而非美国关税；巴西近日已在对国内进 行镀锌反倾销调查，后续落地时点有提前可能。 有 色 金 属 2）镀锌需求正式走弱，旺季前或难有起色。天津镀锌需求已开 始明显走弱，中小厂是减量主要来源，大厂仍会尽力维持产线运 行，后续刚需仍有托底。大部分厂商维持偏弱的需求预期，下一 轮需求反弹或需等到旺季前夕备货，但厂家同样给予谨慎预期。 3）企业盈利进一步恶化，行业景气度持续下滑。样本企业镀锌 加工费在 500~700 元/吨不等，其中锌成本在 40%以上，且会跟 随客户需求、锌层厚度、摊销费用等存在明显差异，部分具有规 模效应的厂商具有明显相对优势。由于订单连年下滑，今年镀锌 产线多亏损运行，而成品累库下，中小 ...

家电彩涂板属于预涂板，是以金属卷材为基材，表面涂装或贴合各种有机涂料或塑料薄膜制成的预涂产品。家电彩涂板系列产品用途广泛，色泽 鲜艳，不仅具有钢板的强度和良好的成型性，还兼具漆膜良好的耐腐蚀性和柔韧性。 01 家电彩涂板行业目前现状分析 家电彩涂板行业的发展历史可以追溯到 20 世纪 60 年代，当时随着家电工业的蓬勃发展，制造商对家电外观和材料性能的要求逐渐提高。最初， 家电外壳多采用普通钢板或铝板，通过涂装或喷涂工艺进行表面处理，但这些方式在耐腐蚀性、抗划伤性和外观效果方面存在局限。进入 20 世 纪 70 年代，随着金属涂层技术的进步，彩涂板作为一种新型材料开始逐渐走入家电制造领域，尤其在冰箱、洗衣机等产品的外壳中得到了广泛 应用。彩涂板的优点在于其良好的耐腐蚀性和可塑性，能够满足日益多样化的家电产品设计需求。 到了 20 世纪 80 年代和 90 年代，家电市场的竞争愈加激烈，消费者对家电外观的审美需求不断提高，彩涂板行业进入了快速发展期。随着技术 的不断革新，彩涂板的种类逐渐增多，涂层材料也从传统的聚酯、氟碳等单一树脂扩展至多层复合涂层，涂装工艺也逐步向更加环保、更加高效 的方向发展。同时，家电制造 ...

Core Viewpoint - Baoshan Iron & Steel Co., Ltd. plans to invest in Ma'anshan Iron & Steel Co., Ltd. and has commissioned an asset valuation report to assess the market value of the total equity of Ma'anshan Iron & Steel Co., Ltd. as of February 28, 2025 [1][2]. Group 1: Valuation Purpose and Methodology - The purpose of the valuation is to provide reference opinions for Baoshan Iron & Steel Co., Ltd.'s planned investment in Ma'anshan Iron & Steel Co., Ltd. [5]. - The valuation includes all audited assets and liabilities of the assessed entity, covering current assets, long-term equity investments, investment properties, fixed assets, construction in progress, right-of-use assets, and intangible assets [2][6]. - The valuation methods used are the asset-based approach and the income approach, with the asset-based approach being selected for the final valuation conclusion [2][5]. Group 2: Valuation Results - As of the valuation date, the total asset book value of Ma'anshan Iron & Steel Co., Ltd. is RMB 5,389,777.43 million, with a valuation of RMB 5,813,178.20 million, resulting in an increase of RMB 423,400.77 million, or 7.86% [2][4]. - The total equity value is assessed at RMB 1,450,610.62 million, reflecting an increase of RMB 197,696.83 million, or 15.78% compared to the book value of RMB 1,007,739.73 million [2][4]. - The valuation report indicates a total asset impairment of RMB 19,470.12 million, with a reduction rate of 0.44% [2][4]. Group 3: Financial Overview - As of December 31, 2024, the total assets of Ma'anshan Iron & Steel Co., Ltd. were RMB 6,364,206.42 million, with total liabilities of RMB 4,677,868.88 million, resulting in total equity of RMB 1,686,337.55 million [4][5]. - For the period of January to February 2025, the company reported an operating income of RMB 1,059,006.44 million, with a net loss of RMB 17,165.32 million [5][6]. - The financial performance indicates a significant operating loss, with total revenue for 2024 reported at RMB 7,066,040.18 million and a net loss of RMB 405,050.42 million [5][6].