有色金属：需求接力供给，钒价持续高位.pdf

Table_MainInfo Table_Title / Table_Summary 20172017 7 18 WTO2017 9 4 24V2O5201820171.420182 GB/T 1499.2 22018 115 260“ ”2019 2020“ ” ST ST V2O52.2 / 42018-202023.44 26.47 29.73 EPS 0.27 0.31 0.352018 8 14 P/E 11.25X 9.96X 8.87XEPS P/E 2017A 2018E 2019E 2017A 2018E 2019E ST 3.07 0.10 0.27 0.31 30.7 11.25 9.96 Table_Invest Table_PicQuote -32%-22%-12%-2%8%18%2017/82017/92017/102017/112017/122018/12018/22018/32018/42018/52018/62018/7Table_Trend % 1M 3M 12M -6.38% -22.14% -31.40% -3.27% -8.42% -22.70% Table_IndustryMarket 124 14672 11155 24.15 1.89 14441 462 % 56.20 Table_Report *ST 0006292018-08-0 2018-07-30 2018-07-16 2018-07-02 Table_Author S0550511020007 S0550118080063 13122682883 huycnesc / 2018-08-16 2 / 38Table_PageTop 1. . 5 2. . 7 3. . 9 3.1. .10 3.2. .12 3.3. .14 3.3.1. . 16 3.3.2. . 20 4. . 22 4.1. 44% .22 4.2. .24 4.3. .25 4.3.1. . 25 4.3.2. . 26 4.4. .30 4.5. .32 5. . 33 6. ST . 35 6.1. ST .35 3 / 38Table_PageTop 1 / . 5 2 . 6 3 . 6 4 . 7 5 . 7 6 . 7 7 . 8 8 . 9 9 .11 10 .11 11 .11 12 2011-2017 V2O5 . 15 13 2017 . 15 14 2017 V2O5 . 16 15 . 18 16 . 19 17 V2O5 / . 20 18 2017 . 22 19 2017 . 23 20 2017 / . 23 21 . 24 22 2017 . 24 23 V2O5 . 24 24 . 24 25 % . 24 26 2017 . 25 27 HRB400 . 26 28 HRB400 . 26 29 . 27 30 2016 . 27 31 2016-2018 . 29 32 . 31 33 V2O5 . 32 34 V2O5 . 33 35 . 34 36 . 34 4 / 38Table_PageTop 1 . 7 2 . 8 3 % . 9 4 . 9 5 2016 . 10 6 . 10 7 V2O5 . 12 8 V2O5 . 12 9 2016 . 13 10 / . 13 11 / . 14 12 / . 16 13 . 17 14 V2O5 . 18 15 2009 . 19 16 2009 . 19 17 . 20 18 2017 (4 24 . 21 19 . 22 20 2014 . 25 21 HRB400 . 26 22 . 27 23 400MPa . 28 24 400MPa . 28 25 . 28 26 . 29 27 . 30 28 . 30 29 . 32 30 . 32 31 . 33 32 EVRAZ . 34 33 . 35 5 / 38Table_PageTop 1. 2017 V2O5 20178.6 / 27 /50 27.5 / 41.5 / 1 / 05000010000015000020000025000030000035000040000045000016 - 01 16 - 04 16 - 07 16 - 10 17 - 01 17 - 04 17 - 07 17 - 10 18 - 01 18 - 04 18 - 0750Wind 20172017 7 18WTO 2017 9 4 2415% 6 / 38Table_PageTop 2 0%20%40%60%80%100%17 - 01 17 - 03 17 - 05 17 - 07 17 - 09 17 - 11 18 - 01 18 - 03 18 - 0520182017 1.42018 2GB/T 1499.2 22018 11 5260 5780 1803 - 100%- 80%- 60%- 40%- 20%0%0100020003000400017 - 01 17 - 03 17 - 05 17 - 07 17 - 09 17 - 11 18 - 01 18 - 03 18 - 057 / 38Table_PageTop 4 5 - 100%- 50%0%50%100%150%200%020040060080010001200140016001800200017 - 01 17 - 03 17 - 05 17 - 07 17 - 09 17 - 11 18 - 01 18 - 03 18 - 05- 200%0%200%400%600%800%1000%010020030040050060070080090017 - 01 17 - 03 17 - 05 17 - 07 17 - 09 17 - 11 18 - 01 18 - 03 18 - 052. ,0.1% 10%-20% 15%-25% 8%-10% 85%8% 7%6 85%8%7%1 % 0.020.10 HSLA 0.20 0.100.20 0.080.15 8 / 38Table_PageTop 0.10.0.25 0.901.10 0.801.20 0.501.10 HSS 1.752.20 0.250.40 0.070.12 0.05 min) V2O510-20%80-90%V2O5 1%7 2 / 30-40% 9 / 38Table_PageTop 75%-85%V2O5 12% -16%15 7% 1 V2O5250 0.8% 1 V2O5 1801.5% 1 V2O5 1 V2O5 1.1 50 0.780 0.7 8 3 % 16-18 12.5 15-17 8-10 32-40 10-12 12.06 16-18 2.64 35-38 4 15 7% 1 250 0.8% 1 180 1.5% 1 1 1.1 50 1 0.7 80 1 0.7 3. 10 / 38Table_PageTop 3.1. 2016 630019409005 2016 / 900 500 350 180 4.5 4.2 2016 6 /Mt V2O5/% V2O5/kt 1.41.5 13 1.1 143 2 0.5 10 430 0.6 40 0.36 144 15 0.43 57.5 168 0.25 29430 0.28 10000 0.22 420 3600 0.240.40 0.051.0 0.19 1900 0.50.7 22.8 0.751.25 1119 0.14 0.161 0.851.4 32 201.6 112 1.3 45 0.75 168 832 0.39.5