The A-share performance forecast is coming to an end. In the non-ferrous metal sector, Yunnan Tin Co.Ltd(000960) , Yunnan Luoping Zinc&Electricity Co.Ltd(002114) and other companies have successively issued performance forecasts for 2021. Yunnan Tin Co.Ltd(000960) it is expected to realize a net profit of 2.7 billion yuan to 2.9 billion yuan, with a year-on-year increase of 291.08% to 320.05%, a record high.
According to the statistics of China stock market news choice financial data terminal, 42 of the 121 non-ferrous metal listed companies disclosed the performance forecast of 2021 as of January 25. Among them, the performance of 41 companies is expected to increase, and the net profit of 22 companies is expected to double. In 2021, "the gradual recovery of the market", "global economic recovery" and "strong downstream demand" have become the key logic for the performance growth of the non-ferrous metal industry.
raw material supply side: output generally increased
Among the 42 performance forecasts, the performance of industrial metals such as aluminum and copper, small metals such as tin, rare earth and lithium, and related industrial chain companies such as magnetic materials increased significantly.
Yunnan Tin Co.Ltd(000960) said that in 2021, the output and technical and economic indicators of main products of tin, copper, zinc and other companies increased significantly. The increase of tin output comes from the wide application demand of downstream products. The relevant person in charge of Yunnan Tin Co.Ltd(000960) told the reporter of Securities Daily, "Tin is mainly used in tin solder, tin sector (tinsector), chemical industry, lead-acid battery and alloy. In terms of new energy, tin can be used in the welding strip of photovoltaic modules. The growth of new installed capacity of global photovoltaic has greatly boosted the demand for tin in this field. With the rapid development of new energy vehicles, the demand for tin for automotive electronic solder is expected to increase significantly."
Under the trend of strong destocking in the manufacturing industry, there is a strong demand for non-ferrous metal products. On the supply side, in addition to the increase of tin production, the trend of aluminum production expansion is obvious. Zhongtai Securities Co.Ltd(600918) analyst Xie Honghe said, "on the supply side of electrolytic aluminum, some electrolytic aluminum production enterprises in Yunnan, Qinghai and other places have resumed production slightly, and China's overall supply has increased slowly." In 2021, several electrolytic aluminum projects in Yunnan, including the Yunnan Aluminium Co.Ltd(000807) project, will be put into operation gradually.
In addition, in the context of carbon neutralization and "dual control", although the supply and demand of non-ferrous metals has opened a gap, it has also brought production challenges to relevant companies. The concepts of carbon emission and green consumption have gradually penetrated into the daily production of enterprises.
downstream processing end: increase of product added value
According to the research report, the prosperity of the global new energy industry continues to rise, and the electric vehicle markets in China, the United States and Europe resonate, driving the demand prosperity of the whole industry chain to continue to rise.
In addition to market expansion, a number of non-ferrous metal listed companies said they were actively expanding to the field of high value-added products. In addition to the optimization of the product itself, the technological innovation and product R & D of processing enterprises have achieved certain results. Products that are lightweight and in line with the concept of green consumption and metal recycling business are "sought after".
With regard to the trend of increasing the added value of products, Yunnan Tin Co.Ltd(000960) the above person in charge said, "the company will focus on the field of tin non-ferrous metal deep processing, focus on the strategic needs of the development of key new material industries in tin deep processing, increase product quality and new product development, and pay attention to the cultivation and introduction of high-end talents."
On the other hand, non-ferrous metal companies have also gradually expanded to the field of resource regeneration. In December 2021, Sino-Platinum Metals Co.Ltd(600459) announced that it would invest in the construction of a modern industrial base project of secondary resource enrichment and regeneration of precious metals, with a total investment of 600 million yuan. After the implementation of the project, the company's annual treatment of precious metal waste increased to 10000 tons.
Under the background of unbalanced supply and demand of non-ferrous metals, the field of regeneration may become a new "Blue Ocean track".
industrial linkage to deal with the price rise of raw and auxiliary materials
Faced with multiple challenges such as regional power rationing, rising prices of raw and auxiliary materials and drastic changes in supply, Yunnan Tin Co.Ltd(000960) said, "through the coordinated linkage of the supply chain of the whole tin industry chain, the tin market influence has been further improved and the market share has been further expanded."
"Whole industry chain supply chain linkage" is to further improve the market share of tin raw materials and products by using the thinking of industrial chain supply chain linkage and adhering to the market operation control principles of purchase and sales linkage, future cash interaction and internal and external linkage on the basis of continuously improving the competitive advantage of the company's industrial chain.
Qi Haizhen, President of Beijing Teyi Sunshine New Energy Technology Co., Ltd., told the Securities Daily, "the transformation of traditional industries, the expansion of new energy and new materials and other fields, and the improvement of product refinement will also gradually improve the concentration of the industry, enhance the cooperation viscosity of the industrial chain, and benefit the existing leading enterprises."
Many non-ferrous metal companies took the initiative to expand their own industrial chain in 2021, and the industrial chain appeared aggregation effect. Yunnan Tin Co.Ltd(000960) at the end of 2021, it acquired 1.12% shares of Hualian zinc indium held by CCB investment, and once again strengthened its control over Hualian zinc indium, a holding subsidiary with strong profitability.
Jiufang zhitou research report believes that under the background of carbon neutrality, Chinese resource companies have started "great integration" and industry leaders have obtained asset injection, offsetting the impact of capacity constraints and further improving market share; At the same time, the limited production capacity has brought the rigidity of the supply curve, which makes it difficult for the product price to fall sharply. The leading enterprises of non-ferrous metals have ushered in the development stage of simultaneous rise in volume and price.
