On February 13, Nanjing Yunhai Special Metals Co.Ltd(002182) (002182, SZ) released the performance forecast for the first quarter of 2022. The net profit attributable to the parent company is expected to reach 270 million yuan – 370 million yuan, with a year-on-year increase of 257.94% – 390.52%; The net profit after deduction is expected to reach RMB 252 million to RMB 352 million, with a year-on-year increase of 419.22% – 625.26%.
Nanjing Yunhai Special Metals Co.Ltd(002182) explained that in the first quarter of 2022, compared with the same period last year, the product sales price increased, the product structure was optimized, the gross profit margin increased, and the performance increased significantly year-on-year.
It is worth noting that on February 11, Nanjing Yunhai Special Metals Co.Ltd(002182) share price rose by the limit to close at 23.10 yuan / share. The after hours dragon and tiger list showed that Shenzhen Stock connect net bought 36.3906 million yuan, Huatai Securities Co.Ltd(601688) Tianjin huachangdao securities business department net bought 46.3561 million yuan, and the three institutions bought 136 million yuan in total.
For the company’s cumulative deviation from the closing price increase for three consecutive trading days of more than 20%, Nanjing Yunhai Special Metals Co.Ltd(002182) said that after the self inspection of the board of directors, the company’s current production and operation are normal, and the internal and external business environment has not changed significantly.
Great increase in performance in 2021
Public information shows that Nanjing Yunhai Special Metals Co.Ltd(002182) is mainly engaged in magnesium, aluminum alloy materials and deep-processing products. It is mainly used in the field of automobile and consumer electronics. It is not only a leading enterprise of automobile lightweight materials, but also a leading enterprise in the magnesium industry. The market share of magnesium alloy in the world is more than 35%.
On February 13, Nanjing Yunhai Special Metals Co.Ltd(002182) also disclosed the performance express of 2021. The company’s annual operating revenue reached 8.131 billion yuan, a year-on-year increase of 36.76%, and the net profit attributable to the parent company reached 503 million yuan, a year-on-year increase of 106.53%; The basic earnings per share was 0.78 yuan, a year-on-year increase of 106.52%.
Nanjing Yunhai Special Metals Co.Ltd(002182) said that the increase in performance in 2021 was mainly due to the increase in the sales price of main products, the increase in gross profit margin and the increase in sales volume.
In the forecast of the third quarterly report of 2021, Nanjing Yunhai Special Metals Co.Ltd(002182) said that the prices of magnesium and aluminum increased during the reporting period. Although the prices of raw materials and products of magnesium increased, the company’s industrial chain was complete, the raw magnesium was basically self-sufficient, the range of cost increase was lower than that of product price increase, and the profit of magnesium alloy products increased; The pricing mode of the company’s aluminum products is the average price of aluminum + processing fee. With the increase of aluminum price, the profit of the company’s aluminum products increases. In addition, the sales volume of deep-processing products such as aluminum extruded automobile structural parts and microchannel flat tubes increases, and the profit of aluminum deep-processing products increases year-on-year.
According to the Research Report of capital securities, since the third quarter of 2021, the price of magnesium ingot has risen sharply. At present, it has exceeded 51000 yuan / ton, an increase of more than 220% compared with the beginning of 2021. Although the price of magnesium in the fourth quarter of 2021 has decreased compared with the high point of the third quarter, it still operates around 40000 yuan ~ 50000 yuan / ton. At the same time, the price of ferrosilicon and coal at the raw material end has decreased, According to the research report, the original magnesium smelting profit of Nanjing Yunhai Special Metals Co.Ltd(002182) exceeds 20000 yuan / ton.
new capacity is gradually implemented
The research report also shows that with the gradual commissioning of Chongqing Bo’ao phase II project, the release of Chaohu Yunhai die casting capacity and the steady construction of Qingyang project, Nanjing Yunhai Special Metals Co.Ltd(002182) magnesium aluminum materials and upstream resource end capacity are expected to achieve leapfrog development in the next two years.
According to the record of investor relations activities on January 4, Qingyang project is located in Wujia dolomite mining area, garden, Youhua Town, Qingyang County, with a 26.5km corridor. It operates a wharf with an annual throughput of 30 million tons, and constructs a project with an annual output of 300000 tons of high-performance magnesium based light alloy, 150000 tons of magnesium alloy die-casting parts, 25 million tons of aggregate and machine-made sand. The commencement ceremony of the project was held in Qingyang County Economic Development Zone, Chizhou City, Anhui Province on December 28, 2021, and construction has begun.
Recently, Nanjing Yunhai Special Metals Co.Ltd(002182) also plans to invest and build a 150000 ton / year lightweight aluminum extruded profile and supporting project in Chaohu, Anhui Province, which mainly produces extruded profile products for aluminum body structural parts of new energy vehicles. After the project is completed, the annual net profit is expected to be 210 million yuan. The company has continued to expand its production capacity and product line in recent years, and is expected to enter the harvest period from this year.
Capital Securities believes that with the gradual increase of lithium battery magnesium alloy structural parts and the increase of permeability of magnesium alloy building formwork. The downstream demand for magnesium is expected to burst in 2022. Nanjing Yunhai Special Metals Co.Ltd(002182) as the leader of magnesium smelting and deep processing integration in China, relying on the deep resources of Baosteel metal, the second shareholder, and taking advantage of the cost advantage of the upstream smelting end, it is expected to fully enjoy the growth dividend of the industry.
