[today's Guide]
The price has reached a record high, and the strategic resource inventory is still at a record low. The company's products have achieved mass production in nine of the world's top ten automobile manufacturers
Internet giants continue to enter the game, and such devices are expected to become the hardware interface between the real world and the meta universe
Stable investment supports the recovery of demand, and the price range of this product continues to expand. This company has multiple production bases and several mines
Since 2008, the supply of resources in the upper reaches of Ukraine has been reduced by nearly half due to concerns about the conflict between Russia and Ukraine
State Administration of mine safety: electronic seals for the construction of all registered coal mines in China
[subject details]
prices hit a record high, and this strategic resource inventory is still at a record low
According to the China Rare Earth Industry Association, the rare earth price index on February 15, 2022 was 426.8, up 6.2 points from the 14th, reaching a record high.
There is strong demand in emerging fields such as new energy vehicles, wind power, industrial motors and variable frequency air conditioning. Orders of large magnetic material enterprises have increased significantly and are generally full. The supply increment is limited, the contradiction between supply and demand is prominent, and the price rise expectation of the industrial chain is strong, showing that the downstream inventory is not high and the upstream is reluctant to sell. The price rise trend has been formed and is difficult to reverse. According to the statistics of Baichuan Yingfu, on February 11, the inventory of praseodymium and neodymium oxide was 3266 tons, equivalent to two weeks of inventory. The inventory data disclosed by the listed companies of major magnetic materials was also at a low level. Huaan Securities Co.Ltd(600909) analysis points out that on the supply side, China, as a strategic resource, the supply of rare earth is strictly controlled by national indicators; Globally, the production capacity of the United States has peaked, and the closure of the Myanmar epidemic has a great impact on China's import of rare earths. It is difficult to increase when the epidemic is not clear. On the demand side, low-carbon demand for new energy vehicles, industrial energy-saving motors and wind power generation has been fully opened, and the demand has increased rapidly. The supply and demand pattern was reshaped, and the tight balance promoted the rare earth price to maintain a high level.
Among the A-share listed companies, Yantai Zhenghai Magnetic Material Co.Ltd(300224) has successfully developed internationally leading 54uh, 50eh and 44ah Nd-Fe-B series products. The company's energy-saving and new energy vehicle products have achieved mass production or fixed-point production among the top ten automobile manufacturers in the world. Ningbo Yunsheng Co.Ltd(600366) has mastered the grain boundary diffusion technology for regulating the distribution of heavy rare earth elements in magnets and the reduction control technology of heavy rare earth elements in magnets. It has established in-depth cooperation with 6 of the top 10 main drive motor plants and successfully entered the supply chain of mainstream end customers such as Byd Company Limited(002594) . Earth-Panda Advanced Magnetic Material Co.Ltd(688077) the overall capacity of sintered NdFeB is 6000 T / A, and it is expected to reach 8000-10000 T / a by the end of 2022.
Internet giants continue to enter the game, and such devices are expected to become the hardware interface between the real world and the meta universe
Tencent launched a new business - XR (extended reality) business, and recently launched live water recruitment (i.e. internal cross departmental job transfer). The business focuses on the layout of the XR ecology of the whole link, including XR devices on the hardware side, perceptual interaction technology on the software side, and content and developer ecology on the content and industry side.
According to public data, extended reality (XR) refers to a real and virtual combination of human-computer interaction environment generated by computer technology and wearable devices, including augmented reality (AR), virtual reality (VR), hybrid reality (MR) and other forms. Metauniverse has high requirements for immersive and realistic experience. The existing PC and mobile phone devices can not perfectly restore the sensory experience of the real world, while XR head display devices with 3D display, large field of view angle and intuitive somatosensory interaction are expected to become the hardware interface between the real world and metauniverse. Western Securities Co.Ltd(002673) the analysis points out that in the medium term, if considering the continuous integration of VR and AR and the deepening of realistic interaction technologies such as gesture recognition, the use scenario is expected to expand to office and other fields. In terms of product application, XR devices are expected to partially replace the use of tablets / computers, and the global annual shipment is expected to reach more than 100 million units; Further, with technological progress, if XR can achieve enough lightness, long endurance and good interactive experience, XR devices will replace smartphones, with an annual shipment of more than 1 billion units.
Among A-share listed companies, Bluefocus Intelligent Communications Group Co.Ltd(300058) signed a strategic cooperation agreement with danghong Qitian and its subsidiary Qile infinite. The two sides will jointly promote the application expansion and commercialization of XR experience in key industries. The main business of Tecnon (Fujian) Commercial Lighting Co.Ltd(300650) subsidiary Talon vision is XR extended reality screen and system construction, which is suitable for film and television shooting, media display, large-scale party and stage construction. Col Digital Publishing Group Co.Ltd(300364) signed the cooperation agreement on the joint development of virtual digital human with well-known companies. At the same time, it also cooperated with many virtual digital human technology companies and AR / VR / MR / XR companies with leading technology in the industry to develop digital virtual human, virtual reality combination and other technologies and application scenarios in the field of content-based IP.
stable investment supports the recovery of demand, and the price range of the product continues to expand. The company has multiple production bases and several mines
Many cement enterprises have issued price adjustment letters one after another, and the scope of price increase has been expanding. On February 7, the price of clinker along the river in Anhui increased by 30 yuan / ton; On February 11, eastern Guangdong raised the clinker price by 30 yuan / ton, and several cement enterprises in Yunnan notified to raise the price of various types of cement by 50 yuan / ton. Subsequently, some cement enterprises in Chongqing and Hunan also successively issued price adjustment letters, and the scope of price increase continued to expand.
With the end of the Spring Festival holiday, the market will gradually start and recover, the cement market demand will pick up, and the upward demand will drive the increase of cement price. In terms of supply, according to the staggered peak kiln shutdown plan announced by various provinces across the country, the number of kiln shutdown days in the first quarter generally exceeded that in the same period last year. Recently, the national development and Reform Commission, the Ministry of industry and information technology and other four departments recently jointly issued the implementation guide for energy conservation and carbon reduction transformation and upgrading in key areas of high energy consuming industries (2022 version), which defined the work direction and objectives of energy conservation and carbon reduction transformation in 17 industries such as cement, flat glass and. It is mentioned that by 2025, the proportion of clinker production capacity above the benchmark level of energy efficiency in the cement industry will reach 30%, and the clinker production capacity below the benchmark level of energy efficiency will be basically cleared. The effect of energy conservation and carbon reduction in the industry is remarkable, and the ability of green and low-carbon development will be greatly enhanced. Soochow Securities Co.Ltd(601555) it is estimated that the supply capacity of the industry will decrease by 0.1% year-on-year after eliminating the peak staggering in 2022. With the support of stable investment on demand, the cement boom can still maintain a high level, and the peak season has a certain price elasticity. The dividend yield of 5 ~ 9% in 2021 makes the current price earnings ratio of 6 ~ 7 times have room for repair.
Among the A-share listed companies, Sichuan Golden Summit (Group) Joint-Stock Co.Ltd(600678) is located in Ledu Town, Emeishan City, which is an important cement production base in Sichuan Province. The limestone mined by the company is to meet its own calcium oxide production demand and supply the surrounding large cement plants. Jiangxi Wannianqing Cement Co.Ltd(000789) now it has 6 clinker production bases and 7 grinding enterprises, with an annual clinker production capacity of 15 million tons and cement production capacity of 26 million tons. The company currently has several limestone mines in Jiangxi.
China West Construction Group Co.Ltd(002302) is the first independent listed professional company created by China State Construction Engineering Corporation Limited(601668) and the only development platform of ready mixed concrete business.
under the conflict between Russia and Ukraine, the supply of upstream resources has raised concerns, the inventory has been reduced by half, and the price is close to the high point since 2008
Since 2022, the global aluminum price has continued to rise. Aluminum prices hit $3333 a tonne last week, close to the record high of $3381 hit in July 2008.
At the supply side, electrolytic aluminum production is limited. Since the second half of 2021, the power cost in Europe has soared, and many zinc and aluminum smelting enterprises have shut down some production capacity due to high power cost. The inventory of LME registered aluminum warehouse is 86895 tons, which has been reduced by more than half since March last year. Recently, the conflict between Russia and Ukraine may mean that western countries will impose sanctions on Russian companies such as Rusal, which accounts for about 5% of the global aluminum supply. Some metal traders said that Russia faces the risk of sanctions and people are trying to hoard aluminum and nickel. Citigroup raised the aluminum price in 2022. LME spot aluminum price will soar to US $3400 / ton in the next 0-3 months and stabilize at US $3000-3100 / ton in the next 6-12 months. Everbright Securities Company Limited(601788) the analysis points out that in the short term, the suspension of European aluminum enterprises and the disturbance of China's Baise epidemic will continue to affect the global electrolytic aluminum supply. In the long run, the red line of China's electrolytic aluminum production capacity will limit the long-term supply of the industry. Under the background of global low inventory, the disturbance of supply outside China will intensify, which will continue to promote the upward price of electrolytic aluminum.
Among the A-share listed companies, Shandong Nanshan Aluminium Co.Ltd(600219) is the largest exporter of cans in China. Its customers cover international giants such as Pepsi, cola and Budweiser. The company's overseas alumina company is located in Indonesia, which is rich in bauxite resources and has high ore quality. Yunnan Aluminium Co.Ltd(000807) provide green aluminum to intermediate processing enterprises, and the green aluminum produced by the company is indirectly supplied to Tesla. Tianshan Aluminum Group Co.Ltd(002532) the approved capacity of electrolytic aluminum is 1.4 million tons, and the built capacity is 1.2 million tons.
State Administration of mine safety: electronic seals for the construction of all registered coal mines in China
The notice on comprehensively carrying out the promotion and construction of "electronic seals" in coal mines issued by the State Administration of mine safety stipulates that "electronic seals" shall be built in all registered coal mines in China. By installing cameras, image analysis terminals and other equipment in key locations of coal mines, intelligent video recognition and other technologies shall be used to monitor and analyze the personnel entering and leaving the mine in real time Changes in the number of people and the production and operation status of the coal mine, timely discover the abnormal dynamics of the coal mine, automatically generate and push alarm information, and realize all-weather remote monitoring. Before the end of March 2022, the construction and networking of "electronic seals" of all registered coal mines shall be completed to realize full coverage of online supervision.
Huaxi Securities Co.Ltd(002926) Liu Jing pointed out that according to the rough calculation of a one-time investment of 50-200 million per coal mine (based on the target of 4000 coal mines in 2022), the future market scale will be 200-800 billion, and the market of hundreds of billions of smart mines will gradually set sail.
Among A-share listed companies, Chongqing Mas Sci.& Tech.Co.Ltd(300275) is at the forefront of the industry in the field of safety monitoring of smart mines. It has mature solutions and products related to electronic seals. At present, relevant businesses are in normal development; Hanwei Electronics Group Corporation(300007) said on the interactive platform that the nb-iot intelligent door magnetic detector, also known as the "electronic seal" of the Internet of things, a subsidiary of Weiguo technology intelligent door magnetic system, covers many provinces and cities in China. Based on the Internet of things network, it integrates door opening prompt, trigger warning and remote supervision; Uroica Precision Information Engineering Co.Ltd(300099) combined with 5g and other new information transmission technologies, we carry out digital smart mine related businesses in coal mines. We have business cooperation with Huawei. While existing orders are advancing in an orderly manner, new orders are being signed one after another.
