The sealing and control measures, the US dollar interest rate hike and inflation jointly suppressed market confidence, and crude oil prices fluctuated and fell. This week, some EU countries are considering banning the import of Russian oil, adding to the interruption of Libyan supply and the decline of U.S. crude oil inventory, increasing concerns about supply shortage, and crude oil prices have experienced a rise. However, as there are still economic downward expectations in the market, oil demand may be restrained. As of April 27, WTI crude oil price closed at US $102.02 barrel, down 0.71% from last week, down 5.77% from the average price of last month and up 34.10% from the price at the beginning of the year; Brent crude oil price was US $105.32/barrel, down 1.39% from last week, down 6.35% from the average price of last month and up 33.35% from the beginning of the year.
The export of Russian rubber products is restricted, and the scene of tire market at sea is expected to improve. The British government imposed tariffs on Russian rubber products. The British government recently announced a 35% tariff increase on rubber products imported from Russia and Belarus. The average annual trade volume of these rubber products is about 130 million pounds. Previously, the UK has imposed an additional tariff of 35% on “new pneumatic rubber tires” imported from Russia and Belarus. Also this week, Continental released its first quarterly report, raising the performance expectation of tire in 2022. Continental adjusted the growth rate of passenger cars and light commercial vehicles from 6% – 9% to 4% – 6% in the first quarterly report; The turnover of the tire sector is expected to be adjusted from 13.3-13.8 billion euros to 13.8-14.2 billion euros. However, Continental also mentioned that due to the rise of key raw materials, logistics costs and energy costs, the profit of the tire sector has declined to a certain extent. It is expected that the adjusted EBIT rate will be reduced from 13.5-14.5% to 12-13% in 2022.
A number of enterprises that focus on the issue of annual reports or quarterly reports, the overall performance is good Shandong Head Co.Ltd(002810) 2021: the company achieved a total operating revenue of 1.56 billion yuan, with a year-on-year increase of 19.22%; The net profit attributable to the owners of the parent company was 330 million yuan, an increase of 30.65% over the same period of last year; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 315 million yuan, an increase of 31.45% over the same period of last year. In the first quarter of 2022, the company achieved an operating revenue of 392 million yuan, a year-on-year increase of 19.05%; The net profit attributable to shareholders of listed companies was 963334 million yuan, a year-on-year increase of 20.66% Qinghai Salt Lake Industry Co.Ltd(000792) released the annual report for 2021, the company’s profit increased greatly and its main business grew steadily. The total operating revenue of the company is 14.778 billion yuan, yoy + 5.44%; The net profit attributable to the parent company was 4.478 billion yuan, yoy + 119.58%; Deduct non net profit of RMB 4.482 billion, yoy + 108% Inner Mongoliayuan Xing Energy Company Limited(000683) released the first quarterly report of 2022. In 2022q1, the company realized an operating revenue of 2.681 billion yuan, yoy + 19.81%; The net profit attributable to the parent company is 792 million yuan, yoy + 137.79%, deducting 790 million yuan of non net profit, yoy + 138%.
Risk factors: the risk of declining demand caused by macroeconomic depression; Risks of rising raw material costs or falling product prices; The risk of economic expansion policy falling short of expectations
Key target: Sailun Group Co.Ltd(601058) . According to the company’s production capacity planning, the company currently has production capacity under construction outside China, and the projects under construction in China are expected to reach production in 22 years. The annual production capacity will increase by 2.4 million all steel tires, 8.5 million semi steel tires and 10000 tons of off-road tires. Overseas Vietnam phase III (1 million all steel tires, 4 million half steel tires and 50000 tons of off-road tires) and Cambodia project (1.65 million all steel tires and 9 million half steel tires) are expected to be completed in 23 years. The adverse impact on the company is expected to gradually subside in 21 years; In terms of sea freight, the coastal container freight index (TDI) decreased by 0.59% compared with last week, and the container freight index in Southeast Asia decreased to the level at the end of last year, and the sea freight cost is expected to gradually reduce; In terms of raw materials, the quotation of upstream raw materials in the tire industry was stable this week. In addition, the company’s “liquid gold” has achieved technological breakthroughs and opened up new growth space.
\u3000\u3 China Vanke Co.Ltd(000002) 810。 The company is mainly engaged in cellulose ether, plant capsules and other products. The company’s overseas business accounts for more than half. In addition, the plant capsule is light in weight and large in volume, and the company is significantly affected by freight. The company has maintained rapid growth under multiple factors such as the epidemic situation, the rise in the price of raw materials and the rise in shipping costs. In 2021, the total operating revenue was 15604941 million yuan, yoy + 19.22%; The net profit attributable to the parent company is 329535300 yuan, yoy + 30.65%; Deduct 314713800 yuan of non net profit, yoy + 31.45%. In the first quarter of 2022, the company realized an operating revenue of 392 million yuan, yoy + 19.05%; The net profit attributable to the shareholders of the listed company was 963334 million yuan, yoy + 20.66%. The company also plans to issue convertible bonds of no more than 600 million yuan to support the company’s cellulose ether and plant capsule production expansion project.
\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 256。 The company has three major sectors: natural gas, coal chemical industry and coal. In terms of natural gas, the price rise is superimposed on the orderly expansion of Qidong LNG terminal, and the LNG business income is expected to continue to rise; Malang coal mine of the company is about to be put into operation, and the coal output is about to expand, bringing new increment to the company’s performance.
