Every reporter: Huang Xinlei Every editor: Wei Guanhong
On the evening of February 13, Yunhai Metal (002182, SZ) released the first quarter performance forecast for 2022. The company’s net profit attributable to the parent is expected to reach 270 million-370 million yuan, a year-on-year increase of 257.94%-390.52%; non-net profit is expected to be deducted It reached 252 million yuan to 352 million yuan, a year-on-year increase of 419.22% to 625.26%.
Yunhai Metal explained that in the first quarter of 2022, compared with the same period last year, the sales price of products 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, the stock price of Yunhai Metal rose by the daily limit and closed at 23.10 yuan per share. The after-hours dragon and tiger list showed that the net purchase of Shenzhen Stock Connect was 36.3906 million yuan. Huatai Securities Co., Ltd. Tianjin Huachangdao Securities Sales Department The net purchase was 46.3561 million yuan, and the three institutions bought a total of 136 million yuan.
Regarding the deviation of the company’s closing price increase by more than 20% for three consecutive trading days, Yunhai Metal said that after self-examination by the board of directors, the company’s current production and operation are normal, and there has been no major change in the internal and external operating environment.
Strong performance in 2021
According to public information, Yunhai Metal’s main business is magnesium, aluminum alloy materials and deep-processed products, which are mainly used in the automotive and consumer electronics fields. It is a leading enterprise in automotive lightweight materials and a leading enterprise in the magnesium industry. The share is above 35%.
On February 13, Yunhai Metal also disclosed the 2021 annual performance report. The company’s annual operating income reached 8.131 billion yuan, a year-on-year increase of 36.76%, and the net profit attributable to the parent reached 503 million yuan, a year-on-year increase of 106.53%; basic earnings per share was 0.78 Yuan, a year-on-year increase of 106.52%.
Yunhai Metal stated that the main reasons for the increase in performance in 2021 were 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 in 2021, Yunhai Metal stated that the price of magnesium and aluminum rose during the reporting period. Although the price of raw materials and products of magnesium increased, the company’s industrial chain was complete, the original magnesium was basically self-sufficient, and the cost increase was less than The rate of increase in product price, the profit of magnesium alloy products increased; the pricing model of the company’s aluminum products is the average price of aluminum + processing fee. The sales volume of deep-processed products such as flat tubes increased, and the profit of aluminum deep-processed products increased year-on-year.
According to the Capital Securities Research Report, starting from the third quarter of 2021, the price of magnesium ingots has risen sharply, and has now exceeded 51,000 yuan/ton, an increase of more than 220% compared with the beginning of 2021. However, it still operates around 40,000 yuan to 50,000 yuan / ton. At the same time, the price of ferrosilicon and coal at the raw material side has dropped. The research report believes that Yunhai Metal’s primary magnesium smelting profit exceeds 20,000 yuan / ton.
New production capacity gradually landed
The research report also shows that with the gradual commissioning of the Chongqing Boao Phase II project, the release of the Chaohu Yunhai die-casting capacity, and the steady construction of the Qingyang project, Yunhai Metal is expected to achieve a leap in its production capacity in magnesium and aluminum materials and upstream resources in the next two years. developing.
According to the record of investor relations activities on January 4, the Qingyang project is located in the Huayuan Wujia dolomite mining area, Youhua Town, Qingyang County, with a 26.5-kilometer corridor. High-performance magnesium-based light alloys, 150,000 tons of magnesium alloy die-casting parts, and an annual output of 25 million tons of aggregates and machine-made sand. The project held a groundbreaking ceremony on December 28, 2021 in the Economic Development Zone of Qingyang County, Chizhou City, Anhui Province, and construction has begun.
Recently, Yunhai Metal also plans to build an annual output of 150,000 tons of lightweight aluminum extruded profiles and supporting projects in Chaohu, Anhui Province, mainly producing extruded profiles for aluminum body structural parts of new energy vehicles. The project is expected to achieve annual net profit after production. For 210 million yuan, the company has continued to expand production capacity and product lines in recent years, and is expected to enter the harvest period from this year.
Capital Securities believes that with the gradual increase in the volume of magnesium alloy structural parts of lithium batteries, and the increase in the permeability of magnesium alloy building templates. The downstream demand for magnesium is expected to explode in 2022. As an integrated leader of domestic magnesium smelting and deep processing, Yunhai Metal relies on the deep resources of Baosteel Metals, the second shareholder, and at the same time takes advantage of the cost advantage of the upstream smelting end, and is expected to fully enjoy the industry growth dividend.
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