The colored industry is mixed

Under the background of declining metal prices, the domestic non-ferrous industry has shown a mixed picture.

According to statistics, as of July 20th, 55 companies in 104 non-ferrous metal industry companies have disclosed 2015 mid-year notices, of which 29 listed companies had pre-joyed results, accounting for just over 50% of the total. Wal-Nuclear Materials and Chang Aluminum Co., Ltd. led the nonferrous metals industry with 8x and 3x earnings growth, respectively.

However, judging from the performance forecast, the growth of Wall's nuclear material is mainly due to the long-term equity investment confirmation standards for Changyuan Group's investment, not the company's profitability. Chang Aluminum Co., Ltd. relied on the adjustment of its product structure to significantly increase its profitability.

Ping An Securities Research reported that the two types of companies with significant growth in the primary business in the first half of the year benefited from the increase in output or optimization of product structure, and secondly, benefited from policies and transitioning companies.

However, there are also some listed companies that have failed to successfully eliminate the impact of the decline in metal prices and have suffered significant losses. Among them, Baoji announced on July 17 that “The market for titanium products was affected by the economic situation at home and abroad, and the average selling price of the leading products decreased, resulting in a lower profitability of the company. It is expected that it will lose around 50 million yuan in the first half of the year, which is a year-on-year decrease. Nearly 24 times."

The decline in metal prices also provides a good opportunity for industry mergers and acquisitions. Industry insiders said that "at this time, mergers and acquisitions in the non-ferrous industry may be traded at a lower price."

China Daily reported half of pre-joy

According to the data, as of July 20, there are 55 listed companies in the domestic non-ferrous industry that have announced 2015 interim results announcements, of which 29 listed companies have preliminaries, accounting for 52.73%.

According to statistics, of the companies that have disclosed interim results announcements, the number of companies with year-on-year growth in profits and positive profit contributions has reached 27, of which 18 companies have forecast earnings growth of over 50% year-on-year, and net profit has increased by 100% year-on-year. Over 12% of the companies have reached.

Among them, Walnut's nuclear material is expected to grow by 840%. This is the pre-inflation king of this year's nonferrous metals industry. Changzhou Aluminum, Zhongcai, Gangtai, and Shengtun Mining followed, and their performance increased by more than 200%. .

According to the announcement of the performance announcement of Wall Nuclear, the net profit attributable to shareholders of the listed company in the first half of this year is expected to be 359 million to 371 million yuan, an increase of 810% to 840% year-on-year.

Wohl Nuclear Materials stated that on May 7th this year, the company nominated one director, one independent director and one supervisor each to Changyuan Group. According to relevant laws and regulations, the company’s investment in Changyuan Group meets the criteria for the confirmation of long-term equity investment, and the fair value of the investment is measured based on the closing price of Changyuan Group on May 7th, resulting in a substantial increase in the company’s net profit for the period compared to the same period of last year. increase. Prior to this, Wall’s nuclear material had expected net profit to increase by 70%-100% over the same period of last year.

However, Chang Aluminum Co., Ltd. significantly improved its mid-term business performance through the improvement of its profitability.

Chinalco announced on July 14 that it expects net profit attributable to shareholders of listed companies in the first half of 2015 to be between 42 million and 45 million yuan, an increase of 386%-421% year-on-year.

The company said that the company focused on two adjustments to the product structure, adjusting the proportion of sales of air-conditioning materials and auto alloys, and opting for orders based on different product processing fees in the traditional air-conditioning materials area, thereby increasing the gross profit of products. In addition, the profit contribution of subsidiaries, the increase in profitability of export products, and the reduction in cost are also the main reasons for the improvement in the performance of the company.

Ping An Securities Research reported that “Excluding the non-recurring gains and losses or the performance increase caused by the extended acquisition, the companies with significant growth in the main business in the first half of the year are mainly divided into two categories. One is output growth or product structure optimization. Mainly concentrated in the non-ferrous metal processing industry with a high degree of downstream boom; Second, companies benefiting from policies and transitions.

Non-ferrous metal prices continue to decline

However, due to the continuous decline in the growth rate of investment in fixed assets, non-ferrous metal prices generally performed poorly in the first half of this year, resulting in a substantial decline in the performance of some listed companies.

According to the data, of the companies that have disclosed interim results announcements, a total of 15 listed companies are expected to lose money in the first half of this year, of which 11 listed companies' performance declined year-on-year, and Western Materials, Baozi Titanium, Taiyuan Corundum, and Tin Industry declined in size. In the front row.

Western Materials announced on July 9 that the net profit attributable to the shareholders of the listed company in the first half of the year was expected to be a loss of 37 million yuan to 42 million yuan, while the company had a profit of 1.8835 million yuan in the same period last year.

According to Western Materials, the reason for the sharp downward revision in performance was due to the sluggish market in titanium processing materials and rare metal composite materials, which led to a drop in product sales revenue and a drop in product prices. Bao Titanium shares also suffered a significant loss due to the decline in the price of titanium products.

In addition, the fierce competition in the first half of the market for Taiyuan's corundum-dominated industrial NdFeB magnetic material led to a year-on-year decrease in operating income and a decrease in product gross margin, which is expected to cost 45 to 50 million yuan. However, Tin Industry Co., Ltd. incurred a loss of 5.55 to 5.65 billion yuan due to the continuous decline in the prices of major products such as tin, and its profit for the same period last year was 170 million yuan.

According to the data, the prices of copper, aluminum, lead, zinc, nickel and tin of LME in the first half of the basic metals decreased by 19.64%, 12.21%, 0.48%, 12.18%, 37.72% and 37.05% respectively year-on-year. Among precious metals, COMEX gold and silver declined by 12.74% and 28.31% respectively year-on-year. COMEX gold, on the other hand, dropped to a low of $1,080/oz on July 20, the lowest in five years. Rare earth prices also performed poorly, with light rare earths falling even further.

However, the price of small metals has divided, among which the price of lithium carbonate is good both in terms of supply and demand, and its price in the first half of the year rose by 27.67% year-on-year.

According to the latest data, the output of new energy vehicles in the first half of the year tripled, and the demand for lithium carbonate in the upper reaches of the industrial chain was strong. Among them, Tianqi Lithium is expected to net profit of 38 million to 46 million yuan in the first half of the year, an increase of 118.00% to 164.00%.

A non-ferrous industry analyst in South China told reporters that “2015 was the year of assessment for new energy vehicle promotion, and all localities have also issued some subsidy policies for new energy vehicles. It is expected that the high-speed growth of new energy vehicles will continue, and lithium carbonate prices may be Steady progress."

However, there are also insiders pointed out that "at present, in the case of continued decline in metal prices, the industry's pricing is also at a relatively low level, at this time in the non-ferrous industry mergers and acquisitions may be traded at a lower price, the future metal prices will be able to Get better returns."

The data shows that since the beginning of this year, more than 20 industrial mergers and acquisitions have taken place in domestic nonferrous industry listed companies, and the total value of transactions exceeds 15 billion yuan.