On the evening of October 23, the air-conditioning upstream accessories company Jingyi shares (002295, SZ) released the third-quarter earnings report, the company's operating income increased by 43.98% in the first three quarters, net profit (refers to the net profit attributable to shareholders of listed companies, The same is the same) a substantial increase of 443.46%. Jingyi shares said in the third quarter earnings report that the increase in operating income was mainly due to the increase in sales volume during the reporting period.
Jingyi Co., Ltd. is a leading domestic copper alloy accessories manufacturer, and downstream customers include Gree, Midea, Kelon and other air conditioners. "Daily Economic News" reporter noted that this year, the rise in copper prices and the increase in the production of household air conditioners, the performance of Jingyi shares ushered in a sharp rise.
In the first three quarters, non-net profit increased by 950%
According to the third quarter earnings report of Jingyi, the company's third quarter net profit was 11.823 million yuan, an increase of 156.42%. From January to September, Jingyi's accumulated operating income was 3.894 billion yuan, a year-on-year increase of 43.98%. The accumulated net profit for the first three quarters was 49.253 million yuan, a year-on-year increase of 443.46%. In terms of non-net profit, Jingyi shares increased by 950.11% in the first three quarters. For the third quarter revenue and net profit growth, Jingyi shares said in the report, mainly because of the increase in sales scale and changes in business measures, resulting in a substantial increase in revenue.
According to reports, China's copper pipe processing industry is affected by product homogenization and over-saturation of market capacity, industry profits have been relatively low, and market competition is fierce. In 2014 and 2015, the domestic air-conditioning industry was in a downturn, and downstream demand was not prosperous, affecting the production of upstream parts, resulting in a loss in the performance of Jingyi shares in 2014. Subsequently, Jingyi shares greatly increased the proportion of revenue from trading business. By June of this year, Jingyi's copper processing business and trading business had accounted for nearly 50% of the company's total revenue.
In the first half of the year, the company achieved operating income of 2.515 billion yuan, an increase of 48.07% over the same period of the previous year; net profit was 37.43 million yuan, a substantial increase of 740.73%. Among them, the operating income of the company's copper processing industry increased by 57.31% year-on-year. Jingyi shares explained that this was mainly due to the increase in sales volume of the company and the sharp increase in the price of electrolytic copper for main raw materials.
"Daily Economic News" reporter noted that this year, the rise in copper prices has become an important support for the performance of Jingyi shares. At the same time, the National Bureau of Statistics data show that from March to August this year, the national room air conditioner production rate increased by 13.4%, 20.5%, 24.6%, 13.4%, 23.0%, respectively, compared with the same period of last year. 19.1%.
Copper processing listed companies' performance is improving
Since the fourth quarter of last year, the market price of raw material copper has continued to rise, which has caused domestic air-conditioning manufacturers to be "sadly miserable." In December last year, some domestic air-conditioning manufacturers forced a concentration of "screaming" due to cost pressure.
According to business statistics, on January 1 this year, the market price of non-ferrous metal copper was 45023.75 yuan / ton. By the end of June, the price of metallic copper had risen to 47130 yuan / ton, up 25.45% year-on-year. In July, the price increase of metallic copper reached 6.6% in a single month. At the end of July, the market price of metallic copper was 50241.25 yuan/ton, up 32.85% from last year.
In October, domestic copper prices continued to rise. It is understood that Shanghai copper reached 55,120 yuan / ton on October 17, setting a new high in four years. Industry analysts believe that this wave of copper price increases in October is the result of short-term funding factors and long-term optimistic expectations of resonance.
The rise in copper prices has made the performance of listed companies in the copper processing industry beautiful. Chujiang New Materials (002171, SZ) released the first three quarters of the results forecast announcement announcement, the company previously forecast that the company's net profit change range from January to September 2017 was 220 million to 260 million yuan, a year-on-year change of 51.7% to 79.29% . Later revised, the profit range of the first three quarters was 250 million yuan to 290 million yuan, an increase of 72.39% to 99.97% compared with last year. One of the reasons for the performance correction is that the prices of copper-based materials and steel-based materials continue to rise, the market demand is strong, and the profit margin of products is expanding.
Benefiting from the strong demand for copper processing products and the rise in copper prices, Hailiang (002203, SZ) also achieved a year-on-year increase in operating income of nearly 65% ​​in the first half of this year. Tongling Nonferrous (000630, SZ) also announced in the first three quarters of 2017 that the price of the company's main products and by-products increased year-on-year, and the profitability of its main business increased. The average processing fee income of copper foil increased more than that of the previous period, and the effect of turning losses on other copper processed products was obvious.
Editor in charge: Li Qun
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