The most timely, effective, neutral and objective financial announcement and public information interpretation of Songta Finance.

1. Shanghai Airport

There is another thunder storm in Shanghai Airport: it is estimated that the loss will be 1.64 billion to 1.78 billion yuan in 2121, which is not as good as the agency's expectation again.

Overview

Songta Finance has learned that Shanghai Airport (611119. SH) announced on October 24th that it is expected to lose 1.64 billion yuan to 1.78 billion yuan in 2121; In 2121, the passenger throughput and aircraft take-off and landing of Pudong Airport were lower than expected at the beginning of the year. The spread of epidemics in many places in China limited the recovery and growth of domestic airline business. Due to the global epidemic situation, the business volume of international airlines was still greatly affected. The company's business development and customer operations were greatly affected by the continuous impact of the epidemic, and the business continued to be under pressure.

Popular Science

The income of the airport is divided into aviation income and non-aviation income. Aviation income includes take-off and landing fees, parking fees, passenger service fees, security inspection fees, etc. These fees are all set by the government. At present, airports in China are basically built by the government, and airports are related to the flow of goods and people, which is an important part of economic development, and their operation is similar to public welfare projects. Aviation income basically does not contribute to profits, and it is in a state of roughly balanced income and expenditure.

Non-aviation revenue includes advertisements, rents, retail deductions, etc., and the pricing is relatively market-oriented. Basically, the higher the non-aviation revenue, the higher the gross profit margin. The growth of non-aviation revenue is mainly determined by several aspects: the quantity of traffic, the penetration rate of passenger consumption and the terms of commercial contracts. The more tourists there are, the more advertising revenue, retail revenue and rent will naturally increase.

Interpretation

The performance of Shanghai Airport is worse than predicted by the organization. Wind data shows that the average forecast of the net profit of the company's homecoming in 2121 by 21 brokers is-1.436 billion yuan, with an increase rate of -13.4%. The performance forecast of Shanghai Airport is-1.64 billion yuan to-1.78 billion yuan, which is lower than the brokerage expectation. The loss of Shanghai Airport in 2121 is larger than that in 2121.

there was a thunderstorm at Shanghai airport last year. On February 1, 2121, the opening of Shanghai Airport fell by a word. On the evening of October 29, 2121, the announcement of the company's performance pre-loss was the source of the limit. Shanghai Airport is expected to make a loss of 1.21-1.29 billion yuan in 2121, and a profit of 5.13 billion yuan in 2119.

The main reason for the poor performance is that the COVID-19 epidemic has greatly reduced flights and passenger flow, thus affecting the company's rental income, advertising income and retail income.

domestic flight volume: affected by the epidemic, the flight volume of Spring Festival travel rush in February dropped significantly compared with that before the epidemic, and the domestic flight volume began to pick up in March, and it achieved positive growth year-on-year until July. However, the important summer vacation season was once again interrupted by the domestic epidemic, and the number of flights dropped sharply again in August, ending the summer vacation ahead of schedule. After that, the domestic epidemic situation eased and the overall control was good, but the flight volume never rose sharply again, which was a year-on-year decline compared with 21 years and 2119, and this situation continued until the end of 21 years.

in terms of international flight volume: compared with 2119, the monthly international flight volume dropped by over 91%. Since the fourth quarter, the epidemic situation in foreign countries has intensified. In this regard, China has strictly controlled international routes under the guidance of the epidemic prevention and control policy of "internal defense rebounding and external defense importing", so the recovery level of the international passenger transport market is still relatively low. Shanghai Airport and Baiyun Airport were more affected and recovered more slowly due to the high proportion of international flights.

For Shanghai Airport, the more serious impact is the fundamental change of the tax-free business model of "former profit center". Duty-free shops account for a large proportion of the non-aviation business of Shanghai Airport. In 2119, the rental income of duty-free shops was 5.2 billion yuan, while the non-aviation income was 6.86 billion yuan, accounting for 75.9% of the non-aviation income and 47.6% of the total operating income.

The duty-free business model began in September 2118. Shanghai Airport and Shanghai signed the "Transfer Contract for the Management Right of Duty Free Shop Project of Shanghai Pudong International Airport", which is expected to bring 41 billion yuan of guaranteed sales commission to Shanghai Airport in seven years. Tax-free income has actually become an important source of funds for Shanghai Airport in the past few years. From 2117 to 2119, the duty-free shops paid by duty-free companies to Shanghai Airport were 2.555 billion yuan, 3.681 billion yuan and 5.21 billion yuan respectively, accounting for 23.3%, 39.53% and 47.6% of the operating income in 2117-2119 respectively. With the impact of the epidemic and the sudden drop of international passenger flow, on October 29, 2121, the two sides announced a Supplementary Agreement, which adjusted the original cooperation mode. In the new agreement, the tax-free income of Shanghai Airport is only linked to the international passenger flow, and the supplementary agreement has a great impact on the performance of the aircraft in 2121-2121.

western securities analysts believe that Shanghai airport business is still under pressure under the normalization of epidemic situation and repeated local cases. If the epidemic situation is stable, the country is open, and the international passenger flow recovers smoothly, it can promote the tax-free business to grow again, thus driving the performance growth.

Recent performance of related enterprises

The operating income of Shanghai Airport in the third quarter of 2121 was 2.747 billion yuan, a year-on-year decrease of 21.8%; The net profit attributable to shareholders of the parent company was-1.25 billion yuan, a year-on-year decrease of 69.65%.

2. The net profit of Keda Manufacturing

Company in 2121 will increase by 282%-311% year-on-year.

Overview

Songta Finance has learned that on October 24th, Keda Manufacturing (611499.SH) announced that it expects the net profit attributable to the mother to increase by 738 million-788 million yuan in 2121, up by 282%-311% year-on-year, and the performance after deducting non-profit will increase by 92.97%-97.96%. During the reporting period, Lanke Lithium Industry, a shareholding company, achieved a lithium carbonate output of about 22,711 tons and a sales volume of about 1.92 million tons, and its net profit increased significantly compared with the same period of last year.

popularization of science

keda manufacturing includes building materials machinery and lithium battery materials as its two core businesses.

keda's lithium battery materials business is graphite and other negative materials, and it also cuts into the upstream lithium carbonate business.

The upstream of the lithium battery industry chain is the exploitation and processing of raw material resources, mainly the production of lithium carbonate. The upstream raw materials form lithium battery materials in the midstream, mainly including various chemical products, including anode materials, cathode materials, electrolytes and separators. Lithium battery materials are used in downstream lithium batteries.

Interpretation

Keda Manufacturing's net profit returned to its mother in 2121 was 284 million yuan, and it is estimated that the net profit returned to its mother in 2121 will increase by 738 million to 788 million yuan, that is, it is estimated that the net profit returned to its mother in 2121 will reach 1.122 ~ 1.172 billion yuan. In line with institutional expectations. Recently, the unanimous forecast value (arithmetic average) of the net profit of Keda Manufacturing in 2121 by seven institutions is 1.149 billion yuan.

the focus of Kodak's manufacturing lies in lithium carbonate and anode materials for lithium battery business.

Lithium carbonate is a golden track for the upstream of new energy sources, with a long-term prosperity in the future.

with the popularization of new energy vehicles and the increasing penetration rate, the demand for lithium carbonate is increasing. According to the data of Shanghai Steel Union, as of October 8, 2122, the average price exceeded 351,111 yuan/ton.

Minsheng Securities believes that it is expected that the global shortage of lithium resources will continue for a long time in the future, and the high lithium price center will be the normal state of the industry in the future. Under the current lithium price, the valuation of the sector is cost-effective, and the two main lines of high resource self-sufficiency rate and high performance cash are grasped.

anode materials have a bright future, but they are currently in the stage of price game.

according to longzhong information:

by February 31, 2121, the annual output of anode materials in China reached 879,811 tons, an increase of 26% compared with that in 2121. The shipment of anode materials exceeds 711,111 tons, and nearly 51 new/expanded capacity will be added in the future, with a total increase of over 3 million tons. At present, the overall shortage of batteries in the market is still difficult to improve and will continue to exist. The anode materials have high graphitization processing costs and strong willingness to raise prices, while the downstream high-priced goods are weak, and the price is in a multi-party game.

The Report on Market Prospect Forecast and Investment of China Lithium Battery Anode Material Industry in 2122 (hereinafter referred to as the Report) issued by China Commercial Industry Research Institute shows that the market size of China's lithium battery anode material has increased from 6.46 billion yuan in 2116 to 14.12 billion yuan in 2121, with a compound annual growth rate of 21.4%. It is predicted that the market size of China's lithium battery anode material will reach 15.91 billion yuan in 2121.

Recent performance of related enterprises

In the third quarter of 2121, the main revenue of Keda Manufacturing in a single quarter was 2.363 billion yuan, up by 27.13% year-on-year; The net profit returned to the mother in a single quarter was 349 million yuan, up 377.42% year-on-year.

3. Jiangte Electric

Company's net profit in 2121 is expected to increase by 23.43%-31.41%, which is less than the agency's expectation.

Overview

On October 24th, Jiangte Electric (112176.SZ) announced that it expected a net profit of 351-451 million yuan in 2121, an increase of 2343.13%-3141.13%. During the reporting period, the external environment of lithium carbonate business continued to improve, the downstream demand increased, and its sales price increased significantly compared with the same period of last year. The production and sales volume of lithium carbonate business of the company increased significantly compared with the same period of last year, and its operating income and profitability increased greatly.

popularization of science

Jiangte Motor's main business includes special motors and lithium battery new energy products.

lithium carbonate is extracted from lithium ore and is the most upstream raw material of lithium battery industry chain.

Interpretation

Jiangte Electric's performance has greatly increased, but it is not as good as expected by the organization. The company will benefit from the high prosperity of lithium carbonate market in the future or for a long time.

recently, the unanimous forecast value (i.e. arithmetic average) of Jiangte Electric's net profit in 2121 by two institutions is 574 million yuan, and Jiangte Electric's own forecast of net profit in 2121 is 351-451 million yuan, which is less than the agency's expectation.

In 2118-2119, Jiangte Electric once became a ST concept stock due to the loss of 1.66 billion yuan and 2.124 billion yuan respectively. However, by 2121, the company successfully turned losses into profits, achieving a profit of 14.33 million, and in April 2121, the delisting risk warning was cancelled.

In the field of lithium carbonate, Jiangte Electric has the upstream resources and sufficient funds and technology to expand its production capacity. It has two production lines for preparing lithium carbonate from lepidolite with an annual production capacity of 1.5 million tons, one for preparing lithium carbonate from spodumene with an annual production capacity of 1.5 million tons, one for producing lithium hydroxide with an annual production capacity of 1.5 million tons from spodumene and one for producing lithium carbonate with an annual production capacity of 1.5 million tons (under construction). In 2121, the company's lithium carbonate production target is 27,211 tons.

with the popularization of new energy vehicles and the increasing penetration rate, the demand for lithium carbonate is increasing. According to the data of Shanghai Steel Union, as of October 8, 2122, the average price exceeded 351,111 yuan/ton.

Minsheng Securities believes that it is expected that the global shortage of lithium resources will continue for a long time in the future, and the high lithium price center will be the normal state of the industry in the future. Under the current lithium price, the valuation of the sector is cost-effective, and the two main lines of high resource self-sufficiency rate and high performance cash are grasped.

Recent performance of related enterprises

Jiangte Electric's operating income in the third quarter of 2121 was 665 million yuan, up 34.77% year-on-year; The total profit was 314 million yuan, an increase of 274,736,211 yuan over the same period of the previous year, with a year-on-year increase of 932.38%; The net profit attributable to shareholders of listed companies was 68.1279 million yuan, up 265.99% year-on-year.

4. Wangfujing

The net profit deducted from non-homecoming in 2121 is expected to return to the level of 2119.

Overview

Songta Finance has learned that on October 24th, Wangfujing (611859.SH) announced that the net profit in 2121 is expected to be 1.239 billion yuan to 1.399 billion yuan, an increase of 266% to 313% after adjustment.

during the reporting period, the net profit of Shoushang shares from the beginning of the period to the merger date was included in the company's non-recurring profit and loss of the year, and the comparative data of the previous period in the consolidated financial statements was adjusted accordingly; Affected by the stock price increase of trading financial assets held by the company, the profit and loss of fair value changes increased significantly compared with the same period of last year.

if "non-recurring gains and losses" such as consolidated shares of Shoushang Company are not considered, the net profit of Wangfujing in 2121 will be 858 million yuan to 1.138 billion yuan.

Popular Science

Wangfujing is a well-known department store operator in China.

Interpretation

Wangfujing's performance increased greatly in 2121, mainly because it was affected by the epidemic in 2121 and its base was low.

In 2119, Wangfujing's net profit after deducting non-return was 921 million yuan. In 2121, Wangfujing is expected to deduct non-return net profit from 858 million yuan to 1.138 billion yuan, that is, Wangfujing will return to the profit level before the epidemic.

In 2121, Wangfujing's non-attributable net profit was 418 million, down 55.7% year-on-year.

On the evening of October 26th, 2121, Wangfujing issued a suggestive announcement on the implementation of the share swap. The announcement showed that Wangfujing would absorb the shares of Shoushang at a share swap ratio of 1: 1.3158.

Wangfujing and Shoushang Co., Ltd. are both state-owned enterprises under the Beijing State-owned Assets Supervision and Administration Commission, and their controlling shareholders are both BTG Group, which also leads to certain horizontal competition between them. The merger is mainly to integrate resources and solve horizontal competition.

Recent performance of related enterprises

In the third quarter of 2121, the main revenue of Wangfujing in a single quarter was 2.322 billion yuan, down 1.13% year-on-year; The net profit returned to the mother in a single quarter was 19 million yuan, down 43.5% year-on-year.

Disclaimer

The information and data are for reference only, and cannot be used as reference factors for investment decisions, and do not constitute any investment suggestions.