The net profit increased a lot in advance: Guo Kewei and ZTE.

Unscramble the most timely, effective, neutral and objective financial announcements and public information of Songta Finance.

1, Tianhua is super clean

The Company and Contemporary Ampere Technology Co., Ltd. * * * jointly invested in a lithium carbonate smelting capacity project with a capacity of over 654.38 million tons.

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Songta Finance learned that Tianhua Chaojing (300390. SZ)1October 28th, the company and Contemporary Ampere Technology Co., Ltd. signed the "65438+100000 tons lithium carbonate production capacity joint venture agreement" on October 28th, 2022, and planned to establish a limited company in Yichun with Contemporary Ampere Technology Co., Ltd. or its wholly-owned subsidiary * * * (hereinafter referred to as "cash investment").

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

Tianhua ultra-clean has three business areas: anti-static ultra-clean technology products, medical equipment products and new energy lithium battery materials. At present, the operating income of the company's lithium battery products accounts for 80% of the total income, and medical device products account for 20% of the total income. Its holding subsidiary, Tianyi Lithium Industry, is a company specializing in the production and sale of battery-grade lithium hydroxide. Its products are mainly used to produce ternary cathode materials for power batteries of new energy vehicles.

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Tianhua Chaojing and Contemporary Ampere Technology Co., Ltd. can effectively integrate their advantages, and the company's lithium salt business is expected to fully benefit in the future. Tianyi Lithium Industry, a subsidiary of Tianhua Super Clean Company, previously mainly produced lithium hydroxide, and lithium carbonate is currently lacking at home and abroad. The establishment of a joint venture company to invest in lithium carbonate projects is to adjust production according to market demand.

Tianhua Chaojing currently has a battery-grade lithium hydroxide production capacity of 20,000 tons/year. This agreement establishes a joint venture company, in which Contemporary Ampere Technology Co., Ltd. holds 90% of the shares and Tianhua Chaowang holds 65,438+0% of the shares. The agreement plans to build a capacity of 654.38+10,000 tons of lithium carbonate, which is expected to reach 50,000 tons within one year, and the remaining 50,000 tons will be completed by the end of 2023. After the project is put into production, Tianhua's ultra-net income will increase substantially.

Lithium carbonate is a gold track in the upstream of new energy sources, and it will be prosperous for a long time to come. With the popularization of new energy vehicles and the continuous improvement of the popularization rate, the demand for lithium carbonate is increasing. Minsheng Securities believes that it is expected that the tight supply of lithium resources in the world will last for a long time in the future, and the high lithium price center will be the normal state of the future industry. At the current price of lithium, the valuation of the plate is cost-effective, and the two main lines of high resource self-sufficiency rate and high performance cash are grasped.

According to the data tracking of Baichuan Fu Ying, as of June 28th, 65,438, the mainstream transaction price of domestic industrial-grade lithium carbonate (99%) was 35.1-355,000 yuan/ton, while the mainstream quotation range of domestic battery-grade lithium carbonate (99.5%) was 375-386,000 yuan, and the average price rose to 380,400 yuan.

In a recent research report, Academia Sinica pointed out that the average price of lithium carbonate and lithium hydroxide will still increase from 202 1 in the future, among which lithium carbonate will increase from 16.3% to 2 1000 USD/ton in 2022; In addition, it is pointed out that the global penetration rate of new energy vehicles is expected to reach 20% in 2025, corresponding to the sales of new energy passenger cars18.24 million, new energy commercial vehicles/kloc-0.00 million, and the total demand of lithium carbonate/kloc-0.02 million tons. It is estimated that the demand for lithium carbonate will surge by 3.6 times in 2025.

Recent performance of related enterprises

Tianhua Chaojing's operating income in the third quarter of 2002/kloc-0 was 2.322 billion yuan, a year-on-year increase of118.26%; The net profit attributable to shareholders of the parent company was 550.3 million yuan, up by 139.5438+0% year-on-year.

2. National Science Micro

The company's 202 1 net profit increased by 253%-323% year on year.

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Songta Finance was informed that on June 28th, 65438+, Guo Kewei (300672. SZ) released the performance forecast, and it is estimated that the net profit of returning home in 20021year will be 250 million to 300 million yuan, up 252.83% to 323.40% year-on-year. With the continuous growth of market demand in the integrated circuit industry, the company actively grasped market opportunities and intensified market development, and the shipment of AI video codec series chips increased rapidly, further consolidating and enhancing the company's market position. The company's operating income has been continuously improved, with 202 1 exceeding 2.3 billion yuan.

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Guo Kewei's main products are solid-state memory series chips.

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Guo Kewei estimated that the net profit of 20021homecoming was 250-300 million yuan, which was less than the agency's expectation. Recently, the unanimous forecast value (arithmetic average) of Guo Kewei's 202 1 net profit is 338 million yuan.

The reasons for Guo Kewei 202 1' s sharp increase in profits include: the company received government subsidies in terms of global demand for semiconductor products.

Solid-state memory series chips contributed 93.3 1% revenue and 7 1. 1 1% profit in the first half of 20021,which is the core product of guokewei.

In 20021year, the global integrated circuit industry was in short supply, the production delivery date was greatly extended, the price of raw materials was rising, and the industry showed a situation of both supply and demand. With the global demand for semiconductor products in short supply, the revenue of many products in Guo Kewei has increased significantly compared with the same period last year.

Solid-state memory chips are used for solid-state storage of hard disks. According to the statistics of Zhiyan Consulting, the demand for solid-state storage hard disks in China will be about 39 million in 2020, and by 2025, the demand for solid-state storage hard disks in China will reach about 67 million, with a compound growth rate exceeding 10%.

Judging from the competition pattern, the current solid-state storage control chip industry presents a multi-polarization pattern, and there are no monopoly enterprises in the industry at present. Guo Kewei is a representative manufacturer of solid-state memory chips in China.

In addition, Guo Kewei has continued to receive high government subsidies in recent years. In 20021year, 1 1 month, the company received a government subsidy of10.50 billion yuan, increasing the annual profit of 202/kloc-0 by 610.2775438+0 million yuan.

Recent performance of related enterprises

In the third quarter of 2002/kloc-0, Guo Kewei achieved revenue of 925 million yuan, up 404.72% year-on-year; The net profit attributable to shareholders of listed companies was 65.438+0.92 billion yuan, a year-on-year increase of 783.27%.

3. Air China

The birth of the "pre-loss king"? China Air China expects a net loss of 654.38+0.45 billion yuan-654.38+0.7 billion yuan in 20021year.

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On October 28th, 65438/kloc-0, Air China announced that it expected a net loss of145 billion yuan in 2002/kloc-0, compared with a loss of1440.9 billion yuan in the same period last year. The investment in 202 1 international routes continues to be limited, and the passenger flow in the domestic passenger transport market fluctuates greatly, making it more and more difficult for the company to improve its operating efficiency. Factors such as rising oil prices and exchange rate fluctuations further increase the difficulty of the company's operation, and at the same time, investment enterprises related to its main business are also seriously affected.

Up to now, among the listed companies that have disclosed the performance forecast, Air China has suffered the most losses.

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Air China is engaged in international and domestic regular and irregular air passenger, cargo, mail and luggage transportation; Domestic and international business flights; Aircraft management business; Aircraft maintenance; Commercial agency between airlines.

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China Air China's huge losses exceeded institutional expectations. China Air China expects a net loss of 654.38+0.45 billion yuan to 654.38+0.7 billion yuan in 20021year. Recently, the 654.38+07 organization unanimously predicted that the net profit of Air China in 20021year would be a loss of 65.438+0.055 billion yuan. Among them, Huachuang Securities is the most pessimistic, thinking that Air China will lose1428.2 billion in 202/kloc-0, and its performance forecast is more pessimistic than pessimistic.

In 2020, the number of global air passengers decreased by 60% compared with 20 19, and rose somewhat in 20021year, but it was still only about 50% of that before the epidemic. This level of demand collapse is unprecedented in history. Air China, which has a large proportion of international routes, suffered the most significant losses.

As an airline, whether it can recover in 2022 depends first on whether the epidemic can be controlled and second on the international oil price.

China Merchants Securities believes that:

The opening of international routes basically depends on the development of the epidemic, and it is expected that the epidemic will ease in 2022. The opening of international routes is expected to increase. On October 20th, 65438/kloc-0, the State Council issued the Tourism Development Plan during the Tenth Five-Year Plan period, in which it was proposed that the situation of COVID-19 epidemic prevention and control at home and abroad and the development and changes of the international environment should be judged in a timely manner, the management measures for relevant personnel to come to China should be adjusted scientifically, and the promotion of inbound tourism should be started in a timely manner. This shows that the recovery of tourism has been put on the agenda under the main line of expanding domestic demand, and the opening of international routes closely related to inbound tourism may also be put on the agenda.

International oil price: the market has great differences on the future trend of international crude oil prices.

A few days ago, the internal research report of the Organization of Petroleum Exporting Countries showed that it is expected that the crude oil supply will continue to be surplus in 2022, and the global crude oil inventory will continue to increase in the coming year, almost making up all the stocks consumed in 20021year.

Goldman Sachs, the "big head" of crude oil, said that the global oil market may be particularly nervous as the epidemic continues to threaten demand and investment. The oil price may reach 100 USD in 2023.

Recent performance of related enterprises

In the third quarter of 2002/KLOC-0, the main revenue of Air China China in a single quarter was1979.4 billion yuan, up by 5.24% year-on-year; The net profit returned to the mother in a single quarter was-3.536 billion yuan, down 42.7 17% year-on-year.

4. ZTE Corporation (abbreviation of ZTE Telecommunication Equipment Corporation)

The company expects the net profit of 202 1 to increase by 52.59%-69.02% year-on-year, which is less than expected.

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Songta Finance learned that on June 28th, 65438, ZTE (000063. SZ) announced that the company's pre-profit for 20021year was 6.5 billion to 7.2 billion yuan, up 52.59% to 69.02% year-on-year. In 20021year, the operating income achieved double-digit year-on-year growth, among which the operating income of three major businesses achieved year-on-year growth. The estimated asset impairment loss in 20021year is about1400 million yuan, of which the asset impairment loss in the fourth quarter is about1100 million yuan, mainly due to the global chip supply shortage. Considering that the company's material preparation and production cycle are long, which is consistent with the previous policy, the provision for inventory depreciation is made on the principle of prudence.

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ZTE's main business includes carrier network, government and enterprise business and consumer business.

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The performance of ZTE 202 1 fell short of the organization's expectations. The company's pre-profit in 20021year is 6.5 billion yuan to 7.2 billion yuan. Recently, the unanimous forecast of ZTE's 20021net profit by 32 organizations (i.e. arithmetic average) is 7.34 billion yuan.

According to the announcement, in 20021year, ZTE International suffered an asset impairment of1400 million, of which the asset impairment of11000 million in the fourth quarter was mainly due to the shortage of chips. Looking forward to 2022, the supply of chips will ease, but the overall market situation is still slightly tense.

ZTE focuses on the design of communication chips and does not involve the field of chip manufacturing. Earlier, ZTE once said, "At present, the global semiconductor industry is in short supply of production capacity, and the partners in the industrial chain are more or less affected."

ZTE adopts the "fabless" mode in the chip field, that is, there is no wafer manufacturing, only chip design. Insufficient wafer manufacturing leads to ZTE's "lack of core".

The lack of core in 202 1 year triggered the expansion of wafer manufacturing. TrendForce Jibang Consulting, a global market research organization, believes that in 2022, the expanded production capacity announced by major wafer foundries will be started one after another, and the new production capacity will be concentrated in 40 nm and 28 nm processes. It is expected that the extremely tight chip supply at this stage will be slightly eased. However, since the new capacity increase will contribute to the output in the second half of 2022, which is in the traditional peak season, the situation of capacity alleviation may not be obvious under the premise that the supply chain is actively preparing for the end of the year. In 2022, the wafer foundry capacity will still be in a slightly tight market situation. Although some parts are expected to be alleviated, the problem of long and short materials will continue to impact some end products.

Recent performance of related enterprises

In the third quarter of 2002/kloc-0, ZTE's main revenue in a single quarter was 30.754 billion yuan, up14.2% year-on-year; The net profit returned to the mother in a single quarter was 65.438+0.774 billion yuan, a year-on-year increase of 654.38+0.07.58%.

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Information and data are for reference only, and cannot be used as reference factors for investment decisions, and do not constitute any investment advice.