Main points of investment
The performance in 2022 has strong certainty. Nickel plate: Youshan Nickel began full production operation in 2021, capacity release superimposed high nickel price, volume stable price increase is expected to sub-plate return net profit of 580 million, up 18% from the same period last year. Copper and cobalt plate: the CCM project will begin to expand in 2022, and sales of copper and cobalt rights and interests are expected to increase by 70% and 32% respectively compared with the same period last year. After the technical transformation of Ke Lixin, the product quality is more stable, and the processing profit per ton is increased by 0.5-10,000 yuan.
Growth stocks in cyclical stocks. Nickel sector: the 70% interest Shengmai oxygen-rich side blow project is expected to be put into production in 2023, and the company's nickel equity sales are expected to reach 32000 tons in 24 years, an increase of 124% over 22 years. Copper and cobalt plate: Kalong Wei is expected to complete production in 2023, when the company will complete the mining plate breakthrough in the copper and cobalt plate, its own mine will give the company a cost advantage, even if the copper and cobalt price falls slightly, the company's profit thickness is still guaranteed. The net profit of copper and cobalt plate in 2024 is expected to increase by 200% and 65% respectively compared with 2022.
The integrated layout is perfect. In the first half of 2023, the first phase of the Guizhou project 150000 tons of nickel sulfate project is expected to be completed and put into production. The integrated layout of the upstream and downstream of the company's nickel plate is expected to improve profitability.
Performance forecast: from 2022 to 2024, the company is expected to achieve a net profit of 19.61xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx.
Risk tips: project progress is not as expected; prices of major products are falling; raw material / energy costs are rising.