Zhitong Financial APP learned that Huaxi Securities released a research report saying that the current signing price of Q2 overseas lithium concentrate long Association is 5000-5500 US dollars / ton, and the recent auction price of Pilbara is as high as 6250 US dollars / tonne. At the same time, the evaluation of lithium concentrate has broken through the US $6000 mark. In the context of tight supply and demand, the bank expects the price of Q3 Australian lithium concentrate to rise further, and it is difficult to adjust lithium salt under the support of high cost. In the 2022Q2-3 lithium concentrate long-term agreement price rose sharply, and lithium salt prices in the bank to see the high shock, lithium salt processing plants and integrated enterprises per ton profit differentiation will become more obvious, it is recommended to pay attention to upstream and downstream integration of enterprises. It is recommended to pay attention to 002192.SZ, which is promoting the 2.5 million t / a lithium ore concentration project in Yuanyangba; Lijiagou lithium pyroxene mining project is under construction, which will join hands with major shareholder Sichuan Energy Power (000155.SZ) to integrate the development of lithium ore resources in Ganzi and Aba Prefecture; and Jiangte Motor (002176.SZ), which is rich in lithium mica resources and is conducting exploration and conversion of Xikeng lithium mica mine. Beneficiaries include 002466.SZ, which has been increasing production at the Greenbush mine for the next five years and can achieve production through contract manufacturing.

The main points of Huaxi Securities are as follows:

The revenue of industrial metals increased greatly compared with the same period last year, and the profitability improved.

In 2021, the industrial metal sector (a total of 57 companies) achieved operating income of 1.831592 trillion yuan, an increase of 39.35% over the same period last year. The net profit of returning to the mother was 60.002 billion yuan, an increase of 157.99% over the same period last year. The main reason for the obvious growth rate of net profit is the strong demand for copper plate. With the promotion of "carbon peak, carbon neutralization", urbanization and consumption upgrading, the field of copper consumption is expanding and the consumption intensity is increasing. The continuous development of new infrastructure and charging pile market, increasing investment in State Grid, and increased expenditure on UHV, distribution and other projects are conducive to downstream copper demand. China has made great efforts to promote the development of new energy industries such as new energy vehicles and photovoltaic, which is conducive to the development of copper products such as electromagnet wires in the new energy industry. In 2022, the operating income and net profit of Q1 plate increased compared with the same period last year, achieving operating income of 495.255 billion yuan, up 25.17% from the same period last year. The net profit of returning to the mother was 19.955 billion yuan, up 78.81% from the same period last year. In 2021, among the three sub-sectors of industrial metals, the revenue of copper, aluminum and lead and zinc all increased significantly, with revenue growth rates of 39.65%, 38.27% and 40.96% respectively, which increased by 16.08pct, 28.3pct and 32.08pct respectively compared with 2020, with the most obvious increase in revenue growth of lead-zinc electricity plate. In terms of profit growth, the net profit growth rate of copper, aluminum and lead and zinc is 132.57%, 158.97% and 878.04% respectively, which is higher than that of 2020 by 119.39pct, 136.29pct and 956.86pct respectively. The profit growth rate of the lead and zinc sector is the largest compared with the same period last year. In the first quarter of 2022, the operating income of copper, aluminum and lead and zinc reached 3032.36, 1512.92 and 40.727 billion yuan respectively, an increase of 18.13%, 38.66% and 36.42% respectively over the same period last year, and the net profit of returning home was 98.27,87.85 and 1.343 billion yuan, up 102.04%, 73.29% and 9.47% respectively.

The performance of precious metals in 2021 is mediocre, while the performance of 2022Q1 is bright.

In 2021, the precious metal sector (a total of nine companies) achieved operating income of 242.517 billion yuan, a decrease of 0.35% over the same period last year, and a net profit of 4.348 billion yuan, a decrease of 36.08% over the same period last year, mainly due to a sharp decline in Shandong Gold Mining's net profit from 2.257 billion yuan in 2020 to a loss (- 194 million yuan). And there was no significant growth in the other eight companies. The 2022Q1 precious metals sector obviously picked up, with business income and net profit rising sharply from the same period last year, realizing operating income of 69.719 billion yuan, an increase of 39.65% over the same period last year, and net profit of 1.45 billion yuan, an increase of 90.05% over the same period last year. The main reason for the sharp improvement in the precious metal sector in the first quarter was the geopolitical risk brought about by the war between Russia and Ukraine, which led to a rise in risk aversion in the market and a rebound in prices.

The profitability of small Metals 2021 is strong, but there is a significant difference in profitability.

In 2021, the small metal sector (a total of 24 companies) achieved an operating income of 409.378 billion yuan, an increase of 41.66% over the same period last year, and a net profit of 20.374 billion yuan, an increase of 179.11% over the same period last year. The main reason for the rapid growth of return net profit is that the price of rare earths has been rising all the way in 2021. In March 2022, the price of praseodymium and neodymium oxide exceeded 1 million yuan / ton, reaching a high of 1.095 million yuan / ton. Affected by the simultaneous rise in the quantity and price of rare earths in 2022, Q1's operating income and net profit increased year-on-year, realizing operating income of 113.845 billion yuan, up 22.98% over the same period last year, and net profit of 7.645 billion yuan, up 94.20% over the same period last year. In 2021, the revenue of rare earth, tungsten, molybdenum and other small metals all increased in the four sub-plates of small metals, with revenue growth rates of 45.71%, 49.93%, 51.16% and 24.42%, respectively, which were higher than those of 13.54pct, 38.41pct,-1.1pct and 10.67pct in 2020. Tungsten and rare earth plate revenue growth rate is the most significant. In terms of profit growth, the net profit of rare earths, tungsten, molybdenum and other small metals increased by 340.23%, 107.65%, 149.88% and 138.24% respectively, which increased by 264.99pct,-355.84pct, 147.71pct and 148.1pct compared with 2020. The profit growth rate of the rare earth sector is the biggest compared with the same period last year. In the first quarter of 2022, the operating income of rare earths, tungsten, molybdenum and other small metals in the first quarter of 2022 respectively reached 202.25, 148.55, 474.87 / 31.278 billion yuan, an increase of 66.14 percent, 49.67 percent, 12.29 percent and 10.97 percent, respectively, compared with the same period last year. The net profit of homing mother was 25.2 percent, 5.6420.69, 2.492 billion yuan, an increase of 105.28 percent, 39.28 percent, 90.76 percent and 104.34 percent, respectively.

The profitability of energy metals is strong, especially the lithium sector.

In 2021, the energy and metal sector (a total of 21 companies) achieved an operating income of 209.172 billion yuan, an increase of 43.96% over the same period last year, and a net profit of 29.81 billion yuan, an increase of 390.75% over the same period last year. The 2022Q1 sector continued to maintain high growth, with operating income of 69.571 billion yuan, an increase of 61.90% over the same period last year, and net profit of 21.604 billion yuan, an increase of 390.74% over the same period last year. According to the segment, the operating income of Lithium Plate (17 companies) reached 120.109 billion yuan in 2021, an increase of 48.58% over the same period last year. The net profit of home ownership was 23.068 billion yuan, an increase of 476.29% over the same period last year. The operating income of 2022Q1 was 46.977 billion yuan, an increase of 102.97% over the same period last year, and the net profit of home ownership was 19.393 billion yuan, an increase of 560.65% over the same period last year. Thanks to the high demeanor of new energy vehicles, the price of lithium salt increased year on year, and the performance was good.

Risk hintThe global liquidity of precious metals has tightened more than expected; the control of the total amount of rare earths has increased more than expected; the price of lithium salt has fallen back more than expected; and the demand for new energy vehicles has failed to meet expectations.