China's rare earth industry last year, the price of the loss is still weak

The disclosure of the annual report of listed companies in 2014 is gradually unfolding. From the situation of the 2014 annual report released by the rare earth industry, the loss situation has slightly expanded.

According to the statistics of the reporter through the statistics of Eastern Fortune Choice, as of April 6, 24 of the 35 listed companies in the rare earth permanent magnet industry have published the 2014 annual report, of which 5 have net profit losses, while in 2013 only There were 3 losses. This also means that even though the 11 companies that announced the 2014 annual report are all profitable, the performance of listed companies in the rare earth permanent magnets sector is still worse than that in 2013.

Leading companies' performance declined

Since last year, due to the continuous events in China's rare earth industry, the price is extremely unstable. Most of the rare earth varieties have bottomed out, and some products have plummeted below the cost line. The production and operation of enterprises have been difficult, and the area of ​​production suspension and semi-stop production has been expanding.

Judging from the performance of China's two rare earth leading enterprises that have announced the 2014 annual report, the Northern Rare Earth Annual Report shows that the company achieved operating income of 5.338 billion yuan last year, down 31.09% year-on-year, and realized net profit attributable to shareholders of listed companies of 643 million yuan. Compared with the year-on-year decline of 57.44%, Minmetals achieved a revenue of 702 million yuan last year, down 64.8% year-on-year. The net profit attributable to shareholders of listed companies was -55.78 million yuan, down 121.85% year-on-year.

The decline in rare earth prices has undoubtedly become the biggest reason for the sharp decline in the performance of the two leading listed companies. Although the price of rare earth has rebounded to some extent after November 2014, the year-round price stagnation caused by the lack of downstream demand is still dragging down the performance of the two listed companies.

In last year's annual report, Minmetals Rare Earth pointed out that in 2014, the domestic economic growth slowed down, and the more detailed rare earth policy is still being further improved. The downstream demand for rare earths is still insufficient, the price fluctuation of rare earth products is declining, and the pressure of industrial enterprises is operating. obvious. In this environment, the company slowed down the sales pace. The overall operating situation of the company decreased significantly compared with the same period of last year. At the same time, due to the continuous decline in the sales price of rare earth products during the reporting period, some products of the company showed signs of significant impairment and provision for inventory depreciation. In preparation, the company's current results have suffered losses.

At the same time, from the annual report of Minmetals Rare Earth, in 2014, three of the company's five subsidiaries were in a state of loss, namely Minmetals Rare Earth (Chuzhou) Co., Ltd., Jixian Red Gold Rare Earth Co., Ltd. and Guangzhou Jianfeng V. Mineral Rare Earth Co., Ltd. Among them, Jixian Hongjin Rare Earth Co., Ltd. has the largest loss, which is -552.33 million yuan. Dingnan Dahua New Materials Resources Co., Ltd., a subsidiary of Minmetals Rare Earth, although the current profit was 21,575,800 yuan, it is still relatively large compared with the 2013 reporting period.

The northern rare earth also pointed out in the annual report that in 2014, the global economic growth was weak and the downward pressure on the domestic economy increased. Affected by the macroeconomic climate, downstream demand for rare earths is still insufficient, and product prices are generally lower. In particular, the bismuth light rare earth products fell sharply, and the market turnover was light. The operating rate of rare earth functional materials enterprises is insufficient, and the benefits are relatively low. The company also stated that during the reporting period, the company's sales structure has changed. The sales volume of high-priced niobium products and medium-heavy rare earth products decreased, and the sales volume of niobium products with lower selling prices increased, resulting in a significant decline in operating income. .

In addition to the above two companies, Chinalco has suffered a large loss in 2014. Last year, the company's net profit attributable to shareholders of listed companies was -16.2 billion yuan. Chinalco said that the company's loss was due to the year-on-year decline in the average price of electrolytic aluminum and bauxite, resulting in operating losses; the company's one-time provision for large-value asset impairments caused the company's asset impairment losses to increase by 5.66 billion yuan to 7.459 billion yuan. The additional personnel will be allocated 1.5 billion yuan for the cost of resettlement and resettlement (more than 20,000 employees will be resettled in 2014). According to the annual report information, the amount of loss caused by non-recurring factors such as asset impairment and personnel relocation and placement expenses accounted for 55% of the total loss.

Rare earth prices are still weak

At the key rare earth province (region, city) and enterprise work conference organized by the Ministry of Industry and Information Technology on January 28 this year, the Ministry of Industry and Information Technology released a signal to strengthen the production and circulation management of rare earths. The Ministry of Industry and Information Technology pointed out that once it is necessary to strictly control new projects, the second is to strictly plan management, and the third is to regulate the export of rare earth products.

However, the China Rare Earth Industry Association quoted on March 27th that the prices of mainstream varieties such as antimony oxide, antimony oxide and antimony oxide were lower than those on March 23. Analysts said that the price decline was mainly due to the delay in the storage and storage of rare earths, which led to insufficient market confidence. The middlemen who had gained profits in the previous period began to ship, which put the price of rare earth under pressure.

According to the China Rare Earth Industry Association, the price of antimony oxide fell by 3.9% on March 27, the price of antimony oxide fell by 1.2%, and the price of antimony oxide fell by 3.1%. According to Fubao Information News, the price of bismuth oxide in the spot market continues to decline, and the transaction is very poor. There is no exact news about the rare earth reserves that the current market is concerned about. According to the research report of Anxin Securities on March 30, the time of storage and storage has been confirmed to be postponed. Analysts believe that the Rare Earth related policy node should be before May 2.

On April 3, the rare earth market continued to decline, and the demand continued to be light, so that the price of rare earth lanthanum continued to weaken. At present, there are fewer downstream orders, but the upstream manufacturers are also less willing to ship at low prices, and the rare earth materials are mainly low-level consolidation. .

On April 3, the bismuth oxide manufacturer included a tax price of 12,500 yuan / ton - 13,000 yuan / ton. The mainstream manufacturers of antimony oxide include a tax price of RMB 115,500/ton – RMB 12,500/ton. The mainstream manufacturers of cerium oxide include a tax price of 400,000 yuan / ton - 410,000 yuan / ton. Antimony oxide is 29,500 yuan / ton - 30,500 yuan / ton. The mainstream manufacturers of cerium oxide include a tax price of 295,000 yuan / ton - 305,000 yuan / ton, the mainstream price of bismuth metal products including 388,000 yuan / ton - 392,000 yuan / ton. Fluorescent grade bismuth oxide mainstream manufacturers include tax price of 1700 yuan / kg -1800 yuan / kg. Fluorescent grade bismuth oxide mainstream manufacturers include tax price 3800 yuan / kg - 3900 yuan / kg. The mainstream manufacturers of cerium oxide include 1.68 million yuan / ton - 1.72 million yuan / ton, the mainstream price of 镝铁, including tax price of 1.7 million yuan / ton - 1.75 million yuan / ton, have been adjusted.

After the WTO rare earth case was lost, China has cancelled the management of rare earth export quotas from January 1 this year, and retained export tariffs until May 2, after which the rare earth export tariffs will also be cancelled. In order to avoid the opening of export gates, which leads to the low-cost sale of precious rare earth resources in China, the state will accelerate the introduction of several rare earth-related industrial policies.

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