宁波金田铜业(集团)股份有限公司:主要风险提示
来源:领航财经资讯网 作者:南希 发布时间:2019-06-13 19:45:21
一、行业及市场风险
(一)宏观经济环境风险 公司主要从事有色金属加工业务,主要产品包括铜产品和烧结钕铁硼永磁材 料两大类,产品广泛应用于电力、家电、建筑、机械、电子、汽车、新能源等行 业。 近年来,国内铜加工行业市场回暖、产能出清、行业集中度逐步提高。作全国最大的铜加工企业之一,公司竞争优势得以充分体现,订单量不断扩大,规 模效应更加显著,盈利能力逐年增强。但是,不排除未来随着经济环境的改变, 国内铜加工行业新增产能增多导致市场竞争加剧,甚至出现行业产能过剩、恶性 竞争的情况。 虽然公司产品类别较多,下游客户相对分散,在一定程度上降低了单一下游 行业波动对公司整体经营的影响,但是有色金属加工行业作为工业发展的基础性 行业,仍受到宏观经济环境和下游行业波动的影响。目前全球经济复苏缓慢,公 司下游行业出口业务在一定时期仍将受到国际市场低迷影响,若国际贸易保护倾 向加剧则会加重这一不利影响,从而影响公司业绩。 综上所述,公司存在业绩受宏观经济环境影响的风险。
(二)原材料价格波动风险 公司铜产品的主要原材料为阴极铜和废杂铜, 2016 年度、2017 年度和 2018 年度,阴极铜和废杂铜占公司同期铜产品生产成本的比重分别为 92.84%、93.50% 和 93.65%,铜价波动对公司的营业成本有较大影响。 铜作为大宗商品期货交易的标的,不仅受实体经济需求变化的影响,也易受 金融资本的冲击。2005 年至 2018 年,伦敦金属交易所(LME)铜价走势如下: 单位:美元/吨
![](data:image/png;base64,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)
(一)宏观经济环境风险 公司主要从事有色金属加工业务,主要产品包括铜产品和烧结钕铁硼永磁材 料两大类,产品广泛应用于电力、家电、建筑、机械、电子、汽车、新能源等行 业。 近年来,国内铜加工行业市场回暖、产能出清、行业集中度逐步提高。作全国最大的铜加工企业之一,公司竞争优势得以充分体现,订单量不断扩大,规 模效应更加显著,盈利能力逐年增强。但是,不排除未来随着经济环境的改变, 国内铜加工行业新增产能增多导致市场竞争加剧,甚至出现行业产能过剩、恶性 竞争的情况。 虽然公司产品类别较多,下游客户相对分散,在一定程度上降低了单一下游 行业波动对公司整体经营的影响,但是有色金属加工行业作为工业发展的基础性 行业,仍受到宏观经济环境和下游行业波动的影响。目前全球经济复苏缓慢,公 司下游行业出口业务在一定时期仍将受到国际市场低迷影响,若国际贸易保护倾 向加剧则会加重这一不利影响,从而影响公司业绩。 综上所述,公司存在业绩受宏观经济环境影响的风险。
(二)原材料价格波动风险 公司铜产品的主要原材料为阴极铜和废杂铜, 2016 年度、2017 年度和 2018 年度,阴极铜和废杂铜占公司同期铜产品生产成本的比重分别为 92.84%、93.50% 和 93.65%,铜价波动对公司的营业成本有较大影响。 铜作为大宗商品期货交易的标的,不仅受实体经济需求变化的影响,也易受 金融资本的冲击。2005 年至 2018 年,伦敦金属交易所(LME)铜价走势如下: 单位:美元/吨
公司铜产品的定价原则为“原材料价格+加工费”,公司利润主要来自于相 对稳定的加工费。实际经营过程中,由于产品存在生产周期且需要保持合理的库 存规模,公司产品原材料结存成本和产成品销售参考的铜价无法完全对应。报期内,公司采用以销定产、以产定购以及套期保值等方式来锁定铜价,较为有效 地规避了铜价波动给公司经营业绩带来的风险,但若铜价在短期内剧烈波动特别 是大幅下跌时,公司产品销售价格的下降幅度可能大幅高于原材料库存加权平均 价格的下降幅度,从而挤压公司盈利空间,可能导致公司主营业务短期内盈利能 力大幅下降甚至出现亏损。此外,公司原材料电解铜未套期保值部分也会因铜价 的下跌而产生损失。因此,公司存在铜价剧烈波动对公司短期利润水平造成较大 影响的风险。
(三)行业政策变化风险 公司所从事的铜加工和再生铜冶炼业务属于有色金属冶炼及压延加工业。国 家发改委通过不定期发布《产业结构调整指导目录》,列明有色金属产业中鼓励、 限制和淘汰类的技术和项目,对本行业的发展进行宏观调控。随着我国有色金属 产业自律和调控的进一步加深,若未来我国有色金属产业政策发生变化,可能对 公司产品生产和销售的一个或多个环节产生影响,从而影响到公司的经济效益。
二、经营管理风险
(一)期货业务风险 公司铜产品的定价原则为铜价加上加工费,公司以赚取加工费为主要盈利模 式。为降低铜价发生波动带来的经营和业绩风险,公司利用标准铜期货进行套期 保值。 公司在进行套期保值交易时可能面临的风险有: 1、未能按照公司制定的《套期保值管理制度》严格执行期货投资和交易, 出现不规范的期货操作,可能给公司造成一定的损失; 2、在某些市场情况下,可能会难以或无法将持有的未平仓合约平仓,这种 情况可能在市场达到涨跌停板时出现; 3、由于国家法律、法规、政策变化以及期货交易所交易规则的修改和紧急 措施的出台等原因,导致持有的未平仓合约可能无法继续持有; 4、由于地震、水灾、火灾等不可抗力因素或者计算机系统、通讯系统故障 等可能造成指令无法成交或者无法全部成交; 5、由于生产、运输过程中不可抗力的影响造成产品不能及时运抵期货交易 所指定仓库按期交割而可能产生损失; 6、由于保证金不足可能出现被强行平仓的情况,由此造成损失。 公司根据自身业务特点采用了动态模式套期保值,虽然起到了套期保值的作 用,但由于动态模式不适用于国内现行的《企业会计准则―套期保值》,故期货 业务相关损益需计入非经常性损益,一旦铜价发生剧烈波动,扣除非经常性损益 后净利润的波动会被进一步放大,加大了公司业绩波动的风险。
(二)加速业务布局带来的管理风险 除募投项目外,公司未来拟进一步提升产能,重点开发珠三角、西南地区、 东南亚等市场,适时通过投资新建、行业并购等方式扩充公司产能和拓展销售网 络,不断做大做强,进一步巩固公司行业龙头地位。公司在加速业务布局的过程中,存在公司治理、管理能力无法及时适应快速发展的业务需要,从而影响经营 目标实现的风险。
(三)新产品、新技术开发风险 公司高度重视技术创新,已通过长期的生产实践,在铜加工、再生铜冶炼及 烧结钕铁硼磁体制备等方面拥有多项具有自主知识产权的核心技术。公司建立了 国家级企业技术中心、国家级博士后科研工作站和国家认可实验室,拥有成熟的 铜加工材工艺技术,是铜加工行业的主要产品标准制定者之一。为巩固公司的技 术研发优势、提高产品市场竞争力,公司不断加大研发投入,2016 年度、2017 年度及 2018 年度公司分别投入研发费用 8,403.04 万元、9,269.71 万元和 15,262.85 万元。但是,由于技术产业化与市场化存在着不确定性,且研发项目需要一定的 开发周期,开发过程中可能出现市场发展趋势变化等不确定因素,造成技术研发 偏离市场需求,或新开发技术无法规模化运用等问题,将可能对公司的市场份额、 经济效益及发展前景造成不利影响。
(四)安全生产风险 公司生产过程中涉及熔铸、压延、轧制、拉伸、热锻、精加工等高温、高压、 高转速工艺,员工操作不当或设备及工艺不完善等可能会导致意外甚至安全生产 事故。针对生产过程中可能存在的安全隐患,公司将认真执行国家及当地安全生 产的政策和规定,制定严格的安全生产相关制度,改进设备和工艺,提高装备的 自动化和智能化水平,经常性开展安全生产培训和教育活动,确保各岗位、工序、 生产设备均按相关操作规程执行,使公司安全生产更加规范化、标准化和制度化。 然而,随着经营场所的增加和生产规模的扩大,公司将面临更加严峻的安全生产 压力,一旦出现严重的安全生产事故,将直接影响公司经济效益,并对公司形象 产生负面影响。
(三)行业政策变化风险 公司所从事的铜加工和再生铜冶炼业务属于有色金属冶炼及压延加工业。国 家发改委通过不定期发布《产业结构调整指导目录》,列明有色金属产业中鼓励、 限制和淘汰类的技术和项目,对本行业的发展进行宏观调控。随着我国有色金属 产业自律和调控的进一步加深,若未来我国有色金属产业政策发生变化,可能对 公司产品生产和销售的一个或多个环节产生影响,从而影响到公司的经济效益。
二、经营管理风险
(一)期货业务风险 公司铜产品的定价原则为铜价加上加工费,公司以赚取加工费为主要盈利模 式。为降低铜价发生波动带来的经营和业绩风险,公司利用标准铜期货进行套期 保值。 公司在进行套期保值交易时可能面临的风险有: 1、未能按照公司制定的《套期保值管理制度》严格执行期货投资和交易, 出现不规范的期货操作,可能给公司造成一定的损失; 2、在某些市场情况下,可能会难以或无法将持有的未平仓合约平仓,这种 情况可能在市场达到涨跌停板时出现; 3、由于国家法律、法规、政策变化以及期货交易所交易规则的修改和紧急 措施的出台等原因,导致持有的未平仓合约可能无法继续持有; 4、由于地震、水灾、火灾等不可抗力因素或者计算机系统、通讯系统故障 等可能造成指令无法成交或者无法全部成交; 5、由于生产、运输过程中不可抗力的影响造成产品不能及时运抵期货交易 所指定仓库按期交割而可能产生损失; 6、由于保证金不足可能出现被强行平仓的情况,由此造成损失。 公司根据自身业务特点采用了动态模式套期保值,虽然起到了套期保值的作 用,但由于动态模式不适用于国内现行的《企业会计准则―套期保值》,故期货 业务相关损益需计入非经常性损益,一旦铜价发生剧烈波动,扣除非经常性损益 后净利润的波动会被进一步放大,加大了公司业绩波动的风险。
(二)加速业务布局带来的管理风险 除募投项目外,公司未来拟进一步提升产能,重点开发珠三角、西南地区、 东南亚等市场,适时通过投资新建、行业并购等方式扩充公司产能和拓展销售网 络,不断做大做强,进一步巩固公司行业龙头地位。公司在加速业务布局的过程中,存在公司治理、管理能力无法及时适应快速发展的业务需要,从而影响经营 目标实现的风险。
(三)新产品、新技术开发风险 公司高度重视技术创新,已通过长期的生产实践,在铜加工、再生铜冶炼及 烧结钕铁硼磁体制备等方面拥有多项具有自主知识产权的核心技术。公司建立了 国家级企业技术中心、国家级博士后科研工作站和国家认可实验室,拥有成熟的 铜加工材工艺技术,是铜加工行业的主要产品标准制定者之一。为巩固公司的技 术研发优势、提高产品市场竞争力,公司不断加大研发投入,2016 年度、2017 年度及 2018 年度公司分别投入研发费用 8,403.04 万元、9,269.71 万元和 15,262.85 万元。但是,由于技术产业化与市场化存在着不确定性,且研发项目需要一定的 开发周期,开发过程中可能出现市场发展趋势变化等不确定因素,造成技术研发 偏离市场需求,或新开发技术无法规模化运用等问题,将可能对公司的市场份额、 经济效益及发展前景造成不利影响。
(四)安全生产风险 公司生产过程中涉及熔铸、压延、轧制、拉伸、热锻、精加工等高温、高压、 高转速工艺,员工操作不当或设备及工艺不完善等可能会导致意外甚至安全生产 事故。针对生产过程中可能存在的安全隐患,公司将认真执行国家及当地安全生 产的政策和规定,制定严格的安全生产相关制度,改进设备和工艺,提高装备的 自动化和智能化水平,经常性开展安全生产培训和教育活动,确保各岗位、工序、 生产设备均按相关操作规程执行,使公司安全生产更加规范化、标准化和制度化。 然而,随着经营场所的增加和生产规模的扩大,公司将面临更加严峻的安全生产 压力,一旦出现严重的安全生产事故,将直接影响公司经济效益,并对公司形象 产生负面影响。
相关阅读