Copper Tube Information

Company dynamics

aluminium brass tube manufacturers

author:MF manufacturerstime:2022-03-12 18:04:31

(Report/author:Dongwu Securities)

1. Hai Ling shares:Global copper tube faucet

1.1. Company Profile

Zhejiang Hailiang Co., Ltd. is China and Foreign Joint Venture Co., Ltd.。The company's main business is high-grade copper products、Conductive profile、Research and development of aluminum profiles、Production、Sales and service。Company products are widely used in air conditioning and refrigerator cooling、Building water Tube、Sea water、Ship manufacturing、Equipment Manufacturing、auto industry、electronic、Delivery、Hardware、Electricity and other industries。

1.2. Equity structure stability,Layout

The company's equity structure is relatively stable,As of 2021 year 7 moon 21 The company's largest shareholder is Hai Ling Group,Share ratio Example 38.49%;Real-control people Feng Hailiang,Direct shareholding ratio is 3.07%,Total control scale 41.56%。

1.3. Deep cultivated copper pipe main industry

The company is mainly engaged in copper tubes、Copper stick、Copper pipe connection、Copper aluminum composite conductor、Production and manufacture of aluminum profiles and other products。 Company products are widely used in air conditioning and refrigerator cooling、Building water pipe、Sea water、Ship manufacturing、Nuclear power、equipment manufacture、auto industry、Electronic Communications、Transportation、Hardware machinery、Electricity and other industries。The company is China's copper pipe production Corporate faucet、China's largest copper pipe exporter and the largest copper alloy tube production enterprise,It is also one of China's most important copper rod production enterprises.、 China ranking top three precision copper rod production enterprises。

aluminium brass tube manufacturers

Bronze pipe industry faucet position。The company's core business is the production of copper tube,Mainly include seamless copper tubes for refrigeration、architecture Copper and copper alloy tube、Copper and copper alloy tube for heat exchange、Other varieties such as copper and copper alloy tube;According to the product form, it is mainly divided into straight tubes.、Coil and copper pipe fittings。2020 China's copper pipe enterprise production 219 Tens of tons, Copper pipe production 53.9 Tens of tons,Market share is 24.6%,Industry first。International market,The company is also the leading company in the copper pipe industry,according to 2025 Annual plan,Company 2025 The year of the year reached the sales volume of copper pipes 126 Ten thousand Ton。

Company adoption“Diverted production”Business model、“Raw material price+Processing fee”Sales pricing mode,in order to fulfill“Earn stable processing fee”Profit model。The company has established a comprehensive customer network in terms of territory.,Especially in accounting 80%The above market share、Zhejiang、Shanghai、Guangdong area,Accumulate a large number of stable customers,And take the lead in developing overseas markets,Overseas customers have developed 300 Multiple families。

Income structure,Copper tube is the company's main source of income, 2016 Annual copper-tube product revenue accounting 94%,Afterwards, it will decrease year by year.,2020 The annual accounting 55%。around“Optimize supply chain resources and channel configuration efficiency, Enhance industrial chain competitiveness and voice”Strategic goal,The company is based on the well-colored metal manufacturing platform formed.,Focus on promoting and improving the construction of large logistics platform,Vertical integration of raw materials trade services with copper processing business,Through the industry chain,Make the two complements under the company's overall management、Synergist。

2. Copper pipe industry:Industry out,“Remain”King

2.1. Copper tube production,Head business concentration

2020 China's copper pipe production coexistence 205 Tens of tons,Up to all copper processing 10.81%,It is the largest category that exhibits a copper wire.。2018 After year,my country's copper pipe output begins to decline year by year,2019、2020 The annual output declines 23.02%、4.21%。

my country's copper pipe industry has a high concentration,The main output comes from the head company,2019 China copper pipe enterprise copper pipe production 232 Tens of tons,The top six copper pipe enterprises in the territory is more than 64%。2020 my country's copper pipe enterprise production 219 Tens of tons,Among them、Jinlong、The proportion of Obbot is 24.6%、22.7%、4.4%。

2.2. Industry out,Integrate open

After the copper processing industry has experienced the outbreak growth,Excessive capacity issues began to appear。Copper pipe industry pricing model is copper price+Processing fee,Corporate profits and processing costs are closely related。

aluminium brass tube manufacturers

Copper processing industry is copper concentrate,A series of refined refined refined copper and electrolytic copper is carried out by copper concentrate。Global refined copper production is rising year by year,but 2015-2019 The annual growth rate has slowed,2019 Annual output is 2404.6 Tens of tons,Down 0.27%;Among them, the native refined copper production 1999.2 Tens of tons,Regeneration refined copper 405.4 Tens of tons。

Copper tube processing costs continue to decline in corporate profits,Uncomfortable to deal with small and medium-sized enterprises with loss of money and cash flow gradually eliminated。Further strengthening of competitiveness in the industry industry,Surviving companies usually have better cost management levels and technical advantages。 2020 year 6 Month to month 2021 year 5 moon,Annual production capacity is greater than or equal 10 The capacity utilization of 10,000 tons is from 88.55%gradually rise to 92.1%,Production is less than 10 The capacity utilization rate of 10,000 tons is not rising。Production line and its supporting facilities are high,And the capacity utilization rate of existing production lines is low,These have reduced the competitiveness of small-scale companies,Constantly promote integration within the industry,The status of large-scale enterprises in the market is further stable。

aluminium brass tube manufacturers

2.3. Global demand China accounts for more than half,Future growth point

1) Refrigeration industry:Main military air conditioner

Copper tube products copper pipes due to their flexibility、Features of thermal conductivity and excellent corrosion resistance,Widely used in air conditioning and refrigerator、Evaporator of freezer and other equipment、Condenser、Connecting pipe、 Piping、Pipe fittings and other fields。2021 year,air conditioner、The output of household refrigerators and freezers has increased significantly,Production in the first half of the year was 1585、4435、 1585 Wantai,reached year-on-year 21%、19%、42%。The increase in the output of the refrigeration industry will drive the demand for copper pipes for refrigeration。

air conditioner、Production of refrigerators and freezers driven by increased housing completions,A clear upward trend in the future。 2021 my country's housing completion area in the first half of the year、The new construction area is 3.65、10.13 billion square meters,year-on-year Increase 25.7%、3.8%。The central government issued a document to phase out inefficient refrigeration products,Copper tube industry is expected to benefit。

2) construction industry:policy encouragement+Consumption upgrade

The application of copper water pipes in the construction field in developed countries has reached 7%~9%,Due to the higher price of copper pipes,At present, the application of copper water pipes in buildings in China is only 3%。With the improvement of my country's urbanization level and environmental protection awareness,Predicted copper water pipes due to their corrosion resistance、High and low temperature resistance、Sterilize Equal characteristics,It will be widely used in construction in the future。

2021 first half of the year,The completed amount of real estate development investment in my country is 7.22 trillion yuan,year-on-year increase 15%,Drive the growth of real estate construction area in the future;With the continuous improvement of the living standards of our residents,Residential consumption expenditure is also in Upward trend,2021 In the first half of the year, the consumption expenditure of Chinese residents on housing reached a year-on-year 7.5%。Expected to build in the future The demand for copper pipes for construction will increase。

aluminium brass tube manufacturers

3) Other industries are flourishing

in marine engineering,Due to the conductivity of the copper alloy condenser tube、Excellent thermal conductivity and corrosion resistance,Broad application prospects。my country has completed seawater desalination projects 123 indivual,The total capacity of seawater desalination in the country is about daily 165 tons。arrive 2025 year,The total scale of national seawater desalination has reached daily 290 More than 10,000 tons,Newly added desalination scale per day 125 More than 10,000 tons,High demand for heat exchange condensing copper pipes。

Because the copper tube has the effect of obviously inhibiting the reproduction of bacteria,Therefore, it is widely used in centralized oxygen supply in hospitals、Operating room purge gas delivery、compressed air、In the fields of medical gases such as negative pressure suction and vacuum applications。2021 year 1-5 moon,The cumulative amount of my country's fixed investment in the pharmaceutical manufacturing industry has reached a year-on-year 24.2%,It is expected that medical expenses and medical needs will further increase in the future。

aluminium brass tube manufacturers(aluminium brass tube manufacturers)

3. Hailiang shares:Join hands with CNMC Obote,leading position

(aluminium brass tube manufacturers)3.1. Join hands with Obote to join forces,Domestic market regional complementarity

Aobot is mainly engaged in air conditioning and refrigeration copper pipes、High-precision copper alloy strip、Research and development of the three main business segments of high-precision rolled copper foil、production and sales,Annual copper processing capacity 16 tons。

The company and CNMC Aobot jointly invested in the establishment of a joint venture company,On the basis of giving full play to the advantages of the copper tube industry of both parties,Hailiang Co., Ltd. will adopt self-developed advanced copper tube preparation and equipment technology,Completely transform and upgrade the original copper tube production base of Obote,and through intelligent、Informatization Construction of production line and management business system,All-round realization of intelligent manufacturing。Expected after capacity replacement,Hailiang The market share of the stock based on the production caliber will further increase。

The two companies are complementary,Complete domestic market coverage,Effectively realize the optimization of production and sales layout。In the future, the company can reasonably allocate product production layout according to customer distribution area and production base layout,Realize the nearest supply of products,This greatly shortens the delivery radius of products and raw materials,Reduce shipping costs、Improve customer service capabilities。

3.2. Global layout,Seize the overseas market

The company has built its own、Nineteen production bases have been established around the world through a combination of mergers and acquisitions。

(aluminium brass tube manufacturers)1) Relying on the already formed global production base layout and scale effect,Realized the sharing of supply chain channels,have Effectively reduce procurement costs。in production practice,The company's procurement team is based on the real-time production needs of each base, Through timely grasp and analysis of global market information,Determine the optimal procurement plan and ensure the implementation through the rational use of relevant tools。

(aluminium brass tube manufacturers)2) Relying on the advantages of volume and reputation,It also has strong bargaining power in the long-term price negotiation process with suppliers Strength and advantage,Effectively enhance the ability to deal with potential challenges such as global trade protectionism。

(aluminium brass tube manufacturers)3) Accumulate rich experience in industry integration,by management、Process output,Increase capacity utilization and profitability of copper processing plants。After the company has successively acquired peers,By continuously exporting refined management and preparation technology to the target company,achieved its sales and profitability rapid growth of power。

3.3. Steady expansion of production capacity,annualized growth 15%-20%

The company plans to 2025 The annual sales volume of copper processing materials exceeds 220 tons,Become the world's largest copper pipe、copper rod、copper row processing and manufacturing enterprises。At present, all important projects under construction of the company, including fund-raising projects, are progressing as planned,Technologically transform it Other planning projects are accelerating the demonstration,Capacity expansion will be carried out rhythmically and sequentially。

The company's fundraising project is progressing smoothly。as of 2021 year 3 end of month,The company has copper processing capacity 111.7 tons,exist The production capacity of the construction project is close to 60 tons,The company plans to 2025 Annual copper sales 228 tons/year,Sales in the next five years CAGR Exceed 20%。2021 Annual new capacity includes Zhejiang 7 10,000 tons copper pipe production line,After being put into production, it will become the most intelligent in the world、One of the copper pipe production lines with the lowest comprehensive production cost。

4. Hailiang shares:product diversification,Production efficiency improvement

4.1. product diversification,Get rid of air-conditioning industry dependence

Air-conditioning enterprises are the company's largest downstream customers,However, due to the serious oligopoly of air-conditioning enterprises,If you rely too much on the air-conditioning industry,It may lead to greater risk of fluctuations in the profitability of copper pipe enterprises。The company is outside the refrigeration copper pipe for air conditioning,keep rich Diverse product structure,And it is at the upstream level in the segmented industry,Guarantee the company's profit stability and wind resistance dangerous。

(aluminium brass tube manufacturers)1) copper rod。

2020 Proportion of copper rods in annual company revenue 10.94%,Gross profit margin is 4.53%。Zhuji Nonferrous Metals Intelligent Manufacturing Park Phase I 15 Ten thousand Ton/Annual Copper Rod Project 2020 All year production,The company's copper rod output is from 2018 Year 6.7 10,000 tons increased to 2020 Year 25.32 tons,The compound annual growth rate is 94.4%,。

The company has obtained“Chinese copper rod(Row)Top Ten Materials Enterprises”other honors,Has become a leading enterprise in the copper rod industry,with the next High-quality customers in the parade industry maintain good cooperative relations。

2) medical copper tube。

(aluminium brass tube manufacturers)Hailiang is a leader in the medical copper tube industry。The gas delivered by the medical gas pipeline often acts directly on the patient,Therefore, the requirements for cleanliness and toxic residues are very strict.,The pipes used must be degreased and cleaned in strict accordance with the regulations。Risk of poor cleanliness and high residual corrosion due to degreasing with traditional cleaning agents,Hailiang shares specially customized copper tube ultrasonic cleaning equipment for this purpose,Can achieve automatic charge at the same time,Cleaning,Purge,drying,Automation,Minimize people-oriented factors intervention,And ensure product performance consistency,Strictly control the residue of carbon in the pipe material does not exceed 0.02g/ ㎡,From the technical perspective to ensure the stability of copper pipeases。Currently completed ISO/IEC 17025-2005 standard CNAS Laboratory certification,For the current large number of national test labs,Can meet the needs of medical tubes Detection requirements。Hailing Shares have production bases all over the country,Can provide medical copper pipes more convenient to various local health institutions。

3) Copper nickel alloy。

Mainly used in marine projects,Copper nickel alloy has the advantages of strong corrosion resistance。Company products in the seawater desalination industry Sales in sales,Currently developed new markets such as ships,In the future, there is a large growth space in sales and processing costs.。 Hai Ling shares is the drafting unit of national standards, Have related to seawater dilaty tube production“Direct blanket metal pipe light bright heat treatment furnace”、“Direct blast metal pipe Bright heat treatment method”Many invention patents。

(aluminium brass tube manufacturers)4.2. Production efficiency

Company continuous upgrading line,Company adheres to technology strong enterprises,Continuously enhance new processes、New equipment、New product R & D strength,Manufacturing intelligence and management information is highly integrated,By using intelligent equipment、logistics、Warehousing,Will ERP and MES The intelligent control system integrates each other,Building intelligent chemical plant,Forming automated equipment and work New model based smart factory based on industry internet。The per capita production of the company has increased year by year, 2020 Year 123.8 Ton, 2016 to 2020 The annual complex growth rate is 13.47%。

(aluminium brass tube manufacturers)aluminium brass tube manufacturers(aluminium brass tube manufacturers)

4.3. Construction of photovoltaic projects,Reduce electricity cost

(aluminium brass tube manufacturers)Company combines its own business characteristics,Organically integrated photovoltaic power generation and manufacturing main business,Through the factory factory Roof construction of distributed photovoltaic plants and optimizes energy supply structure in their own way。Copper Processing Research Institute 2016 Annual investment in the field of solar photovoltaic power generation, 2020 year,Company in Anhui、Chongqing、Zhongshan set up three photovoltaic power generation companies, respectively,The photovoltaic project has been built in parallel,Further excavate The company's resource elements potential,Effective reduces comprehensive electricity cost。

In the future, some of our company has no need to pay,The balance Internet part can be subsidized by the national subsidiary of the coal-fired power desulfurization benchmark。2021 Year 2017-2020 year,Companies have a government's photovoltaic power subsidy,Respectively 1.0、8.9、8.7、7.9 million dollar。On the other hand, photovoltaic power generation has an overwhelming advantage in reducing carbon emissions.,Carbon dioxide emissions of photovoltaic power generation 33-50 gram/Spend,Coal power 796.7 gram/Spend。

5. profit prediction

Based on the following hypothesis:

1) Increased demand for downstream of the copper pipe industry,air conditioner“A family of many”Attribute superposition replacement upgrade demand pulsise air conditioning line Industry stable growth;Real estate and policy-oriented drive refrigeration industry and construction copper water pipes in the building increase, Marine engineering policy goals bring growth space。The copper pipe industry is in the bottom changing stage,Industry integration Combined capacity begins to recover。

2) Company cooperation with Aobott,Stable copper pipe industry faucet low,At the same time, the expansion project is hidden and enhances Market accounting,Thereby increasing the bargaining rights of the company's downstream air conditioners。

3) The company's product content continues to broaden,In ship、Medical and other fields are more in-depth。

4) The company's production efficiency is further improved,Gross profit margin and net interest rate double liter。

Expect2021/22/23 year,The company's revenue is 711.62/872.57/991.15 Billion,Incurns do not for 53.3%/22.6%/13.6% 。 Company 2021/22/23 The net profit of the year is 13.15/19.86/26.89 Billion,The corresponding growth rate is 94.0%/51.0%/35.4%;correspond PE Respectively 15.4x/10.2x/7.5x。

6. risk warning

1)Epidemic recovery is not expected。

The company has a production base in the world.,The global market fluctuations and exchange rate fluctuations in the epidemic。

2)The downstream demand in the copper processing industry is not expected。

The company cooperates with Obot and the layout of multiple expansion plans,To increase the stamp of the copper processing industry。like The downstream demand in the copper processing industry is not expected,Especially air conditioning industry,Will be more than the company's income and profitability High negative impact。

5) Anti-dumping policy should not be expected。

(aluminium brass tube manufacturers)2021 year 6 moon 17 day,The US Department of Commerce announces anti-dumping ends on imported seamless refining copper pipes imported from Vietnam. Cut,The dumping rate of Vietnam producers and exporters is 8.35%。The company has base in Vietnam,And outside the company The largest production in the base,If the anti-dumping response is not timely,May have no market in the company's Vietnamese base products Beneficial influence。

(This article is for reference only,Does not mean any investment advice。Use information,See the report original text。)

Featured report source:【Future wisk official website】。


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