The falling volume and price of cement products and the rising price of coal made the performance of Shangfeng Cement (672. SZ) "halved" in 222. In addition, changes in the fair value of the company's securities investment also lead to floating losses.

on the evening of January 19th, Shangfeng Cement released the 222 annual performance forecast, and it is estimated that the net profit returned to the mother in 222 will be 92 million yuan to 1.3 billion yuan, down 52.67% to 57.72% year-on-year. Based on this calculation, in the fourth quarter of 222, the company achieved a net profit of 74 million yuan to 11 million yuan, a decrease of 2.86% from the previous month to 46.76%.

The relevant person of the company told the Cailian reporter, "In the fourth quarter of last year, the northwest region was out of stock due to peak production, so the sales volume decreased; The opening time of kiln in southwest China is short, and the price of cement is low, which is basically not profitable. The relatively good peak season in East China is not prosperous. In the fourth quarter, sales declined and prices did not rise. "

according to the data of the national bureau of statistics, the national cement output in the fourth quarter of 222 was 564 million tons, down 5.7% year-on-year. In addition, according to the data of 25 cement enterprises in China surveyed by Centennial Construction Network, the cement output in the fourth quarter of 222 was 18 million tons, down 6% year-on-year. In the fourth quarter, the national cement production and sales showed a downward trend.

Jiang Yuanlin, chief analyst of the century-old building cement, told the Cailian reporter that "the profit of the cement industry in 222 will be 68 billion yuan to 7 billion yuan, down about 6% year-on-year; In 223, the profit or decline of the cement industry narrowed under the background of bottom demand, controllable cost and adjustable supply. "

according to the announcement, the reasons for the change of Shangfeng Cement's performance in 222 can be summarized as "declining market demand, falling volume and price of cement products, and rising manufacturing costs". The increase in manufacturing costs is mainly caused by the increase in coal prices.

Previously, Shangfeng Cement pointed out that the coal price fluctuated greatly since this year, and the company reduced the procurement cost by signing long-term contracts and expanding and optimizing procurement channels, but the overall procurement price still rose greatly. The increase of coal cost in the first three quarters, as one of the main reasons, promoted the clinker cost to increase by about 3%.

A record of investor relations activities disclosed on December 15th, 222 shows that, regarding the overall judgment of demand and prosperity next year, Shangfeng Cement indicated that the company is optimistic about the recovery of prosperity next year, and will flexibly adjust the expansion speed and development pace, shift its focus to the optimization and extension of industrial chain, increase the proportion of some high-margin products, and increase efforts to develop the new energy storage sector as an important direction of the company's transformation and upgrading.

It is worth mentioning that Shangfeng Cement expects that the impact of non-recurring gains and losses in 222 will be attributed to a decrease of about 12 million yuan in the net profit of shareholders of listed companies, mainly due to the floating losses caused by changes in the fair value of the company's securities investment during the reporting period.

In other words, behind the "waist-cutting" performance of Shangfeng Cement, it also lost more than one billion yuan due to stock trading.

The third quarterly report of Shangfeng Cement shows that as of September 3th, the company's tradable financial assets were 816 million yuan, a decrease of 6.27% compared with the beginning of 222. The company once said that trading financial assets are equity instrument investment and bank wealth management products.

The reporter of Cailian noticed that the list of securities investments listed in the semi-annual report of 222 of Shangfeng Cement shows that among the 1 stocks it holds or trades, 5 are all industry peers, including CONCH (6585.SH), Tianshan (877.SZ), Evergreen (789.SZ) and Tapai Group (2).

In fact, it is not just Shangfeng Cement that loses money in stock trading. The performance forecast of Tapai Group in 222 shows that the non-recurring profit and loss during the reporting period is expected to be about-5 million yuan, and the main reason for the loss is that the company's securities investment during the reporting period was affected by the decline of the stock index. Under the influence of superposition, Tapai Group's net profit in 222 is expected to drop by more than 83% year-on-year.