was listed, Qinan shares, which sells auto parts, stepped into the door of futures trading. They may lose after a long time betting. Unlike the previous "21 consecutive victories", Qinan has recently been "four consecutive losses".
After September 11, Qin'an Co., Ltd. 4 disclosed the progress of futures investment returns. From September 12 to 22, September 23, September 24 to 25 and September 28, Qin'an Co., Ltd. recorded futures closing losses of 69.53 million yuan, 73.48 million yuan, 136 million yuan and 223 million yuan respectively, with a total loss of 502 million yuan. After
consecutive losses, on September 28, Qinan Co., Ltd. closed all futures investment contracts that were built in the early stage. Although the profit has shrunk significantly, it still has a cumulative profit of 267 million yuan since April 15. This figure is equivalent to 2.3 times the company's net profit in 2019.
Futures master took a roller coaster ride: after making consecutive profits,
Company urgently cleared its position and locked in 267 million profits
On May 17, 2017, Chongqing Qinan Mechanical and Electrical Co., Ltd. (Securities abbreviation: Qinan Co., Ltd. 603758), which mainly sells core components of automobile engines, officially landed on the main board for trading. On April 15 this year, the company began to conduct futures investment transactions, investing about 500 million yuan in the beginning of the period, and then continued to add 400 million yuan in futures investment income to the futures investment pool in two installments.
Regarding the reasons for futures trading, Qin'an Co., Ltd. stated that the company's purchase of raw material aluminum in 2019 accounted for 21.34% of the company's product manufacturing costs, and it is expected that the purchase volume of aluminum will continue to increase in 2020. Based on the judgment of tracking the trend of spot price of aluminum for a long time, in order to reduce spot procurement costs and increase company income, it was decided to use its own funds to conduct futures investment and raw material hedging business.
Although he claimed that he had "the company's management personnel had no actual futures professional background", the "newcomer" Qinan Co., Ltd. gave a brilliant report card in the first five months. Between April 15 and September 11, Qin'an Co., Ltd. disclosed futures investment returns 21 times, each time, with a profit of closing positions, with a cumulative profit of 769 million yuan, of which two of the profits of closing positions exceeded 100 million yuan, namely the profit of 137 million yuan on August 6 and the profit of 108 million yuan from August 17 to 20.
This wave of operation also made Qinan Co., Ltd. from a "newcomer" to a "big god", and the market calls it a "big god of A-share futures". However, the Waterloo of the "God" is also coming soon.
After September 11, Qin'an Co., Ltd. html disclosed the progress of futures investment returns 24 times, which is different from the previous "21 consecutive victories", but this time it was a "four consecutive losses". From September 12 to 22, September 23, September 24 to 25 and September 28, Qinan Co., Ltd. recorded futures closing losses of 69.53 million yuan, 73.48 million yuan, 136 million yuan and 223 million yuan respectively, with a total loss of 502 million yuan.
htmlOn September 28, Qin'an Co., Ltd. closed all futures investment contracts that were built in the early stage. Although the profit has shrunk significantly, it still has a cumulative profit of 267 million yuan since April 15. At the same time, Qin'an Co., Ltd. stated that it will withdraw from investment futures trading and will still focus on its main business operations in the future.It is worth noting that during this period, the stock price of Qinan Co., Ltd. also fluctuated greatly with the company's performance in the futures market.
On May 17, 2017, the stock price of Qinan Co., Ltd. rose all the way after it was listed and reached its historical high (note: previous re-rights) of 27.05 yuan/share on May 31 of that year. Subsequently, its stock price entered a downward trend until November 18 last year, falling to its historical low of 5.00 yuan/share.
Note: Qinan Co., Ltd. ’s stock price trend since its listing. Image source: Screenshot from flush market.
Since futures trading started on April 15 this year, the share price of Qinan shares has risen from 5.92 yuan/share to an intraday high of 12.40 yuan/share on September 2, with a cumulative increase of 109%. Subsequently, due to the futures closing operation, the share price of Qinan Co., Ltd. fell to the limit down for three trading days on September 24, 25 and 28.
After the market on September 28, Qin'an Co., Ltd. announced that it had closed all futures investment contracts that had been established in the early stage on the same day, and had a cumulative profit of 267 million yuan; on September 29, the company's stock price immediately rose sharply, closing at 8.46 yuan per share, up 7.36%, with a total market value of 3.712 billion yuan.
As of the close of September 30, the share price of Qinan Co., Ltd. fell 5.67% to close at 7.98 yuan per share.
Regarding the logic of this futures investment, Qin'an Co., Ltd. said that as an automobile manufacturer, the company has long tracked the price trend of related raw materials. In 2020, due to the impact of the epidemic, the prices of commodities such as aluminum fluctuated abnormally, and the decline was far exceeding the price range under the normal economic environment. The company believed that under special circumstances, the abnormal decline in commodities would return to the normal price range in the future.
The profit of futures trading is equivalent to 2.3 times the company's net profit in 2019
Chairman of the State-owned Assemblies Workshop was born in
Qin'an Co., Ltd. is mainly engaged in the research, development, production and sales of core components of automobile engines - cylinder blocks, cylinder heads, crankshafts, transmission boxes and other products. The products are all aimed at the passenger car and commercial vehicle complete vehicle markets mainly in complete vehicle (machine) manufacturing enterprises.
in the first year of listing, Qinan Co., Ltd. delivered a brilliant report card, and its revenue and net profit attributable to shareholders of listed companies in 2017 were 1.223 billion yuan and 188 million yuan respectively. However, the company's performance began to decline sharply. In 2018 and 2019, Qin'an Co., Ltd. achieved operating income of 676 million yuan and 596 million yuan, net profit attributable to shareholders of listed companies of -63.65 million yuan and 118 million yuan, and net profit attributable to shareholders of listed companies of -69.11 million yuan and -115 million yuan after deducting non-operating items.
Qin'an Co., Ltd. once said that the decline in performance in 2018 was mainly due to the sharp decline in customer vehicle sales in 2018, resulting in a significant decrease in the company's production and sales. Although it turned losses into profits in 2019, it was mainly caused by the company's transfer of land use rights and above-ground buildings at No. 701 Lanmei Road, Jiulongpo District, Chongqing (Erlang Factory). After deducting non-operating items that year, the company still lost 115 million yuan.
In addition, Qin'an Co., Ltd. has problems with concentrated customer concentration and sales areas.
In 2019, the sales of the top five customers of Qinan Co., Ltd. was 549 million yuan, accounting for 92.10% of the total annual sales. In addition, by region, Chongqing City and other regions in China achieved revenue of 442 million yuan and 146 million yuan respectively, with revenue in Chongqing accounting for more than 74%.
Judging from the balance of accounts receivable at the end of the 2020 semi-annual account receivables, the top five customers are Changan Ford Automobile Co., Ltd. , China First Automobile Co., Ltd., Chongqing Changan Automobile Co., Ltd. , Liuzhou Wuling Liuji Power Co., Ltd. and Shenzhen Baoneng Automobile Co., Ltd., with the amounts of 90.41 million yuan, 29.95 million yuan, 26.44 million yuan, 16.78 million yuan and 6.98 million yuan respectively.
's performance decline also made the futures income of 267 million yuan obtained by Qin'an Co., Ltd. this year particularly "conspicuous", which is equivalent to 2.3 times the company's net profit in 2019.
In the first half of this year, Qinan Co., Ltd. 's performance rebounded. From January to June, the company's operating income was 320 million yuan, an increase of 41.82% year-on-year, and achieved a net profit attributable to shareholders of 251 million yuan, but the net profit after deducting non-recurring gains and losses was only 1.25 million yuan. Qin'an Co., Ltd. said that the recovery in performance is mainly due to the recovery of sales of the company's customers in the vehicle market, such as the increase in demand for upgrading and replacement products for customers of major joint venture brands.
As of the end of the 2020 semi-year, Qin'an Co., Ltd. had a total of 15,008 shareholders, YUANMINGTANG (formerly named Tang Yuanming), Shanghai Xianghe Hong'an Equity Investment Partnership (Limited Partnership) and Shanghai Hongcheng Venture Capital Partnership (Limited Partnership) held 65.63%, 3.27% and 2.18% of the shares respectively, ranking among the company's top three shareholders.
Among them, YUANMINGTANG is the chairman and general manager of Qin'an Co., Ltd. . He was born in February 1957 and obtained Canadian nationality in 2006. He has served as deputy director of the assembly workshop of the state-owned 204 factory, deputy general manager of Beibei Jinyun Motorcycle Parts Factory, director of Chongqing Tai'an Engine Research Institute, general manager of Chongqing Tai'an Mechanical and Electrical Manufacturing Company, etc.
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