Palm oil, as one of the most important edible oils in the world, its market supply and demand changes have a far-reaching impact on the futures value. It is very important for investors and market analysts to understand these changes and their laws.
First of all, the supply of palm oil mainly depends on Southeast Asia, especially Malaysia and Indonesia. Palm oil production in these two countries accounts for more than 80% of the global total. Therefore, any factors that affect the production capacity of these two countries, such as climate change, policy adjustment or labor market fluctuation, will directly affect the supply of palm oil. For example, extreme weather conditions such as drought or flood may lead to a decline in production, thus pushing up palm oil futures prices.
Secondly, on the demand side, palm oil is widely used in food processing, biofuels and cosmetics. Global economic growth, population growth and changes in consumer preferences will all affect the demand for palm oil. For example, with the increasing global demand for renewable energy, the demand for palm oil in biodiesel production is also rising. This increase in demand usually pushes up the price of palm oil futures.
The impact of supply and demand changes on the futures value of palm oil can be displayed more intuitively in the following table:
factor
Supply impact
Demand influence
Futures value change
climate change
reduction of production
No direct influence
rise
Policy adjustment
Production restriction
increase in demand
rise
economic growth
No direct influence
increase in demand
rise
consumer preference
No direct influence
Demand change
wave
In addition, the supply and demand changes of palm oil market still have certain seasonal laws. For example, November to February is the peak of palm oil production, because this period is the rainy season in Southeast Asia, which is conducive to the growth of palm fruit. On the contrary, June to August every year is the low yield period, because this period is the dry season, which is not conducive to the growth of palm fruit. This seasonal change will also lead to periodic fluctuations in palm oil futures prices.
Finally, global trade policies and geopolitical factors will also have a significant impact on the palm oil market. For example, the adjustment of tariffs, the change of trade agreements or the political instability of major producing countries may all lead to the imbalance between supply and demand in the market, thus affecting futures prices. Therefore, investors need to comprehensively consider these macroeconomic and political factors when analyzing the palm oil futures market.
In a word, the change of supply and demand in palm oil market is a complex and multi-factor driven process. Through in-depth analysis of these changes and their laws, investors can better grasp the market dynamics and make more wise investment decisions.
(Editor in charge: difference extension)
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On January 26th, Beijing time, Tesla released the latest financial report: in the fourth quarter of 2022 (hereinafter referred to as Q4), the revenue increased by 37% year-on-year to US$ 24.318 billion, and the net profit increased by 59% year-on-year to US$ 3.687 billion, both hitting record highs and exceeding market expectations.
During the period, Tesla’s vehicle production and delivery both reached new highs: Q4 produced 439,701 vehicles and delivered 405,278 vehicles, up 44% and 31% respectively.
On the first trading day after the financial report was released, Tesla closed up nearly 11% and its market value returned to 500 billion US dollars.
DanielIves, a well-known Tesla bull and Wedbush analyst, believes that Q4 in 2022 will be "one of the most important financial reports in Tesla’s history" because its dominant position in the electric vehicle market is facing new resistance in the past few years.
Before the financial report was released, Tesla took the lead in the unprecedented price reduction promotion in the domestic market on January 6, and then spread the price war to the United States, Europe and other places. Musk said in the earnings conference call that he saw the strongest order in Tesla’s history in January, and the current number of orders is almost twice the production capacity.
In 2023, Tesla gave a delivery target of 1.8 million vehicles in the financial report, an increase of 37% compared with 2022, which was lower than the previously set long-term target (an annual increase of 50%). However, Musk is also optimistic that if there is no external interference, 2 million cars may be produced and sold in 2023.
The price of cars has dropped, but the growth rate of delivery has slowed down.
In Q4 of 2022, Tesla, the "price butcher", once again showed the cutting edge of price reduction.
Since October, 2022, Tesla has successively reduced prices in China and North America. Musk’s goal is to sell all the cars produced in Q4 that year and usher in an "epic year-end".
However, due to the small price reduction, the effect of exchanging price for quantity is not satisfactory. Tesla delivered a total of 405,300 vehicles in Q4, with a year-on-year growth rate slowing from 71% in the same period of last year to 31%, and a year-on-year revenue growth rate of 37%, a record low in the past two years. MarkDelaney, an analyst at Goldman Sachs, believes that Q4′ s delivery data is "an increasing negative factor".
In Q4 last year, Tesla’s output exceeded the delivery by 34,423 vehicles, and the annual difference was 55,769 vehicles. In 2022, Tesla delivered a total of 1,313,800 vehicles, which failed to reach the annual target (1,404,100 vehicles), and the throne of the annual new energy vehicle sales crown was also taken away by BYD.
As the most profitable new energy vehicle company in the world, Tesla’s net profit growth rate slowed down obviously in Q4 last year, even less than Q2, which was affected by epidemic and supply chain.
The price reduction promotion also lowered the gross profit margin. Tesla Q4′ s gross profit margin was 23.8%, down 3.6 percentage points from the same period of last year and 1.3 percentage points from the previous month, hitting a new low in nearly seven quarters.
In the face of the decline in profitability brought about by price cuts, Musk believes that Tesla can get compensation from autonomous driving.
In a Twitter space discussion at the end of 2022, Musk said that the value of a car that can drive automatically is much higher than that of a non-self-driving car. Even if the profit margin is extremely low when selling a car, it can be upgraded to automatic driving. It can bring a lot of income. "Only Tesla can do this."
FSD(FullSelf-Drive) brought Tesla $324 million in revenue in Q4. Tesla has released a beta version of FSD to almost all customers in North America, and the number is about 400,000.
In addition to the slowdown in growth and the decline in gross profit margin, Musk, as the soul of Tesla, was also distracted by Twitter.
Musk proposed to acquire Twitter in April 2022 and entered the company in October. After the acquisition, Musk reduced his holdings of Tesla shares worth nearly $23 billion. KoGuanLeo, the third largest individual shareholder of Tesla, said that Musk gave up Tesla and Tesla had no CEO.
The cold winter of Q4, together with Twitter nightmare, has impacted Tesla’s market value and Musk’s net worth. As of the close of the last trading day in 2022, Tesla’s share price fell by more than 50% in the fourth quarter. Affected by this, Musk became the first rich man in history to lose $200 billion.
Weakened first-Mover advantage
Behind the slowdown in delivery, revenue and net profit growth is Tesla’s insufficient demand challenge in Q4. According to the financial report, Tesla Q4′ s global inventory supply days reached 13 days, up 225% year-on-year, the highest in the whole year.
Bernstein, an American investment research institute, said that the price reduction of Tesla’s promotion in China and the United States in 2022 means that Tesla may have a demand problem.
The long gap period of models is one of the important reasons for the decline in Tesla demand. In 2022, the combined delivery of Model3 and ModelY accounted for 94.92% of Tesla’s total annual delivery, but the release time of these two models should be traced back to 2016 and 2019 respectively.
Merrill Lynch once predicted in a report that by 2025, Tesla’s American electric vehicle market share will drop from the current 70% to 11%, because Tesla did not expand its product portfolio quickly enough, while traditional car manufacturers and new forces making cars are improving their product lineup. Standard & Poor’s Global Mobile also believes that although Tesla is still the best-selling electric vehicle brand in the United States, its competitors are launching more and more affordable models, and Tesla’s dominant position in the electric vehicle market is being weakened.
During the gap period of Tesla models, the pattern of new energy vehicle market in China has also changed greatly. According to the data of the Association, the market share of BYD’s new energy passenger cars increased from 19.5% in 2021 to 31.7% in 2022. In the same period, Tesla decreased from 10.7% to 7.8%. Wei Xiaoli also broke through the annual delivery of 100,000 vehicles in 2022, and plans to launch more models.
At the same time, Tesla’s technological aura is gradually eclipsing.
Tesla’s brand power is centered on the exploration and landing of new technologies, especially the combination with FSD. Musk also predicted that "autopilot software will become Tesla’s most important profit point", but FSD has never achieved true full autopilot. According to the calculation of CITIC Securities, from 2019 to 2021, the revenue of FSD accounted for 3.4%, 2.8% and 1.7% respectively.
Will the price war last?
At the beginning of 2023, Tesla cut prices sharply on a global scale.
On January 6th, all the models on sale in Tesla China market were reduced in price, with a drop of 20,000 ~ 48,000 yuan, and the promotion was unprecedented. The following week, Tesla spread the bonfire of price war to Japan, South Korea, North America, Europe and other places.
Price reduction is a double-edged sword. Daniel, the aforementioned Wade Bush analyst, believes that Tesla’s price reduction may increase the global delivery this year by 12% ~ 15%. Deutsche Bank predicts that Tesla’s gross profit margin will drop by 3 percentage points in 2023 compared with 2022.
At the earnings conference call, Tesla did not release the expectation of continuing to exchange prices. Musk said that Tesla raised the price slightly because the demand after the price reduction far exceeded the output. On January 24, Tesla raised the price of the ModelY dual-motor all-wheel drive model sold in the United States by $500. Tesla CFOZachKirkhorn also said in the earnings conference call that the gross profit margin of automobiles will be higher than 20% this year.
Tesla’s price reduction action is bound to cause a rebound of competitors. Haitong Securities believes that Tesla will increase market sales by reducing prices, announcing that the electric vehicle industry will officially enter fierce competition in 2023, and global car companies will face great pressure to compete head-on.
On January 13, AITO asked the community to announce that the price of some of its models would be lowered by 28,800 ~ 30,000 yuan. On January 17th, Xpeng Motors, which is still at a loss, announced that it would adjust the price of its G3i/P5/P7 models, with an overall decrease of 20,000 ~ 36,000 yuan.
The day after the official announcement of price reduction, He Xiaopeng, chairman of Xpeng Motors, said at the annual summary meeting, "Either you are brilliant enough with everyone, or you will die with a bang".
BYD, which did not follow the price cut, launched a million-class luxury car the day before Tesla’s domestic price cut in an attempt to get more cakes in the high-end market.
In the face of rivals who are chasing after each other step by step, Tesla urgently needs to find new sales growth points.
FranzvonHolzhausen, chief designer of Tesla, said on January 16th that Cybertruck, a pure electric pickup truck, had finished the design and was ready to put into production. The market generally believes that if Cybertruck can be listed as scheduled, it will become a new growth point for Tesla in the North American market in 2023.
Cybertruck； Source: Tesla official Weibo
Musk said in the earnings conference call that Cyberruck may start production in the summer of 2023, but the real mass production work will begin in 2024, and Cyberruck’s contribution to profits will not be great this year.
Cheap models are another sales growth point besides Cybertruck. Musk predicts that the cost of the next-generation car platform will be half that of the second-generation platforms (Model3 and ModelY), and its output may be higher than the sum of all the company’s current products.
Tesla said in Q4 financial report that more details of the next-generation car platform will be released on March 1, 2023, Investor Day. Analysts of venture capital firm LoupVentures believe that Tesla’s affordable model Model2 will not be launched until 2024.
In addition, Tesla has to consider the impact of the macro environment.
In a Twitter discussion at the end of 2022, Musk believed that the severity of the economic recession in 2023 was equivalent to that in 2009, which would affect the demand for automobiles and lead to an increase in the consumption cost of automobiles. However, in the earnings conference call, Musk also said that the economic recession will reduce Tesla’s costs, which in turn will bring higher profit margins. However, he stressed that this was only his guess.
Twitter is also a variable that Tesla will face this year. In December 2022, Musk launched a vote on whether he should step down as CEO of Twitter. 57.5% of users thought he should resign, but Musk still serves as CEO of Twitter.
In the earnings conference call, Musk "showed off" his Twitter account with 127 million fans, and said that Twitter created demand for Tesla. At present, Musk has renamed his Twitter account "Mr. Twitter".
Competition in the industry has intensified and the first-Mover advantage has diminished. In 2023, Tesla will still face severe challenges.
A few days ago, Zhongtong, Yuantong, Shentong, Yunda and many other express delivery companies have issued the Notice on the Adjustment of the Distribution Fees of the Whole Network, announcing that the distribution fees of the whole network will be raised from today (September 1) to subsidize the income of couriers. The "delivery fee" means the "delivery fee", which is the income obtained by the courier to deliver the express from the outlet to the consumer. At present, what is the income of the courier brother? Look at the report that the reporter sent back from Guangzhou yesterday.
On August 31, the reporter visited a number of courier companies in Guangzhou and found that the courier brother began to meet the busiest season of the year. Zheng Wanqiang, who is engaged in express delivery in a Guangzhou express delivery company, told reporters that starting from September 1st, the company will increase the delivery fee of 0.1 yuan for each ticket, and 200~300 pieces can be delivered every day, and each ticket will increase the 0.1 yuan, which will make him a good income every month. Zheng Wanqiang, a courier of a courier company in Guangzhou, said that the rent was just (replenished) after making up seven or eight hundred yuan.
Not only Zheng Wanqiang, but also more courier brothers can enjoy the increase in income brought about by this round of fee increase. The reporter learned that the express delivery companies, such as Zhongtong, Yuantong, Shentong and Yunda, announced that they would increase the distribution fee of 0.1 yuan from September 1st. Just in July this year, seven central ministries and commissions jointly issued the "Working Opinions on Doing a Good Job in Protecting the Legal Rights and Interests of Courier Groups", pointing out that it is necessary to further implement the specific arrangements of the State Post Bureau on doing a good job in protecting the rights and interests of couriers and effectively enhance the legitimate rights and interests of couriers. For the delivery of some large-scale express delivery, the express delivery company has also made different adjustments. Tian Shanshan, manager of the personnel department of a courier company in Guangzhou, said that there are some areas with relatively high difficulty coefficient for the delivery of some large-sized couriers. For such couriers, we have also set up subsidies for special areas. On average, each courier can probably be promoted to a salary change of 1,000 to 1,500 yuan. Liang Wenhui, the general public affairs assistant of a courier company in Guangzhou, said that they will have a special fund of more than 200 million yuan, which will be mainly subsidized to our frontline courier brother. This special fund is basically aimed at the current income of courier brother, and some subsidies will be made to increase income.
The reporter learned that the courier brother group has strong work intensity and difficult working conditions. The increase in the courier fee will help to strengthen the confidence of the courier brother. Mr. Lai, a courier of a courier company in Guangzhou, said that the mentality of wanting to leave the company has dropped, and at least 1000 yuan has given them more rewards.
On August 10th, Jiyue Automobile officially announced the official interior map of the brand’s brand-new medium and large pure electric car. It is reported that this car adopts the design concept of "AI Aesthetics", showing the charm of pure China original design.
In the interior, Extreme Yue 07 continues the design of family style, with minimalism as the leading factor. Among them, the design of the half-width steering wheel is eye-catching, and its development cost is as high as 20 million yuan. Officials said that this design not only provides a good grip, but also ensures that it does not block the driver’s line of sight. In addition, the button design in the car is also extremely simple.
The interior adopts embracing design, and the center console is equipped with a whole penetrating suspension screen with a size of 35.6 inches and a resolution of 6K, and colorful atmosphere lights are incorporated to create a sense of technology and advanced. There is also a wireless charging panel at the lower part of the center console to provide convenience for passengers. The new car also features an integrated seat design and a small screen in the center of the rear row.
In appearance, the car body size of Extreme Yue 07 is 4953mm long, 1989mm wide and 1475mm high, with a wheelbase of 3013mm, and it is positioned in medium and large cars. Its short front and rear suspension and long wheelbase design make the body look full and dynamic. There is also an electric spoiler at the tail, which automatically rises when the speed exceeds 95km/h, further enhancing the value of the whole vehicle.
According to the declaration information, the Extreme Yue 07 dual-motor version can output a maximum power of 400 kW, and is equipped with a maximum speed of 200 km/h.. It is expected that the new car will be listed this year, and the price is expected to be in the range of 200,000-300,000 yuan. It is worth mentioning that Extreme Yue 07 will also adopt pure visual high-order intelligent driving technology, which is provided by Baidu.
() The business review of the Board of Directors in the first half of 2023 is as follows:
I. Description of the industry and main business of the company during the reporting period.
The company is mainly engaged in the mining of salt mines, the production and sales of salt and salt chemical products. The main products include salt, industrial salt, small industrial salt and soda ash. According to the Guidelines for Industry Classification of Listed Companies (revised in 2012), salt belongs to the food manufacturing industry in manufacturing industry (C14); Two alkali industrial salts and small industrial salts are "chemical raw materials and chemical products manufacturing" in "manufacturing" (C26); Soda soda is "inorganic alkali manufacturing" (C2612) in "chemical raw materials and chemical products manufacturing".
1. Salt industry:
According to the classification of uses, salt products can be divided into salt, alkali industrial salt and small industrial salt. Salt is a necessity of people’s life, and its sodium element is an indispensable element in human growth and development; The industrial salt of caustic soda is the main raw material of caustic soda industry, which is mainly used for the production and manufacture of caustic soda and soda ash. Small-scale industrial salt is an industrial salt other than alkali industrial salt, which is mainly used in printing and dyeing industries. The production and sales of industrial salt and small industrial salt mainly depend on the downstream operation of the two alkali industries, and the price cycle is obvious. The production and sales of edible salt are relatively stable, and there is basically no periodicity. From the point of view of product price, after the reform of salt industry system, the wholesale price of salt dropped obviously, but the price of salt in Shangchao terminal remained basically stable, and the profit shifted from wholesale enterprises to retail enterprises. Generally speaking, the existing domestic salt production capacity is greater than the consumption demand, and there is a certain degree of oversupply. Therefore, enterprises with integrated production and marketing and strong channel control ability are more capable of coping with challenges.
2, soda ash industry:
Soda industry belongs to the middle reaches, and the relationship between supply and demand determines the price of soda, while the price of raw salt and energy determines the cost, and the price and cost jointly determine the gross profit margin of soda industry. From the perspective of market players, China’s soda ash industry is an industry dominated by medium and large enterprises, with a relatively high concentration. The research and development of technologies, equipment and materials related to the treatment of "three wastes" and energy saving and consumption reduction have promoted the continuous strengthening of technological innovation, equipment upgrading and clean and efficient energy utilization in China’s soda industry, and accelerated the transformation and upgrading from low-end manufacturing to high-end manufacturing. Under the influence of domestic macro-economic environment, soda ash industry has a certain periodicity, which mainly depends on the development needs of downstream photovoltaic glass, flat glass, daily glass, synthetic detergent, alumina and other industries.
3, salt cave oil and gas storage industry:
China is the second largest consumer of oil and natural gas in the world, and its dependence on foreign countries is high. In the face of the continuous turbulent international situation, the problem of energy security is becoming more and more serious. The country has successively issued a number of energy security or reserve policies, energy security is gradually rising to a national strategy, and oil and gas reserves have ushered in a period of development opportunities. The National Development and Reform Commission and the National Energy Administration pointed out in their guidance on energy security that "the construction of gas storage facilities should be accelerated. Do a good job in the overall planning and layout of underground gas storage and LNG storage tanks, and promote the intensive and scale construction of gas storage facilities. " Provinces (autonomous regions and municipalities) have compiled and issued special plans for the construction of provincial gas storage facilities, and encouraged local governments and relevant enterprises to share the investment and construction costs and benefits of gas storage facilities through cooperation in different places and joint ventures.
Second, the discussion and analysis of the business situation
In the first half of 2023, the company produced a total of 4,445,800 tons of salt and salinized products, an increase of 551,800 tons year-on-year, an increase of 14.16%; The production enterprises achieved a cumulative sales of 3,635,700 tons, an increase of 490,800 tons or 15.61% year-on-year, and a cumulative sales of 2,238,600 cubic meters of brine, an increase of 138,200 cubic meters or 6.58% year-on-year. The operating income was 2.901 billion yuan, a decrease of 4.23% compared with the same period last year. The basic earnings per share is 0.51 yuan. The main reason is that the same period of last year was a historical extreme, and the price of salt products fluctuated and fell during the reporting period, but compared with the average of the same period in 2020, 2021 and the same period in 2020 -2022, it still maintained a high growth level.
(a) steady investment, construction projects, the development potential continues to increase.
Guided by the new development pattern of "salt+energy storage" industry in the Tenth Five-Year Plan, the company made every effort to promote the construction of key projects under construction. The company and PetroChina Gas Storage Company jointly established Guoneng Company to promote the construction of the first phase of Zhangxing Gas Storage Project, and completed the main projects such as comprehensive building and auxiliary production houses, the main construction of the opening and closing station and the installation of major equipment such as power supply system. Well ZXK4-B and Well ZXK4-A were respectively connected with the target area, and well SY3 completed the plugging operation. At present, the construction period is reversed, the project is accelerated, and gas injection trial production is achieved during the year. Promote the comprehensive utilization project (Phase I) of brine salt production in gas storage, in which the preliminary administrative licensing work such as filing, energy assessment, safety assessment, environmental assessment and stability assessment has been completed for the refined liquid salt project, and the filing and energy assessment for the main salt production project has been completed. Set up a special class of sodium battery-grade soda ash product research and development project, speed up the research and development of production technology, and the product indicators meet the needs of target customers, which has now been transferred to the pilot stage.
(2) Stabilize production and expand channels, and continuously consolidate competitive advantages.
Give full play to the decision-making role of the marketing committee and the advantages of integration of production and marketing, strengthen the overall scheduling of production resource elements, scientifically organize parallel production, collaborative operation and linkage maintenance, pay close attention to the management of material consumption and energy consumption cost, accelerate the promotion of "intelligent change to digital transformation" and promote the long-term safe and stable operation of production. Solidly promote the construction of market channels inside and outside the province, and thoroughly implement the "spring ploughing action" in the provincial market. The sales of various salt products maintained a good momentum, and the proportion of Huai salt reached 84.34%. Continue to promote the "Spark Plan" in the market outside the province, make a new breakthrough in the sales of small packaged salt in the market outside the province, and further expand the influence of the market outside the province. The export business grew rapidly, and the salt products were exported to more than 30 countries and regions, such as Japan, South Korea, Southeast Asia, the Middle East, Europe and America, and were selected as "Sample Enterprises of China’s Foreign Trade Export Leading Index" in 2022. Declared China Time-honored Brand and China Quality Award, and was selected as one of the 100 typical cases of brand building of state-owned enterprises in the State Council SASAC for two consecutive years. Successfully held the "China Quality Miles-Huaiyan Bank and Huaiyan Quality Brand Conference", and released a series of new salt products, which won wide attention and praise from the market.
(3) Steady reform and innovation, and continuous improvement of endogenous motivation.
Deepen the new round of state-owned enterprise reform and deepen the promotion action. Focus on accelerating the construction of modern enterprise system, establish and improve the market-oriented operation mechanism system, and comprehensively establish the corporate governance model with the characteristics of Su Yanjing. Deepen the reform of "three systems" and stimulate the endogenous motivation and vitality of enterprises. Increase investment in scientific and technological research and development, focus on new product development, technical research, comprehensive utilization of salt cavities and other key tasks, and include 49 research and development projects such as intelligent storage of national reserve salt in the 2023 R&D project plan. In the first half of the year, 4 achievements at the municipal level and above were achieved, and 3 production problems and technical research problems were solved. Complete 4 key research achievements (items) of gas storage, energy storage and other cavity utilization technologies, and complete 2 pilot projects of new products; 9 patents (including 6 inventions) were accepted, and 6 patents (including 4 inventions) were authorized. Scientific and technological innovation was rated as a typical experience of national promotion of state-owned enterprise reform for three years by the State Council State-owned enterprise reform leading group office.
(4) Maintain safety and prevent risks, and continuously improve the governance system.
Deepen the promotion of benchmarking world-class management, strengthen supervision and assessment, and promote efficiency, effectiveness and effectiveness. Strengthen the construction of safety production system, do a good job in safety inspection and hidden danger management, formulate and issue the "double prevention management measures for safety risk classification management and hidden danger investigation and management", conduct a comprehensive physical examination of the double prevention system of each production unit, further consolidate the basic management of safety production, and continue to maintain a stable situation in safety production. Pay close attention to the quality management of salt and further improve the quality management system. We will promote the construction of enterprises governed by law and compliance management system, and determine the negative list behavior units of partners around key areas of compliance management. Actively carry out internal control audits and conduct special inspections on the implementation of internal control systems of six municipal salt companies. Organize research on contract risk prevention and control, strengthen the management of monetary funds and bills, and continuously improve the compliance management level and risk prevention ability.
Third, risk factors
(A) Macroeconomic cyclical risks
The main products of companies such as industrial salt and soda ash belong to basic chemical raw materials, which are closely related to the macroeconomic prosperity and the development of downstream industries. If the uncertain macroeconomic factors in the future lead to unsatisfactory economic recovery and weak downstream demand, and the release of production capacity in some regions affects market prices, it will put some pressure on the sustained and rapid growth of the company’s performance. The company will closely follow the market changes, adjust its business strategy and product structure in a timely manner, and make a good combination of technology, technology, equipment and management advantages, and strive to resolve the adverse effects brought about by changes in the economic environment.
(B) the challenges brought by market-oriented competition
The competition in the domestic salt market is becoming more and more fierce, and the gross profit space is squeezed. The company will actively seize the policy opportunity to stimulate the economy and promote consumption, give full play to the advantages of production and marketing, further strengthen the coordination of production and marketing, channel construction and sales resource integration, cultivate the market demand for high-quality and high value-added products, consolidate the domestic and foreign market share through multiple channels, and ensure the leading position in the industry.
(C) the risk of energy price fluctuations
Coal is the main energy needed by the company to produce salt and salt chemical products, and its price fluctuation has a great influence on the gross profit margin of the company’s products. The company mainly adopts the mode of linking factories and mines and direct procurement to reduce trade links, strive to reduce coal procurement costs, and actively respond to the risk challenges brought about by coal price fluctuations.
(D) Safety and environmental risks
As a large salt chemical production enterprise, there is a certain pressure of safety and environmental protection. With the continuous strengthening of energy consumption constraints and environmental protection requirements, it has a certain impact on the daily production organization of enterprises. As a green mining enterprise and a national-level green demonstration factory, the company has always adhered to the concept of green ecological development, continuously increased the investment in safety and environmental protection equipment, strengthened the safety training and daily management of employees, prevented illegal operations and emissions, and put an end to safety and environmental accidents.
Iv. analysis of core competitiveness during the reporting period
The company’s salt production capacity ranks among the best in China’s salt industry, with six core competitive advantages: "circular economy, mineral resources, regional transportation, technological innovation, integration of production and marketing, and well-known brands".
(A) advantages of circular economy. The company’s industrial system centered on "comprehensive utilization of rock salt resources and technological innovation of circular economy" has obvious advantages of circular economy. The self-developed "Downhole Circulating Soda Making Process" was included in the implementation guide of energy-saving technical transformation and upgrading in 2025 by the Ministry of Industry and Information Technology and other four ministries and commissions of the National Development and Reform Commission. It has been authorized to be used by other enterprises in the industry and has been popularized and applied in the industry. Guided by the "14th Five-Year Plan", the two chains of "circular economy industrial chain of saline-alkali calcium" and "industrial chain of salt cavity energy storage" have been built in depth, which have accumulated the advantages of salt cavity resources, brine consumption and technological innovation, and constructed a new development pattern of "salt+energy storage" industry.
(2) Advantages of mineral resources. The company has mineral resources with abundant reserves, excellent quality, thick deposits, high salt content and high salt grade. The mining rights of eight mining areas, including Zhangxing Salt Mine, Xiaguan Salt Mine, Jiangnan Salt Mine and Shitang Salt Mine, have a total reserve of 12.14 billion tons of ore, 7.094 billion tons of NaCI, 1.105 billion tons of associated Na2SO4 and a permitted production scale of 11.94 million tons/year. The company selects high-grade mining areas for salt production, which ensures the excellent quality of salt products. Abundant salt mine resources ensure the continuous supply of brine for salt and salt chemical products and the expansion of salt cavity economy, which has obvious advantages in the industry.
(3) Location traffic advantages. The company is located in Huai ‘an City, Jiangsu Province, and the economy in East China is active. It is an important production area of soda ash, chlor-alkali and other chemical industries. The market demand for salt and salt chemical products is large and it has a good location advantage. Small-scale industrial salt, alkali salt and sodium sulfate have a certain sales radius. Compared with other modes of transportation, the company adopts water transportation and has built its own wharf in the Beijing-Hangzhou Grand Canal, which has a longer sales radius and lower cost. Beijing-Shanghai, Tongsan, Ninglian and other expressways meet in China, and the Xinchang Railway runs through the territory, which is very convenient for land and water transport, creating unique conditions for the company to participate in market competition.
(4) Advantages of technological innovation. The company won the first "Jiangsu Science and Technology Innovation and Development Award Excellent Enterprise" and "Jiangsu Manufacturing Outstanding Contribution Award Excellent Enterprise" and other honors. Focusing on building a new pattern of "salt+energy storage" industry, increasing investment in scientific and technological research and development, focusing on key tasks such as new product development, technical research, and comprehensive utilization of salt cavities, 49 research and development projects such as intelligent storage of national reserve salt were included in the 2023 R&D project plan. In the first half of the year, 4 achievements at the municipal level and above were achieved, and 3 production problems and technical research were solved. Complete 4 key research achievements (items) of gas storage, energy storage and other cavity utilization technologies, and complete 2 pilot projects of new products; 9 patents were accepted (including 6 inventions) and 6 patents were authorized (including 4 inventions).
(5) Advantages of integrated production and marketing. The company is one of the few salt enterprises with integrated salt production and marketing in China. It pays attention to and strengthens the construction of marketing system, sets foot in the fields of channel construction, new product development and e-commerce more quickly, and promotes the reasonable growth of marketing work and the effective improvement of quality. It is in the leading position in salt sales radiation range, sales network service response, sales ratio inside and outside the province, and its business innovation ability and market competitiveness continue to increase, and its corporate reputation and social influence continue to increase.
(6) Advantages of well-known brands. The company vigorously implements the "three products" strategy, aims at high-end internationalization of the brand, creates "Millennium Huaiyan", shapes the first-class brand, and enhances the corporate brand and product image. "Jingshen" trademark is a famous trademark in Jiangsu Province, and "Huai" brand is a well-known trademark in China. The company has successively won the Top Ten Enterprises in China Light Industry Salt Making Industry, the Top 100 Enterprises in China Light Industry and the Top 50 Enterprises in China Light Industry Food Industry, and has successively won many awards such as Jiangsu Provincial Governor’s Quality Award, the 18th National Quality Award, the Asian Quality Excellence Award and the First Jiangsu Boutique. Natural edible salt, seaweed iodine edible salt, natural calcium edible salt and other products have been recommended as upgraded and innovative consumer goods by the Ministry of Industry and Information Technology.
On November 12, the price of soda ash in Central China remained stable, and the mainstream market price of light soda ash was about 1370-1600 yuan/ton. On October 25, the price was raised by 20 yuan/ton. The mainstream market price of heavy soda ash is about 1,500-1,600 yuan/ton, and the price is lowered by 50 yuan/ton on October 21st. The utilization rate of soda ash production capacity is high, the market supply is sufficient, enterprises actively ship, the downstream demand is poor, the purchase of soda ash is limited, and the soda ash market in Central China is mainly on the sidelines in the short term.
In today’s era of electrification, how should consumers choose a "good car"? Honda, as one of the most influential automobile brands in China, is recognized as a good car by the media and users. Every time it is replaced, it will reorganize the market value and pattern.
Friends who are familiar with Honda know that the Accord is a very popular model in the market. It has long dominated the top three in the domestic B-class car market, and its sales volume is directly crushing the Volkswagen and other models.
I believe many people have considered the Accord when choosing a B-class car. Then, today we will learn about the advantages and disadvantages of the Accord. After reading it, remember to forward it to friends who are about to buy a car. Maybe it will come in handy. ↓↓
The first is the advantage part ↓
Honda Accord is equipped with two "Dream Technologies" of 1.5T and 2.0T. The 1.5T is matched with a very durable CVt gearbox, and the 2.0t hybrid version is matched with an ECVT continuously variable gearbox, which is very fuel-efficient and durable.
Whether it is a hybrid version of 2.0T or a fuel version of 1.5T, the fuel consumption of Honda Accord is a leader in the same class.
After all, for consumers who like this class of cars, fuel saving is the key.
The Accord has a length of nearly 5 meters and a width of 1.9 meters. No matter the trunk space or the internal seating space, it is undoubtedly very large, which has great advantages compared with other cars of the same class.
The large space of Honda Accord has always been a significant advantage of itself.
Since the six-generation Accord was made in China, the Accord basically belongs to the car with the largest space among the B-class models of the same level, especially the rear row space is very spacious, which is also very satisfactory to most consumers.
You must have heard of "buy an engine and send a car" before. Honda’s engine has always been its strong point, and its dynamic response is also very rapid. Whether it is the fuel version or the hybrid version of the Accord, its acceleration ability is very good, which can meet daily use and occasionally be passionate.
It is worth mentioning that the Accord is equipped withThe 1.5T Earth Dream Technology can explode more than 170 horsepower, directly crushing many 2.0T cars on the market.
After the new upgrade of Honda Accord, both the interior and the appearance have been improved in terms of "face value", getting rid of the previous "mature and steady" characteristics and becoming more fashionable and sporty, which is deeply liked by young people.
Next, let’s take a look at the shortcomings ↓
The sound insulation effect of Honda Accord is not very good, and the tire noise is relatively high. However, the poor sound insulation of Honda is a well-known old problem. Except for the China market, almost no car has a leading sound insulation effect in the same class.
After all, its main power and control are relatively primary and secondary.
Honda Accord adopts the mainstream front McPherson+rear multi-link independent suspension of the same level. Perhaps in order to ensure the handling performance, the suspension adjustment of the car is relatively hard, butThe advantage is that the curve support is good, but the disadvantage is also obvious.
If you take some rugged roads, the sense of bumps is obvious, and the overall riding feeling is not very comfortable, but it is very suitable for taking high-speed. This is a matter of opinion.
Thin car paint can be said to be a big "feature". Although the thin paint does not mean that the safety of the vehicle is poor, the paint surface is easily scratched if it is not careful.
When encountering some slight scratches, a car with thin paint can easily be peeled off, which will only increase the repair cost, so this is also a place criticized by many car owners.
Suggestion ↓
It is recommended that qualified consumers try to choose hybrid models.
Although there may be many consumers who are worried that the batteries of hybrid models are not durable, in fact, today’s Honda hybrid technology is very mature, and the vehicles are driving normally. It will definitely be no problem in ten or eight years.
Moreover, hybrid models can bring users a better driving sense, stronger acceleration power and better fuel economy.
As long as you are used to driving hybrid vehicles, I believe it is difficult for most people to drive back to fuel vehicles.
Generally speaking, the new Honda Accord has a certain improvement in "face value", and has a good performance in terms of space and fuel economy. Dynamic performance is Honda’s consistent advantage, but it also has some shortcomings, such as poor sound insulation effect, hard suspension and thin paint.
As the saying goes, no one is perfect, and the car is never finished. Consumers must understand clearly before buying a car, and then choose a car that suits them after comprehensive consideration.
What do you think?
What else do you want to add? Please leave your opinion!
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(The pictures are all from the Internet, and they have been deleted)
Aouita 12, which was officially listed in November, showed its top-notch value and intelligent charm, which can be said to have given users full expectations. It is reported that in the first month of listing, the Aouita 12 big orders exceeded 20,000, and the average order price exceeded 350,000 yuan, which shows that users recognized the strength of Aouita 12. Next, Aouita 12 will be delivered in 19 provinces and 40 cities one after another, starting a user-oriented trip.
Aouita 12′ s efficient delivery action has won praise from many car owners. Of course, what users really expect is its excellent product strength. For example, many novice drivers have a certain psychological burden when driving a new car on the road. In order to alleviate the pressure of novice drivers, Aouita 12 is equipped with a series of safety and intelligent travel guarantees, so that novices can get on the road and become "old drivers" in seconds. It is reported that Aouita 12 adopts AVATRUST extrasensory system, which comes standard with 29 smart driving sensors and 19 active safety functions, to create all-round safety hardware configuration to ensure users’ safe travel.
It is worth mentioning that Aouita 12 is equipped with HUAWEI ADS 2.0, which is far ahead of Huawei’s advanced intelligent driving system. It is equipped with intelligent driving and navigation assistance in urban areas, which can automatically identify traffic lights, automatically select lanes and take the initiative to overtake according to navigation routes, actively avoid pedestrians and non-motor vehicles, flexibly handle road conditions at unprotected intersections in cities, and realize functions such as occupying roads and avoiding obstacles and turning around at intersections. The problem of reversing is also a headache for novice drivers. Aouita 12 has an auxiliary parking function, which can accurately identify empty parking spaces, realize 360-degree visible parking, and also support parking in various postures, so there is no need to worry about parking angles.
In addition, Aouita 12 chose to use the GOD network to upgrade the driving safety of users again. GAEB can help vehicles identify abnormal obstacles outside the "white list" and take emergency braking in time before vehicles collide, so as to avoid accidents or reduce accident losses and provide users with a safe driving experience.
Finally, it has to be said that Aouita 12 equipped with CTP high-performance and high-safety ternary lithium battery can not only meet the five-star safety standard, but also has certain water resistance. Through its unique air pressure sensor design, it can realize 24-hour all-weather thermal runaway monitoring, give an accurate warning before the thermal failure of the battery, and send an alarm prompt to the user within 30 seconds to ensure the driving safety of the user.
To sum up, in the highly competitive market, Aouita 12 stands out from the crowd because of its profound insight into users’ needs and excellent product strength. Next, Aouita will always insist on creating and serving with heart, constantly innovating and breaking through, and continue to provide users with cost-effective products and a safe and comfortable driving environment.
On August 29th, The Paper reporter learned that a few days ago, six express delivery companies, including Zhongtong, Yuantong, Shentong, Baishi, Yunda and Polar Rabbit, issued notices on the intranet one after another, stipulating that the distribution fee of the whole network will be increased from September 1st.
The salary of most couriers is linked to the distribution fee, which is the main source of income. This time, the 0.1 yuan is raised for each ticket, that is, the courier earns 10 cents more for each piece.
All six courier companies said that the fee adjustment was in response to the "Work Opinions on Doing a Good Job in Protecting the Legal Rights and Interests of Courier Groups" formulated by the seven central ministries and commissions, and further implemented the specific deployment of the State Post Bureau on doing a good job in protecting the rights and interests of couriers, and effectively improved the legitimate rights and interests of couriers. The above-mentioned "Opinions" pointed out that it is necessary to formulate the "Guidelines for the Accounting of Express Terminal Fees" to urge enterprises to maintain a reasonable level of terminal fees.
Monthly income rises by at least 500 yuan.
At the regular press conference of the State Post Bureau in the third quarter of 2021 in July this year, Jin Jinghua, director of the Market Supervision Department of the State Post Bureau, once said that the formulation of the "Guidelines for the Accounting of Express Terminal Payment" solved the standard problem of single-piece payment, while the formulation of labor quota was to solve the labor intensity problem of courier brother.
ZTO Express said that the increased payment fee will be sent directly to the delivery clerk’s palm-connected app, and the payment standard of existing payment salesmen in all Zhongtong outlets in China shall not be lowered.
YTO Express said that the increase in the express delivery fee is used to increase the courier’s income, and the franchise outlets are not allowed to intercept it at will.
Shentong Express said that outlets will be strictly required to strictly implement the policy and benefit couriers without discount. We will continue to promote the implementation of the courier incentive policy, optimize the courier guarantee mechanism, establish special skills promotion channels, improve the courier’s working environment and other measures to ensure that "the little brother is at ease and the courier is at ease" and effectively improve the sense of acquisition, happiness and security of the courier group.
Extreme Rabbit Express said that all the distribution fees are settled and distributed by the franchisees’ outlets, and the headquarters will set up an inspection team and provide channels for internal complaints from the recipients to ensure the implementation of the policy.
Yang Daqing, an expert in the logistics industry, told the The Paper that the courier directly benefited from the increase in the distribution fee. At present, the courier’s salary is based on piece-by-piece commission, and the incentive mechanism of the courier company is also "heavy collection and light delivery" (high commission and low delivery cost). In this case, the courier’s delivery performance motivation is insufficient, which also makes some lazy people deliver and "sign for it". In the third-and fourth-tier cities and the central and western regions, couriers send more pieces and less pieces. In addition, the courier’s income can’t come up, which also causes a higher turnover rate of front-line personnel.
A little brother from ZTO Express told reporters in The Paper that each courier delivers different areas, and the delivery quantity is different, but it can basically be stabilized at around 30000 pieces a day, and sometimes there will be individual cases of over 2000 pieces or over 500 pieces a day. It is estimated that the overall delivery order will be around 5,000 to 10,000 pieces a month. Raising the 0.1 yuan/ticket distribution fee for the whole network means that your monthly salary will be raised by about 500 to 1000 yuan in the future.
In recent years, with the price war of express delivery, it has become a common phenomenon to reduce the terminal payment. A person in charge of Yuantong Zhengzhou Branch told The Paper that the terminal payment fee was adjusted according to market research, and now it is declining year by year, and it has dropped to 98 cents.
Yang Daqing said that the increase in distribution fees indirectly benefited franchise outlets and consumers. In recent years, due to the rising cost of manpower and property, the express outlets generally do not increase their income, and some express outlets even have negative profits. The express headquarters company has increased its fees, which can alleviate the operating pressure of express outlets and stabilize the grassroots team. And that delivery fee is increase, which is beneficial to improving the enthusiasm of courier for door-to-door delivery and improving the consumption experience.
Is the increase in payouts expected to contain the price war?
A related person in charge of Zhongtong told the The Paper that this payment is an internal settlement of the enterprise, and the increase in payment will not affect consumers’ online shopping experience.
Will the increase in distribution fees for internal settlement of enterprises have an impact on enterprise performance? Zhao Xiaomin, an expert on express delivery, told the The Paper reporter that "for express delivery companies, the performance will be affected by the transmission mechanism. According to the current situation of joining express delivery companies, with the increase of distribution fees and cost transfer, the product structure and price of the whole network will be adjusted in the future, and the increase of distribution fees will eventually be shared to the end. Next, we need to continue to pay attention to the adjustment of the transfer fee, the most important thing is to pay attention to whether it has the function of reversing the express price. It is expected that the transfer fee may be raised in the future, and there will be a gradual increase in the final terminal price. "
Chen Zhaolin, an analyst of Southwest Securities Logistics Industry, told the The Paper that at present, the calculation methods of delivery fees by express delivery companies are different. Among them, Zhongtong and Baishi, the delivery fee income of express delivery is settled to the delivery outlets after the collection outlets, and is not included in the revenue system of listed companies. In Yuantong, Shentong, Yunda and other companies, the distribution income of express delivery is included in the company’s operating income, and the distribution cost is also charged accordingly. But these are only different in financial terms, and there is no substantive difference in business itself.
Regarding whether the increase in distribution fees will return the express delivery price to normal, Chen Zhaolin said that this is an opportunity and it depends on further policies. "According to the guidance of the policy, the price of full-caliber express delivery will not drop again, but it remains to be seen whether the price of express delivery can rise. As the express delivery company is jointly undertaken by the headquarters and franchisees, this fee increase will not continue in the future ‘ Price war ’ Under the premise, it is bound to have an impact on the company’s performance. "
In terms of industry development, Yang Daqing analyzed that the express delivery industry in China is currently entering a medium and high-speed growth stage, and it is in a window period from price competition to value competition. "Increasing the delivery fee will increase the operating cost. Express delivery companies can only hedge the pressure of rising costs by continuously upgrading their services and strengthening lean management, gain a foothold in the market, and increase the delivery fee to further stabilize the price of express delivery services at this stage. China express market service products need further structural optimization, that is, low-end prices buy low-end services and high-end prices buy high-end services. This price structure is conducive to the sustainable development of express delivery enterprises. "
