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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Metallurgical Corporation of China Ltd.    1618   CNE100000FF3

METALLURGICAL CORPORATION OF CHINA LTD.

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Metallurgical of China : Guo Wenqing Meets with Ouyang Weimin, President of China Development Bank

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10/18/2020 | 01:05am EDT

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  On September 17, Guo Wenqing, General Manager and Deputy Secretary of the Party Group of China Minmetals, and concurrently Chairman of MCC, met with Ouyang Weimin, President and Deputy Secretary of CPC Committee of China Development Bank and his delegation. The two sides had in-depth and friendly exchanges on further strengthening cooperation.

  Guo Wenqing welcomed the visit of Ouyang Weimin and his delegation, thanked the China Development Bank for its long-term strong support to China Minmetals and MCC, and introduced the development history of the two Fortune Global 500 enterprises and the development achievements since the strategic restructuring. Guo Wenqing mentioned that China Minmetals, established in 1950, has transformed and developed into an industrial group with metal minerals as its core business from a single foreign trade enterprise. MCC, established in 1948, is a veritable national team of metallurgical construction because it has undertaken the planning, survey, design and construction of almost all the major production facilities of large and medium-sized steel enterprises in China. In December 2015 when the two companies started to restructure, China Minmetals was suffering from negative internal and external troubles, such as the urgent need to reshape its trading system and the low prices of major metals. Furthermore, it also faced serious business performance loss and enterprise development crisis. After this transition, under the guideline of the strategic goals of quadrupling profits in three steps, China Minmetals took a series of imperceptible but powerful reform measures to successfully complete the annual performance targets with the entire company's working hard and going ahead steadily and surely. In addition, China Minmetals continued to focus on the metal mining, metallurgy construction, trade logistics, financial real estate construction and tamping the 'four beams and eight columns' business system. Finally, it successfully started a remarkable journey to bounce back and be struggling to save itself. Currently, their assets under management reach RMB 2.16 trillion, and their operating revenue exceeded RMB 600 billion in 2019, ranking 92nd among Fortune Global 500 enterprises.

  Guo Wenqing pointed out that Currently, China Minmetals is following the guideline and requirements to 'foster a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other' proposed by the General Secretary Xi Jinping. By giving full play to its significant advantages of being highly internationalized and making better use of both international and domestic markets and resources, the company expects to achieve higher quality development. In addition, China Minmetals, as one of large-scale state-owned key enterprises, always adheres to its business concept of being stable, which means it would rather do one less project than poke one more hole. Because of its prudent attitude, China Minmetals selects project for development in a very strict manner, and takes the risk of tossing about the hard-won property. This act reflects its sense of responsibility for the company's healthy and sustainable development and all partners. China Development Bank, as a faithful and reliable partner in the development of China Minmetals and MCC, has provided a number of financial services to support their development. It is hoped that the two sides will further enhance exchanges and connection, expand their cooperation areas and jointly promote in-depth mutually beneficial and win-win cooperation.

  Ouyang Weimin thanked Guo Wenqing for his warm reception and praised the development and achievements made by China Minmetals in recent years. He said that China Development Bank is the largest development financial institution worldwide and the largest medium - and long-term credit bank and bond bank in China. In recent years, China Development Bank has achieved rapid development. It would never be as it is now without the strong support from the state-owned key enterprises. As a responsible state-owned enterprise, China Minmetals has always been a service object of great importance in the industry. To truly reflect the service consciousness and support for the high-quality development of China Minmetals, CDB will further provide more abundant loan lines and overseas credit lines for China Minmetals according to its enterprise characteristics and business types, and launch medium - and long-term credit, investment and all-round comprehensive financial services. It is hoped that both sides will establish a regular communication system for better following up the business development, thus producing more high-quality cooperation achievements.

  Liu Caiming, Deputy General Manager, Chief Accountant and member of the Party Group of China Minmetals, and Jiao Jian, Deputy General Manager and member of the Party Group of China Minmetals, as well as Zhou Yuqing, Vice President and member of CPC Committee of China Development Bank participated in the meeting. Zhao Yaozhong, Zhou Rongwei, Liu Peiyong, Liu Tong, Wu Jun and Jiang Daoguo from China Development Bank, and Zou Hongying, Zhang Shuqiang, Zhao Ligong, Zhang Hongjin, Zhu Lina and Chen Hui from relevant headquarters departments and directly managed enterprises of China Minmetals were present at the meeting.

  Guo Wenqing had a cordial talk with Ouyang Weimin

  Scene of the meeting

  Phone of Guo Wenqing and Ouyang Weimin

  Group photo of the meeting

Disclaimer

Metallurgical Corporation of China Ltd. published this content on 18 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2020 04:04:05 UTC


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Financials
Sales 2020 433 B 55 904 M 55 904 M
Net income 2020 8 231 M 1 062 M 1 062 M
Net Debt 2020 30 449 M 3 929 M 3 929 M
P/E ratio 2020 -
Yield 2020 6,89%
Capitalization 58 124 M 7 500 M 7 500 M
EV / Sales 2020 0,20x
EV / Sales 2021 0,17x
Nbr of Employees 96 884
Free-Float 44,1%
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 1,80 HKD
Last Close Price 1,32 HKD
Spread / Highest target 36,4%
Spread / Average Target 36,4%
Spread / Lowest Target 36,4%
Managers
NameTitle
Meng Xing Zhang President & Executive Director
Xiu Yun Cao Chairman-Supervisory Board
Si Song Yin Chairman-Supervisory Board
Hong Ying Zou VP, Chief Accountant & Financial Officer
Xu Dong Ren Independent Non-Executive Director
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