Guohai Securities Lu Hao tracked [Chuanheng Shares 002895" in the "Traditional Phosphorus Chemical Boom, New Iron Phosphate Project Enters New Materials" on July 10
The company is an integrated production base integrating phosphate ore mining, flotation, wet phosphoric acid production, phosphate product production and comprehensive utilization of phosphogypsum, a by-product. The company's calcium phosphate salt occupies more than 30% of the domestic production capacity, more than 40% of the market share, with a certain pricing advantage.
In 2019, the company's revenue increased by 35.6%, mainly due to a significant increase in production and an increase in the price of superimposed products. 2018 and 2020 were mainly due to the decline in net profit due to higher raw material prices. In the first quarter of 2021, the company's net profit attributable to the mother increased by 35.3%.
The "three phosphorus" policy involves phosphate ore, phosphorus chemical industry, and phosphogypsum warehouse enterprises, and strives to solve the environmental protection problems and low-end production capacity problems of the entire industrial chain. Further raising the production costs of enterprises and accelerating the elimination of small and medium-sized enterprises, the concentration of the industry will be further improved.
At present, the average price of calcium dihydrogen phosphate has increased by 48.6% compared with last year, and the average price of monoammonium phosphate has increased by 69.3% compared with last year. Since the upstream phosphate ore price increase is not as good as the downstream, the company's main traditional business can enjoy a double increase in gross profit margin while raising prices, and the performance has increased significantly.
In March 2021, the company continued to acquire Xinqiao phosphate ore and Jigongling phosphate mine under Fuquan Phosphate Mine, which has been put into production and the supply capacity of phosphate concentrate will be further strengthened. At a time when phosphate ore resources are becoming increasingly tight, Chuanheng's new phosphate ore ranks first, providing strategic support for the company's long-term development.
The company has carried out a number of fundraising, the product structure will be upgraded from industrial raw material grade phosphoric acid to food grade phosphoric acid and polyphosphate, and the company's downstream boundaries have been broadened and strengthened. In addition, the company improved the production process of the project to meet the environmental protection requirements and improve the economic efficiency of the project.
The above is Guohai Securities Lu Hao tracked in the "traditional phosphorus chemical high boom, new iron phosphate project into new materials" on July 10 [Chuanheng shares 002895]
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