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【国元证券】澄星股份:一体化与节能减排提升竞争优势

[Guoyuan Securities] Chengxing Co., Ltd.: integration and energy saving and emission reduction to enhance competitive advantage

國元證券 ·  Apr 30, 2010 00:00  · Researches

The company released its annual report today that its operating income in 2009 was 2.546 billion yuan, down 16.61 percent from the same period last year; the total profit was 81.1488 million yuan, down 56.45 percent from the same period last year; the net profit belonging to shareholders of listed companies was 59.9124 million yuan, down 48.17 percent from the same period last year; the net profit belonging to shareholders of listed companies after deducting non-recurring profits and losses was 27.5845 million yuan, down 76.06 percent from the same period last year; and basic earnings per share was 0.092 yuan.

The company today released its report for the first quarter of 2010, with operating income of 463 million yuan, down 16.67% from the same period last year; total profit of 19.9991 million yuan, down 26.59% from the same period last year; net profit belonging to the owner of the parent company was 21.3024 million yuan, up 10.41% from the same period last year; and basic earnings per share was 0.033 yuan.

The company strives to extend the industrial chain to both ends, creating a production and management model of "mine (phosphate rock, coal mine)-electric power-yellow phosphorus-fine phosphorus chemical products-phosphorus chemical products logistics and distribution integration". The company has phosphate rock resources of 126 million tons, which will steadily promote the self-mining capacity of the company's phosphate rock. At present, the self-sufficiency rate of Maitreya phosphate rock is close to 70%. In the future, the self-sufficiency rate of phosphate rock of the company will be further improved, and the cost of mining phosphate ore by the company is about 1 to 3 times lower than that of the purchased phosphate ore.

The company vigorously promotes energy saving and emission reduction projects such as phosphoric acid by-product steam power generation, Xuanwei phosphorus electricity yellow phosphorus waste gas purification power generation, sludge phosphoric acid production and phosphorus slag recovery and other projects, there is a large space for energy saving and utilization, about 1.6 tons of steam can be recovered per ton of phosphoric acid waste heat utilization, saving 240 yuan.

Fine extension to the downstream is the future direction, the company participates in Jiangyin Tiancheng New Energy Technology Co., Ltd., Tiancheng New Energy will have three proprietary technologies: lithium iron phosphate power battery material technology, large-scale power battery assembly technology, automatic die-cutting machine manufacturing and design, and will plan to produce 50 million ampere hours of lithium-ion power battery, 2000 tons of lithium iron phosphate material and 2000 sets of equipment.

It is estimated that the company's earnings per share from 2010 to 2012 are 0.23,0.31 and 0.40 yuan respectively, and the current share price is in a reasonable range. The company is a leading enterprise in the domestic fine phosphorus chemical industry, with a sound industrial chain, additional issuance and acquisition of shareholders' hydropower assets and waste heat utilization will further reduce the company's cost, and the lithium iron phosphate project will be the company's future growth point.

The translation is provided by third-party software.


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