The company is mainly engaged in the production and sales of yellow phosphorus, phosphoric acid and phosphate: Chengxing shares are mainly engaged in the production and sales of phosphoric acid and phosphate, and has promoted the industrial chain development strategy of "giving priority to phosphorus, extending to high and deep, and extending at both ends" for many years, forming the cost advantage of the integration of mining, electricity and phosphorus.
It has a production capacity of 150000 tons of yellow phosphorus, 700000 tons of phosphoric acid and 200000 tons of various phosphates. At the same time, it is equipped with phosphate rock and coal mine, and is equipped with a 150000 kilowatt thermal power plant and a 108000 kilowatt thermal power plant. Phosphoric acid is the main source of revenue and profits for the company, accounting for more than 60% in the first half of 14 years.
The production capacity continues to expand and the industrial matching rate increases: the company's 300000 tons of special phosphoric acid located in Qinzhou, Guangzhou has been completed and has the production conditions. The Wuxi microelectronic chemical materials project is under steady construction. in order to realize the efficient and recycling of resources, Jiangyin by-product steam power generation project, Xuanwei phosphorus electromud phosphoric acid production and phosphorus slag recycling building materials are being carried out in an orderly manner. While expanding its production capacity, the company continues to expand new business and increase the industrial matching rate, with significant advantages in scale and cost.
The upstream of the company is close to the resources, the downstream is close to the market, and the technical strength is outstanding: China's phosphorus resources are mainly in the southwest Yunguichuan area, while the consumer market of fine phosphorus chemical products is mainly in the coastal areas and international markets. The company's yellow phosphorus production base is located in Yunnan, while the fine phosphorus chemical production base is located in the Yangtze River Delta and Qinzhou Port, Guangxi, with convenient transportation, close to the target market, and has a good industrial layout advantage. The company is the most refined phosphorus chemical enterprise in China, and has formed a series of downstream fine phosphorus chemical products with high technical content, such as food grade and electronic grade phosphoric acid, toothpaste grade calcium hydrogen phosphate, multi-functional phosphate and so on. Among them, the toothpaste-grade calcium hydrogen phosphate produced by the company has an international advanced level, is a friction agent for medium-and high-grade toothpaste, and is a global supplier of Colgate.
Investment advice: the company's main business phosphoric acid, phosphate, etc. has stabilized after the downturn in the past few years, the company's own equipment of phosphate rock, coal mine and electricity has a cost advantage, the industry is at the bottom of the cycle, and there is more room for upward in the future. It is estimated that the company's EPS for 14-16 years will be 0.06,0.13 and 0.18 yuan, giving the overweight-A rating.
Risk tips: overcapacity risk, environmental protection risk, etc.