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【国元证券】华星化工:业绩拐点显现

[Guoyuan Securities] Huaxing Chemical Industry: performance inflection point appears

國元證券 ·  Oct 15, 2010 00:00  · Researches

The company's products cover more than 30 raw drugs and more than 100 preparations in three series of pesticides, herbicides and fungicides, and it is the largest production base and export base of insecticidal orders and insecticidal pairs in China.

The extension of the industrial chain to enhance profitability, the company has two types of glyphosate preparation has been registered in the United States, glyphosate business profitability will be enhanced; annual output of 100000 tons of phosphorus trichloride phase I project and 300,000 tons / year ion membrane caustic soda phase (100,000 tons / year) project is expected to be put into production in the first quarter of next year, which will reduce production costs.

The real estate business is a new growth point. 273 mu of land will be developed in four phases. It is expected that the first and second phases of the project will be sold next year, with an average land price of 801 yuan per square meter, with a cost advantage. After the relocation of the old factory area is completed, the company will add 513 mu of land for real estate development.

The policy is good for the future development of the company, the company is located in Wujiang Town, Hexian County along the development axis of the city along the Yangtze River, with obvious location advantages, and the chemical industry is one of the key development industries in the region. the company has 1500 mu of land in the organic synthesis base of fine chemical industry in Anhui Province.

The "Pesticide Industry Policy" will reduce the number of pesticide enterprises by 30% by 2015, the industry merger and reorganization will improve the prosperity of the industry, and the company is expected to expand its market share through merger and reorganization in the future.

It is estimated that the company's earnings per share in 2010, 2011 and 2012 will be 0.01,0.44,0.55 yuan respectively. The company's pesticide products benefit from rising prices of agricultural products, and the industrial chain extends to improve profitability. The real estate business will become a new growth point next year. We expect the company's performance to increase significantly next year and give the company a recommended investment rating.

The translation is provided by third-party software.


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