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Data:2009-12-12 2:34
Source: Kim Merrill Lynch Investment
Is the environmental protection industry leading enterprises, is the largest production base of methane chloride, and PVDC, its fluorine refrigerant, methane chloride market share first in the country, successfully established itself as the world's top eight fluoro-chemical industry dominance rather prominent.
First, the environmental protection is definitely leading the concept of circular economy
Juhua is the largest methane chloride, and PVDC production base, its fluorine refrigerant, methane chloride market share first in the country, successfully established itself as the world's top eight fluoro-chemical industry dominance is quite prominent. The company built the world's advanced level of technology of fluorine-containing waste liquid, waste gas incineration device, able to effectively address domestic counterparts of fluorine chemical production more difficult to bring a large number of low-grade by-product hydrochloric acid and the "three wastes" to handle problems. In the same industry, energy-saving environmental advantages, is the leader in energy-saving environmental protection industry enterprise. Our recent new projects with an annual output of 100,000 tons ionic membrane caustic soda project, 60,000 tons of methane chlorides and other projects will be put into production during the year, while a new generation of environmentally friendly refrigerant R-134a project has been started on the adjustment of product structure the development of recycling economy is of great significance. The company's series of new projects for the future performance of steady growth has laid a good foundation.
Second, the implementation of the CMD project is expected to substantially increase the performance is the first domestic listed companies to implement CDM projects, the CDM project is the focus of the State Development and Reform Commission approved environmental projects. This year in March, Juhua JMD Japan's cooperation in finalizing the annual decomposition of 500 tonnes HFC-23 project, the company to the Japanese JMD total greenhouse gas emissions, Ltd. does not transfer more than 40 million tons of carbon dioxide equivalent greenhouse gas emission reductions , to convey the period of seven years, the transfer price of not less than 6.5 U.S. dollars per ton. Project was put into operation in August this year. Decomposition of 500 tons of HFC-23 projects, equivalent to CO2 emissions reduction of about 5.85 million tons, to 6.5 U.S. dollars per ton of emission reductions to terms, Juhua receive 35% abatement costs the equivalent of 107.8 million yuan / year. Each of the next seven years, there will be 107.8 million yuan of funds credited to Juhua pre-tax earnings, according to 33% income tax calculation, annual CO2 emissions due to availability of net profit 72.226 million yuan, equivalent to an annual net increase of 0.13 yuan per share. Recently, Juhua also with the UK Climate Change Capital Co., Ltd. reached an agreement, the transfer of the project greenhouse gas emission reductions, the transfer amount is not more than 35 million tons of carbon dioxide equivalent per tonne of carbon dioxide equivalent transfer price of not less than 9 euros. The project has been approved by the State Development and Reform Commission agreed, is to the United Nations for registration. Juhua second CDM projects have an estimated annual emission reductions of 4,987,339 tons of carbon dioxide equivalent, net of related expenses, the British side the actual annual pay 436.4 million yuan to the company. Juhua, after deducting the cost of depreciation charges by 35% the proportion of access to pre-tax income is 149.5 million yuan. 33% of the income tax according to conservative estimates, will increase annual net profit of 100.2 million yuan, increasing earnings per share of 0.18 yuan. Total value of transactions for more than two CDM projects combined could exceed 50 billion yuan, including 1.864 billion yuan Juhua available about emission reduction of income. According to the World Bank study, China is the potential to reduce greenhouse gas emissions, the largest developing country, with annual emissions from 100 million to 200 million t of carbon dioxide potential to provide more than half of the world's CDM projects, the next 2 ~ 3 years CDM will be the golden period of great development, therefore, has the world's largest CDM project Juhua, will enjoy sharing with this unprecedented environmental protection "feast." With the CDM projects have been launched successively Juhua future emission reductions will be substantial benefits, which will have the steady growth of the company's future performance of its beneficial to the active promotion.
Third, the value of underestimating the bottom of the counter-attack the first three quarters of 2006 earnings per share reached 0.26 yuan an increase of 15%, showing a good momentum of development. At present, dynamic price-earnings ratio is only about 10 times, worth a serious underestimate. The report shows that the third quarter of 2006, including the China Fund, Ping An Life Insurance and other large agencies largest holding. The Unit currently has returned to stage the bottom of the regional, finishing a very full afternoon out of the bottom of the counter-offensive is expected to market, can be great concern.
