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Data:2009-12-12 2:34
Institutional research inventory report
G Hengsheng (600,426): an undervalued sector holdings
Quotes show, G Hengsheng in the share reform has been diluted by large-scale system of institutional investors, which abound in the posted Quotes of the right market conditions is rare. -Depth study shows that a number of agencies, the unit can get institutional investors love, is second to none in the industry based on its competitive edge, as well as the advantages of living in the status of the industry, resulting in boom-degree fertilizer industry in general has shown different of growth.
Although the short-term or larger unit, but on its absolute valuation is still significantly undervalued the price, combined disk as a number of agencies, indicating the unit will still have a good trend.
Stock
(Code)
Rating agencies
Rating Date
Stock
EPS (RMB)
Valuation
(Yuan)
2005
2006
2007
Shenyin
2006/03/16
Overweight
0.69
0.92
1.21
8.50
Everbright
2006/03/14
Optimal -1
0.71
1.01
1.44
----
Changjiang Securities
2006/03/02
Recommended
0.677
0.954
1.273
8.40
The valuation of the company's performance and price mean (yuan)
0.692
0.961
1.308
8.45
Corresponds to the dynamics of the current stock price-earnings ratio (times)
9.97
7.18
5.28
Risk Warning
Companies need to invest in the localization of raw coal and power of structural adjustment projects, clean coal gasification to produce 20 tons of methanol project, the next two years is expected to increase capital expenditure, there are companies refinancing equity diluted EPS increased risk.
Pre-review:
Weiyuanshenghua research focused on the period, the recent performance of the secondary market very well, but also reflects the research institutions to mainstream investment thinking and accurate grasp.
Current points:
Everbright Securities --
With independent intellectual property rights used by companies large nitrogenous fertilizer plant, not only to solve the problem of urea diversity of raw materials, representing the first urea coal enterprise development direction, and effectively reducing the cost of synthetic ammonia and urea, so that in the traditional industries of urea opportunities to win the competition.
Difficult for the next two years the price of urea dropped sharply, DMF is expected to rehabilitation rise. In addition, 15 projects with the company's expansion in the second half DMF8 production, raw materials and power coal and localization of structural adjustment projects, clean coal gasification to produce 20 tons of methanol project in 2006 by the end of production, the company significant growth in performance of the next two years.
Shenyin --
In December 2005 after the new unit up to full capacity, the new technological advantages into full play, to benefit from cheap coal, the company costs are significantly reduced. One new device urea costs 200 yuan lower than the old plant is about down there is room for the future. 2005 output of 430,000 tons of urea, 06 annual output of 60 million tons (by the end of 2006 capacity of 1 million tons), 05 DMF output of 98,000 tons, 06 output up to 13 million tons (by the end of 2006 capacity of 150,000 tons), the leading product The output of both will be more than 30% growth.
Development and Reform Commission in January urea factory ceiling from 1650 yuan / ton increased to 1725 yuan / ton, the company reached an agreement with dealers to make short, high season prices are maintained at the national limit in the vicinity. DMF price 5600 yuan / ton, high and in 2005 5,300 yuan / ton.
Changjiang Securities --
With the stability of large scale nitrogenous fertilizer project operation, the company leading product output will continue to improve, in which the ammonia production will increase in 2005 compared with 6-7 million tons of urea production by 16 million tons, DMF production increased 3.5-4 million tons of . The company's largest nitrogenous fertilizer project can continue to enjoy preferential income tax credits, credits amounted to 30 million yuan is expected to increase the EPS of about 0.12. In August 2006 the company will add 400,000 tons of urea production capacity is expected in 2007 the company urea production in the 75-80 million tons, DMF output reached 150,000 tons at full load.
Depth report on the authority of restricted reference materials from the "Securities Link"
