Category: Money tips Release Date: 2006-01-20
Source: Tiantong Securities Author: Zhang Rui
Of blue-chip stock index futures to stimulate enthusiasm, the main funds have swept in the current market, as long as blue chips are likely to be money focused company, Sinopec in China, Friday, G China Merchants Bank have emerged after the market shares of the second echelon of blue-chip index, China's Air China massive Fengting do more greatly stimulate the market sentiment, Bank of China, Datong-Qinhuangdao railway, China Unicom, G Huaneng, G were significantly higher long-electricity, etc. to promote the stock steadily higher. Hot on the blue chips on the market, in particular the Chairman Shang Fulin said the stock index futures would be expected to be launched at the end, but also add to the big funds in the stock index futures before the launch of the competition for the broader market heavyweights. Therefore, we believe that the mainstream blue-chip market will continue to be the focus of attention, a number significantly undervalued by the market will face a major blue chip varieties rediscover the value and the resulting outbreak of market, such as G Yihua (000,422) authentic blue-chip blue-chip, 2006 the medium-term performance of the company as much as 0.18 yuan, the company is one of the national 520 key enterprises, selected for the Shanghai and Shenzhen 300 Index. Is a rich, such as coal, phosphorus, salt, and hydropower resources, technical advantages are obvious, relatively complete industrial structure, the production scale of relative prominence, with excellent management and rich-growth companies in the secondary market, the company's share price has been the formation of two yin yang clip a multi-gun attack on K-line portfolio, because it belongs to the typical blue-chip variety, is expected to occur next week, the outbreak of market, should focus on.
With the stock index futures products, is coming, Shanghai and Shenzhen 300 weight species became fully active, particularly in the China Securities Regulatory Commission Chairman Shang Fulin at the third annual meeting of the International Finance Forum presented a timetable for stock index futures products to market, after This wave of looting chip heavyweight Sinopec suspension has not been cut, but intensified. Shang Fulin, Chairman noted that the current stock index futures under active preparation, the earliest expected to be launched around the end, which makes the current blue chip varieties of tape to highlight the strategic position, in the implementation of margin trading business, as well as stock index futures is expected to be launched under the double , Blue-chips, especially the Shanghai and Shenzhen 300 varieties will certainly become a body weight of location to highlight its strategic position makes it in the next Quotes will play an increasingly important role.
With the introduction of stock index futures, heavyweight will greatly enhance the mobility, institutional investors will increase the concentration of the target stock investments in insurance, funds and other institutions under the leadership of the future of the future will be the blue-chip stocks. Agencies attitude of stock index futures as a risk management tool, the investment strategies to hedge, hedge-based, is unlikely to be large-scale speculation. Institutions enrich the means of hedging risk, the expected position to attract foreign large corporations to upgrade and enhance the efficiency of the entire market. Whether it be in the financial futures market to do more, or short, are inseparable from the blue-chip blue-chip holdings, in essence, is currently Quotes on index futures for the launch of Jiancang waves, while the blue-chip blue-chip in the Shanghai and Shenzhen 300 varieties will be re-weighting in the weight.
Of course, there is a rise in blue chip companies important objective is to create an atmosphere of follow-up tape of new shares issued. To give investors a sense of new shares can still have enough profit margins, so that ordinary investors dared to take money out of the purchase in the future such as tape issued by ICBC varieties. For investors, the current operation, the tap gains is currently limited to those which have their own space, with sufficient increase in weight of the Shanghai and Shenzhen 300 species become a top priority, 000422G Yihua 300 stocks as the Shanghai and Shenzhen, Shenzhen, 100 stocks, the recent gradually steadied to re-build up channel, it is worth investors to focus on.
The company highlights the resources to enhance the level of the company's valuation
The future of phosphorus, especially phosphorus rich mine resources, the situation will occur very scarce, so the active acquisition of phosphate rock resources listed, such as G Yihua (000,422) and so expand the reserves of phosphate rock resources. High-grade ore in the future shortage of phosphorus, under the situation, G Yihua (000,422) resources will be reflected. And the production of phosphate fertilizer must be rich mine, so for many phosphate fertilizer production enterprises will be subject to resource constraints. The company a stable supply of phosphorus resources will greatly enhance its ability to resist industry risk to protect the long-term stable development. At the present mining and phosphate rock reserves, is estimated to occur in China in 2013 will be a serious shortage of phosphate rock resources. Recently, the state and Hubei provincial government on resource exploitation and utilization of phosphorus and management and strengthening of phosphate fertilizer manufacturers beginning to be resource constraints. Since March 2006, the Changjiang River and the Hubei Yihua Yihua Group Co., Ltd. joint declaration of mining phosphate exploration. September 11, from Yihua Changjiang River and the formation of the Hubei Yihua Yihua Jiang Zhujiadun Mining Mining Limited (owned 77.36% Yihua river, Yihua mining equity 22.64%) in Hubei Province Land and Resources Office to obtain approval and completed Yichang Phosphate River Zhujiadun all the procedures section of prospecting permits. The acquisition of mineral rights-based company's development of phosphorus chemical industry provided sufficient resources and support, helping improve the company's phosphorus chemical products in the market competitiveness of the company will have a positive impact on operating efficiency.
After the company obtained exploration rights, through the exploration and further to obtain mining rights, mainly for companies producing phosphate rock phosphate and compound fertilizer project and the future of other phosphorus chemicals business of raw materials. Therefore, the future's phosphorus chemicals business be able to obtain raw materials at relatively low cost. More importantly, the future of mineral rights as a scarce resource, will be about the development of phosphorus chemical industry the most important factor, so the injection of resources for the phosphorus chemical business for the company lay the foundation for the development of long-term stability has important strategic significance. Yichang Yihua Group has many phosphate rock resources, with the phosphorus chemical industry business development, there is the possibility of further injection of resources. Injection of resources greatly enhance the company's phosphorus chemicals business strength, the future of phosphorus chemical industry's new business will become a significant profit growth. The development of phosphorus chemical industry will allow the company from a urea-based production structure development of coal chemical and phosphorus chemical and salt chemical industry, equal emphasis on the integrated layout, so as to enhance the company's valuation.
The future performance of steady sustained growth
Tax incentives, rural concept since July 1, 2005 onwards, to support fertilizer production, production and sales of urea product value-added tax refunded 50% adjusted by the value-added tax waiver is expected to give the company an annual increase in 1500 net profit million. G Yihua (000,422) in 2006 mid-year report the company realized main business income rose 10.71%; main business profit rose 39.71%; net profit rose 30.51%. During the reporting period a total investment 7 billion, the company owned subsidiary of Guizhou Yihua Chemical Industry Co., Ltd. has been completed by the end of April 2006, and a stable operation, the company added 200,000 tons of synthetic ammonia and urea production capacity of 300,000 tons. To speed up the implementation of the company's development strategy to further improve the company's product mix, give full play to the advantages of synthetic ammonia production techniques, the use of Yichang phosphate-rich resources, companies and Yidu Changjiang River Chemical Co., Ltd., Zaoyang Chemical Industry Co., Ltd. established a joint venture 84 tons / high concentrations of phosphate and compound fertilizer phosphorus chemical production base --- Yihua Dajiang Fertilizer Co., Ltd.. The project was started in October 2005 ground-breaking is expected in 2006 to drive out the official product. Company said that the project put into operation, the project to enjoy the tax preferential policies for three half-free two is expected to produce benefits in 2007. The two projects will support the G Yihua performance the past two years to maintain the steady growth of around 20%.
New profit growth point in the second half more, performance is expected to appear pleasant surprise
In September 2006 has made G Yichang Yihua Jiang Zhujiadun phosphate ore prospecting section will help improve the company's phosphorus chemical products in the market competitiveness of the company will have a positive impact on operating efficiency. The company invested 120 million yuan for caustic soda expansion project, the investment 50 thousand tons / year ion membrane caustic soda expansion project will add an annual profit of 21.82 million yuan; a subsidiary of 310 million yuan for the 10 million ton / year PVC expansion projects, annual New profit 106.54 million yuan. Construction period of one year. In order to reduce the cost of PVC, subsidiaries invested 67.5 million yuan Yihua Changjiang River in Hubei Xiangxi Chemical was established, investment 200 thousand tons / year of calcium carbide project, a total investment of 207.49 million yuan, construction period of one year after commissioning the total 54 million yuan and annual profits of ; a subsidiary of Guizhou Yihua invested 135 million yuan (45%) was established in Chongqing Yihua, investment 60 million ton / year in Hou's total investment of about 8 billion a year construction period, put into operation, and annual total profit of 150 million yuan. Phosphate and compound fertilizer projects have been formally put into production the company is the future performance of the new growth point. Since driving since August 5, the company has formally produce phosphate fertilizer products. Is expected to be able to full capacity in October, a conservative estimate there will be 100,000 tons this year, phosphate fertilizer products, the profit contribution of 300 to 4 million yuan. Next year's production reached 90 million tons, you can increase profits for the company nearly 30 million yuan. Phosphate fertilizer project will become the company's new growth point of future performance.
As an important chemical raw materials of caustic soda and PVC, the product has good market prospects, with better economic benefits. The chlor-alkali After the completion of the project, will add an annual profit of 21.82 million yuan, with good economic and social benefits, PVC After the completion of the project, will add an annual profit of 106.54 million yuan with a good economic benefits. The company owned subsidiary of Hubei Yihua Dajiang Fertilizer Co., Ltd. produce 840,000 tons of high concentrations of phosphate and compound fertilizer project has been put into operation a one-off drive. The commissioning of this project will have a positive impact on company's profit has become the company's new profit growth point. G Yihua (000,422) Holdings subsidiary, Guizhou Yihua Chemical Industry Co., a 20 tons of synthetic ammonia, 30 tons of urea project was completed by the end of April 2006, through the one-month trial run in May, now goes beyond the original design capacity to reach an annual output of 300,000 tons of synthetic ammonia, 40 tons of urea production capacity. As with electricity prices in Guizhou coal resources and market advantages, "2030" project into production will have a positive impact on company's profit has become the company's new profit growth point.
To sum up, as the blue-chip groups, performance steady growth in the second half of the increase in potential profit growth point of G Yihua (000,422), its face was apparent that the market underestimated the value of re-discovery, the company has a rich, such as coal, phosphorus, salt, and hydropower and other resources, technical advantages are obvious, relatively complete industrial structure, the production scale of relative prominence, with excellent management and rich growth, we are confident in its future stable growth performance, but also to promote the injection of phosphate rock phosphate industry source advantage the industrial structure increasingly complete, rich growth will enhance the development of the affairs of the company's valuation, we recommend long-term focus. With the rise in blue chip varieties and thus to bring the outbreak to the Unit to increase the probability Quotes. The technology to build a completed form at the end of the unit large, short-term breakthroughs in brewing, the recent row at the bottom of the unit showed that the main force pulled up on heavy volume intentions, while the complex morphology indicates that the short-term multi-shot Quotes about to start, Japan Line KDJ speed up, moving average systems have long ranked as the unit has laid a solid foundation for rapid upstream. Therefore, we expect the recent swarm the sky with the blue chip varieties, as the performance of high growth is expected to G Yihua outbreak next week. Recommends close attention.
