Category: Money Tips Date: 2006-08-24
Profitability significantly over-year quarterly
Chengxing shares (600,078 market, information, reviews, search) in 2006 realized main business income of 1.585 billion yuan, compared with a year earlier, down 2%; main business profit of 208.14 million yuan, compared with a year-year increase of 29%; to achieve net profit of 66.88 million yuan, an increase of 30%. The company to achieve full-year earnings per share of 0.167 yuan, net capital gains rate of 5.9%. Allocation of the company in 2006 plans to send three shares for every 10 shares were 0.5 yuan, and to the capital fund Zhuanzeng three shares for every 10 shares.
Sub-quarter data shows that the leading product gross margin increased by the impact of Chengxing share earnings in the fourth quarter continued in the third quarter the situation continues to improve.
Phosphate gross margin increased significantly
With the domestic market price from phosphorus 9,000 / ton significantly increased to about 11,000 yuan / ton or so, the downstream phosphorus chemical product prices have rebounded. Chengxing shares in the fourth quarter phosphate gross margin rose to the highest in recent years, 16.17%, phosphoric acid, a slight decline in gross margin over the third quarter, but up 18.21 percent of the high level.
Chengxing shares Maitreya yellow phosphorus production base Xuanwei and put into operation one after another began to phosphoric acid and phosphate products for the company to provide a stable supply of raw materials and low-cost yellow phosphorus, the company for more than two types of phosphorus chemical product gross margins will be stable.
Chengxing shares in 2006 the export income 692.02 million yuan, down 12% compared with 2005, indicating the RMB appreciation on the domestic exports of primary chemicals begin to dampen demand.
Production base in Yunnan this year's growth momentum
Chengxing stake in Yunnan Xuanwei electricity integration project phosphorus yellow phosphorus and power generation plant is expected to be gradually put into production in 2006. As the power generation and phosphorus devices can be above its design capacity, the company expects 2007 will have the annual energy production of the normal 1.1 billion degrees, the annual output of yellow phosphorus, 75,000 tons of supporting capacity.
Chengxing Share Sherwin thermal power - yellow phosphorus, hydroelectric projects and Maitreya - yellow phosphorus project is completed, will allow the company has 12 million ton / year production capacity of yellow phosphorus, and total of 5,000 tons / year or more phosphorus furnace, of which 1 million ton / years of phosphorus furnace capacity of 10 million ton / year. Francis and the Maitreya Project is expected to formally put into operation in 2007, after Chengxing phosphorus actual annual stock production will reach 11 million tons, becoming one of the largest yellow phosphorus producers.
Company's annual reports to disclose has been obtained by phosphate mining capacity has reached approved 1.1 million tons / year, basically meet the company's self-produced phosphorus demand for phosphate rock, the future will allow the company effective control of yellow phosphorus production costs.
Chengxing shares the cost of self-ignition power and hydropower are 0.25 yuan / degree Celsius, the company self-produced yellow phosphorus is only the cost of electricity on the more general use of the net electricity production enterprises with low 1,500 yuan / ton; taking into account the use of phosphate-grown stone, Xuan Viagra low price of coke regions such as the combined effects of cost factors is expected to cost the company tons of yellow phosphorus, an average of 7,000 yuan / ton, compared with the use of the net electricity produced by most manufacturers low 2000-3000 yuan / ton.
Since Ho Electric Co., Ltd. phosphorus phosphorus downstream fine chemical projects, comprehensive utilization of yellow phosphorus tail follow-up project construction fund is still a larger demand. However, with the issuance of convertible debt financing options to enter the implementation phase, Chengxing share capital pressures will be eased in order to protect mining and power projects in Yunnan Phosphorus integration projects completed according to plan.
Ho-P Power Company to enjoy "two exemptions and three reductions" of tax incentives in 2006 has achieved breakeven in 2007, began to become a major profit Chengxing share growth momentum in the next few years.
To maintain "overweight" investment rating on
Taking into account after 2008, Ho-P Power Company earnings will be due to circular economy projects and production-owned coal mines continue to experience significant growth, we have maintained an "overweight" investment rating.
