Category: Money tips Release Date: 2006-07-29
Source: Northeast Securities Author: Zheng Li Ting
The recent market performance, so that we continue to maintain the top of the shocks Senpachi finishing Quotes of view. Disk we can clearly see the market, stocks have shown a significant differentiation, only the index stocks and a number of defensive stocks with strong downward rigidity in a clear inverse City strong, the main concern over the evidence. so hot in the market, the idea of hot pursuit under the operation of such stocks is that we should focus on species. Chengxing shares (600,078): the company completed its phosphate rock, coal mine acquisitions, as well as the Maitreya Francis phosphorus phosphorus electricity and electricity gradually put into operation, will become an integrated mining and power P of phosphorus chemical production enterprise, is gradually emerging out of its resources and cost advantages. Meanwhile, the company products are with good posture into the international industrial chain. As the recent market, the typical defensive species, its trend is strong, the market is the best defense shocks species.
Control of phosphate reserves of 150 million tons, integrated industrial chain
Chengxing shares owned subsidiary of Sherwin-P Electric has made six phosphate and 6 coal mining rights or prospecting. Since CLP Huize Xuanwei phosphorus and other control Zhanyi nearly 120 million tons of phosphate reserves, coupled with Maitreya phosphorus electrical control 30 million tons of phosphate reserves, the current control of the Company's total reserves of phosphate rock has been 1.5 million tons. In addition, the company's current reserves of coal resources controlled by also reached 50 million tons, which the company improve the industry chain from upstream to reduce the cost of yellow phosphorus production and laid a good foundation. According to media reports, China's current high-grade phosphate rock reserves are only 11 million tons each year, more than 5,000 tons of phosphate use cases, China's high-grade phosphate rock can only guarantee that the next 20 years of use. Phosphate rock resources has become increasingly important. Precisely because of this, the domestic prices of phosphate rock in 2000, less than 100 yuan / ton substantial increase to the current 300 yuan / ton level.
As the nation's largest phosphorus chemical enterprises, the company has spent a lot integrate the upstream resources, recently the company's mine - Electric - P integration project recently achieved breakthrough progress. Companies to invest heavily in the establishment of 822 million yuan of China's phosphorus, electrical integration of circular economy phosphorus Francis Electrical Engineering, including 14 coal mines and two phosphate-rich resources, by the end of 2006, Ho, Maitreya project put into operation, the company of yellow phosphorus production capacity to 12 million tons, In addition, the company's 50,000 tons of special phosphate technological transformation project will also form a scale, put into operation can add income 8 million yuan, profits and taxes 100 million yuan, therefore, to rough statistics, the company in 2006 additional profits will be put into production in 3 years, billion yuan, which is equivalent to 0.75 yuan / share the proceeds, so the efficiency of integration of the industry is very prominent, and in cooperation with the international accounting giants won opportunities. the company has built a phosphorus the chemical industry from the mines - the power - yellow phosphorus - Fine phosphorus chemical products - phosphorus chemical products a complete industrial chain logistics and distribution industry leading, high-tech enterprise products, the core competitiveness and sustainable development capacity outstanding. In addition, the company will be the development of circular economy and the coal chemical industry. The company plans to use the exhaust gas to develop recycling economy, planned projects include a chemical gas-fired electricity generation and carbon. The company has acquired Changzhou New Asia chemical industry, for domestic production of one of the main DMF, with ammonia, methanol, DMF and other productive capacities, so the company has developed a recycling economy and carbon chemical professionals in the field will become the company's new growth point. Thus, the company through the integration of industrial chain, and constantly improve and enhance their market competitiveness, and its development prospects have been very clear.
Commissioning of new projects to bring the performance engine of growth
The company invested 500 million in Yunnan Xuanwei phosphorus electrical integration project to build an Engineering 6 million ton / year plant is expected in the near future ignition yellow phosphorus production, once put into operation, is expected to significantly reduce costs to the company. To address the shortage and high cost of phosphorus supply bottlenecks in the company's new integrated power project phosphorus, in April 2004 the company started construction in Yunnan Xuanwei phosphorus electrical integration of investment projects, the current construction of a project involves the 60000 tons / year phosphorus devices, 150,000 kilowatts and the yellow phosphorus tail gas comprehensive utilization of coal gangue power plant and supporting public works equipment. It is reported that raw material supply problems and rising costs have become a bottleneck restricting development of the company in 2005, the company's gross margin of phosphoric acid and phosphate operations because of rising costs from 2004 to 19.79 and 8.95 down to 15.65 and 3.12. Therefore, the mining and power production phosphorus integration projects will address the issue of raw materials company, is expected performance of the company will gradually bottomed out. At present the company's main products have been integrated into Coca-Cola, Pepsi-Cola and Colgate-Palmolive and other multinational procurement chain, is also actively developing electronic grade phosphoric acid business, has become the company's new profit growth point.
Product upgrades enhance the gold content
Company is Coca-Cola, Pepsi and other international giants of the raw material suppliers, but also the nation's largest manufacturers of toothpaste grade calcium hydrogen phosphate, and its products in short supply, the market share of around 90% recently the company is in fine chemical phosphorus progress in the field, its billion in construction investment of nearly 240,000 tons annual output of special phosphate projects have been put into production the quasi-international standard electronic grade phosphoric acid, mainly used for high-definition digital TV and other IT industry, key technologies of the project due to the long-term monopoly in the U.S., Japan and other developed countries, it is expected that the project is put into production, the company will add annual sales income 10 million yuan, 160 million increase in profits, company performance is expected to a turning point, the new performance increase in horsepower has been a full, in which long-term investment value of is very conspicuous.
Defensive leader, the short side impeccable
The secondary market, the stock fundamentals turn enabled the Fund to the main funding agencies, markedly enhanced its attention. In the recent turmoil in the broader market trend repeated independent, five-yang movements even more than average for a continuous break of repression appears to be very robust, transaction There is some steady volume larger signs. KDJ Short-term indicators are showing a strong bullish divergence, short-term explosive strong, investors can focus on.
