\u3000\u30 China Baoan Group Co.Ltd(000009) 02 Xinyangfeng Agricultural Technology Co.Ltd(000902) )
Key points
Event: on the evening of May 19, the company issued an announcement on foreign investment. According to the announcement, Yangfeng Chuyuan New Energy Technology Co., Ltd. (hereinafter referred to as “Yangfeng Chuyuan”), a wholly-owned subsidiary of the company, plans to invest in the construction of a comprehensive utilization project of phosphate rock associated resources within Dongbao District, Jingmen City. The total planned investment of the project is 1.2 billion yuan. The source of funds for the project is the company’s own funds. The agreement partner of this project is Jingmen Dongbao District Investment Promotion Bureau. The project is expected to be constructed in two phases. The first phase plans to build an anhydrous hydrogen fluoride production capacity of 30000 tons / year and a white carbon black production capacity of 20000 tons / year, and the second phase plans to build a lithium hexafluorophosphate production capacity of 10000 tons / year.
Comments:
Expand the production capacity planning of fluorine new energy materials again and strengthen the layout of new energy industry. On April 8, 2022, the company announced that Yangfeng Chuyuan, a wholly-owned subsidiary of the company, plans to invest in the construction of phosphorus chemical industry and comprehensive utilization of phosphorus ore associated fluorosilicone resources in Ruichang City, Jiangxi Province, including the capacity planning of 30000 T / a anhydrous hydrogen fluoride, 20000 t / a white carbon black and 10000 t / a lithium hexafluorophosphate equivalent to the volume of this project. On the basis of the previous Jiangxi project, the company once again made relevant capacity planning for the comprehensive utilization of phosphate rock associated resources. On the one hand, it made full use of the by-product fluorosilicic acid in the production process of the company’s phosphorus compound fertilizer industry, provided raw material support for anhydrous hydrogen fluoride and white carbon black projects, and further enhanced the synergy of the company’s phosphorus chemical industry chain; On the other hand, the company has once again expanded its layout in the field of fluorine based new energy materials. The construction of the comprehensive utilization project of phosphate rock and phosphorus chemical associated resources will help the company open a new growth curve outside the main business of compound fertilizer and broaden the profit space in the future.
Iron phosphate projects will be completed and put into operation one after another, and the transformation of new energy will be gradually implemented. Since 2021, the company has successively invested in the construction of iron phosphate production bases in Zhongxiang, Hubei Province and Yidu, Hubei Province. Together with Jiangsu Lopal Tech.Co.Ltd(603906) , Gem Co.Ltd(002340) , Yidu Municipal People’s government and other partners, the company plans to build 300000 t / a iron phosphate, 150000 T / A lithium iron phosphate (including equity participation) and related supporting projects. The total investment of iron phosphate / lithium iron phosphate related projects has reached 6 billion yuan. The first phase of 50000 T / a iron phosphate project cooperated with Jiangsu Lopal Tech.Co.Ltd(603906) subsidiaries of the company has entered trial production at the end of March 2022, and the second phase of 150000 T / a project cooperated with Gem Co.Ltd(002340) subsidiaries of the company will be put into operation from August to December 2022. The company cooperates with the above-mentioned parties and strives to jointly build a global competitive whole industry chain of new phosphorus chemical and new energy materials, seize market development opportunities and broaden the growth space of the company.
Profit forecast, valuation and rating: the planned capacity of the new project has not been completed and put into operation, and the relevant capacity planning nodes have not been disclosed. We will not consider the performance increment of the project for the time being. We maintain the company’s profit forecast from 2022 to 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.663/23.042694 billion respectively, maintaining the company’s “buy” rating.
Risk tip: the price of products and raw materials fluctuates, the capacity construction is less than expected, the downstream demand is less than expected, and the landing of cooperation projects is less than expected.
