\u3000\u3000 Chengdu Wintrue Holding Co.Ltd(002539) (002539)
Event 1: on the evening of January 14, the company issued the stock plan of non-public development banks. The company plans to raise no more than 2.5 billion yuan through non-public offering, of which 2 billion yuan will be used for the “linkage production project of phosphate rock resources comprehensive utilization and production of new energy materials and slow-release and controlled-release compound fertilizer” (the total investment of the project is 4.595 billion yuan), and the remaining 500 million yuan will be used to supplement working capital. The issuing objects of the company’s non-public offering of shares include Ms. Mou Jiayun, the person acting in concert with the actual controller of the company.
Event 2: the company announced that it signed the contract on investment and construction of green chemical recycling industrial park project with Xuancheng Municipal People’s Government of Hubei Province on January 14. The company plans to invest in the construction of a green chemical recycling industrial park project in Xiangyang fine chemical park, including an annual output of 100000 tons of battery grade iron phosphate project, an annual output of 1 million tons of beneficiation project, an annual output of 200000 tons of wet process phosphoric acid (converted into 100% P2O5), an annual output of 100000 tons of refined phosphoric acid (95% H3PO4), an annual output of 800000 tons of sulfur based sulfuric acid project An annual output of 800000 tons of slow and controlled release compound fertilizer project and 1 million tons of phosphogypsum comprehensive utilization project. The fixed asset investment of the project is about 2.15 billion yuan, and the total construction period of the project is about 3 years.
Comments:
Release the fixed growth plan and layout the new energy material production capacity projects throughout the industrial chain
The relevant planning of the “linkage production project of new energy materials and slow and controlled release compound fertilizer by comprehensive utilization of phosphate rock resources” mentioned in the company’s fixed increase plan was announced by the company on September 3, 2021. Relying on the project, the company will invest in the construction of 350000 tons of battery grade iron phosphate and supporting projects such as 300000 tons of wet process phosphoric acid (converted into pure), 300000 tons of refined phosphoric acid, 1.5 million tons of phosphate ore beneficiation, 1 million tons of sulfur to sulfuric acid, 600000 tons of slow and controlled release compound fertilizer, 1 million tons of phosphogypsum comprehensive utilization and 20MW waste heat power generation. After the project is completed, it is expected to achieve an average annual sales revenue including tax of 5.932 billion yuan and an average annual net profit of 691 million yuan.
According to the relevant plans disclosed by the company in September 2021, the project will be constructed in two phases, of which the first phase of 100000 t / a iron phosphate will be completed and put into operation in March 2023, and the second phase of 250000 T / a iron phosphate and supporting wet process phosphoric acid, refined phosphoric acid, phosphate ore beneficiation, sulfur based sulfuric acid, slow and controlled release recovery Hefei, phosphogypsum Waste heat power generation and other projects will be completed and put into operation in December 2023. The company’s phase II project has a very significant advantage of industrial chain integration, which can greatly improve the overall profitability of the project. The phase II project not only considers the supply of raw materials such as upstream phosphate rock, sulfuric acid and phosphoric acid, but also further uses the by-product low-grade phosphoric acid, waste heat and other resources to produce compound fertilizer or recycle power generation, so as to realize the full utilization of chemical resources and energy.
Expand the capacity planning of iron phosphate and increase the penetration in the field of new energy
Based on the 350000 T / a iron phosphate capacity planning disclosed in the early stage, the company further plans 100000 t / a battery grade iron phosphate capacity and supporting projects, and the company has significantly increased its penetration into the field of new energy materials. Meanwhile, according to the planning of supporting projects, the company has also fully considered the supporting problems of raw materials related to the production of iron phosphate and the cascade utilization of phosphoric acid with different purity. Like the above projects, it is expected to make full use of chemical resources and energy, which can significantly improve the overall profitability of the project.
We believe that the advantages of the company’s iron phosphate project mainly come from two points: first, the company has sufficient phosphate rock resources and supporting advantages of upstream raw materials. At present, the company has proved that the phosphate rock reserves in niuniuzhaibei mining area of Leibo County reach 181 million tons, and has built a complete phosphate fertilizer industry chain and a phosphorus chemical industry chain dominated by yellow phosphorus. Second, the company’s two iron phosphate capacity planning locations are located in Hubei Province, respectively in Songzi, Hubei and Xiangyang, Hubei. Hubei Province is a transportation hub in Central China, which is very convenient in product transportation. The construction of the project in Hubei Province can fully meet the stable supply of some raw materials on the one hand, and more efficiently transport the finished products to the client, so as to reduce the corresponding transportation cost.
Profit forecast, valuation and rating: the company’s relevant planning projects have not been officially put into operation, and we will not consider the relevant performance increment for the time being. We maintain the company’s profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.046/12.05/1.375 billion respectively, and still maintain the company’s “buy” rating.
Risk tips: product price fluctuation risk, less than expected capacity release, safety production and environmental protection risk, and fixed increase project landing risk.
