129784668073960000_29Group: phosphate boom drives profit growth
Investment event: xingfa Group Announces 2011 annual operating income of 6.568 billion yuan during the reporting period, an increase of 40.41% to achieve operating profits of $ 331 million, an increase of 15.22%, achieving attributable to the parent company's net profit of 232 million Yuan, an increase of 26.83%. 365.5 million units totalEquity, and achieving EPS $ 0.64 (after deducting non-recurring profit and loss is $ 0.69), operating cash flow of $ 1.52 per share. Company to be distributed every 10 cash bonus $ 2 (plus tax). Also notice, be established financed $ 40.8 million together with wengfu group Guizhou xingfa chemical limited (company 51%), the companySubsidiary of yidu xingfa chemical limited intends to fund $ 49 million, with wengfu Group subsidiary wengfu blue fluorine chemical industry company limited, Guizhou province jointly set up wengfu Hubei lantian chemical limited (yidu xingfa 49%). Comment: xingfa group 2011 annual results in line with our expectations of EPS to $ 0.67, company revenue growthComes from trading business continued to expand, while the net profit growth is mainly composed of phosphorus ore business contribution. Product prices and trading business continued to expand revenue growth driven 2011 xingfa group operating income of 6.568 billion yuan, compared to $ 1.89 billion from last year, of which trade business grew by $ 1.483 billion was revenue growthMain factors. Industrial business, phosphorus ore, yellow phosphorus, phosphoric acid and other business revenue due to increases in product prices and the increase in sales also have different levels of growth. Boom continue driving profit growth up our estimates of phosphorus ore company 2011 phosphate exports of nearly 2 million tons
tera power leveling, an increase of nearly 300,000 tonnes, together with phosphate prices rose, the companyPhosphate revenues grew to $ 54% to $; business gross margin of 80.94% phosphate, all-time, phosphate boom continues up the appropriate driving the performance of the company's growth. In addition, trade revenue and gross margin improved net profit growth also played a positive role. Expense ratio during the overall stability, the overall income tax rate had risenDuring the company's overall cost rate was little changed, and the overall income tax rate as part of xingshan (15% income tax rates) profit ratio declined slightly increase, relatively limited impact on net profit. "Twelve-Five" is expected to realize the leaping development of the company during the period set forth in the annual report of the company in the company main business bigger and stronger at the same time, to organic chemicals, Silicon chemical, salt and sulfur chemicalsDevelopment, and strive to "Twelve-Five" final sales of 30 billion yuan, in 2012, the company plans to achieve revenues of $ 9.8 billion. On March 23, company announcements
tera gold, development of no more than $ 1.35 billion to the raising of additional, 49% equity, capital increase made by the acquisition of yidu yidu xingfa and the new 100,000 tons/year of purification of wet-process phosphoric acidAnd four projects, including 2 million tons/year of beneficiation project (which still needs approval from the general meeting of shareholders of the company and the consent, permission or approval of the relevant government departments). Our industrial businesses for future growth of the company relatively optimistic: first of all, company housing and prospecting work was carried out smoothly, is expected to gradually put into operation this year, while tree ���ʳɷ֡�, phosphate rock shop pingConsolidation, development work has been steadily advancing, the company reserves and production capacity is expected to expand further in the future, with continued to promote the integration of domestic phosphate and phosphorus ore resource value enhancement, will further highlight the resource advantages of the company. Second, companies 1.2 million tons/year of heavy media separation, issuance of 2 million tons/year of beneficiation projects in the project and 100,000 tons/Years wet method phosphate refined project, and and URN Fu Group of cooperation project (utilization phosphorus mine resources development fluoride, and iodine chemical industry) will for company phosphorus resources of efficient using, and optimization industry chain layout and products structure lay foundation; also, company in Xinjiang, resources rich set area of layout also will for its future to Silicon chemical, and salt chemical and sulfur chemical, area of expansion provides has power.Accordingly, the company "Twelve-Five" period is expected to realize leap-forward development. Investment recommendations and ratings as a resource value of outstanding domestic phosphorus chemical industry-leading enterprise, Hing Fat rich in phosphate mining and hydro-electric resources of the group, and follow-up resources, reserves and production capacity is expected to continue upgrading, future company around building integrated industry chain
tera power leveling, optimization of process and product development in the structure of thinkingWay more clear. We maintain the company and 2012 EPS forecast of $ 0.85, respectively (taking into account the additional impact on earnings and equity, the corresponding forecast before the issuance of $ 0.95, respectively), and introduces the 2014 year EPS forecast of $ 1.62, maintaining the "recommended" investment rating. Downstream of the risk requiredSeeking low risk, new projects were put into operation progress and profitability are not up to expected risks.
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