The taste of childhood
um
is the most difficult taste to find
After many years of adulthood, in addition to the food made by my mother, if you can taste the taste of childhood in a restaurant outside, it is really amazing. It is hard to come by
Yesterday, the editor was in a restaurant called Yuwei Private Kitchen downstairs in the studio. A small crispy lotus root meat really tasted the taste of childhood. I couldn't help but add more rice, and I felt a lot more emotion. Maybe, It is because Henan and Shandong, located in the Central Plains, and it is very similar.
The taste of my childhood, looking for a kind of past memory, a taste that penetrates into the bone marrow and remembers for a lifetime. This taste marks your origin. I have been wandering in a foreign land for many years. After all, I am obsessed with it. I am still everything that the countryside has given
under the breaking position. There are not many highlights today, the military industry has stopped, and the information innovation sector was also a one-day tour last Friday. Today's pullback is a great deal. If you insist on finding a highlight, Xinchao Energy vs. Hesheng Silicon Industry written on September 6, do you know the world of mixing and matching? Hesheng Silicon Industry is actually 10cm; in addition, it is written on the first day of Wandekai's listing on September 11. How much money can the winner make? The optimistic situation has not happened. The closing price of 33.69 yuan is very close to the valuation of 33 yuan at the 16% revenue growth rate. There is really no one who breaks the issue price for a long time. The market is so weak. . . , It also shows that investment operations should be more objective. You can’t just buy a certain ticket and just want to think about the rise and fall. The market trend is not based on personal will. The same sentence is still the case. The editor does not have the ability to predict the market, so let’s go on to find high-quality tickets. Let’s try to write a few more articles in this series. Today I will write Xingfa Group and Liuguo Chemical, plus the Yuntianhua and Hubei Yihua, which I wrote before. Phosphorus chemicals are almost the same.
. Back to the point.
01
—
0knowledge xingfa Group and Liuguo Chemical
xingfa Group , coordinates of Yichang City, Hubei Province, 1999
As a leading enterprise in the domestic phosphorus chemical industry, the company has always focused on the main line of fine phosphorus chemical development, actively explored the integration of phosphorus silicon sulfur and salt, and continuously improved the upstream and downstream integrated industrial chain. The company's main products include phosphorus ore , yellow phosphorus and fine phosphate, phosphorus fertilizer , glyphosate , organic silicon , dimethyl sulfoxide and wet electronic chemical , etc. The products are widely used in agriculture, construction, food, automobile, chemistry, integrated circuits and other fields
11 company has been focusing on essence for a long time The development of fine chemical products has formed a product chain with large scale, complete variety, added value and high technical content. It currently has 15 series and 591 varieties of various products, including food grade, toothpaste grade, medical grade, electronic grade, electroplating grade, industrial grade, feed grade, etc. It is one of the enterprises with the most complete categories and the most variety of fine phosphorus products in the country.
phosphate ore
phosphate ore
1 phosphate ore headquarter is located in Yichang City, Hubei Province. It has relatively rich phosphate ore resources and is one of the five largest phosphate ore bases in the country. Phosphorus resources are mainly distributed at the junction of three counties (districts).As of the end of the reporting period, the company had mining rights with a reserve of about 429 million tons of phosphate ore. In addition, the company also holds 70% of the equity of Jingzhou Jinghua (has 2.289 billion tons of phosphate ore proven reserves, currently in the prospecting stage), and holds 50% of the equity of Qiaogou Mining (has 188 million tons of proven reserves, currently in the prospecting stage). Through its holding subsidiary Yuan'an Jixing, it holds Yi'an Industrial (has 315 million tons of proven reserves, and has obtained an mining license, and is currently in the mining project construction stage. ) 26% equity, rich phosphate ore resources provide favorable conditions for the company to develop the phosphate chemical industry
organic silicone
In recent years, with the strong demand for silicone materials in domestic construction, automobile, electricity, medical care, new energy, communication and electronic industries, my country's silicone industry has developed very rapidly and has become an important pillar industry in the field of high-performance chemical new materials, In 2021, the global silicone monomer production capacity will be about 6.2 million tons, of which nearly 60% of the production capacity is distributed among about 10 enterprises in my country. Hubei Xingrui, a wholly-owned subsidiary of Hubei Xingrui, currently has a silicone monomer design capacity of 360,000 tons/year, and has formed a downstream 150,000 tons/year silicone rubber , 30,000 tons/year sealant and 20,000 tons/year silicone oil production capacity; the company holds a grandson company Inner Mongolia Xingfa is currently under construction of a 400,000 tons/year silicone monomer production device, and plans to build
wet electronic chemicals
wet electronic chemicals are one of the indispensable and key basic chemical materials in the production process of ultra-large-scale integrated circuits, display panels, solar cell and other products. The global advanced technology of wet electronic chemicals is mainly mastered by Europe, America, Japan, South Korea and other countries, as well as Taiwan. With the acceleration of the localization process of semiconductor , the development of the domestic semiconductor industry ushered in an explosive period. The demand for nearby supply and service supporting facilities has determined that localization of wet electronic chemical production is the general trend
Holding subsidiary Xingfu Electronics After more than 10 years of development, it has now built 30,000 tons/year electronic grade phosphoric acid , 20,000 tons/year electronic grade sulfuric acid, and 30,000 tons/year electronic grade etching liquid production capacity, with the capacity scale at the forefront of the industry, and the product quality is generally at the international advanced level, among which IC grade phosphate metal ions have been controlled. Within the 10ppb level, the IC-grade sulfuric acid metal ions have been controlled within the 5ppt level (G5 level), and the products have been supplied in batches to Taiwan Unicom, SMIC, Huahong Hongli, SK Hynix, Grofonte, Changjiang Storage, TSMC, Changxin Storage and many well-known semiconductor customers at home and abroad, including many well-known domestic and foreign semiconductor customers,
, a national high-tech enterprise, and a national science and technology innovation demonstration enterprise, with 650 patent authorizations, including 218 invention patents,
revenue weight, Phosphorus ore revenue accounts for 3%, gross profit margin 55%; yellow phosphorus and fine phosphorus products account for nearly 20% and gross profit margin 39%; silicone products revenue accounts for 20% and gross profit margin 34%, glyphosate and by-product revenue accounts for 1/3, gross profit margin 40%; fertilizer products revenue accounts for 10% and gross profit margin 16%; trade and wet electronic chemicals account for the remaining 10% revenue
Domestic revenue accounts for 2/3, overseas 1/3
R&D investment in 2021 is 860 million, and R&D revenue accounts for 3.7%, The excellent line that does not exceed 5%
6 chemical , coordinates are Tongling City, Anhui Province, listed in 2004
main business of the company is the production, processing and sales of chemical fertilizer (including nitrogen fertilizer , phosphorus fertilizer, potassium fertilizer ), fertilizer (including compound fertilizer, compound fertilizer, organic fertilizer and microbial fertilizer), chemical product (including refined phosphoric acid, phosphate ), and chemical raw material . The company is a large enterprise specializing in the integrated manufacturing of phosphorus compound fertilizer and phosphorus chemical industry in East China.The company's "Six Nations" brand is a mainstream brand in the phosphorus compound fertilizer industry and has great influence in the domestic market
The company's main products are agricultural chemical fertilizers (referred to as "chemical fertilizers"). Fertilizers (also known as inorganic fertilizers) made through chemical and (or) physical methods containing one or more nutrient elements needed for the growth of crops (also known as inorganic fertilizers), including nitrogen fertilizers, phosphorus fertilizers, potassium fertilizers, micro fertilizers, , compound fertilizers, etc., which are not edible. The main products are fertilizers such as diammonium phosphate, monoammonium phosphate, compound fertilizer, urea and other fertilizers
chemical fertilizers are divided into large amounts of elemental fertilizers according to the amount of nutrient demand for crops, including nitrogen fertilizer, phosphate fertilizer and potassium fertilizer; medium-element fertilizers, including calcium, magnesium, sulfur fertilizer ; trace elemental fertilizers, including zinc, boron, manganese, molybdenum, iron, copper fertilizer ; in addition, there are some beneficial elemental fertilizers such as silicon-containing fertilizers, rare earth fertilizers, etc. The taste of childhood
um
is the most difficult taste to find
After many years of adulthood, in addition to the food made by my mother, if you can taste the taste of childhood in a restaurant outside, it is really amazing. It is hard to come by
Yesterday, the editor was in a restaurant called Yuwei Private Kitchen downstairs in the studio. A small crispy lotus root meat really tasted the taste of childhood. I couldn't help but add more rice, and I felt a lot more emotion. Maybe, It is because Henan and Shandong, located in the Central Plains, and it is very similar.
The taste of my childhood, looking for a kind of past memory, a taste that penetrates into the bone marrow and remembers for a lifetime. This taste marks your origin. I have been wandering in a foreign land for many years. After all, I am obsessed with it. I am still everything that the countryside has given
under the breaking position. There are not many highlights today, the military industry has stopped, and the information innovation sector was also a one-day tour last Friday. Today's pullback is a great deal. If you insist on finding a highlight, Xinchao Energy vs. Hesheng Silicon Industry written on September 6, do you know the world of mixing and matching? Hesheng Silicon Industry is actually 10cm; in addition, it is written on the first day of Wandekai's listing on September 11. How much money can the winner make? The optimistic situation has not happened. The closing price of 33.69 yuan is very close to the valuation of 33 yuan at the 16% revenue growth rate. There is really no one who breaks the issue price for a long time. The market is so weak. . . , It also shows that investment operations should be more objective. You can’t just buy a certain ticket and just want to think about the rise and fall. The market trend is not based on personal will. The same sentence is still the case. The editor does not have the ability to predict the market, so let’s go on to find high-quality tickets. Let’s try to write a few more articles in this series. Today I will write Xingfa Group and Liuguo Chemical, plus the Yuntianhua and Hubei Yihua, which I wrote before. Phosphorus chemicals are almost the same.
. Back to the point.
01
—
0knowledge xingfa Group and Liuguo Chemical
xingfa Group , coordinates of Yichang City, Hubei Province, 1999
As a leading enterprise in the domestic phosphorus chemical industry, the company has always focused on the main line of fine phosphorus chemical development, actively explored the integration of phosphorus silicon sulfur and salt, and continuously improved the upstream and downstream integrated industrial chain. The company's main products include phosphorus ore , yellow phosphorus and fine phosphate, phosphorus fertilizer , glyphosate , organic silicon , dimethyl sulfoxide and wet electronic chemical , etc. The products are widely used in agriculture, construction, food, automobile, chemistry, integrated circuits and other fields
11 company has been focusing on essence for a long time The development of fine chemical products has formed a product chain with large scale, complete variety, added value and high technical content. It currently has 15 series and 591 varieties of various products, including food grade, toothpaste grade, medical grade, electronic grade, electroplating grade, industrial grade, feed grade, etc. It is one of the enterprises with the most complete categories and the most variety of fine phosphorus products in the country.
phosphate ore
phosphate ore
1 phosphate ore headquarter is located in Yichang City, Hubei Province. It has relatively rich phosphate ore resources and is one of the five largest phosphate ore bases in the country. Phosphorus resources are mainly distributed at the junction of three counties (districts).As of the end of the reporting period, the company had mining rights with a reserve of about 429 million tons of phosphate ore. In addition, the company also holds 70% of the equity of Jingzhou Jinghua (has 2.289 billion tons of phosphate ore proven reserves, currently in the prospecting stage), and holds 50% of the equity of Qiaogou Mining (has 188 million tons of proven reserves, currently in the prospecting stage). Through its holding subsidiary Yuan'an Jixing, it holds Yi'an Industrial (has 315 million tons of proven reserves, and has obtained an mining license, and is currently in the mining project construction stage. ) 26% equity, rich phosphate ore resources provide favorable conditions for the company to develop the phosphate chemical industry
organic silicone
In recent years, with the strong demand for silicone materials in domestic construction, automobile, electricity, medical care, new energy, communication and electronic industries, my country's silicone industry has developed very rapidly and has become an important pillar industry in the field of high-performance chemical new materials, In 2021, the global silicone monomer production capacity will be about 6.2 million tons, of which nearly 60% of the production capacity is distributed among about 10 enterprises in my country. Hubei Xingrui, a wholly-owned subsidiary of Hubei Xingrui, currently has a silicone monomer design capacity of 360,000 tons/year, and has formed a downstream 150,000 tons/year silicone rubber , 30,000 tons/year sealant and 20,000 tons/year silicone oil production capacity; the company holds a grandson company Inner Mongolia Xingfa is currently under construction of a 400,000 tons/year silicone monomer production device, and plans to build
wet electronic chemicals
wet electronic chemicals are one of the indispensable and key basic chemical materials in the production process of ultra-large-scale integrated circuits, display panels, solar cell and other products. The global advanced technology of wet electronic chemicals is mainly mastered by Europe, America, Japan, South Korea and other countries, as well as Taiwan. With the acceleration of the localization process of semiconductor , the development of the domestic semiconductor industry ushered in an explosive period. The demand for nearby supply and service supporting facilities has determined that localization of wet electronic chemical production is the general trend
Holding subsidiary Xingfu Electronics After more than 10 years of development, it has now built 30,000 tons/year electronic grade phosphoric acid , 20,000 tons/year electronic grade sulfuric acid, and 30,000 tons/year electronic grade etching liquid production capacity, with the capacity scale at the forefront of the industry, and the product quality is generally at the international advanced level, among which IC grade phosphate metal ions have been controlled. Within the 10ppb level, the IC-grade sulfuric acid metal ions have been controlled within the 5ppt level (G5 level), and the products have been supplied in batches to Taiwan Unicom, SMIC, Huahong Hongli, SK Hynix, Grofonte, Changjiang Storage, TSMC, Changxin Storage and many well-known semiconductor customers at home and abroad, including many well-known domestic and foreign semiconductor customers,
, a national high-tech enterprise, and a national science and technology innovation demonstration enterprise, with 650 patent authorizations, including 218 invention patents,
revenue weight, Phosphorus ore revenue accounts for 3%, gross profit margin 55%; yellow phosphorus and fine phosphorus products account for nearly 20% and gross profit margin 39%; silicone products revenue accounts for 20% and gross profit margin 34%, glyphosate and by-product revenue accounts for 1/3, gross profit margin 40%; fertilizer products revenue accounts for 10% and gross profit margin 16%; trade and wet electronic chemicals account for the remaining 10% revenue
Domestic revenue accounts for 2/3, overseas 1/3
R&D investment in 2021 is 860 million, and R&D revenue accounts for 3.7%, The excellent line that does not exceed 5%
6 chemical , coordinates are Tongling City, Anhui Province, listed in 2004
main business of the company is the production, processing and sales of chemical fertilizer (including nitrogen fertilizer , phosphorus fertilizer, potassium fertilizer ), fertilizer (including compound fertilizer, compound fertilizer, organic fertilizer and microbial fertilizer), chemical product (including refined phosphoric acid, phosphate ), and chemical raw material . The company is a large enterprise specializing in the integrated manufacturing of phosphorus compound fertilizer and phosphorus chemical industry in East China.The company's "Six Nations" brand is a mainstream brand in the phosphorus compound fertilizer industry and has great influence in the domestic market
The company's main products are agricultural chemical fertilizers (referred to as "chemical fertilizers"). Fertilizers (also known as inorganic fertilizers) made through chemical and (or) physical methods containing one or more nutrient elements needed for the growth of crops (also known as inorganic fertilizers), including nitrogen fertilizers, phosphorus fertilizers, potassium fertilizers, micro fertilizers, , compound fertilizers, etc., which are not edible. The main products are fertilizers such as diammonium phosphate, monoammonium phosphate, compound fertilizer, urea and other fertilizers
chemical fertilizers are divided into large amounts of elemental fertilizers according to the amount of nutrient demand for crops, including nitrogen fertilizer, phosphate fertilizer and potassium fertilizer; medium-element fertilizers, including calcium, magnesium, sulfur fertilizer ; trace elemental fertilizers, including zinc, boron, manganese, molybdenum, iron, copper fertilizer ; in addition, there are some beneficial elemental fertilizers such as silicon-containing fertilizers, rare earth fertilizers, etc.In terms of revenue weight, compound fertilizer accounts for the top 1/3 of revenue, with a gross profit margin of 14%; diammonium phosphate accounts for 1/4 of gross profit margin, with a gross profit margin of 17%; monoammonium phosphate accounts for 10% and a gross profit margin of 25%; urea revenue accounts for about 10% and a gross profit margin of 22%
Domestic revenue accounts for 80% and overseas revenue accounts for 2.7% of R&D investment in 2021. The excellent line that has not exceeded 5%
Xingfa Group Financial Report Data
H2021 revenue was 23.6 billion yuan, the revenue compound growth rate in the past 5 years was 8%, the revenue compound growth rate in the past 10 years was 9%, and the revenue increased by 2.5 times in 10 years, the revenue increased by 29%, and the revenue increased by 2022H1 increased by 74%, and the
1 gross profit margin began in 2022. In terms of the gross profit margin, before 2021, the median was 14%, the gross profit margin in 2021 was 33%, and the 2022H1 reached a record 38%, beloved, In the past two years, I feel like I've been cheating.
free cash flow in 4 billion in 2021, setting an annual historical record. The free cash flow in the past 10 years has appeared positively and negatively, and the free cash flow in 2022H1 has reached an exaggerated 3.2 billion, which is 3 times that of the same period in 2021
financial assets at the end of 2021, financial liabilities 10.6 billion, and there are also long-term equity investments of 2 billion. Compared with the end of 2020, due to the increase in free cash flow, financial assets are increasing and financial liabilities are decreasing, which is basically consistent with the problem of high revenue growth, Similar to other companies, accounts receivable and inventory are also on the same level, and fixed assets and projects under construction are also increasing, indicating that the capacity expansion is
Liuguo Chemical Financial Report Data
Revenue in 2021 is 6 billion, and the revenue compound growth rate in the past 5 years is 5%. Because the revenue in 2021 is basically the same as the revenue in 2012's 5.98 billion is basically the same as the revenue in 2012's 5.94 billion, so there is no way to talk about the revenue growth rate in the past 10 years. Revenue in 2021 grew by 24%, and revenue in 2022H1 increased by 60%. In 2022, it also began to rise significantly in 2022
gross profit margin, the median before 2021 was 9%, The gross profit margin in 2021 is 15%, basically the same as 14% in 2020
2021 free cash flow was 250 million yuan, which also set an annual historical record. The free cash flow fluctuated significantly in the past 10 years, and the free cash flow in 2022H1 is much worse than the same period last year
2021 financial assets at the end of 2021 and financial liabilities were 1.48 billion yuan, For Xingfa Group, we use the average free cash flow from 2020 to 2021 to combine the past revenue and free cash flow growth, assuming the compound growth rate of the next 10 years is 15%
, the valuation of the following:
For Xingfa Group, we use the average free cash flow from 2020 to 2021 as the base, and combine the past revenue and free cash flow growth. Assuming the compound growth rate in the next 10 years is 15%, the valuation is as follows:
For Liuguo Chemical, Based on the free cash flow in 2021, we will combine the past revenue and free cash flow growth. Assuming that the compound growth rate in the next 10 years will also be 15%, the valuation of is as follows:
Interpretation:
Xingfa Group and Liuguo Chemical, the former is mainly related to phosphate ore and phosphate fertilizers, and covers glyphosate, silicone and wet electronic chemicals
, etc., the latter is mainly diammonium phosphate, monoammonium phosphate, compound fertilizer and urea, etc. In common, all have phosphate fertilizer-related businesses
In terms of business content, Xingfa Group has a wider scope. In addition to phosphate fertilizers, glyphosate (herbicides), silicones are also one of the popular industries at present. As for wet electronic chemicals, it is also an indispensable raw material for chip manufacturing.
Xingfa Group, our valuation base here adopts the average free cash flow from 2020 to 2021, and the growth rate estimate for the next 10 years also adopts a relatively restrained 15% revenue growth rate (29% in 2021, 74% in 2022H1), so the valuation made here is actually relatively conservative. If the valuation base is based on the small high point in 2021, The revenue growth rate estimate increases to 20%, and the valuation is basically beyond 100 yuan. Let’s take a step forward and look at it one step. Based on the free cash flow and 15% revenue growth rate estimate in 2021, the corresponding valuation is about 14 yuan, but the valuation base in 2021 has certain high-point attributes, and the cash flow in 2022H1 is not optimistic
Xingfa Group and Liuguo Chemical. Although after some valuation, their valuation is about twice the current stock price, overall, Xingfa Group is still much better, and it can even be said that the gap is relatively large. If you buy it, the editor is more inclined to Xingfa Group. Candidates enter the observation list
phosphorus fertilizer, it is estimated that it should be Yuntianhua, Xingfa Group and Hubei Yihua are better, the latter two are actually in Hubei Yichang
old rules, personal judgment, no investment recommendations, welcome to add, like
Kong Dongliang, CPA
2022/09/19
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