Chanhen(SZ:002895) Xin Lang Cai Jing·2025-04-29 02:48Core Insights - The company has abundant phosphate resources and advanced wet-process phosphoric acid production technology [1][2] - The company is a market leader in feed-grade dicalcium phosphate [3] - The company has strong performance growth, with significant revenue and profit increases [6] Phosphate Resource and Production - The company is primarily engaged in the mining of phosphate rock and the production and sale of phosphate chemical products, with a focus on a vertically integrated phosphate chemical industry chain [1] - In 2024, the company’s subsidiary, Fulin Mining, achieved a total phosphate rock mining volume of 3.1484 million tons, with 679,300 tons sold externally [1] - The company has developed its own flotation technology, achieving a phosphate recovery rate of over 93% [1] Wet-Process Phosphoric Acid Technology - The company utilizes a self-developed semi-hydrate wet-process phosphoric acid production technology, which is characterized by a short process flow, advanced reliability, high product quality, low energy consumption, and low production costs [2] - The purification technology for wet-process phosphoric acid improves phosphate recovery by over 15% compared to traditional methods [2] Feed-Grade Dicalcium Phosphate - The company’s feed-grade dicalcium phosphate is a high-efficiency feed additive, with a market share that has consistently ranked first in the industry [3] - The company has an annual production capacity of 510,000 tons for feed-grade dicalcium phosphate [3] Diammonium Phosphate Production - The company’s diammonium phosphate is primarily used in high-concentration compound fertilizers and ABC dry powder fire extinguishing agents, with an annual production capacity of 260,000 tons [4] - The company’s products represent a high standard in the domestic market for powdered diammonium phosphate [4] Financial Performance - In 2024, the company achieved a revenue of 5.91 billion yuan, a year-on-year increase of 36.72%, and a net profit of 956 million yuan, up 24.80% from the previous year [6] - For Q1 2025, the company reported a revenue of 1.493 billion yuan, a 43.07% increase year-on-year, and a net profit of 202 million yuan, up 50.02% [6] - The company has a high dividend payout ratio, with a proposed cash dividend of 12.00 yuan per 10 shares, amounting to approximately 646.4 million yuan, which is 67.6% of the net profit [6] Future Product Expansion - The company aims to expand its product offerings to include food-grade phosphoric acid, polyphosphate, and building gypsum, enhancing its product structure and exploring new profit growth points [5]