Chanhen(SZ:002895) Zheng Quan Zhi Xing·2025-06-05 09:37Core Viewpoint - Guizhou Chuanheng Chemical Co., Ltd. maintains a stable credit rating of AA- for its corporate bonds, reflecting its competitive advantages in the phosphate market and solid financial performance [1][4]. Company Overview - The company was established on November 25, 2002, and is primarily engaged in the production and sale of phosphate rock and phosphate products [11]. - As of March 2025, the company has a registered capital of 539 million yuan, with Sichuan Chuanheng Holding Group Co., Ltd. holding 51.54% of the shares [11]. Financial Performance - In 2024, the company achieved total revenue of 5.906 billion yuan, a year-on-year increase of 36.72%, and a profit of 1.173 billion yuan, up 21.44% from the previous year [6][10]. - The company's total assets reached 12.923 billion yuan, with owner’s equity at 7.229 billion yuan by the end of 2024 [11]. - The company’s total debt decreased to 3.934 billion yuan by the end of 2024, down 5.62% from the previous year [7][10]. Market Position and Competitive Advantage - The company holds a leading market share in the domestic market for feed-grade monoammonium phosphate and has a strong competitive position in the phosphate industry [14]. - The company has a robust resource reserve, with significant phosphate rock resources across multiple mining rights, ensuring stable raw material supply [14]. Risk Factors - The company faces risks related to international trade, including trade protection measures and exchange rate fluctuations, as a significant portion of its revenue comes from exports [7][20]. - There are potential investment risks associated with the construction of new projects and the overall market environment [5][7]. Future Outlook - The company plans to enhance its competitive edge by expanding its phosphate chemical industry chain and completing ongoing projects [5][6]. - The credit outlook remains stable, with potential for upgrades if the company significantly expands its business and asset scale [5][6].