【私募调研记录】煜德投资调研芭田股份

Group 1 - The core viewpoint of the news is that YuDe Investment has conducted research on BaTian Co., focusing on its phosphate mining operations and market performance [1] - BaTian Co. primarily mines at the XiaoGaoZhai phosphate mine, with current mining activities in the B layer, specifically at elevations 760 and 770 [1] - The phosphate ore grade is approximately 27%-29%, with low-grade phosphate being sent for beneficiation [1] Group 2 - Monthly phosphate sales are around 300,000 tons, with an average price of 820-860 yuan per ton including tax [1] - The profit for phosphate ore with a grade above 28% is approximately 400 yuan per ton [1] - The sales target for the second quarter is set at 900,000 to 1,000,000 tons, while the first quarter sales were around 450,000 tons [1] Group 3 - The approval for the second phase of the mine expansion is expected in the third quarter, managed by the emergency management department [1] - Phosphate prices are considered reasonable, and surrounding mines are facing delays in production due to construction difficulties [1] - The company primarily engages directly with large users, leveraging the quality advantage of its phosphate ore, and most shareholders are optimistic about the company's long-term development with no short-term plans for share reduction [1]