Group 1: General Information - The research was conducted on May 23, 2025, targeting Batian Co., Ltd. in the fertilizer industry [1][8] - Participating institutions include fund management companies, securities companies, investment companies, insurance asset management companies, and life insurance companies [2][9] Group 2: Xiaogaozhai Phosphate Mine Overview - Current production capacity is 11,000 tons per day, with a production license of 2 million tons per year and a potential increase of up to 20%. The company is implementing a 2.9 million tons/year safety facility design review and expects to complete phased results and start capacity expansion in Q3 this year [17] - The mine system features a belt transport system from underground to the surface, a filling mining method with 100% mechanization, and is undergoing intelligent construction upgrades [17] - The first - phase production areas are 1, 2, 3, and 4, and the second - phase are 5, 6, and 7. The main systems include a 693 - meter main inclined shaft, a 538 - meter auxiliary inclined shaft, and a ventilation shaft [17] Group 3: Mine Operational Details - There are currently 4 stope faces in production underground. The ventilation shaft has a capacity of 16,000 cubic meters per minute, with actual usage of 13,000 cubic meters [18] - The drainage system has 6 pumps, with 4 in use and 2 in reserve. Each pump can extract 720 cubic meters of water per hour [19] - Safety monitoring includes井下 cameras connected to the control center, a personnel positioning system with a maximum deviation of 30 cm, wireless phone communication with WIFI underground, a water supply system from a surface high - level pool, a 3 - large - 3 - small air compression system, and an emergency shelter system that can support miners for over 7 days in case of disasters [19] Group 4: Business Model and Contracts - Only mining is outsourced, while the beneficiation system is self - operated. The contractors are responsible for safety [19] - Contracts are mostly quantity - locked but not price - locked, with a small number of price - locked contracts [30] - The company has 30+ stable customers and 60+ old customers, some large customers need over 700,000 tons of ore per year [30] Group 5: Production and Sales - In April, production exceeded 300,000 tons. Current daily production is about 12,000 tons, with a maximum of 30,000 tons per day [22][28] - The company sells all the produced ore each month and still has about 300,000 tons of orders to deliver [21] - The sales price is relatively stable compared to January and February this year, and is expected to rise steadily in the second half of the year [22][24] Group 6: Ore Quality and Grade - The overall ore grade is 27 - 28%, relatively high in Weng'an County. The B - layer ore grade is about 27%, with a maximum of 32% [22][27] - The average mined ore grade is higher than the explored grade [26] Group 7: Recycling and Efficiency - The mine has a filling system, and the recovery rate is over 95%, which can be further increased by 1 - 2 percentage points through innovation [28] Group 8: Downstream and Industry Chain - The company's downstream products include nitric phosphate fertilizer, industrial ammonium phosphate, and iron phosphate. The phosphochemical industry chain is relatively complete, covering mining, beneficiation, and physical beneficiation with a capacity of 600,000 tons per year [28][29] - The Guizhou compound fertilizer production base directly uses about 100,000 - 200,000 tons of phosphate ore per year [29] Group 9: Cost and Beneficiation - The cost of raw ore in Q1 this year was about 130 yuan per ton, including filling costs [31] - Beneficiation can increase the grade from an average of 24% to 31 - 33%, with a cost of 80 - 100 yuan per ton [31]
芭田股份分析师会议-20250529
Dong Jian Yan Bao·2025-05-29 09:08