行业研究框架培训 - 磷化工框架及近况更新 20250828 磷化工产品具有哪些特殊属性？ 摘要 磷化工上游研究侧重资源，关注政策、区域分布、产能释放、环保安全 等因素对供给的影响，下游则关注原材料成本传导、行业供需格局及季 节性采购影响。 全球磷资源集中于摩洛哥，但主要供给来自中国等地，资源开采政策决 定行业基调。下游产品贸易占比高，需关注产业链贸易环节。 磷化工产品具农资属性，需求有淡旺季特征，受国家化肥控量和价格维 稳约束，出口政策和库存决策影响市场。 中国磷矿资源集中在贵州、湖北、云南、四川，受地方政策和国家方针 影响，环保治理对磷矿供给产生影响。 磷肥市场完成从低浓度向高浓度升级，以一铵、二铵为主，需关注边际 量变化及供需匹配，一体化布局企业成定价主力。 磷化工受环保和高能耗限制，头部企业集中度高，国企占比大，政策执 行力度强。出口配额制影响企业盈利。 中国硫资源供应紧张，硫磺是主流增量路径，定价受炼化产量政策和需 求增长影响。磷石膏处理成本影响企业竞争格局。 Q&A 磷化工产业链的复杂性体现在哪些方面？ 磷化工产业链的复杂性主要体现在其结合了氮肥和钾肥的行业特点，既有上游 资源品属性，又有后端加工 ...

当前在一些地方，工业固体废物综合利用率提升缓慢，加之消纳场地容量有限，导致出现工业固废产生 和消纳不均衡的问题。存量工业固废通常采用临时堆场填埋，部分堆场标准不高、管理粗放，生态环境 风险突出，亟须破解存量工业固废综合利用和无害化处置难题，规范堆场标准化建设。 工业固废处置面临的问题 综合利用率低，临时贮存成为主要处置方式。工业固废综合利用手段缺乏创新，过分依赖制作成建筑材 料和无害化处置填埋消纳。但由于多种原因，大量工业固废既未被综合利用也未被处置。比如某热电厂 在运行过程中会产生大量脱硫石膏和粉煤灰，对其的综合利用和无害化处置手段主要是送至建筑行业企 业作为原辅材料。但由于建筑行业不景气，脱硫石膏和粉煤灰只能临时贮存，综合利用率不足21%。过 剩的工业固废长期得不到处置，临时堆场变成长期贮存点，带来较大的生态环境风险。 堆场建设不规范，带来生态环境污染风险。工业固废贮存受土地性质、建设成本、场地使用批复等多方 面因素限制，一些地方在建设临时堆场时缺乏长远考虑，建设标准不高。由于综合利用率低，临时堆场 变成永久贮存点，部分企业将其交由第三方公司监管，但因资金等制约，存在长期运维不到位的问题。 比如因利用率下 ...

Key Points Summary Core Viewpoint Sichuan Hongda Co., Ltd. is issuing 609,600,000 shares at a price of 4.68 RMB per share, raising a total of approximately 2.85 billion RMB to enhance its capital structure and support its operational needs [1][9][14]. Group 1: Issuance Details - The total number of shares to be issued is 609,600,000 [1][9]. - The issuance price is set at 4.68 RMB per share, which is not lower than 80% of the average trading price over the previous 20 trading days [9][14]. - The total funds raised amount to approximately 2.85 billion RMB, with a net amount of about 2.83 billion RMB after deducting issuance costs [1][9][14]. Group 2: Share Listing and Lock-up Period - The newly issued shares will be listed on the Shanghai Stock Exchange after a lock-up period of 36 months from the issuance date [1][10][16]. - The lock-up period applies to shares acquired by the specific investors, including any shares derived from stock dividends or capital increases [1][10]. Group 3: Company Background and Business Operations - Sichuan Hongda Co., Ltd. was established on June 30, 1994, and is primarily engaged in phosphate chemical and non-ferrous metal zinc smelting [4][6]. - The company’s main products include phosphate fertilizers, compound fertilizers, and zinc ingots, with a focus on research, production, and sales [4][6]. Group 4: Financial Information - As of March 31, 2025, the company reported total assets of approximately 227.62 billion RMB and total liabilities of about 188.64 billion RMB [20]. - The company’s revenue for the first quarter of 2025 was approximately 82.16 million RMB, with a net loss of about 3.59 million RMB [20][22]. Group 5: Shareholder Structure - Following the issuance, the total share capital will increase to approximately 2.64 billion shares, with the controlling shareholder remaining Shudao Group [20][23]. - Shudao Group has committed to not transferring or disposing of its shares for 18 months post-listing [20].

Fundraising Plan - The company plans to raise a total of up to 900 million yuan through a private placement of A-shares, with the net proceeds allocated to specific projects [1][2] - The total investment for the projects exceeds the amount to be raised, and any shortfall will be financed through self-raised funds [2] Project Feasibility Analysis 10,000 Tons/Year Refined Wet Phosphoric Acid Project - The total investment for this project is 1.077 billion yuan, with 600 million yuan expected to be funded from the raised capital [2][3] - The project aims to produce 36,200 tons/year of purified phosphoric acid, 5,000 tons/year of industrial-grade monoammonium phosphate, and 100,000 tons/year of multi-element acidic physiological fertilizer [3] Development Strategy - The project aligns with the company's strategy to extend its industrial chain from sulfur iron ore to sulfuric acid and other products, enhancing profitability [3] - The project meets local economic development requirements and has received strong support from the local government [4] Compliance with Policies - The project complies with national industrial policies and is categorized as an encouraged project [5] - It aligns with the Guangdong Environmental Group's green development direction and the circular economy development concept [5] Market Potential - The main products have significant market prospects, particularly in the context of the rapid development of the new energy sector [6] - The project will leverage synergies with existing chemical products, enhancing resource and energy efficiency [6] Other Projects Xiaotai Quartz Mine Development Project - The total investment for this project is 866.42 million yuan, with a focus on producing quartz sand for various applications [9] - The project aims to secure supply for the photovoltaic and semiconductor industries, which are critical for energy transition [9][10] Grinding System Upgrade Project - The total investment for this project is 316.76 million yuan, aimed at upgrading the existing grinding system to improve efficiency and reduce costs [13] - The project will enhance safety management and operational environment, aligning with national policies promoting equipment upgrades [14] Impact on Company Operations and Financials - The fundraising will support projects that align with the company's strategic direction and enhance its market position [17] - The projects are expected to significantly increase production capacity, leading to higher revenue and profitability in the long term [17]

转自：前瞻产业研究院 行业主要上市公司：海螺水泥(600585.SH);华新水泥(600801.SH);金隅集团(601992.SH);冀东水泥(000401.SZ); 塔牌集团(002233.SZ)等 本文核心数据：水泥行业代表性企业融资事件;兼并重组规模 1、国内水泥行业投融资时间较少，但都发生在近四年 2021年以来，中国水泥制造行业投融资事件近三起，数量较少，汇总如下： (1)磷隆新材融资 湖北磷隆新材料科技有限公司是一家磷石膏产品加工商，致力于磷石膏技术研发、技术咨询、磷石膏产品加 工及销售，以及水泥商品硂、沥青硂等产品加工。2021年9月昌耀新材发布公告称，公司拟对参股公司湖北 磷隆新材料科技有限公司增资。 磷石膏广泛应用于水泥制造和环保等多个行业，在绿色建筑材料和环保材料中具有巨大的潜力。随着国内环 保政策日益严格，水泥行业面临着较大的资源短缺和环境压力，推动了绿色水泥的创新和替代材料的开发。 磷隆新材将磷石膏废料转化为水泥原料的一体化技术，不仅符合国家绿色发展的战略方向，还帮助水泥行业 降低了对天然矿石的依赖，提升了资源的综合利用率。预计随着技术的不断发展和市场对绿色环保产品的需 求提升，磷石 ...