KMCJNC(SZ:300505)2023-04-12 11:28Group 1: Industry Overview - The current state of the domestic phosphate chemical industry is at a low point in the cycle [1] - The company is transitioning to become an integrated supplier of new energy materials, focusing on the coupling of electrochemistry and phosphate chemicals [2] Group 2: Stock Price and Market Management - The company's stock price has significantly declined, returning to levels seen six years ago, prompting discussions on market value management [2] - The company emphasizes that its performance is fundamental to market value management and aims to enhance management and performance to reward investors [2] Group 3: Operational Highlights for 2023 - The company expects to achieve full production of wet-process purified phosphoric acid in 2023, with an estimated output of 120,000 tons and an expected revenue increase of 500 million yuan [4] - The Guangxi base's 300,000 tons of sulfuric acid production has commenced, contributing several million yuan in thermal energy benefits [4] - The projected output for lithium iron phosphate and lithium iron in 2023 is between 3,000 to 4,000 tons, with expected revenue of 200 to 300 million yuan [2] Group 4: Financial Performance and Projections - The gross profit margin for wet-process purified phosphoric acid in 2022 was 21.34%, with a sales gross margin of 20.84% and a net profit margin of 14.37% [3][7] - The company anticipates that the first quarter of 2023 will show average performance due to maintenance and seasonal impacts, with expectations for a rebound in the second quarter [8] Group 5: Future Plans and Investments - The company plans to invest 460 million yuan in external investments or equipment purchases this year, focusing on projects related to lithium iron phosphate [4] - The company is considering the layout of lithium resources and has initiated related R&D work [4] Group 6: Market Position and Competitors - The company is recognized as a leader in the traditional calcium salt sector and is advancing in the purified phosphoric acid industry [3] - The company is actively working to mitigate the impact of the phosphate chemical cycle on its valuation by transitioning to the electrochemical materials sector [2]