Hua Xing Chemical insurance Capital increase warehouse quantity is big

The future development strategy of the western region of Hubei should be clearly defined: Chemical fiber concept, fund heavy storehouse concept, Shanghai and Shenzhen 300 concept, overweight repurchase concept. Non-public offering of shares: announcement of May 28, 2010, the shareholders ' meeting through the Non-public offering program. The proposed non-public offering does not exceed 150 million shares, the issue price is not less than 18.51 yuan/share. The group undertakes to subscribe for shares not less than 16.2% of the total number of shares issued, and the subscription amount is not less than 320 million yuan. The fundraising is not more than 2.5 billion yuan, for Xinjiang 400,000 tons of synthetic ammonia, 600,000 tons of urea project (2 billion yuan), repayment of bank loans (500 million yuan) fertilizer faucet: The company's products cover fertilizer, chemical, thermoelectric 3 major fields 10 varieties, is currently the country's largest fertilizer production enterprises,　　With an annual output of 2.6 million tons of urea capacity, production and sales over the years ranked the forefront in the chemical fertilizer industry has a high visibility and brand impact, the company in the quasi-East region to build industrial base can fully enjoy the regional support policy, fully utilize the advantages of coal and electricity resources. Investment strategy: Huarong Securities believe that the company's chemical fertilizer business profitability is relatively stable, the company's future development strategy is clear, focus on the layout of the western region, make full use of the local rich resource advantages, lower cost of the extension and upstream and downstream integration of the road, but also in line with the national development of the The company in Inner Mongolia chlor-alkali project has been put into production earlier this year, will become the 2010 new profit growth point.　　If the company is able to successfully inject new assets, the growth of future performance will be more assured.　　Regardless of the company's new injection of assets, the company expects earnings per share in 2010-2011 of 0.94 yuan and 1.23 yuan respectively, with the closing price of May 25 17.07 yuan, the corresponding dynamic P/E ratio of 18 times times and 14 times times respectively, to maintain the company "strongly recommended" investment rating.　　Concept: Chemical fiber concept, pre-deficit concept, Wanjiang region concept, equity incentive concept.　　The largest pesticide professional production plant: The company is the largest professional manufacturer of pesticides in Anhui Province, the main products of insecticide double (single) domestic production, sales first, the company's core asset utilization rate is higher, the production efficiency is much higher than 70%. Pollution-Free pesticides: The company's product structure is reasonable, including pesticides, herbicides, fungicides three series more than 30 original drugs more than 80 products; The company's products can be coordinated and sustainable development, the company does not have high toxicity pesticides, there is no mandatory elimination or the risk of policy constraints, the core product pest list,　　Insecticidal Double is the most important pesticide varieties to prevent and control rice pests in China, the company continuously expands the herbicide such as glyphosate, the essence and so on, and through the implementation of the national Debt Project, the development of fungicides to achieve business synergy development. Glyphosate Project: The company produces glyphosate from natural gas.　　In the case of domestic natural gas low price, the project has certain advantages. Tax concessions: The company was identified as the second batch of High-tech Enterprises in Anhui Province in 2008, and issued the "High-tech Enterprise Certificate", according to the relevant provisions, the publicDivision will be from 2008 (including 2008 years) for three consecutive years to enjoy the country's High-tech enterprises related preferential policies, corporate income tax rate from the original 25% to 15% Levy. Investment strategy: Ping An securities to give the company "neutral" investment rating. It is estimated that the company 2010-2012 earnings per share of 0.28 yuan, 0.44 yuan, 0.52 yuan, the current company valuation at a more reasonable level, to give "neutral" investment rating.