Guoyuan Securities-Donghua Technology-002140-Research Report-090623
The construction market advantages in various subdivisions of the chemical industry are obvious
The company has large-scale methyl ethyl ketone production equipment Projects and large-scale titanium dioxide projects occupy a monopoly position, with a 65% share in phosphate compound fertilizer and large-scale sulfuric acid projects, and a 30% share in urea, synthetic ammonia, methanol and coal chemical projects. At the same time, the major shareholder Sinochem Group has strong strength, which is conducive to the company's growth. Business development. Operating income and net profit grew rapidly
The compound growth rates from 2004 to 2008 were 39.3 and 32.8 respectively; on the one hand, the company's advantages in various segments of the industry are conducive to undertaking contracts, and at the same time, it is supplemented by high gross profit margins The design consulting business is conducive to maintaining a good gross profit margin; on the other hand, it has benefited from the rapid growth of investment in the chemical industry in recent years. Talent, technology and EPC general contracting advantages
At the end of 2008, there were 726 employees, 87.9 of whom had a bachelor's degree or above; of which 58.8 were senior engineers and professor-level senior engineers; at the same time, the company actively attracted and adopted better Measures have been taken to retain talents; the company attaches great importance to technology research and development, and has obtained cutting-edge technologies and patents in multiple industry segments; the general contracting business adopts the leading EPC model, which has been successfully used in the industry and is at the leading level, which is conducive to reducing costs. Industry investment is expected to gradually recover after experiencing a short trough
In 2008, under the adverse impact of the world financial crisis and the decline in downstream demand in the chemical industry, the company's new orders fell significantly year-on-year; under the national 4 trillion investment stimulus and economic Stimulated by the gradual warming, the recent promulgation of the "Petrochemical Industry Adjustment and Revitalization Plan (2009-2011)", and the fact that the company's FMTP industrial technology has begun trial operation, the company will gradually resume growth in new orders in the future; at the same time, high gross profit margins Factors such as the increase in the proportion of new orders received in the design consulting business and the decline in raw material prices will help improve the company's future gross profit margin