The company is an internationally renowned manufacturer of special surfactants. The company focuses on the research and development of copper metal and new energy battery metal extraction technology, mineral flotation technology, electrolytic plating acid fog treatment technology and so on.GallocasinonodepositbonusThe main products include special surfactant products such as copper metal extractant, new energy battery metal extractant, mineral flotation agent and acid fog inhibitor. The company has a full range of metal extractant products. Copper extractant is the product with the earliest development and the highest proportion of revenue in the company, and it is the core additive of copper hydrometallurgy. Company research and developmentGallocasinonodepositbonusThe new energy battery metal extractant covers the main metals used in new energy vehicle batteries, such as cobalt, nickel, lithium, vanadium, manganese and so on. The main application scene of metal extractant is hydrometallurgical industry, in addition, it can also be used in areas closely related to energy saving and environmental protection, such as battery metal recovery, urban mine resources disposal, heavy metal treatment in sewage and so on. The demand for copper continues to grow, and the supply of copper is lower than expected due to multiple factors. As the key metal resources in the current energy transformation, the rapid development of emerging industries such as wind power, photovoltaic and new energy vehicles will become the main force to support the sustained growth of copper demand. Global expectations for copper production are gradually falling in 2023. Chile, Peru, the Democratic Republic of the Congo, China and the United States are among the top five countries in global copper production, with copper production of 12.9 million tons in 2023, a decrease of 400000 tons compared with 2022, which is the main reason for lower-than-expected global copper production in 2023. The change of supply and demand pattern leads to the rise of copper price, and the performance-to-price ratio of hydrometallurgy is highlighted. Changes in supply and demand have led to a sharp rise in copper prices since the fourth quarter of 2023. At present, copper enterprises are facing some problems, such as long construction period and rising construction cost. Compared with copper smelting by fire, wet copper smelting is mainly used to deal with low-grade copper ore, oxidized copper ore and some complex copper ore, and the equipment is simple, it is produced near the mine, and the production cost is lower. Considering that the current copper price is in the upward cycle, the performance-to-price ratio of wet copper smelting is improved, and the market scale is expected to increase. The company's fund-raising project "annual production of 20,000 tons of special surfactant construction project" is about to be put into production. After the project reaches production, the annual production capacity of metal extractant will increase from 5000 tons to 8500 tons, at the same time, the annual production capacity of other special surfactants such as acid fog inhibitors, 7200 tons of mineral flotation agents and 4000 tons of modifiers will reach 20000 tons. Profit forecast and investment rating: the company's operating income is expected to be 4. 5% respectively from 2024 to 2026Gallocasinonodepositbonus. 96/7GallocasinonodepositbonusThe net profit of .7pm is 951 million yuan, and the net profit of returning to the mother is 167pm 261pm 333 million respectively. The company's main business is all kinds of special surfactants based on metal extractants, the company's fund-raising project is about to be put into production, the current copper price continues to rise to improve the performance-to-price ratio of wet copper smelting, giving the company a "buy" rating. Risk hints: the risk of lower-than-expected increase in copper wet smelting production; the risk that the fund-raising project is not as expected; the risk of falling prices in the copper extractant market; and the risk that performance forecasts and valuation judgments are not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.