Today's new shares, let's sort out the ocean biology, the company as a professional chemical raw material manufacturing enterprises, mainly engaged in inorganic salts, veterinary APIs and other chemical raw materials products production and sales. The company adheres to the business philosophy of "green development, quality first, contract spirit, and win-win", takes market demand as the guide, safety and environmental protection as the cornerstone, technological innovation as the driving force, based on the existing advantages of products, strengthens the development of new products, and forms an industrial pattern of potash-based, veterinary drugs and fluorine chemicals. At present, the company's main products include potassium carbonate, potassium bicarbonate, ampheraline hydrochloride, 2-chloro-6-fluorobenzaldehyde and so on.
Potassium carbonate, one of the important inorganic salt products, is a white crystalline powder. Density 2.428g/cm3, melting point 891 °C, decomposition at boiling point, molecular formula K2CO3, molecular weight 138.21. Soluble in water, aqueous solution is alkaline and insoluble in ethanol, acetone and ether. Potassium carbonate is divided into two categories: potassium perimeter carbonate and potassium carbonate, and its physical and chemical properties and uses are quite different. The product bulk density of potassium heavy carbonate is 1.5g/cm3, the surface area is small, the dissolution rate is slow, and it is mainly used in glass, ceramics and other industries; the product bulk density of light potassium carbonate is generally less than 0.8g/cm3, the surface area is large, the dissolution speed is fast, and the yield and quality of the final product are significantly improved, mainly used in high-end applications such as food, medicine, pesticides, etc., and the price is higher than that of potassium heavy carbonate. The potassium carbonate produced by the company is light potassium carbonate.
Potassium bicarbonate, also known as potassium bicarbonate and acid potassium carbonate, is a colorless transparent monoclinic crystal structure. Density 2.17g/cm3, molecular formula KHCO3, molecular weight 100.12. Soluble in water, the aqueous solution is weakly alkaline. Potassium bicarbonate is stable in air, begins to decompose at 100 °C, completely decomposes at 200 °C, and loses carbon dioxide and water to form potassium carbonate. Potassium bicarbonate can be used in the production of potassium carbonate, potassium acetate, potassium arsenite, etc., can be used as acidity regulator and chemical leavening agent in the food industry, and can also be used in pesticides, fire extinguishing agents and other industries.
Ampheline hydrochloride, also known as security nin, aminopropylpyridine, amphorin hydrochloride, is an acidic white powder, molecular formula C14H19ClN4.HCl, molecular weight 315.25, odorless, easily soluble in water, slightly soluble in ether. Amphetamine hydrochloride has strong hygroscopicity, can be slowly decomposed in the feed, and is not compatible with vitamins, antibacterial drugs, minerals and so on. The drug can be combined with other drugs to make a soluble powder or a master mix, which is an anticoccidial drug widely used on the market.
2-Chloro-6-fluorobenzaldehyde, white to yellow solid, molecular formula C7H4ClFO, molecular weight 158.55, density 1.352g/cm3, melting point 32-35 °C, boiling point 92 °C, insoluble in water, mainly used for synthetic pharmaceutical antibiotics, can also be used for plant growth regulators and other raw material synthesis.
At present, China's inorganic salt industry has formed an industrial system with relatively complete categories, generally matching varieties, and basically meeting the needs of national economic development. The "2016-2022 China Inorganic Salt Industry Competition Status and Industry Prospect Forecast Report" shows that there are more than 1,000 varieties of inorganic salt produced in China, with a total output of more than 38 million tons, and a considerable number of product output ranks among the top in the world. There are many kinds of inorganic salt products, according to the depth of chemical elements in daily life, inorganic salts containing nitrogen, phosphorus, potassium are the most common and the most important types of inorganic salts.
Potassium carbonate and potassium bicarbonate produced by the company are important products in the inorganic salt industry. Potassium carbonate and potassium bicarbonate are widely used in food, pesticides, medicine, industry and other fields, and are indispensable and important products for national economic development.
Before 2005, potassium carbonate was mainly used in picture tubes, and the world's main devices were in Europe, America and East Asia. Later, with the rapid development of LCD, the demand for picture tubes gradually decreased until it disappeared, the operating rate of devices in various places decreased accordingly, and the operating rate basically reached the lowest point around 2010, and the global production equipment was also adjusted, and the effective production capacity declined. Since 2010, with the increase in the application of potassium carbonate in new fields such as food, pesticides, and medicine, the global market demand has begun to grow, and the output and operating rate of production plants have shown an upward trend.
Potassium bicarbonate in the inorganic salt industry belongs to a more segmented market, the total global demand is not large, but in recent years by the application of food, animal husbandry, pesticides and other applications, demand growth is relatively fast.
In the mid-to-late 1990s, the domestic production scale of potassium carbonate manufacturers mainly include Lunan Chemical, Revitalization Fertilizer, Dayang Biological, Chengdu Chemical, etc., in addition to about 20 small and medium-sized manufacturers, domestic potassium carbonate production reached a small peak. Since then, affected by the Asian economic crisis and the development of LCD technology in the domestic color TV industry, the potassium carbonate industry market is difficult to break through, coupled with the problems of environmental protection of the ion exchange process, some domestic manufacturers have stopped production or closed. Since entering the 21st century, potassium carbonate has grown rapidly in the application fields of food, pesticides, medicine and other fields, and with the technological progress and process improvement in the industry, a small number of manufacturers have effectively solved the environmental pollution problem in the production process of ion exchange process, and the domestic potassium carbonate industry has entered a benign period of development.
Since 2010, the production capacity, output and operating rate of potassium carbonate in China have generally shown an upward trend. Among them, from 2010 to 2012, the operating rate of domestic enterprises was basically maintained at about 60%-70%; in 2013, after the 72,000-ton plant of Salt Lake Co., Ltd. and the 2014 Ruida Taifeng 20,000-ton device were launched, the domestic production capacity increased significantly, and the overall operating rate of the enterprise decreased; in 2015, the Chengdu chemical plant was closed, the production capacity was reduced by 600,000 tons, and the operating rate of the domestic device rebounded to about 70.00%; in the past two years, with the light potassium carbonate in pesticides, medicines, The rapid growth of new applications such as food, especially the rapid growth of demand in the field of pesticides, has promoted the demand for potassium carbonate, thereby increasing the domestic operating rate, and the total domestic potassium carbonate production capacity in 2018 was 220,000 tons, the output was 174,300 tons, and the operating rate reached 79.23%, the highest in recent years.
The demand for potassium bicarbonate in the domestic market is relatively small, and in recent years, it has been driven by the application of food, pesticides and other aspects, and the demand has maintained a growing trend. Since 2010, the domestic potassium bicarbonate production capacity has remained basically stable, while the output has continued to grow, and the operating rate has increased year by year, and the domestic potassium bicarbonate production capacity in 2018 is 18,000 tons, the output is 16,200 tons, and the operating rate is 90.00%.
The market prospects of potassium carbonate and potassium bicarbonate rely on the consumption of downstream industries. The downstream application industry of light potassium carbonate in China is extensive, covering pesticides, food, medicine, feed, fertilizers, dyes, glass and many other fields, of which the application of pesticides, food and pharmaceutical industries accounts for more than 60.00%; in the downstream application industry of potassium bicarbonate, the food industry accounts for about 40.00%, which is the main application field.
With the gradual improvement of domestic environmental protection requirements, the original smaller potassium carbonate, potassium bicarbonate production enterprises have stopped production or closed, the current existing enterprises are strong management capabilities in the industry, advanced technology and technology enterprises, and gradually formed a large-scale operation. The representative enterprises in the domestic potassium carbonate industry are Salt Lake Shares, Dayang Biological, UNID Youlide, Xinji Chemical, Ruida Taifeng, Zhenxing Fertilizer, etc. Among them, Salt Lake Shares, UNID Youlide and Ruida Taifeng produce heavy potassium carbonate, and Dayang Biological, Xinji Chemical and Revitalization Fertilizer produce light potassium carbonate.
The largest heavy potassium carbonate production enterprise in China is Salt Lake Co., Ltd., with a production capacity of 72,000 tons in 2018, accounting for 32.73% of the total domestic potassium carbonate production capacity; followed by UNID Ulide, with a production capacity of 40,000 tons in 2018, accounting for 18.18% of the total domestic potassium carbonate production capacity; again Ruida Taifeng, with a production capacity of 200,000 tons in 2018, accounting for 9.09% of the total domestic potassium carbonate production capacity. The largest light potassium carbonate production enterprise in China is Dayang Biotech, with a production capacity of 58,000 tons in 2018, accounting for 26.36% of the total domestic potassium carbonate production capacity. At present, the production capacity of light potassium carbonate of Ocean Bio is close to saturation, and it is planned to expand the production capacity of 25,000 tons, when the company's production capacity will reach 83,000 tons, ranking first in China.
In 2018, the domestic potassium bicarbonate production capacity was 18,000 tons, the output was 16,200 tons, and the operating rate was 90.00%. Among them, the biomass production capacity of the ocean is 10,000 tons, accounting for more than half. With the completion and production of The 15,000-ton fundraising project of Dayang Biotech, the production capacity, output and proportion of the domestic industry will be further improved.
First, the global potassium carbonate, potassium bicarbonate industry leader
Dayang Biotech was established in 1976; transformed into a limited company in 2003; completed the restructuring of a joint-stock limited company in 2009; listed on the New Third Board in 2016; and listed on the Small and Medium-sized Board in 2020.
2. Business analysis
From 2016 to 2019, the operating income increased from 441 million yuan to 622 million yuan, a compound growth rate of 12.15%, a year-on-year increase of 6.51% in 19 years, and a year-on-year increase of 2.38% to 322 million yuan in 2020H1; the net profit attributable to the mother increased from 0.29 billion yuan to 0.79 billion yuan, a compound growth rate of 39.66%, a year-on-year increase of 11.27% in 19 years, and a 30.71% year-on-year increase in net profit attributable to the mother in 2020H1. To 0.52 billion yuan; net profit after deduction of non-attributable to the mother increased from 0.25 billion yuan to 0.75 billion yuan, compound growth rate of 44.22%, 19 years of year-on-year increase of 4.17%, 2020H1 to achieve deduction of non-attributable net profit increased by 30.59% to 0.50 billion yuan; cash flow from operating activities increased from 0.85 billion yuan to 113 million yuan, compound growth rate of 9.96%, 19 years of year-on-year increase of 189.74%, 2020H1 to achieve cash flow from operating activities increased by 45.02% year-on-year to 0.76 billion yuan.
By product, in 2019, inorganic salt products achieved revenue of 424 million yuan, accounting for 68.42%, of which potassium carbonate achieved revenue of 338 million yuan, accounting for 54.57%, potassium bicarbonate achieved revenue of 56.2069 million yuan, accounting for 9.07%, ammonium chloride achieved revenue of 29.6256 million yuan, accounting for 4.78%; ampheraline hydrochloride achieved revenue of 83.7427 million yuan, accounting for 13.51% Fluorine-containing fine chemicals achieved revenue of 66.4499 million yuan, accounting for 10.72%; trade and other products achieved revenue of 45.5455 million yuan, accounting for 7.35%.
3. Core indicators
From 2016 to 2019, the gross profit margin increased from 23.87% to 25.13%; the expense ratio decreased from 14.25% to 10% during the period, of which the sales expense ratio remained above 3%, the management expense ratio expense ratio decreased from 9.14% to 6.32%, the financial expense ratio decreased from 1.17% to 0.2%, the profit margin increased from 6.54% to 12.79%, and the weighted ROE increased from 13.75% to the 19.26% high of 18 years, and decreased to 16.54% in 1919.
Fourth, DuPont analysis
Return on Equity = Profit Margin * Asset Turnover * Equity Multiplier
From the figure and data, it can be seen that the increase in the return on net assets in 17 years is mainly due to the improvement of the profit margin, the increase in the return on net assets in 18 years is mainly due to the increase in the rate of profit, and the decline in the return on net assets in 19 years is mainly due to the decline in asset turnover and equity multiplier.
Watch:
The company has been committed to potassium carbonate, potassium bicarbonate technology innovation, equipment transformation and upgrading and sales model exploration, after more than 40 years of hard work and continuous accumulation, the establishment of market demand-oriented, safety and environmental protection as the cornerstone, technological innovation as the driving force of the development model, in the international and domestic markets enjoy a good reputation, is a lightweight potassium carbonate, potassium bicarbonate industry leading enterprises. The annual output of 25,000 tons of potassium carbonate and 15,000 tons of potassium bicarbonate production project of this fundraising project is mainly food grade, excellent products and other high-grade potassium carbonate, potassium bicarbonate, which can better meet the needs of high-end application markets such as food and medicine. After the completion of the project, with the gradual release of production capacity, it will effectively alleviate the company's production capacity bottleneck, enhance the company's product market share, and further consolidate the company's leading position in the market segment.