Yuntu Holdings: Guohai Securities, Kaiyuan Securities and other 94 institutions investigated our company on October 30

On November 3, 2021, Yuntu Holdings (002539) issued an announcement that: Guohai Securities Li Yonglei Dong Bojun Tang Yongjun Qiao Yuyan, Kaiyuan Securities Zhang Xiaofeng Jin Yiteng Gong Daolin Ji Jin Bihui, Haitong Securities Liu Wei Liu Wei Liu Hairong Huang Cheng Zhang Yuxuan Pan Yinglian, Guosen Securities Xue Cong Wang Huajun Yang Lin Zhang Weihang Yang Shenglan Tong Jinhua, Everbright Securities Zhao Naidi, Donghai Securities Ma Ziqiang Zhuo Qiuye, CITIC Construction Investment Securities Zheng Yong, Penghua Fund Chen Peng, Huaxia Fund Tong Wei, Zhejiang Fund Jinghui Jia Teng, Changsheng Fund Qian Wenli Wang Liyuan, Gao Gao of Haifutong Fund, Wang Qi of GF Fund, Wen Zhenyu of Western Lide Fund, Hou Jiehan of Yinhua Fund Luo Ting Fang Jian Wang Jian Liu Yilong, Anxin Fund Chen Peng, Boshi Fund Cheng Yuan, Ping An Fund Ji Changchun, Xiao Yuqi of Chang'an Fund, Zhou Jiawen of Hui'an Fund, Liu Fenghua of Galaxy Fund, Chen Zongchao of Tongtai Fund, Xu Kunlun of Pengyang Fund, Su Miao of Everbright Prudential Fund, Zhao Yan of China Canada Fund, Huang Wei of Nord Fund, Wang Yuan of Beixin Ruifeng Fund, Sun Dan of Dacheng Fund, Cheng Zhou of Cathay Fund, Li Lei of Capstone Fund, Yang Wei of ABC Huili Fund , Wang Hui of Debon Fund, Liu Jie of Yingda Fund, Chen Hong of Xingquan Fund, Feng Guo of South China Fund, Wang Zijue of Wanjia Fund Ye Yong, Chen Ming of Shenzhen Qianhai Yunxi Fund, Wang Dong of Guolian Fund, Guo Dangyu of Baoying Fund, Shi Bin of Boc Fund, Zhao Jianzhong, Liu Gaoxiao, Guo Yunsong, Li Ruilong of Xinjiang Qianhai United Fund, Li Lei of ICBC Credit Suisse Fund, He Xin of Jiutai Fund, Li Bowen of China Life Security Fund, Chen Lan of CITIC Prudential Fund, Song Lei of Hengyue Fund, Liu Shaoqing of TEDA Manulife Fund, Fang Han of Harvest Fund, Zhang Xuan of Suzaku Fund, Huatai Berry Fund Ye Feng, Laterite Innovation Fund Chen Ruojin, Morgan Stanley Huaxin Fund Duan Yifan, Southern Fund Ying Shuai, Chuangjin Hexin Fund Gong Chao, Invesco Great Wall Fund Chen Boyang, Xinhua Fund Wu Yu, China alpha fundelaine, schonfeldbenson chen, SDIC UBS Yang Dongdong, Everyone Asset Management Qian Yi, Xiangju Capital Management Bai Haolong, Tamsui Spring (Beijing) Investment Management Zhou Jie, Taikang Asset Management Zhang Shuo, Shenzhen Qianhai Hui Jie Dali Capital Xie Rui , Wang Liang of Qianhe Capital Management, Zou Jiahong of Zhuhai Hengqin Changlehui Asset Management, Xie Dinghe of Shanghai Licheng Asset Management, Zhang Yunan of Huaan Asset Management, Chen Gang of Shanghai Yanniu Asset Management, Zhao Huiling of Taiping Asset Management, Zhang Hong of Taiping Asset Management, Xu Chenghui of Zhejiang Jiuzhang Asset Management, Zhang Tian of Fengyan Investment, Shi Jun of Qingdao Four Seasons, Gao Quanliang of Beilong Asset Management, Chen Yihe of Shanghai Wanfeng Youfang Asset Management, Cai ju fujason jin, goldman sachschristine pu, ten asset management Ltdxudong dai, mighty divine investment management limitedhongliu, Hongshang Industry Holding Group Liu Li, Changan Trust Hu Shaoping, Yingda Insurance Asset Management Liu Kaijun, Chinese Insurance Asset Management Zhang Haibo, Chinese Insurance Hong Kong Asset Management Zhang Xianning, Life Insurance Asset Management Jia Diancun, Guangdong Jingcheng Asset Management Liu Xiaoqiao, Pacific Insurance Wang Jing, Yangtze River Pension Insurance Ma Rui, Happy Life Han Guixin, Hengqin Nine Pai Fund Management Partnership Chang Yunhua, Hengqin Life Feng Feiyang, Huihua Wealth Management Yu Hongjie, Jianxin Wealth Management Zhang Yaguang Ni Rui, CMB Wealth Management Hao Xuemei investigated our company on October 30, 2021.

The main contents of this survey are:

Q: Throughout the third quarter, many places in the country have curtailed production, has the company been affected by the curtailment?

A: The company's main production bases are located in Hubei and Sichuan, and as of now, everything in production and operation is normal and has not been affected by power rationing.

Q: The company's soda ash and yellow phosphorus production capacity

A: The company adopts the alkali method of the joint alkali method and has an annual production capacity of 600,000 tons of soda ash in Hubei; the company has an annual production capacity of 60,000 tons of yellow phosphorus in Sichuan Leibo.

Q: What are the advantages of the company's investment in the construction of a battery-grade iron phosphate project?

A: 1) Cost advantage. Phosphorus source is an indispensable raw material for the preparation of iron phosphate, accounting for the largest proportion of iron phosphate preparation costs, therefore, phosphorus chemical enterprises with phosphorus resources and integrated industrial chain to prepare ferric phosphate has a cost advantage. The company has rich phosphate mineral resources and perfect supporting facilities in the Niuniuzhai North Mining Area of Leibo County, at the same time, the company has established a complete industrial chain of phosphate fertilizer and a phosphorus chemical industry chain dominated by yellow phosphorus, and has built an integrated industrial chain advantage, which can provide stable and reliable raw material guarantee for the project and effectively control the cost of project products. 2) The industrial synergy effect is obvious. This project supports the construction of phosphoric acid and sulfuric acid projects required for the preparation of iron phosphate, and at the same time uses the by-product of iron phosphate production process - low-grade phosphoric acid to produce compound fertilizer, the use of waste heat recovery power generation, to achieve the comprehensive utilization of resources. After the completion of the project construction, it will further extend the company's industrial chain downwards, and at the same time expand the scale of the company's compound fertilizer and phosphorus chemical industry, with good industrial synergy, which is conducive to further consolidating the company's industrial chain competitive advantage, improving market competitiveness, and conforming to the company's long-term development strategy of continuously becoming bigger and stronger.

Q: The progress of the company's iron phosphate project

A: The company is in the preliminary preparation of the iron phosphate project and government approval and other work, has completed the project filing and feasibility study report preparation, is carrying out energy assessment, environmental impact assessment, safety assessment and other approval work, if there is significant progress in the follow-up, the company will be disclosed in a timely manner in accordance with relevant regulations.

Q: The company's own phosphate rock situation

A: The company has two prospecting rights for phosphate ore exploration in the eastern and western sections of the phosphate mine in the Niuniuzhai North Mining Area of Leibo County, Sichuan Province, of which the phosphate ore in the western section is still in the exploration stage, and the phosphate ore in the eastern section has been identified as having 181 million tons of phosphate ore resource reserves, and is currently going through the procedures of "exploration and transfer". Niuniuzhai phosphate ore is rich in phosphate ore resources, which is an important strategic layout of the company's phosphorus chemical industry chain and new projects of iron phosphate, which is of great significance for the company to further consolidate its low-cost advantages and enhance its core competitiveness. The company will continue to work hard to promote the procedures for the mining certificate of Niuniuzhai phosphate mine and strive to obtain the mining certificate as soon as possible.

Q: At present, the iron phosphate process on the market mainly includes ferrous sulfate method and iron and phosphoric acid reaction, how does the company choose?

A: Through technical cooperation with Sichuan University and other universities and professional institutes, the company selects iron and phosphoric acid reaction to prepare iron phosphate, the process currently has a mature industrial line, the reaction process chain is shorter, less wastewater is generated, and the scale of fixed asset investment is smaller, the company has certain advantages in cost control and stable supply of products.

Q: Who are the partners who participated in the investment in the Tibetan Youth Fund?

A: The partners who participated in the investment in the Tibetan Youth Fund include Wuxi Tuohai Equity Investment Fund Management Co., Ltd., Zangge Investment (Chengdu) Co., Ltd., Jiangsu Shagang Group Co., Ltd., Ningbo Qingyu blue equity investment partnership (limited partnership), and Wuxi Weifu High-tech Group Co., Ltd.

Q: What are the mineral resources owned by Mamicuo Mining, which is invested by the Zangqing Fund?

A: Mamicuo Mining is mainly engaged in the exploration and development of lithium, potassium, boron and other resources of salt lake brine, and now holds a lithium boron mine prospecting license in Mamizu Salt Lake Mining Area, Ali Gaize County, Tibet, and has obtained the number of the mining license, the mining license number is c5400002020045210149743, the validity period is from April 30, 2020 to April 30, 2030, and the mining area is 115.36 square kilometers. The Mamizu Salt Lake Mining Area has proven 51,100 tons of liquid brine ore.

The main business of Yuntu Holdings: compound fertilizer business, alkali business, phosphorus chemical business, condiment business

According to the third quarter report of Yuntu Holdings in 2021, the company's main revenue was 10.092 billion yuan, up 48.33% year-on-year; the net profit attributable to the mother was 781 million yuan, up 110.68% year-on-year; the deduction of non-net profit was 737 million yuan, up 123.14% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 4.008 billion yuan, up 71.66% year-on-year; the single-quarter net profit attributable to the mother was 377 million yuan, up 110.84% year-on-year. In a single quarter, the non-net profit was 341 million yuan, up 101.62% year-on-year; the debt ratio was 66.87%, the investment income was 7.2264 million yuan, the financial expense was 156 million yuan, and the gross profit margin was 19.75%.

A total of 8 institutions have given ratings and 8 buy ratings in the last 90 days; the target average price of institutions in the past 90 days has been 18.94; the Securities Star Valuation Analysis Tool shows that Yuntu Holdings (002539) has a good company rating of 3 stars, a good price rating of 3 stars, and a valuation comprehensive rating of 3 stars.