Is Chuanheng Convertible Bonds Suitable for Long-term Holding?

Not suitable for long-term holding, but short-term holding can appreciate.

The scale of Chuanheng convertible bonds is average, but because it is in a hot spot, the positive shares have risen so strongly that the market expectations are relatively consistent. It is not a big problem for the valuation of convertible bonds to rise to 200.

Chuanheng Co., Ltd. was established in 2002 and listed on the Growth Enterprise Market on 20 17. The main products are feed-grade calcium dihydrogen phosphate and monoammonium phosphate for fire protection, which account for 40% and 50% of the domestic market respectively, and are the absolute leaders in the segmentation field.

1. At present, our company owns or shares in four major phosphate rocks: Xiaoba, Xinqiao, Jigongling and Laohudong. Now it has a phosphate production capacity of 3 1 ton/year, and the planned total production capacity is105,000 ton/year. The company's phosphate rock is mainly concentrated in Weng 'an-Fuquan area of Guizhou (hereinafter referred to as "Wengfu area"). Based on sufficient and high-quality phosphate rock resources, the company adheres to the development strategy of "mineralization integration" and comprehensively spreads the product planning of new energy materials related to phosphate rock and downstream industrial chain.

2. In addition to planning and expanding the production lines of new energy materials such as iron phosphate, lithium ferrous phosphate and lithium hexafluorophosphate, the company also plans the synchronous production capacity of upstream or intermediate products such as phosphorus concentrate, sulfuric acid and wet-process phosphoric acid to ensure the supply of raw materials for end products. At the same time, under the background of continuous fermentation of phosphate rock, sulfuric acid and phosphoric acid due to mismatch between supply and demand, the simultaneous expansion of upstream and downstream production capacity of the company will be conducive to the continuation of the advantages of the company's phosphorus chemical industry in industry consolidation, thus comprehensively reducing the production costs of end products such as iron phosphate, lithium ferrous phosphate and lithium hexafluorophosphate, and expanding the profitability of related products of the company.

3. In terms of iron phosphate production capacity, the company has made it clear that the production capacity planning projects are the 265,438+0,000 tons/year iron phosphate dihydrate project in Longchang Town and the 654,380+0,000 tons/year anhydrous iron phosphate project in Luoweitang Group announced on September 9. With the advantages of integrating its own resources and industrial chain, it has lower production cost of iron phosphate. At the same time, the company will take the lead in investing 200,000 tons/year of iron phosphate production capacity in 2022, which has a more obvious first-Mover advantage compared with other enterprises, helping the company to seize market share in advance and deeply bind with downstream customers in advance. Under the expectation of loose supply and demand in the iron phosphate industry in the future, the company will also take the lead in the industry competition by virtue of its cost and first-Mover advantage.