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Worldwide, the fertilizer industry has now entered a mature stage with slow demand growth, except for the rapid growth of fertilizer demand in developing countries. From 1992 to 1998, the average annual growth rate of world nitrogen fertilizer consumption was 2.5%. The authoritative organization predicted that the average annual growth rate of world demand for nitrogen fertilizer from 1999 to 25 was only 2.2%. With the slow growth of demand for chemical fertilizers, chemical fertilizer enterprises in developed countries have diversified into related chemical fields such as organic chemical industry and fine chemical industry in order to obtain higher profit rate and growth, and have formed scale advantages in some products.
the development trend of diversification of international fertilizer enterprises provides reference for domestic enterprises, and Chinese fertilizer enterprises should also implement product diversification strategy in due course. However, the scientific research and development ability of domestic fertilizer enterprises is generally backward, and it is restricted to enter the field of high value-added chemicals production. From the perspective of comparative advantage, domestic enterprises should give priority to the development of deep processing of fertilizers and basic organic raw materials, avoid direct competition with advanced chemical enterprises in the world prematurely, and enter the field of high value-added products with large investment and high risk after accumulating enough experience and funds. As long as the investment direction is correct and the scale can be formed as soon as possible, the product diversification strategy will enhance the growth of enterprises and reduce the business risks brought by single products, which is one of the correct development directions of fertilizer enterprises. Analyze the real purpose of mainstream funds and find the best profit opportunities! )
The diversification strategy of nitrogenous fertilizer listed companies has achieved initial results
Because the domestic nitrogenous fertilizer production capacity has been surplus, it is more difficult to further explore the nitrogenous fertilizer market, and nitrogenous fertilizer enterprises have taken the lead in implementing the diversification strategy in the chemical fertilizer industry. Some listed companies in the nitrogen fertilizer sector have been involved in the production of chemical products, and have formed a certain scale advantage, and the diversified development strategy has achieved initial results.
The diversification strategy of Hubei Yihua (422) focuses on pentaerythritol. In March 23, the newly-built production line of pentaerythritol was officially put into production, which enabled the company to have an annual production capacity of 3, tons of pentaerythritol, accounting for more than 5% of the domestic pentaerythritol production capacity, ranking first in Asia and third in the world. At present, about half of the domestic consumption of pentaerythritol depends on imports, and the market prospect is good. If the production capacity is fully utilized, the company's annual sales revenue of pentaerythritol products will reach 25 million yuan. Due to the recent market downturn, pentaerythritol products made little contribution to the company's mid-term profit in 23. However, once the market situation of pentaerythritol improves, the company's profits will increase greatly.
Sichuan Chemical Co., Ltd. (155) has made every effort to expand the production capacity of melamine products in addition to urea products, and has invested heavily in technical transformation and expansion of melamine, becoming the largest melamine production and export enterprise in China. The scale effect and market advantage of the company's melamine products are obvious. The sales income of melamine products in 22 was 18 million yuan, accounting for 18% of the total income of that year; In the first half of 23, the sales revenue reached 98.15 million yuan, a year-on-year increase of 3%. In June 23, the newly-built melamine project with an annual output of 12, tons was officially put into production, which laid the foundation for the company's performance growth in the second half of the year.
other listed companies in the nitrogen fertilizer industry have also made great progress in product diversification. For example, the sales of chemical products such as Hualu Hengsheng (6426)DMF (methyl formamide), formaldehyde and trimethylamine have accounted for half of the total sales, Yuntianhua (696) has invested heavily in the production of alkali-free glass fiber with promising export prospects, and Cangzhou Dahua (623) has invested in TDI (toluene diisocyanate) which is in short supply in China.
Enterprises that successfully implement diversification strategy have investment value
The transfer of basic chemical products production to developing countries is the general trend of the development of chemical industry in the world, and enterprises that can seize the opportunity to seize the market will enhance their growth potential. Although the profit rate of basic chemical products may be low in the short term, if the scale advantage and stable industry position are formed, basic chemical products will also become a stable profit growth point for enterprises. By analyzing the competitive situation in the relevant market and the conditions of the enterprises themselves, we think that Hubei Yihua, Chuanhua and Yuntianhua, which are listed companies in the nitrogen fertilizer category, are relatively successful in implementing the diversification strategy. The future performance of these companies will get rid of the restriction of the slow growth of the fertilizer market, achieve a higher growth rate and have greater investment value.