The rating of Xiamen Tungsten Industry Co., Ltd. (hereinafter referred to as “the companyâ€) reflects the higher industry entry threshold for the world Significant advantages such as large resource reserves and operating scale, complete upstream and downstream industry chain, and leading technology level. At the same time, the joint credit is also concerned about the adverse impact of the company's tungsten and molybdenum products business on the company's profitability due to macroeconomic fluctuations and the unstable income of the real estate business.
Considering the company's high raw material self-sufficiency rate and complete industrial chain in the tungsten and molybdenum products industry, the company's tungsten and molybdenum products business has better cost control and price transmission and transfer ability than its peers; the development of energy new materials business and the real estate business have successively confirmed revenue. It also provides guarantee for the company's subsequent development. With the gradual expansion of the company's energy new materials business, the role of the company's industrial chain to spread risk will be revealed. The joint credit rating of the company is stable.
Advantage
1. Tungsten, molybdenum and rare earth resources are national strategic resources. China's national economy is developing rapidly. The demand for tungsten and molybdenum products continues to increase, and the long-term development prospects of tungsten and molybdenum industry are good.
2. The company's tungsten and molybdenum industry has a complete industrial chain from mining, smelting, rough processing and fine processing, and has strong anti-risk ability.
3. The company's technology level is leading in the industry, with a state-level technology research and development center, which is conducive to the development of products with higher technical requirements such as cemented carbide and new energy materials.
4. In 2008, the commissioning of the Luokeng tungsten mine in Ninghua, Fujian Province significantly increased the self-sufficiency rate of the company's tungsten concentrate, and the company's ability to resist large fluctuations in raw material prices increased.
5. The company is integrating Fujian rare earth resources, and the development of energy new materials business is guaranteed.
6. The company's real estate project, Channel International Phase 1, will recognise revenue in 2009, which will help improve the company's profitability.
Attention 1. Since 2008, the prices of tungsten and molybdenum metal raw materials have fluctuated drastically, and the company's raw material procurement risks and cost control pressures have increased.
2. The company's tungsten and molybdenum business was affected by higher tariffs and lower product prices, and its profitability declined.
3. The company's real estate business is affected by business models and macro policies, and its income fluctuates greatly.
4. The company's debt structure is unreasonable and there are short-term payment pressures.
Considering the company's high raw material self-sufficiency rate and complete industrial chain in the tungsten and molybdenum products industry, the company's tungsten and molybdenum products business has better cost control and price transmission and transfer ability than its peers; the development of energy new materials business and the real estate business have successively confirmed revenue. It also provides guarantee for the company's subsequent development. With the gradual expansion of the company's energy new materials business, the role of the company's industrial chain to spread risk will be revealed. The joint credit rating of the company is stable.
Advantage
1. Tungsten, molybdenum and rare earth resources are national strategic resources. China's national economy is developing rapidly. The demand for tungsten and molybdenum products continues to increase, and the long-term development prospects of tungsten and molybdenum industry are good.
2. The company's tungsten and molybdenum industry has a complete industrial chain from mining, smelting, rough processing and fine processing, and has strong anti-risk ability.
3. The company's technology level is leading in the industry, with a state-level technology research and development center, which is conducive to the development of products with higher technical requirements such as cemented carbide and new energy materials.
4. In 2008, the commissioning of the Luokeng tungsten mine in Ninghua, Fujian Province significantly increased the self-sufficiency rate of the company's tungsten concentrate, and the company's ability to resist large fluctuations in raw material prices increased.
5. The company is integrating Fujian rare earth resources, and the development of energy new materials business is guaranteed.
6. The company's real estate project, Channel International Phase 1, will recognise revenue in 2009, which will help improve the company's profitability.
Attention 1. Since 2008, the prices of tungsten and molybdenum metal raw materials have fluctuated drastically, and the company's raw material procurement risks and cost control pressures have increased.
2. The company's tungsten and molybdenum business was affected by higher tariffs and lower product prices, and its profitability declined.
3. The company's real estate business is affected by business models and macro policies, and its income fluctuates greatly.
4. The company's debt structure is unreasonable and there are short-term payment pressures.
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