The hottest SCR denitration catalyst drives the ti

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SCR denitration catalyst drives the titanium dioxide industry to a new field

Zhang Lijun, Vice Minister of the Ministry of environmental protection, said on the 12th that the Ministry of environmental protection will recently issue and implement the revised air pollution emission standards for thermal power plants, the use of the new anchor fatigue testing machine and the functional characteristics of the equipment, which standards are much stricter than before, reaching the world's most stringent emission standards. This year, the denitration renovation project of active power plants and dry cement production lines will be implemented on a large scale


1. Denitration is the focus of air pollution control

air pollution control mainly includes desulfurization, dust removal and denitration lamps. At present, the installation rate of desulfurization devices in China has reached more than 70%, and the installation rate of dust removal devices has reached more than 80%. Since 2009, policies on the control of nitrogen oxides in the air have been issued continuously, and the nitrogen oxide index has been included in the binding index. In July 2009, "the emission standard of air pollutants for thermal power plants (Exposure Draft)" limited the emission of nitrogen oxides to mg/m3; In January, 2011, the limit was limited to mg/m3 in draft 2, and the standard became stricter

2. It is expected that specific policies will be introduced in the near future

judging from the statement of the Ministry of environmental protection, the limitation standard of denitration in thermal power plants is about to be introduced. Generally, may is the overhaul period of thermal power plants, and we expect that the denitration policy will be issued before May

3. Investment opportunities

at present, there are three denitration methods used in thermal power plants: low nitrogen combustion denitration, selective catalytic reduction (SCR) denitration and non selective catalytic reduction (SNCR) denitration. Low nitrogen combustion denitration is to control the production of nitrogen oxides in the combustion process, also known as front-end denitration; SCR and SNCR are also called back-end denitration, which are used to denitrify the tail gas discharged by combustion boilers and purify nitrogen oxides in the tail gas. 70% of domestic denitration units adopt SCR tail gas denitration technology; Low nitrogen combustion denitration is currently used in new units above 300MW, but due to low removal efficiency, it needs to be combined with SCR system; SNCR has low denitration efficiency and strict requirements on temperature window, which is more suitable for the transformation of old units. At present, there are few domestic application cases. In the future, denitration is expected to be dominated by low nitrogen combustion technology and SCR. The investment opportunities brought are mainly in two aspects:

first, low nitrogen burner enterprises that conduct in furnace denitration are recommended to pay attention to Longyuan technology; Second, enterprises engaged in SCR denitration should pay attention to Jiulong power; The most important catalyst for SCR denitration is the catalyst, which is difficult to produce in China at present. We suggest that anada, an enterprise that pays attention to nano titanium dioxide (titanium dioxide) as the raw material upstream of the catalyst

because environmental protection policies and new applications of titanium dioxide are powerful catalysts for future stock prices

titanium dioxide can be divided into chlorination method and sulfuric acid method according to different raw materials and technical routes. The sulfuric acid process, which directly uses ilmenite as raw material, has serious environmental pollution. At present, the market is generally expected that the government will introduce relevant policies to limit this year, and the pressure of environmental protection will help advantageous enterprises improve their profits

an important field of titanium dioxide in the future is nano titanium dioxide as the carrier of SCR denitration catalyst, accounting for 80% - 90% of the catalyst powder and% of the total cost. At present, only a few manufacturers in Japan and Europe can produce nano titanium dioxide. Our suppliers need to choose suitable materials according to the requirements of material performance and material certification. They judge that with the official introduction of domestic air pollution emission standards for thermal power plants in the future, the denitration market will show explosive growth, and the first benefit must be the denitration catalyst and its materials using chromium oxide grinding paste to study nano titanium dioxide, thereby driving the demand of the entire titanium dioxide market

anada: benefiting from the prosperity of titanium dioxide, the performance has increased significantly in 11 years, and the valuation is low

the company currently has a total capacity of 40000 tons of anatase and rutile titanium dioxide (the load can be increased to 45000 tons). The company recently issued a new 40000 ton rutile titanium dioxide production line project with dense composite film, which is expected to be put into production in 12 years. At present, the titanium dioxide landscape continues to improve. We estimate that the company's gross profit per ton of titanium dioxide is 4660 yuan/ton

according to the company's output of 45000 tons, for every 1000 yuan/ton increase in gross profit per ton, the earnings per share will be increased by 0.36 yuan, with great profit elasticity. It is predicted that the company's performance from 2011 to 2013 will be 1.44, 1.69 and 2.4 yuan, with a year-on-year increase of 477% in 2011 compared with 2010. At present, the stock price corresponds to a P/E ratio of 12 times. Referring to the current 11 year undervaluation level of the company in the basic chemical industry, we give a valuation of 18 times, with a target price of 26 yuan, and give an investment rating of "buy" for the first time

Donghua Technology: spade seller in titanium dioxide industry, maintaining the "buy" investment rating, with a target price of 60 yuan

Donghua technology is the only engineering company in China that has mastered the technological process package of titanium dioxide by sulfuric acid method and chlorination method. It has a 45% share in the construction market of titanium dioxide projects and can provide professional services for the technological upgrading of the domestic titanium dioxide industry in the future. We judge that with the soaring price of titanium dioxide, relevant enterprises will expand their production, and the company will become a "shovel seller" in the titanium dioxide industry, thus obtaining huge profits. It is estimated that the earnings per share of the company in 10-12 years will be 0.70 yuan, 1.48 yuan and 2.41 yuan respectively, and the compound growth rate of net profit in the next three years will be about 70%, which will far exceed market expectations. We expect that the company's on hand orders will reach 10billion and 15billion by the end of 2010 and 2011 respectively, providing a solid foundation for the company's sustainable development. We maintain the "buy" investment rating of the company and give the target price of 60 yuan

note: this reprint uses the flexural yield strength instead of the flexural strength to indicate the source. The reprint is for the purpose of transmitting more information, and does not mean to agree with its views or confirm the authenticity of its content

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