汉唐证券氮肥行业报告

2004/10/[e-mail]05A75001/31POT200220032POT175%2/5/20028110/20032195/77%1043POT41988FOBBLOOMBERG2002180659626,282426511987--200215154.81031-101387.033.9%1664.4251999-2004E/125013501450155016501750185019992000200120022003E2004E62%26%12%1000900-10001300-140076162001-2003/1500170019002100230025002001102001122002220024200262002820021020021220032200342003620038200310797/3120045020055020055022822005490200558200523032003-200520032004828.74.10%213.24-80.40%8841.94793.543.5%17048.483.10%841.94160(1000-1100/)4/2002122003220031196-98130-1321605115-116130-135160121-123130-13516081997-20038010020030040019971998199920002001200220032004E31.8/2004-2006336-39%20030.619/0.571/675%0.01102005900/05A137620040275%9031-975100%80%630304200212%14%20%22%66200243,04688%13,64586%31.70%5,85512%2,20814%37.71%200346,09080%15,26278%33.61%811,45220%4,23822%37.01%50/9TheinformationcontainedinthisreporthasbeenobtainedfrompublicsourcesbelievedbyHanTangSecuritiesResearchInstitutetobereliable,butHanTangSecuritiesResearchInstitutemakesnorepresentationastotheiraccuracyorcompletenessandacceptsnoliabilityforlossarisingfromtheuseofthematerialpresentedinthisreportunlesssuchspecificstatuesorregulations.Atanytime,anyopinionsandexpressionsinthereportshouldnotbeunderstoodasthebidororderofthedealofsecurities.Meanwhile,HanTangSecuritiesCo.,Ltdanditsinterrelatedorganizationsmaynotonlyownandtradethesecuritiesissuedbythecompaniesmentionedinthereport,butalsoprovideortrytoprovidefinancialconsultingservicesorinvestmentbankingservicestothem.Furthermore,someoftheinformationinthisreportmayhavebeenknownorusedbyindividualsororganizationsofHanTangSecuritiesCo.,Ltdbeforeitwaspublished.ThecopyrightofthisreportisownedbyHanTangSecuritiesResearchInstitute.Anyissuance,replicationinanyforms,nomatterinwholeorinpartisforbiddenwithoutthewrittenauthorizationofferedbyHanTangSecuritiesResearchInstitute.Wheneveranyquotationorpublicationinanyrelationtothisreportisneeded,theindication------Source:HanTangSecuritiesResearchInstitute------mustbemade,andanyabridgementormodificationunconformabletothespiritinthereportisnotallowed.