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Stock Analysis & ValuationNingbo Bohui Chemical Technology Co.,Ltd (300839.SZ)

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$12.20
Sector Valuation Confidence Level
Low
Valuation methodValue, $Upside, %
Artificial intelligence (AI)21.6878
Intrinsic value (DCF)151.501142
Graham-Dodd Methodn/a
Graham Formula11.63-5

Strategic Investment Analysis

Company Overview

Ningbo Bohui Chemical Technology Co., Ltd. is a specialized Chinese chemical technology company focused on the research, development, production, and sales of special oil products. Founded in 2005 and headquartered in Ningbo, China, the company operates in the oil and gas refining and marketing sector, offering products including heavy aromatics, light fuel oil, and environmentally friendly aromatic oil. As a subsidiary of Ningbo Wenkui Holding Group, Bohui Chemical Technology serves various industrial applications through its wholesale and retail operations of aromatic hydrocarbons, lubricating oil, and other petroleum products. The company's integrated business model encompasses import/export operations and technical services, positioning it within China's broader energy and chemical manufacturing landscape. With its specialized focus on aromatic oil products and chemical technology development, Ningbo Bohui plays a significant role in China's downstream petroleum processing industry, serving both domestic and international markets from its strategic location in one of China's major port cities.

Investment Summary

Ningbo Bohui Chemical Technology presents significant investment concerns based on its current financial performance. The company reported a substantial net loss of -CNY 307 million for the period, with negative diluted EPS of -1.28 and negative operating cash flow of -CNY 112 million. Despite maintaining a market capitalization of approximately CNY 4.05 billion, the company's financial metrics indicate operational challenges, including negative cash generation and significant capital expenditures of -CNY 242 million. The company's beta of 0.603 suggests lower volatility than the broader market, but the combination of negative profitability, cash flow issues, and substantial debt of CNY 1.17 billion against cash reserves of CNY 467 million creates a concerning financial profile. The absence of dividend payments further limits income-oriented investment appeal. Investors should carefully assess the company's turnaround strategy and market positioning before considering exposure.

Competitive Analysis

Ningbo Bohui Chemical Technology operates in a highly competitive segment of China's petroleum refining and chemical technology sector. The company's competitive positioning is challenged by its current financial performance, which may limit its ability to invest in research and development and scale operations effectively. As a specialized producer of aromatic oil products, Bohui's competitive advantage appears to be its focus on niche chemical technologies and specific oil product formulations. However, the company faces intense competition from larger, integrated petroleum companies with greater financial resources and economies of scale. The negative operating cash flow and net income position suggest potential operational inefficiencies or market pressures that may be eroding the company's competitive standing. In China's energy sector, smaller specialized players like Bohui must compete against state-owned enterprises and large private refiners that benefit from vertical integration and stronger financial positions. The company's ability to differentiate through technical expertise and specialized product offerings will be critical for maintaining relevance in the market, but current financial challenges may constrain its competitive capabilities and limit strategic flexibility.

Major Competitors

  • Rongsheng Petrochemical Co., Ltd. (002493.SZ): Rongsheng Petrochemical is one of China's largest private petrochemical companies with extensive refining capacity and vertical integration. The company's strengths include massive scale, advanced refining technology, and strong market positioning in polyester and PX production. Compared to Ningbo Bohui, Rongsheng benefits from significantly larger financial resources and operational scale, but may be less agile in specialized chemical segments. Weaknesses include high capital intensity and exposure to commodity price cycles.
  • Hengli Petrochemical Co., Ltd. (600346.SS): Hengli Petrochemical operates large-scale refining and chemical complexes with strong positions in PTA and polyester fiber markets. The company's strengths include world-scale production facilities, cost advantages, and vertical integration. Compared to Ningbo Bohui, Hengli has substantially greater market capitalization and production capacity, but may lack specialization in niche aromatic oil products. Weaknesses include high debt levels and vulnerability to polyester market cycles.
  • Huafon Chemical Co., Ltd. (000059.SZ): Huafon Chemical specializes in polyurethane products and related chemical materials. The company's strengths include technological expertise in specific chemical segments and strong market positioning in polyurethane intermediates. Compared to Ningbo Bohui, Huafon has more diversified chemical operations and stronger financial performance, but operates in different chemical sub-segments. Weaknesses include exposure to raw material price volatility and environmental regulatory pressures.
  • Satellite Chemical Co., Ltd. (002648.SZ): Satellite Chemical focuses on petrochemicals and new materials with strengths in PDH and acrylic acid production. The company benefits from strategic location advantages and growing market share in specific chemical segments. Compared to Ningbo Bohui, Satellite has stronger financial metrics and more diversified product portfolio, but may have less focus on aromatic oil specialties. Weaknesses include capital expenditure requirements for expansion and competition in acrylic acid markets.
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