Hualu Hengsheng (600426) 2018 Annual Report Comments： Performance Meets Expectations New Project Expands Nylon 6 Industry Chain
Hualu Hengsheng (600426) 2018 Annual Report Comments: Performance Meets Expectations New Project Expands Nylon 6 Industry Chain
Matters: The company released its 2018 annual report: Long-term operating income of 143.
57 ppm, +37 throughout the year.
94%; net profit attributable to mother 30.
2 ppm, +147 per year.
1%; single quarter operating income of 35 in the fourth quarter.
08 thousand yuan, ten years +10.
47%, compared to -8.
92%; net profit attributable to mother 4.
850,000 yuan, +29 for ten years.
The company plans to distribute a cash dividend of 2 yuan for every 10 shares to all shareholders.
The company plans to invest 49.
800 million investment in the construction of 30 polyamide and nylon new material projects, investment of 15.
7.2 billion projects to improve the quality of refined adipic acid.
Comments: Product prices fell in the fourth quarter and urea cholesterol production increased.
The company’s main product fertilizer output was 57 in the fourth quarter.
Distillate 86, one year + 58%, chain ratio + 13%, average sales price 1610 yuan / ton, full year + 17%, chain ratio + 5%; polyol production 12.
74 inches, + 136% per year, + 108% month-on-month, the average sales price of 6671 yuan / ton, -1% per year, -5% ring-on-month; output of acetic acid and derivatives is 15.
18, -6%, chain-5%, average sales price 3,632 yuan / ton, continuous + 8%, chain-6%; organic amine output 10.
25 inches, + 24% per year, + 8% month-on-month, the average selling price is 5527 yuan / ton, -6% per year, + 5% ring-on-month; output of adipic acid and intermediate products7.
43 is the highest, the lowest is -12%, the chain is -9%, the average selling price is 8079 yuan / ton, the annual is -15%, the chain is -13%.
50 plasma vitamins and other projects were put into production as scheduled, providing performance increase.
In 2018, the company’s 50-molecular weight toluene project, 10 was inserted into melamine, and some functionalized fertilizer units were put into production one after another, 都市夜网 and the product structure was further enriched. The company opened two special railway lines for chemical and fertilizer, reducing operating costs and consolidating the company’s cost advantage.
The oil price hub is gradually rising, supporting the graphite price into the growth channel, the cost advantage of coal gasification platforms is significant, and the profitability of coal-based oxidation is advancing.
New projects expand the caprolactam industry chain, and the company grows.
The company plans to invest 15.
7.2 billion yuan construction 16.
66 cutting-edge refined adipic acid, and supporting cyclohexanol device and corresponding public works, the construction period is 24 months, and it is expected to achieve revenue of 19.
86 ppm, total profit2.
The company plans to invest 49.
$ 8上海夜网论坛 trillion construction of new amide and nylon material projects, including an annual output of caprolactam 30 inserts (of which 20 inserts are for personal use), toluene 20 esters, nylon 6 slice 20 inserts, ammonium sulfate 48, etc., with an expected revenue of 56.
1.3 billion, profit maximization4.
The new projects further expand the company’s industrial chain, optimize the product structure, and improve the company’s profitability.
Earnings forecasts, estimates and investment ratings.
In the fourth quarter of 2018, oil prices fell sharply, and product prices dropped significantly. We estimate that the company’s net profit for 2019-2021 will be 26/27 / 3.2 billion (the original forecast was US $ 3.7 / 3.8 billion), and the corresponding EPS will be 1.6/1.
95 yuan (the original forecast was 2.
(37 yuan), the current corresponding PE is expected to be 10X, 9X, 8X, taking into account the industry’s scale and the company’s continued growth, given 12 times the PE in 2019, corresponding to the target price of 20 yuan, considering the weak downstream demand, oil price volatilityLarge, temporarily maintain the “recommended” level.
Risk warning: The product price is significantly exceeded, and the project’s production progress is less than expected.