Depth * Company * Hualu Hengsheng (600426): The advantages of integration are obvious, and the performance is in line with expectations

Hualu Hengsheng released the financial report for the third quarter of 2019, and the company realized an operating income of 106.

1.1 billion, down 2 a year.

19%; net profit attributable to mother is 19.

12 ppm, a decrease of 24 per year.


The third quarter achieved operating income of 35.

35 ‰, an average of 8 in ten years.

22%; net profit attributable to mother is 6.

30,000 yuan, 29 years ago.


Highlights of the support level Single-quarter results showed a slight increase, and the volume of main products increased and fell.

Operating income for the third quarter of 2019 was 35.

US $ 3.5 billion, unchanged from the previous month, was due to the increase in sales of fertilizers and polyols, which offset the decline in product prices.

In terms of products, according to the company’s announcement, the company’s fertilizer sales in the first three quarters of 2019 were 186.

91 for the first time, with an annual increase of 39.

00%, due to the company’s production of ammonia alcohol; the average selling price of fertilizer was 1,473.

44 yuan / ton, sometimes a small margin of 3.


Acetic acid and derivatives sales were 45.

The lowest is 43 and the lowest width is 4.

76%, with an average sales price of 2,683.

25 yuan / ton, a significant increase of 33 for the time being.

65%, due to the decline in the acetic acid boom.

Polyol sales were 50.

40 initially, 180 per year.

31%, with an average sales price of 4,644.

84 yuan / ton, excluding 32 for the time being.

76%, due to the company’s new production capacity, increased production and replacement of glucose boom.

The gross profit margin for the first three quarters of 2019 reached 28.

68%, down 4 each year.

24 units.

Against the background of the downturn in the industry, the company focuses on reducing costs, strengthening platform construction, relying on the company’s clean coal gasification technology, and taking advantage of diversified co-production advantages.

The increase in the expense ratio during the period was mainly due to the increase in expenditure on research and development.

During the first three quarters of 2019, the company’s period expenses were 7.

11%, an increase of 2 per year.

97 units.

R & D expenses2.

47%, up 1.98 units, due to the company’s increased investment in research and development materials; sales expenses2.

54%, rising by 0 every year.

87 units, due to the increase in sales freight.

The newly added planning project clarifies the development direction.

Based on the existing coal gasification platform and the company’s integration advantages, the company plans to build caprolactam and nylon new materials and refined adipic acid projects to expand the new material industry chain.

After the project is completed and put into production, it can produce caprolactam 30 inserts / year, formic acid 20 inserts / year, nylon 6 slices 20 inserts / year, etc.

It is expected to achieve an average annual operating income of 56.

1.3 billion, profit maximization4.

4.6 billion.

It is planned to invest 15.

7.2 billion, with annual revenue expected to reach 19 after reaching production.

86 深圳桑拿网 ppm, total profit2.

9.6 billion.

It is estimated that net profit will be realized in 2019-2021.

5.8 billion, 25.

90 ppm and 29.

880,000 yuan, corresponding to the current price-earnings ratio of 11.

2 times, 10.

2 times and 8.

9 times.

The current company estimates the budget and plans to invest in new projects to maintain the company’s buy rating.

The main risk items facing the rating were lower than expected; product prices fluctuated significantly.