Tibet’s Everest (600338) Annual Report Comments: Drought Disaster in Tajikistan Slows Down Salt Lake Project
Net profit attributable to mother 9.01 billion, down 19 a year.12% of the companies released their annual report for 18 years on April 28: they achieved operating income of 20 in 18 years.46 trillion, down 17 a year.04%; realized net profit attributable to mother 9.01 billion, down 19 a year.12%; EPS is 1.38 yuan.In the fourth quarter of 2018, we achieved business receipts in a single quarter4.76 trillion, down 31 a year.38%; net profit attributable to mother 1.32 trillion, down 54 a year.33%.The sales volume of its subsidiary, Tazhong Mining, has improved, and its performance has exceeded our expected level; the company’s mining and selection profitability is relatively high, and the federal mineral resources projects have progressed smoothly. The EPS is expected to be 1 in 19-21.49/1.59/1.71 yuan, maintaining the company’s “overweight” rating. Tajikistan’s drought and other factors dragged down revenues due to reduced concentrate sales. According to the 18th Annual Report, the report pointed out that the company’s mine revenue and costs have improved, mainly due to Tajikistan’s severe drought in 60 years in 2018.Due to lack of water, the lead smelting system was not in production, and equipment maintenance and staff training were mainly carried out. As a result, the production and sales volume of the subsidiary Tazhong Mining in this period decreased.In the 18 years, the revenue of lead and zinc concentrates dropped twice.70%, 14.75%.It is said to be windy, and zinc prices have fallen by about 1 every year in 18 years.82%, affected by factors such as price fluctuations, the company’s 18-year gross profit margin was 69.55%, a slight decrease compared with 17 years.97 points. The beneficiation capacity in 19 is expected to increase by 100 tons. It is said to be an 18-year report. The company plans to double the mine design capacity (600 tons) in 3 years. In 2019, it will start to step-by-step technical renovation and expansion of the old beneficiation plant that has been in operation for 10 years.The selection and beneficiation capacity is increased by 100 millimeters, so as to reach the ore dressing design capability of 400 millimeters per year. The company is expected to complete the beneficiation processing capacity and add another 100 millimeters of beneficiary transformation work in the first half of 19 years.After the beneficiation technology reform is completed, the company will focus on increasing mining capacity. The salt lake project is progressing normally, and a strategic cooperation agreement was signed with a domestic authoritative salt lake research institution. According to the 18th Annual Report, the salt field (evaporation pond) with an annual output of 2,500 tons of LCE in the SDLA lithium salt lake project in Argentina has been constructed and put into production. It is expected that there will be lithium salts in 19 years.The product goes on sale.The company is actively promoting the expansion of the project2.5Minimum exchange rate / annual environmental impact assessment and other government permits, and the project expansion will be implemented after approval.In addition, the company has signed a strategic cooperation agreement with the Qinghai Salt Lake Research Institute of the Chinese Academy of Sciences, the only scientific research institution specializing in salt lake research, in March 19, to gradually advance the advanced salt lake lithium extraction process and technology, and apply it to the development of the lithium salt lake project in the countryIn order to improve the extraction efficiency and yield of lithium resources.We believe that through resource acquisition and project construction, and reaching strategic cooperation agreements with authoritative salt lake research institutions, the company has successfully achieved a breakthrough in the upstream of lithium. Overseas mines and salt lake projects progressed, maintaining “overweight” rating. As the supply and demand of lead and zinc concentrates shifted to a slight surplus, the price may fall from a high point in 19-21. We have reduced the prices 苏州桑拿网 of lead and zinc concentrates. Annual revenue is 21 respectively.17, 21.13, 29.9.1 billion yuan, net profit attributable to mother is 9.71, 10.38, 11.180,000 yuan, the long-term adjustment of the net profit forecast for 19-20 years is -16.65%, -19.78%, corresponding to PE, 18, 17, 16 times.With reference to a comparable company’s 19-year average PE level, the company’s overseas salt lake project has progressed smoothly, and the new strategic direction has gradually promoted a significant increase in performance. It has given the company a certain valuation premium, and given 19-19 times PE range in 19 years, corresponding to the company’s goals.The price is 28.31-29.80 yuan to maintain the “overweight” level. Risk Warning: The price of lead and zinc and other metals has fallen, and mining and mining volume have fallen short of expectations.