Wanhua Chemical (600309): Performance in line with expectations 19Q1 MDI prices continue to rebound

Wanhua Chemical (600309): Performance in line with expectations 19Q1 MDI prices continue to rebound

Investment highlights: The company released the 2018 annual results report: internal operating income of 606.

2.1 billion (+14 compared to the same period last year).

1%), net profit attributable to mother 106.

10,000 yuan (-4% year-on-year.

7%), of which the fourth quarter operating income was 146.

9.8 billion (+3 year-on-year.

8%, quarterly average -7.

4%), net profit attributable to mother 15.

8.9 billion yuan (-5南京夜网论坛2.

2% quarter to quarter -23.

3%), the performance was in line with expectations.

The scale of the report increased due to the consolidation of the sales scale of each business segment. However, as the market prices of polyurethane segment products began to fall in the second half of the year, the operating results slightly shifted.

The company has completed the absorption merger with Wanhua Chemical. According to the company’s calculation of the absorption merger, the operating income in 2018 was 728.

3.7 billion (+12 year-on-year.

3%), net profit attributable to mother 155.

6.6 billion (YoY -1.


In the fourth quarter, MDI prices accelerated to decline, resulting in a year-on-year increase in performance.

At present, MDI products are still the company’s main source of revenue and profits, and 北京保健按摩 performance is transmitted by the impact of market price fluctuations.

The MDI market reached a high point in September 2017. Since then, the supply side connected to major global manufacturers has gradually resumed and the supply has increased. The demand side has been affected by the economic growth rate and the downstream demand has been sluggish.

2018Q1-Q4 aggregate MDI average price is about 2.




26 million US dollars, the average average price is about 31% above the initial level, Q4 average price change replaced about 57%, compared with the chain replacement of about 33%; 2018Q1-Q4 pure MDI average price of about 3 respectively.




18, the average average price decreased by about 3%, the average price of Q4 replaced about 26%, compared with about 22%.

Affected by the sharp increase in the prices of MDI products, the company’s profitability continued to improve, and Q4 exceeded the chain length.

Manufacturers started with a limited supply at a low start, the margin of demand improved after the holiday, and MDI prices continued to rebound.

In mid-December 2018, the aggregate MDI dropped to about 1.

The bottom range of 10,000, but many buyers in the market continue to be bearish. Therefore, there is no large-scale stocking. The industry has a low season and low prices, and many manufacturers have overhauled the equipment.Downstream inventory average.

After the holiday, manufacturers maintained an increase of about 60% of the operating rate, and limited supply, resulting in tight market supply, and MDI prices gradually increased.

It is expected that the weather is gradually warming, downstream demand is gradually recovering, and the demand side margin is improving. It is optimistic that MDI prices will continue to rebound.

According to the company’s latest listing price in March, the aggregate MDI (direct sales) listing price1.

550,000 yuan, an increase of 2,000 yuan over the previous two months, and the pure MDI listing price is 2.

470,000 yuan, an increase of 1,000 yuan from the previous February. The group’s asset absorption, merger, and reorganization were completed to avoid peer competition and to obey the interest mechanism.

The company was absorbed into the predictor 522 of 100% equity interest of the merger party Wanhua Chemical.

10,000 yuan, the issue price of 30.

43 yuan / share, the actual number of new shares is 4.

0.6 billion shares.

The merger will include 100% equity of BC, 100% equity of BC Chenfeng, and Wanhua Ningbo 25.

5% equity, 8% equity of Wanhua Chlor-Alkali Thermoelectricity was injected into the listed company to achieve the overall listing, and 100% equity of the main asset BC company was committed to 3 in 2018-2021.

82, 1.

89, 1.

90, 1.

9.2 billion euros, Wanhua Ningbo 25.

The 5% equity commitment for 2018-2021 is 13.

11, 9.

88, 9.

39, 9.

4.9 billion.

After the transaction is completed, Zhongcheng Investment and Zhongkaixin will act in concert with Guofeng Investment. Guofeng Investment and its concerted parties will collectively hold listed companies.

72% equity, the actual controller of the listed company is still Yantai SASAC.

Zhongcheng Investment and Zhongkaixin are employee shareholding platforms, holding a total of 20 shares.


Jointly holding listed companies to avoid peer competition between the group and listed companies, smooth future interest mechanisms, and promote the growth of leaders and the company.

A global leader in MDI with production capacity, technology and cost advantages, petrochemical and new materials businesses support long-term development.

After the company completed the injection of minority shareholders’ equity assets in Columbia, California and Ningbo Wanhua, MDI production capacity reached 210 tons, ranking first in the world.

The company has rich technical reserves and breakthroughs in research and development. Its sixth-generation MDI technology developed by itself will achieve short-term capacity expansion and increase domestic production capacity through technological transformation.

At the same time, the company has accelerated the pace of overseas expansion and will build 40 production capacity in the United States.

In addition, with 30 tons of TDI plus 25 tons of BC, the total TDI production capacity reaches 55 tons.

Petrochemical business company’s ethylene project has a total investment of about 17.8 billion U.S. dollars. The main equipment includes 100 tons / year ethylene cracker, 40 tons / year polyvinyl chloride, 15 tons / year epoxy resin, 45 tons / year LLDPE, 30/65 expect/ Year PO / SM device, 5 expected / year butadiene device; new materials business PC, PMMA, MMA, etc. have been put into production.

New petrochemical and new material projects have been put into production one after another, supporting long-term development in the future.

Investment suggestion: Maintain the “overweight” rating and raise the 18-year profit forecast to 106 according to the performance report.

1 ppm (original value 105.

3) Temporarily maintain the profit forecast for 2019-20, and it is estimated that the net profit attributable to the mother will be 111 in 2019-20.


2 trillion, corresponding to EPS 3.

38, 3.


43 yuan, PE 12X, 12X, 9X.

Risk reminder: MDI and petrochemical industry chain boom decline; new business expansion is less than expected

Angel Yeast (600298): Depreciation of exchange rate is beneficial for export business profit improvement

Angel Yeast (600298): Depreciation of exchange rate is beneficial for export business profit improvement

Event description: From January to September, the company realized revenue of 55.

6 ppm, an increase of 13 in ten years.

5%, net profit 6.

6.6 billion, down by 1 every year.

2%; net profit margin is 11.

97%, down by 1 every year.

78 units.

Core point of view: 1. In the third and third quarters, the growth rate of revenue and profit improved significantly from the previous quarter: in the third quarter, it achieved operating income of 18 in a single quarter.

460,000 yuan, an increase of 17 in ten years.

4% (11% in the first half of the year.

63%), net profit 2.

10,000 yuan, an increase of 17 in ten years.

8% (down 7 in the first half of the year.

66%), the growth rate improved significantly.

In terms of revenue 深圳桑拿网 split, in the third quarter, the revenue of major business units increased by more than 10%, of which health products, brewing business, and YE revenue increased by more than 20%.

Based on the rebound of sugar prices in the third quarter, the revenue of the sugar business also improved.

In terms of exports, benefiting from the depreciation of the RMB, the export revenue of participating products’ yeast increased by 12%, faster than domestic revenue growth.

It is expected that the growth rate will continue to pick up in the fourth quarter, with a 14% -15% growth probability.

2. Reasonable factors were gradually lifted, and the return to normal levels dragged down the growth rate: It was determined through the relocation of the Yili factory that Yili ‘s capacity utilization rebounded to about 90%, which helped improve 重庆耍耍网 the company ‘s profitability.

The Russian factory has also started to make a profit this year. It is expected to contribute about 50 million yuan in profit. The overall cost of molasses has also fallen, and many potential factors have been lifted.

However, due to the gradual decrease in the deductible amount of revenue, the company’s income rate gradually recovered from 10% to the normal 15%. From January to September, the cost increased by 4,564 million, and it is expected to increase by about 7,000-9,000 million.

Regardless of the increase in profit growth from January to September4.


3. The increase in management expenses and sales expense ratio, and the increase in foreign exchange earnings are the main reason for the improvement in profit: the gross profit margin in the third quarter was 33.

72% decreased slightly by 0 per second.

11 units, basically flat.

However, due to factors such as the two-drug system of drugs and an increase in sales staff, the sales expense ratio rose by zero in the third quarter.

5 units.

Due to the increase in management personnel and the increase in operating expenses of overseas companies, the management expense ratio rose by zero.

9 units.

In addition, due to the appreciation of the US dollar in the third quarter, the appreciation of the Egyptian pound and the ruble generated exchange gains, and the financial expense ratio fell by 2.

08 singles, is the most preliminary improvement in profit.

4. Profit forecast and rating: The company’s performance has improved significantly, and the transfer of the old and new management teams is smooth. We believe that as long as the government supports the future, the management team remains stable, and the new generation participates in incentives, the company will eventually go out of the trough and bring good rewards to shareholders.

We expect the company’s EPS for 2019-2021 to be 1.

12 yuan, 1.

23 yuan and 1.

34 yuan, maintaining the “recommended” level.

5. Risk warning: raw material prices are rising too fast, production capacity is less than expected, political changes in overseas markets, exchange rate changes, etc.

Orient Securities (600958) annual report comment: poor self-employment performance, focus on high performance elasticity

Orient Securities (600958) annual report comment: poor self-employment performance, focus on high performance elasticity

Poor self-employment performance has dragged down performance, focusing on the high elasticity of performance and achieving net profit return to mothers in 201812.

3 ‰, at least -65.

4%; operating income of 103.

0 million yuan, at least -2.

2%; EPS0.

18 yuan, it is planned to distribute cash dividend 1 for every 10 shares.

00 yuan (tax included); ROE deduction is 2.


Taken together, the poor performance of self-employment, especially equity investments, has weighed on performance.

The company has a strong initiative to invest, and it is expected to enjoy higher performance flexibility if the stock market goes up.

For ten consecutive years, it has received Class A A or AA A rating, and its brand influence has been replaced.

EPS is expected to be 0 in 2019-2021.



55 yuan, BPS is 7.



16 yuan, maintain BUY rating, target price of 14.


46 yuan.

Optimizing the structure and strategy of investment business. In the proprietary trading business with poor performance in equity, the solid income category seized market opportunities, expanded investment scale, and timely adjusted the position structure while strengthening credit risk management.

In the expectation that the market will continue to decline, the equity class will perform poorly and actively adjust its investment strategy.

At the 深圳桑拿网 same time, the FICC innovation and derivatives business was steadily promoted.

The total scale of proprietary trading at the end of the year was 859 trillion, +14 a year.

7%; of which, the stock size is 34.

5 trillion a year -71.

0%, bond size 775.

9 trillion, +37 a year.


Affected by fluctuations in the stock market and regulatory adjustments, interest on debt investments and other debt investments were included in interest income, and net losses were self-operated.

0.2 billion yuan (investment income + fair value gains and losses-investment income on associates and joint ventures).

Excluding the impact of regulatory adjustments, self-operated net income27.

3 ‰, -27 every year.


The asset management initiative management capability is leading the industry, and the investment bank’s business performance is improving. The TOEIC asset management initiative management industry is leading the industry. At the end of the year, AUM was 200 billion yuan, of which active management accounted for 98%.

50%, far exceeding the average level of the asset management industry of securities companies.

Active management performance returns also maintain industry-leading levels.

Asset management net income23.800 million, ten years +20.


Eastern Citi IPO scale 18.

8 ‰, -52 per year.

8%; refinancing scale 52.

4 trillion a year -73.


The scale of bond underwriting was 950.

700 million, basically unchanged from 2017.

The company strictly controls the quality of customers and project implementation. The IPO and M & A projects have consistently achieved 100% meeting rate.

Net income from investment banking business 11.

4 ‰, at least -14.

1%, ten-year industry short-term -27.

4% performance.

Brokers promote the transformation of wealth management and Internet finance, and the initial net income has stabilized. Brokers continue to promote the transition to wealth management and strive to build a “full business chain” diversified comprehensive financial service platform.

At the same time, the company continued to promote fintech empowerment.

Brokerage net income 13.

500 million, at least -8.


Securities finance maintained steady development.

The balance of Liangrong is 970,000 yuan, -23 every year.

0%, market share 1.

29%, an increase earlier.

The stock pledge raised a surplus of 25.6 billion yuan, -23 for the whole year.

25%, take the initiative to control the scale, clear risk and benefit.

^ Net income 8.

71 ppm, +143 a year.

4%, excluding the impact of regulatory adjustments, ^ net income -18.

6 trillion, ten years +7.

7%, due to the reduction in bond interest rate expenditure.

The company relies on Oriental Hong Kong to actively promote its strategy and build a relatively complete comprehensive overseas platform.

Active investment capacity prediction, pay attention to the performance elasticity under the marginal improvement of the market environment. The company’s active investment capacity transfer, if the stock market works hard to enjoy higher performance elasticity.

Considering the marginal changes in the market environment, EPS0 is expected from 2019 to 2020.


46 yuan (previous value was 0.


61 yuan), 0 in 2021.

55 yuan, corresponding to PE31, 26 and 22 times.

Predict BPS7 from 2019-2021.


16 yuan, corresponding to PB 1.


52 and 1.

46 times, comparable company’s 2019 PBwind consensus expectation average 1.


Considering the company’s asset management, the company’s self-employed business is leading the industry, with strong initiative investment capabilities and high flexibility in performance, giving a premium to 2019PB1.


9 times, target price 14.


46 yuan, maintain BUY rating.

Risk Warning: Business development is not as expected, and market fluctuation risks.

China CITIC Bank (601998): Going parallel with corporate and retail

China CITIC Bank (601998): Going parallel with corporate and retail

Key points of investment: We believe that the company’s current book NPL ratio reflects the true level of non-performing assets and is located in a downward channel. Asset quality is gradually improving; the two major businesses of public and retail business have steadily increased customer acquisition, and their profitability has been promoted.

Covered for the first time, giving the expected market rating.

Continuation of corporate advantages and great contributions to deposits.

CITIC Bank relies on the full financial license of the controlling shareholder CITIC Group to provide comprehensive financial services.

Continuously refine the strategic customer marketing system to further extend to the industrial chain; reorganize and solidify cooperation with institutional customers.

The average daily deposits of strategic customers in 2018 accounted for 32 of corporate deposits.

3%, the average daily deposits of institutional customers accounted for 39 of the average daily deposits of corporate customers.


At the end of 2018, the proportion of CITIC Bank’s current demand deposits to total deposits was 41.

6%, higher than other listed joint-stock banks.

The second transformation of retail, non-interest contribution increased.

CITIC Bank’s overseas financial services, credit cards, and special customer equity systems are all channels for retail business.

The company has undergone the second transformation of its retail strategy, and its credit expansion has further increased.

The proportion of new retail loans increased from 30% to 46% in 2010-2015 to more than 60% in 2016-2018.

The retail credit structure is based on mortgages, and the proportion of credit cards continues to increase.

In 2017 and 2018, the retail business contributed increased revenue, and nearly two-thirds of non-interest income.

Fundamental review: rapid adjustment of asset structure and increased contribution from credit cards.

Under the environment of tight liquidity in 2017, there was no choice to continue the expansion, and total assets decreased and fell in that year4.


The proportion of initial loans increased by 8.

1 per share, the proportion of budget receivable decreased by 8.

3 units.

With the gradual issuance of credit cards, the growth rate of transaction volume has started from 2015, and the proportion of non-interest income from credit cards to non-interest income and operating income has gradually increased.

Credit card non-interest income accounted for 60% of non-interest income and operating income in 2018.

7% and 18.

7%, up from 25 in 2016 respectively.

3, 7.

7 units.

Asset quality: It is gradually improving after bad recognition is in place.

China CITIC Bank’s recent NPL ratio was 1 in 2Q18.

80%, mainly due to the company in 2Q18 over 90 days overdue replacement.

Since then, the non-performing rate has gradually declined for three consecutive quarters.

Adverse consequences at the end of the first quarter of 19


In terms of breakdown, the personal loan NPL ratio is stable, and the corporate loan NPL ratio continues to rise.

And the company has been actively adjusting the loan structure, reducing manufacturing and wholesale and retail loans, and expanding personal 武汉夜生活网 loans with better asset quality.

Investment Advice.

We believe that the company’s current book NPL ratio reflects the true level of non-performing assets and is located in a downward channel. Asset quality is gradually improving; the two major businesses of corporate and retail have steadily increased customer acquisition and improved their profitability.We forecast the growth rate of net profit attributable to mothers to be 10 in 2019-2021.

95%, 10.

19%, 8.

85%, EPS are 0.

98, 1.

08, 1.

16 yuan.

According to DDM, the relative reasonable value of CITIC Bank’s final reasonable value range is 7.


07 yuan, corresponding to the 2019 PB estimate of 0.


90 times, PE is estimated to be 7 in 2019.


2 times, giving the expected market rating.

Risk warning: the company’s ability to repay its debts has declined, and the quality of its assets has deteriorated severely; major changes have occurred in financial regulatory policies.

Jinfa Technology (600143): Deducting non-net profit increases by 87% each year. New materials inject growth momentum for the company

Jinfa Technology (600143): Deducting non-net profit increases by 87% each year. New materials inject growth momentum for the company
Event description: On October 29, 2019, the company announced that it achieved operating income of 203 in the first three quarters of 2019.76 ppm, a ten-year increase of 9.85%; net profit attributable to mother is 9.44 ppm, an increase of 44 in ten years.34%; net profit attributable to mothers after excluding non-recurring gains and losses is 7.770,000 yuan, a sharp increase of 87.43%.Profit growth is primarily due to the sharp decline in raw material prices for the modified plastics business and the consolidation of Ningbo Jinfa. Event Comments: 1. The decline in upstream raw material prices has significantly improved the company’s performance. The company is a leader in the field of modified plastics and currently has a capacity of about 200 tons per year.The substantial increase in the first three quarters of performance was mainly due to the sharp decline in the prices of upstream raw materials and the small decrease in the prices of the company’s products.Among them Q3 modified plastic sales 31.8 average, average price 1.310,000 yuan / ton, temporarily decreased by 2.89%; and the replacement price of main raw materials is 8276.71 yuan / ton, temporarily down by 10.92%.The decline in raw materials far exceeded the decline in product prices. 2. The PDH business drives the company’s performance growth. Blond Technology has completed the acquisition of Ningbo Blond. At present, it has inserted more than 6 billion tons of dehydrogenated hydrogen each year, 60-inch isooctanoate power generation 杭州桑拿 and 4 tons of methyl ethyl ketone.Ningbo Jinfa was consolidated in June 2019. It is expected that Ningbo Jinfa’s profitability will further increase in the future, which will significantly boost the company’s performance. 3. LCP business leverages 5G Dongfeng. Companies with broad market prospects have become LCP materials R & D and production capabilities. The material has the characteristics of low transmission loss and good flexibility, mainly 5G base station antennas.The company currently has a total capacity of 3,000 tons of LCP and is expected to expand to 6,000 tons / year in 2020. At present, the domestic 5G industry is experiencing rapid development and the related industry market has a bright future. 4. The volume of fully biodegradable plastics has become a new profit growth point. The company layouts products such as fully biodegradable plastics, special 杭州桑拿 engineering plastics, high-efficiency carbon fibers and composite materials, and environmentally-friendly and high-efficiency recycled plastics. Among them, fully biodegradable plastics will grow faster and become future profitsAn important aspect of growth.In 2018, breakthroughs were made in the application of biodegradable mulch films. The Ministry of Agriculture has made fully biodegradable mulch films the top ten agricultural leading technologies in the country.Sales of fully degradable bioplastics in the third quarter of 20191.22 for the first time, growing by 80 per year.8%, contributing to the company’s profit increase. 5. Hand in hand with ZENENG Group to lay out a cooperation model for hydrogen energy development. ZENENG Group and Ningbo Jinfa signed a strategic cooperation framework agreement for comprehensive utilization of hydrogen energy on August 15, 2019.At present, there are about 2 dehydrogenation units for blonde girls in Ningbo.5 year / year hydrogen supply capacity, the device has stable production and strong continuous air supply capacity.Jinfa will use its industrial by-product hydrogen surplus advantages to provide protection for the hydrogen energy supply of Zhejiang Energy Group and explore a deeper cooperation model for hydrogen energy development. Investment suggestion: We believe that the company is a leader in modified plastics. Ningbo Jinfa consolidated the company’s performance. The LCP and fully degradable plastics business will bring more growth to the company in the future.It is expected that the company’s net profit attributable to the parent in 2019/20/21 will be 12 respectively.9/14.2/15.50,000 yuan, corresponding to the expected EPS of the company in 2019/20/21 is 0.47/0.52/0.57 yuan, PE16.09/14.56/13.39 times, maintaining the “recommended” level. Risk Warning: Macroeconomic risks, risks of raw material price fluctuations, environmental protection, LCP business expansion is less than expected, and hydrogen energy business expansion is less than expected.

Zhengzhou Coal and Electricity (600121) 2018 Annual Report Comments: Production Continues and Performance Is Hard to Improve

Zhengzhou Coal and Electricity (600121) 2018 Annual Report Comments: Production Continues and Performance Is Hard to Improve
The core point is that due to the long-term impact of horizontal reforms, Micun Mine closed and exited in 2017. In the future, the second teaching mine will also exit as planned, and the company’s coal production will continue to decline.At the same time, affected by the policies of the safety supervision personnel, the company’s safety production costs have increased significantly, and the cost pressure per ton of coal has increased.It 深圳桑拿按摩is expected that the company’s performance in 2019 is unlikely to improve, maintaining the “overweight” rating. The company’s performance in 2018 improved significantly75.70%.The company’s operating income in 2018 was 48.10 ppm, a decrease of 15 per year.79%; net profit attributable to mother 1.52 ppm, a decrease of 75 per year.70%, earnings per share are 0.15 yuan, in line with performance forecast. The initial growth of the company’s performance in 2018 was due to the shutdown of Micun Coal Mine due to policies and the increase in production costs per ton of coal by 37%.The company intends to pay a cash dividend of 0 per 10 shares to all shareholders.5 yuan (including tax), the dividend rate reaches 33.3%, at the same time, the capital reserve will be transferred to all shareholders for every 10 shares of 2 shares. Coal production and sales continued to increase in 2018, with an average price increase of 7%.In 2018, the company realized raw coal production of 812 adjacent, -11.83%; commercial coal sales were the highest at 834, -10.The 52% decrease in production and sales was mainly due to the withdrawal of 190 tons from the exit of Micun Coal Mine in November 2017.The advancement of supply-side reforms will have an impact on the company’s long-term production capacity, and the second teaching mine (45 years / year) will also exit as planned.The company’s average sales price in 2018 was 458.66 yuan / ton, +7 for the whole year.38%; unit cost of sales was 266.39 yuan / ton, +22 for the whole year.16%; gross profit per ton of coal is about 192 yuan, ten years -8.03%.In 2019, the company plans to produce raw coal 777 access and generate electricity 2.200 million kilowatt-hours, with a total estimated revenue of $ 4.1 billion. Group asset injection commitments have not been completed.In 2018, due to the impact of the national coal industry policy, Zhengmei Group still retained its main coal assets in the short term and it was difficult to meet the overall listing conditions. Zhengmei Group decided to modify the plan to avoid inter-industry competition and postpone the deadline to complete the commitment.The group is currently producing 4 mines with an output of approximately 300 mm.If the group initially promises that the entire coal mine will be injected into listed companies, the company’s growth will be further opened. Risk factors: Fluctuations in macroeconomic growth affect coal demand.Supply policy continued to ease, suppressing upward coal prices. Investment suggestion: Considering that the company’s output is expected to continue to decrease and the unit cost pressure is significantly increased. According to the 2018 ton coal cost calculation, the long-term impact on profits may reach -300 million US dollars, so we meaningfully reduce the company’s 2019?The EPS forecast for 2020 is zero.14/0.1武汉夜网论坛 7 yuan (previous forecast was 0.58/0.62 yuan), given EPS forecast of 2021 0.19 yuan.Current advantages 4.03 yuan, corresponding to 2019?2021 P / E29 / 24 / 21x.Give a target price of 4.28 yuan, corresponding to 2019 P / B1.5x, maintaining the company’s “overweight” rating.

Depth-Company-Shanshan Co., Ltd. (600884): Semi-annual report under pressure, lithium battery materials continue to expand production

Depth * Company * Shanshan Co., Ltd. (600884): Semi-annual results under pressure, lithium battery materials continue to expand production

The company released the semi-annual report for 2019, which can replace up to 47% of non-profit profits, and short-term performance is under pressure.

The company’s long-term competitive advantage in lithium battery materials is obvious, and it maintains an overweight rating.

  The main points of the official rating in the first half of the year are a 47% reduction in non-profit year,杭州夜网论坛 and short-term performance is under pressure: the company released the 2019 semi-annual report and achieved operating income44.

41 ppm, a 10-year increase3.

58%; profit 2.

1.9 billion, a year-on-year decrease of 52.

97%; deduct non-profit 1.

62 trillion, a decline of 46 a year.


The company’s short-term performance was under pressure.

  The short-term material production capacity continues to be released, and the sales of ternary materials are increasing rapidly: At present, the company’s raw material production capacity is 6 inserts, and 10 vertical high-energy density change material projects in the first phase have been put into operation. The 5,000-ton high-nickel ternary production line is expected to reach 2020. Put into trial production in the middle of the year.

Sales of the company’s primary materials in the first half of the year1.

02 for the first time, growing by 1 every year.

15%; sales of lithium cobaltate decreased by 29%, mainly due to weak consumer electronics demand; sales of ternary materials increased by 48%, benefiting from the increase in power battery installed capacity.

  The preliminary materials business realized a net profit attributable to shareholders of listed companies of 85.08 million yuan, a decrease of 65 per year.

07%, the first is the decrease in gross profit margin, the second is the long-term materials business dating strategic investors, resulting in the company’s shareholding ratio from 80.

083% dropped to 68.


  The amount of short-term materials has risen steadily, and the overseas market has grown brightly: the existing company’s short-term material capacity is 8 inserts, and the Inner Mongolia 10 insert repeat material integration project, the first phase of which is put into production from April to August 2019, effectively alleviates the shortage of capacity, and is expected to reduce costs and increaseProfitability.

The company’s long-term material sales in the first half of the year 2.

At the beginning of 27, it increased by 55 each year.

19%; of which, the sales volume of overseas customers increased by 167% each year, and the development of overseas markets went further.

In the first half of the year, the company’s long-term material business gross margin was extended and increased4.

The 42 mergers achieved net profit attributable to shareholders of listed companies.

10,000 yuan, an increase of 134 in ten years.


  Crude oil sales have grown rapidly, and lithium salts have been exported to overseas markets: the existing company ‘s soybean output is 4 and has entered the supply chain of customers such as Eternal Lithium Energy and Guoxuan Hi-Tech, with a reduction of 8,609 tons in the first half, an increase of 106.


The company’s lithium salt production lines are all pulled through, and in addition to some self-sufficiency, they are also exported to overseas markets.

  It is estimated that according to the new financial instrument specifications, the proceeds from the sale of Ningbo Bank stocks are no longer recognized as investment gains. Based on the semi-annual report, we adjusted the company’s forecasted profit for 2019-2021 to zero.



64 yuan (the original forecast was 0.



16 yuan), corresponding to a price-earnings ratio of 25.


8/16.3 times, maintaining the overweight rating.

  The main risks faced by ratings are that the demand for new energy vehicles does not meet expectations; price competition exceeds expectations; operating business expectations exceed expectations.

Satellite Petrochemical (002648) 2019 First Quarterly Report Review: Net Profit Increases 94% to Create a New Growth Point for By-Product Hydrogen

Satellite Petrochemical (002648) 2019 First Quarterly Report Review: Net Profit Increases 94% to Create a New Growth Point for By-Product Hydrogen

The event company released the 2019 first quarter report, and the company achieved operating income of 21 in 2019Q1.

10,000 yuan, an increase of 20 in ten years.

2%, to achieve net profit attributable to mother 2.

20 ppm, a 94-year increase of 94.


At the same time, the company released the 2019 semi-annual performance forecast, and it is expected that H1 will achieve net profit attributable to mothers in 2019.


10,000 yuan, an increase of 65 in ten years.



Brief comment on the expansion of acrylic acid and ester spreads, doubled earnings in the first quarter: The average acrylic acid and ester prices and spreads in the first quarter of 2019 meanwhile, the company’s profitability has greatly improved.

The price difference of acrylic acid in Q1 2019 was 3129 yuan / ton, and the price difference of Q1 in 2018 was 2088 yuan / ton, an increase of 49.

9%, the cement price in the first quarter was 8410 yuan / ton, an increase of 8 per year.

32%; The price difference of butyl acrylate in the first quarter of 19 was 851 yuan / ton, which increased by 59 in one year (535 yuan / ton in the first quarter of 2018).

1%, 708 yuan / ton from the fourth quarter of 18, an increase of 20 from the previous quarter.

2%, the price of butyl acrylate in Q1 19 was 9,954 yuan / ton, an increase of 6.


The explosions in northern Jiangsu and Taixing affected more than 100 domestic carbide production, of which 78 radiation in Taixing area (22% of the country’s total production capacity), Xiangshui Jurong 20 replaced (the production has been suspended before the explosion), and Miki 30 distance (deposit along the Yangtze River)Shutdown risk), the subsequent more stringent safety inspections and environmental protection policies may affect the load on acrylic acid and ester devices, driving the supply side tighter, and the expectations of rising prices of acrylic acid and esters are strong, which will further boost the company’s performance.

In addition, after the first phase of PDH Phase 45 project 45 was injected into production capacity, it brought stable growth points to the company’s performance.

The following 18 years are forecasted. The first phase of acrylic acid per year (supporting 30 seconds per year of 厦门夜网 butyl ester), 15 cases per year of second phase polypropylene, and 6 cases per year of SAP projects are put into operation. The C3 industry chain of the company will be continuously improved and reached in 2019.Doubled production capacity and achieved stable profitability across the industry chain.

Layout of hydrogen energy sector, cost advantages increase the profit of the industrial chain: While deepening the C2 and C3 industrial chain, the company set up satellite hydrogen with its own funds, turning lightweight by-product high-purity carbon dioxide into waste, replacing the previous direct discharge.The use of air or fuel can fully utilize the added value of the company’s surplus wind turbines and bring rich profits to the company. The company is located in the Yangtze River Delta Economic Belt and close to the hydrogen 北京桑拿洗浴保健 energy consumption market. Compared to coal-based hydrogen, mainstream chlor-alkaliThe geographical advantages of hydrogen production enterprises are significant.

At present, the company’s 90 condenser PDH unit produces by-product air in addition to the fluorine supporting 22 capillary hydrogen peroxide device, and the surplus gas phase 3.

0 minimum exchange rate. After the completion of the construction of the additional comprehensive utilization project, the surplus cylinder will be about 25 seconds / year, which can contribute to the domestic hydrogen energy development and utilization, and can replace the hydrogen source to become the leader of domestic surplus hydrogen source supply and build a future companyNew growth points in performance.

The preliminary separation and preparation of ethylene projects has been progressing steadily, and the C2 industry is about to spread its wings. In March 2018, the large-scale purchase agreement was completed and the United States Export Facilities Joint Agreement was officially signed to ensure the supply of project raw materials.

At present, the Lianyungang petrochemical project is advancing in an orderly manner, and sufficient preliminary preparations have been made to select mid-end polyethylene for development, which is in line with development requirements.

Supporting supplementary storage tanks and terminals, the United States ORBIT project is progressing as planned and is planned to be completed in the third quarter of 2020.

On March 7, 2019, Satellite Petrochemical signed the signing ceremony of three 98,000 cubic meters VLEC shipbuilding contracts at Jiaxing Antiques and Hyundai Heavy Industries in Zhejiang Province. In the future, it will invest a total of 5 billion to build 6 VLEC carriers and deliver them by the end of 2020.

The first phase of the satellite petrochemical Lianyungang project produced 125 samples of ethylene (250 tons in two phases), which is expected to be completed and put into production by the end of 2020.

Assuming that the short-term US price is US $ 320 / ton in 2021 and the domestic ethylene price is US $ 1300 / ton, according to our model calculations, the profit from the decomposition and preparation of the ethylene project is 2015 yuan / ton, and the net profit of US $ 25 million after the first phase of productionConsider the follow-up polyethylene and glucose intensive processing alternative profits will scale.

Profit forecast and estimation: The company’s net profit attributable to its parent in 2019, 2020 and 2021 will be 14 respectively.

2.8 billion, 18.

59 ppm and 30.

0.7 million yuan, EPS1.

34 yuan, 1.

74 yuan and 2.

81 yuan, PE15.
6X, 12.

0X and 7.
4x, maintain “Buy” rating.

China Life Insurance (601628): Debt investment performance doubles and profit value increases significantly

China Life Insurance (601628): Debt investment performance doubles and profit value increases significantly

Incident China Life released the 2019 semi-annual report that the company realized a premium income of 3779 in the first half of the year.

76 ppm, a ten-year increase4.

9%, new business value 345.

69 ppm, a ten-year increase of up to 22.

7%, with an embedded value of 8688.

4.0 billion, +11 per year.

5%, the company achieved a net profit of 375.

99 ppm, a significant increase of 128 per year.

9%; total investment income is 889.

23 ‰, an increase of 68% in ten years, and an annualized total investment return rate of 5.

77%; basic profit return is 1.

32 yuan / share, an increase of 130 compared with the same period last year.

4%; estimated average return on net assets increased by 11.

14%, an increase of 6 per year.

03 singles.

The company’s outstanding performance in the first half of the year, investment, and denied double performance.

A brief comment on the rapid growth of new single premiums and new business value. The industry benefited from the good performance of the “starter”. China Life achieved 3,779 premiums in the first half of the year.

76 ppm, a ten-year increase4.

9%, the new single premium is increasing 2% in the first half, which is better than the industry.

Guided by the strategy of “Reinvigorating China Life”, China Life is focusing on development and has made efforts on long-term business and guaranteed products. The premiums of certain guaranteed products accounted for 5 points in the first year of premiums.

, Long-term effective insurance policies increased compared with the end of the year.

2%, the premium for the first year of ten years and above reached 380.

82 million, a year-on-year increase of 68%.

In terms of insurance types, the health insurance business increased by 29 in the first half of the year.

8% is the main driving factor for the growth of premiums, with the structural share rising to 17%, an increase of 4pct compared to the same period last year.

The optimization of product structure promoted the increase of new business value, and the company’s new business value reached 345 in the first half of the year.

690,000 yuan, a 22-year increase.

7%, a large average of -23 in the first half of 2018.

7% growth rate.

At the same time, the value added of new business of individual insurance and bancassurance channels increased by +4 respectively.


, + 7.

9 points.

To reach 36.

6%, 21.

5%, but the value ratio of individual insurance channels is still lower than Ping An 55.

4% level.

In the first half of the year, the value was 8688.40,000 yuan, an increase of 11 over the end of 18 years.

5%, better than the same caliber last year (4.

8%) 6.

Seven single, major contribution projects contributed 4% of expected returns and new business value contributed 4.

3%, difference in return on investment contributed 3.

3%, the improvement in investment income has a positive effect on the growth of embedded value. The difference in investment returns in 2018 contributed -6.


The efficiency of asset allocation increased, and the duration of the increase in investment income was the end of the second quarter of 2019. The company’s total investment assets were 33058.

960,000 yuan, an increase of 6 over the end of 2018.


The stock market increased after the substantial growth in the first quarter of 2019, but still at the beginning of the year, there was a noticeable increase. Benefiting from this, the company’s equity investment income increased, and the fair value gain / loss was -53.

600 million increased significantly to 118.

500 million, the investment asset bid-ask spread income from -52.

600 million to 84.

100 million, resulting in the company’s total investment income increased by 68% compared to the same period last year, the total investment return rate from 3.

78% jumped to 5.

77%, net investment yield remained stable at 4.


The efficiency of capital utilization and asset allocation improved, and the proportion of fixed deposits decreased by one.


To 16.

8%, the timely layout of public market equity, the ratio of stocks and funds from 9.

03% increased to 10.


Net profit increased significantly: Investment income increased + tax reduction benefits + low base The company achieved 西安耍耍网 a net profit of 375 attributable to its mother during the reporting period.

99 ppm, a significant increase of 128 per year.

9%, initially three. First, the high growth in investment income, the total investment income in the first half of the year was as high as 889.

23 trillion, contributed 19% of operating income, and an annual increase of 68% is an important contribution item for profit growth; the second is the benefit concessions brought by the increase in the pre-tax deduction ratio of handling fees, please pay more in accordance with the new regulations in 2018Can be deducted in 2019, and the first half of the deduction after the deduction is only 9.

64 trillion, down 79 a year.

7%, according to the calculated index factors, the contribution to profit is about 32%.

Third, the company’s low base in 2018 helped the change in profit margin. Last year, the company was affected by the decline in the equity market and its half-year net profit was 164.

23 ppm, the low base effect of this year’s profit growth.

Investment suggestion The company’s performance in the first half of 2019 is quite bright. The value of new insurance premiums and new businesses has increased beyond the industry. The value-added growth has exceeded expectations. The overall volume and price of the debt side have risen in the first half of the year. The investment side has improved significantly.Bringing breakthroughs and making positive contributions, the internal embedded value growth can be expected. Under the strategic transformation of “Reinvigorating China Life”, both the insurance business and the investment business achieved a good start. The follow-up focus will be on the sustainability of performance improvement.

The company currently corresponds to a P / EV of 0.

9 times, we think the reasonable estimate is 35.

57 yuan, given a “buy” rating.

Jin Jian Rice Industry (600127): The cost reduction and efficiency improvement effect is remarkable

Jin Jian Rice Industry (600127): The cost reduction and efficiency improvement effect is remarkable
Event: The company released its semi-annual report for 2019 and achieved revenue of 20 in the first half of 2019.1.4 billion, an increase of 41 in ten years.72%; net profit attributable to mother 0.5.3 billion, an annual increase of 936.34%. 1, sales force, revenue growth hit a 10-year high.After the new management team took office, the grain and oil products sector fully promoted the construction of a new retail sales platform, which produced significant results.The 2019H1 company’s grain and oil products are optimized with Xingsheng, and Ali Retail Link and JD.com have made progress in business cooperation. The strategic cooperation with Xingsheng has become the main growth point of grain and oil products in April.In 2019H1, the revenue of grain and oil products will increase by 40 each year.83%, the company’s revenue growth rate reached a 10-year high. 2. The reform has achieved remarkable results, with the three-fee rate hitting a 10-year low.In 2018, when the new chairman of the company took office, he proposed internal reforms, using market-based methods, and innovating management mechanisms.We will carry out internal reforms in terms of company personnel incentives, streamlined internal processes, business cost reduction and efficiency enhancement. The three-rate rate for 2019H1 company8.23%, a new low in 10 years, and reforms have been fruitful. 3. The divestiture of non-performing assets was completed, and the performance was reduced to lightly enter the battle.Jinjian Pharmaceutical Co., Ltd., the largest subsidiary in the history of scale expansion and the company with the largest amount of debt, officially sold 100% equity of Jinjian Pharmaceutical Co., Ltd. on March 30, 2019. This time, it successfully replaced the performance to reduce losses and focused on the main grain and oil industry.In 2019H1, the company realized a share transfer income of 50.34 million yuan. Profit forecast: 2016?In 2018, Jinjian Pharmaceutical is expected to drag down the net profit of the mother to about 10 million per year.In March 2019, the 100% equity transfer of Jinjian Pharmaceutical Industry brought 55.03 million investment income for the company in 2019, and also reduced the loss by about 南京桑拿网 10 million per year for 2019/2020/2021.In addition, the transferee of the equity transfer will assume the debt owed by Jinjian Pharmaceutical to the parent company2.99 ppm, with repayment required in the first year after transfer.5.7 billion US dollars of debt, the transferee will pay off the debt after the parent company will not be downgraded.The 5.7 billion cash increase is expected to bring about 10 million interest income to the company each year.The combination of the above three aspects is expected to significantly increase the company’s net profit in the next three years.At the same time, based on the improvement of the company’s management efficiency, entering the new retail sector, and benefiting from the Hunan Province’s “Reinvigorating Xiangmi” project, we expect the company’s net profit to be returned to its mother 杭州桑拿 in 2019/2020/2021 to be zero.85 billion / 0.60 billion / 0.80 billion. Risk Warning: 1.Macro environmental risks.The main business of the company’s grain and oil industry is affected by macroeconomic environmental factors such as policy adjustments, tax rate and exchange rate changes, and supply-demand relations. Adjustments and changes in the relevant macroeconomic environment will have a significant impact on the profitability of the company’s products. 2.Market competition risk.With the acceleration of the agricultural supply-side structural reform process, the intensity of mergers, acquisitions, and integration within the industry has increased, and related industry leaders can accelerate market layout through advantages such as capital, resources, and brands, and the company faces more intense market competition. 3. Quality and safety risks.As the company’s grain and oil industry involves a wide range and a long industrial chain, there are many uncontrollable factors that may have a significant impact on the company.