Kailuan (600997): Coal 杭州桑拿网 coke price rises and performance improves significantly
Event: On March 29, 2019, the company achieved operating income of 204 in 2018.
60 ppm, an increase of 10 in ten years.
23%; Net profit 13.
630,000 yuan, an increase of 163 in ten years.
Opinions benefit from the rise in coal and coke prices, and the company’s performance has improved significantly: in the fourth quarter, the company achieved net profit attributable to its mother.
72 ppm, an increase of 96 in ten years.
76%, down 8 from the previous month.
98%, mainly due to the substantial increase in management expenses in the fourth quarter, which was an increase of 26 from the previous quarter.
14%, an annual increase of 5.
The output of raw coal decreased, but the volume of clean coal increased: in 2018, the company produced 718 合肥夜网 raw coal.
49 samples, ranking 11 down from the same period last year.
30%; production of clean coal 291.
42, ranking up 5 from the same period last year.
37%, sales of clean coal 304.
In the initial period, it increased by 3 every year.
84%, of which 178 is the sale of refined coal to external markets.
80 was the highest, up 2 from the same period last year.
Coal comprehensive formaldehyde 1169.
69 yuan / ton, up 2 before.
15%. According to the annual report, the comprehensive cost of sales per ton of coal is 701 yuan / ton, a decrease of 10.
Benefiting from the decrease in costs, the company’s coal business increased its gross profit margin11.
17 up to 41.
The company currently has only two production mines, with a total capacity of 810 tons. According to the company’s 2019 production plan, in 2019, it will produce 810 tons of raw coal, with an increase in output of approximately 12.
73%, including 271 refined coal attachments, and unit sales cost of 620.
84 yuan / ton, significantly reducing costs and increasing efficiency.
Coke prices have risen sharply and the profitability of the coking business has increased: in 2018, the company produced coke 678.
98 figures, down 2 from the same period last year.
89% of the sales of coke were 684.
08 was the highest, down 3 from the same period last year.
Coke formaldehyde 1894.
8 for the first time, up 11 per year.
94%.According to the annual report, the comprehensive sales cost of ton coke is 1606.
63 yuan / ton, increasing by 2 every year.
06%, mainly due to the increase in the cost of coking coal procurement, the coking coal procurement cost in 2018 was 1,253.
73 yuan / ton, an increase of 4 in ten years.
As the price of coke rose more than the cost, the gross margin of the coke business increased4.
24 averages to 7.
According to the company’s 2019 business plan, it is expected to produce 640 tons of coke in 2019, but it is expected that the environmental protection capacity reduction in 2019 will continue to boost the central price of coke, and it is expected that the profit of coking business will continue to increase.
The prices of other chemicals have risen, and profits have increased: in addition to 720 tons / year of coke capacity, the company also has 20 tons of methanol / year, 15 tons / year of adipic acid, 4 tons / year of polyformaldehyde and 300,000 tons / year of tarProcessing, processing capacity of 20 tons / year crude benzene hydrorefining.
Pure benzene was produced in 2018.
10 for the first time, down 3 per year.
77%, sales of pure benzene 6.
29 per year, down 7 per year.
23%; production of adipic acid 14.
64 at least, down 3 per year.
05%, sales of adipic acid 14.
12 initially, 6 per year.
05%; Polymethanol Chen Neng is put into production, and continuous production of polyformaldehyde3
Initially 09, POM 3 was sold externally.
At the highest end, the price of pure benzene dropped slightly by 1.
86%, the price of adipic acid increases by 5 every year.
Gross profit margin of other chemicals business rose 2.
81 up to 3.
Proposed dividend 4.
13 ppm, exponential rate 3.
9%: According to the announcement, the company plans to distribute a cash dividend of 2 for every 10 shares.
60 yuan (including tax), a total of 4 cash dividends will be distributed.
1.3 billion, dividend payout ratio of 30.
28%, with a market value of 3 as measured on March 29.
Adjusting the depreciation period of fixed assets, slightly affecting profits: According to the announcement, the company intends to adjust the depreciation period of fixed assets of some machinery and equipment in the coal chemical industry starting from April 1, 2019. The depreciation period of some machinery and equipment will be adjusted from 5-38 years to 5-In 35 years, this adjustment is expected to accrue an increase of about 1 each year.
30,000 yuan, which affects the accrued depreciation increase of approximately 97.12 million yuan in 2019, and reduces the net profit attributable to shareholders of the parent company by 91.32 million yuan each year.
It is assumed that all the depreciation amount will be carried forward to the current profit and loss, and regardless of the changes in fixed assets in 2019, it is expected that the net profit attributable to mothers will be reduced by 68.49 million yuan in 2019.
Investment suggestion: The coking industry supplements supply-side reforms, and the company’s future performance is restructured elastically.
Give Buy-A investment rating, 6-month target price of 8.
14 yuan, equivalent to 9 times the price-earnings ratio.We expect the company’s net profit for 2019-2021 to be 11 respectively.
4.5 billion, EPS is 0.
78 yuan / share.
Risk warning: coal prices, coke prices fall more than expected, chemical prices drop