Yangnong Chemical (600486): Chrysanthemum boom boosts high-performance new projects
In the evening of April 1, the company released its 2018 annual report, reporting that the two companies achieved operating income of 52.
910,000 yuan, an increase of 19 in ten years.
21%, net profit attributable to mother 8.
95 ppm, an increase of 55 in ten years.
73%, deducting non-net profit 8.
880,000 yuan, an increase of 73 in ten years.
01%, of which in the fourth quarter of a single quarter achieved operating 杭州桑拿网 income9.
4.6 billion, down 26 each year.
75%, down 24.
26%, net profit attributable to mother 1.
09 billion, a year-on-year decrease of 34.
9%, down 51.
12%; 2018 operating net cash flow of the company13.
2 ‰, an increase of 15 in ten years.
94%, it is planned to distribute cash for every 10 shares8.
7 yuan (including tax), the total amount of cash paid is about 2.
700 million, still needs to be approved by the shareholders’ meeting.
Investment points benefited from the increase in the price of pyrethroid, and the apparent growth of the pesticide business reported that the company’s pesticide business achieved revenue26.
50,000 yuan, an increase of 38 in ten years.
91%, sales volume 1.
25 for the first time, growing by 11.
2%, gross profit 8.
68 ppm, an increase of 56 in ten years.
1%, mainly 无锡桑拿网 due to rising product prices, the average price of internal company pesticides21.
2 million / ton, previously up 24.
Under the strict supervision of safety and environmental protection, at the end of 2018, the market prices of the company’s core products of kungfufen and bifenthrin were 36, respectively.
50,000 yuan and 420,000 yuan / ton, an increase of 46% and 44 respectively.
8%, the company has the advantage of industrial chain integration, fully benefit from the price increase.
In the fourth quarter, the company’s pesticide business achieved revenue.
32 ppm, an increase of 20 from the previous month.
3%, average product price 23.
4 million / ton, up 14 from the previous month.
1%, the current market price of kefir and bifenthrin are 35.
50,000 yuan and 400,000 yuan / ton, respectively, an increase of 42.
5% and 11.
1%. After the outbreak of the Xiangshui incident, the company’s merger was affected, and a new round of safety and environmental supervision was triggered. It is expected that the company’s pyrethroid price is expected to maintain a high level.
The herbicide business volume rose and the price fell, and the company’s herbicide business achieved revenue in 2018.20,000 yuan, an increase of 2% in ten years, and sales of 5.
16 for the first time, growing by 6 annually.
6%, gross profit 6.
0.4 billion, down by 1 every year.
38%, preliminary company average herbicide price 3.
920,000 yuan / ton, temporarily decreased by 4.
3%, mainly due to the improvement in the proportion of higher-priced dicamba sales. In 2018, the company’s dicamba sales and prices remained basically unchanged.
7 million / ton, up 11 per year.
Sales increased by 62%, and the herbicide business was generally stable.
Single-quarter company herbicide revenue in the fourth quarter2.
04 billion, down 62.
8%, average product price 2.
54 million / ton, down 45 from the previous month.
2%, mainly due to the Sino-U.S. Trade friction caused a sharp decline in exports in the fourth quarter, especially dicamba.
The current market price of dicamba is 9.
6 million / ton, the market price of glyphosate is 2.
5 million tons / ton, basically the same as the same period last year. After the easing of Sino-US trade friction and safety and environmental protection, it is expected that the herbicide business is expected to increase steadily.
Foreign exchange gains have increased significantly, and financial management earnings may continue to a small extent until the end of 2018. The company has USD 72.87 million in U.S. dollars and cash and accounts receivable1.
USD 1.6 billion, benefiting from the depreciation of RMB to USD. In 2018, the company’s exchange gain was 69.27 million yuan, while the previous year’s exchange loss was 61.57 million yuan. As the company began to use foreign exchange forward settlement in the first half of the year, it locked the foreign exchange exchange in advance, which brought fairness.The loss of value change was 30.66 million yuan.
The cumulative appreciation of the RMB against the USD in the first quarter of 2019 was about 2.
5%, the company may have a certain exchange loss without the foreign exchange forward settlement.
In 2018, the company’s net investment income was 54.56 million yuan, of which 85.73 million yuan was the income of wealth management products and 31.17 million yuan was lost in the delivery of forward exchange contracts. In 2019, the company’s wealth management products are mainly short-term. It is expected that the wealth management product income may fluctuate slightly.
The new project is advancing rapidly, and the company’s 1,000-ton / year pyrazoxystrobin production capacity is about to usher in a fast-growing company. It will be put into production at the end of 2018. It is currently in full production and sales; the planned investment is 20.
The US $ 200 million Rudong Phase III project has entered the final stage of environmental impact assessment. It is expected to start construction in the middle of 2019 and gradually contribute to performance growth by the end of 2019. At the same time, the company plans to invest in 2.
$ 500 million construction 3.
26 / year pesticide preparation projects, investment 4
US $ 300 million to build 3,800 tons / year of bifenthrin, 1,000 tons / year of fluorophenamine, 120 tons / year of santhrin and 200 tons / year of hydroxyphenyl pesticides.
At the beginning of 2019, the company completed the transfer of 5% of each of Youshi Chemical and Youjia Plant Protection, so that the shareholding ratio of high-quality assets reached 100%. The proposed cash transfer of Sinochem International to merge Sinochem Crops and Agro-Research is expected to be completed.The company will strengthen the integrated layout of research, production and sales. At the same time, the company proposes to acquire Nantong Baoye Company in cash. After the completion of the acquisition, the company will increase the generation of fungicides and 200 acres of land, and the future growth space is broad.
Earnings forecasts and estimates do not take into consideration the acquisition and consolidation of Sinochem crops, agricultural research companies and Nantong Baoye. We expect the company to be in 2019?
Realize net profit attributable to mothers in 2021.
15 billion, 11.
65 billion, 14.
78 ppm, an increase of 13 in ten years.
63%, EPS is 3.
28 yuan, 3.
76 yuan, 4.
76 yuan, the current expected corresponding PE is 18 times, 15 times, 12 times, maintaining the “buy” level.
Risk warnings 1. Product sales and prices exceed expectations; 2. The exchange rate has increased significantly; 3. New projects have been put into production less than expected