Huafeng Spandex (002064): Spandex is still in the bottom position to see Chongqing ‘s new capacity increase next year

Huafeng Spandex (002064): Spandex is still in the bottom position to see Chongqing ‘s new capacity increase next year

Investment Highlights Third Quarter Results Preview:-The first three quarters of 2019 have accrued a profit of 35,000.

1 million yuan-37,000.

1 million yuan; an increase of 杭州夜网 -2 over the same period last year.

46% to 3.

12%;-Net profit in the third quarter was 11,284.

30,000 yuan-13,284.

30,000 yuan, an increase over the same period of the previous year: 1.

95% to 20.

02%.

Spandex is in the bottom range and the company’s profit is good and in line with expectations;-Huafeng Chongqing Spandex Co., Ltd.’s 10 target / year average spandex project has entered the commissioning phase in September; it is expected to contribute some performance in the fourth quarter;-Sales price: 2019In the third quarter of this year, the mainstream average price of spandex 40D in a single quarter was 30050 yuan / ton, compared with 32247 yuan / ton in the second quarter, with slight fluctuations. In the past year, it was 35,880 yuan / ton, the highest range was 16%;-Cost and profit: main raw materialsPTMEG and pure MDI also improved, of which PTMEG dropped by 14%; pure MDI conversion reached 35%; comprehensively, the spandex spread was basically flat compared to the same period last year, down 成都桑拿网 by about 2.

4%, or 130 yuan / ton.

Small and medium-sized enterprises continue to maintain the expected situation, and the improvement has intensified.

Risk warning: raw materials forecast fluctuation risks; earnings forecasts and estimates will not consider restructuring for the time being, maintain earnings forecasts Huafeng Spandex EPS 2019 will be 0.

32, 0.

43 and 0.

54. The corresponding PE is 17, 13, and 10 times. The company’s spandex is the lowest in the world. The current spandex price is near the lowest price in history.